<PAGE>
SEMIANNUAL REPORT
PHOENIX
THE PHOENIX EDGE SERIES FUND
JUNE 30, 1999
[LOGO] PHOENIX
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TABLE OF CONTENTS
<TABLE>
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PAGE
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Phoenix Research Enhanced Index Series.................................... 2
Phoenix-Aberdeen International Series..................................... 9
Phoenix-Engemann Nifty Fifty Series....................................... 15
Phoenix-Goodwin Balanced Series........................................... 18
Phoenix-Goodwin Growth Series............................................. 24
Phoenix-Goodwin Money Market Series....................................... 28
Phoenix-Goodwin Multi-Sector Fixed Income Series.......................... 32
Phoenix-Goodwin Strategic Allocation Series............................... 37
Phoenix-Goodwin Strategic Theme Series.................................... 43
Phoenix-Hollister Value Equity Series..................................... 46
Phoenix-Oakhurst Growth and Income Series................................. 50
Phoenix-Seneca Mid-Cap Growth Series...................................... 56
Phoenix-Schafer Mid-Cap Value Series...................................... 59
Phoenix-Aberdeen New Asia Series.......................................... 62
Phoenix-Duff & Phelps Real Estate Securities Series....................... 66
Notes to Financial Statements............................................. 69
</TABLE>
Not FDIC Insured No Bank Guarantee May Lose Value
<PAGE>
PHOENIX RESEARCH ENHANCED INDEX SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ------- ---------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--0.2%
U.S. TREASURY NOTES--0.2%
U.S. Treasury Notes 5.875%, 11/15/99 (c)... AAA $210 $ 210,612
---------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $210,862).................................... 210,612
---------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
-------
<S> <C> <C> <C>
COMMON STOCKS--94.6%
AEROSPACE/DEFENSE--0.9%
Boeing Co. (The)..................................... 17,200 760,025
Lockheed Martin Corp................................. 7,200 268,200
Precision Castparts Corp............................. 100 4,250
---------------
1,032,475
---------------
AIR FREIGHT--0.0%
CNF Transportation, Inc.............................. 600 23,025
---------------
AIRLINES--0.3%
AMR Corp. (b)........................................ 2,100 143,325
Continental Airlines, Inc. (b)....................... 700 26,337
Delta Air Lines, Inc................................. 800 46,100
Southwest Airlines Co................................ 3,900 121,387
---------------
337,149
---------------
ALUMINUM--0.4%
Alcoa, Inc........................................... 6,600 408,375
---------------
AUTO PARTS & EQUIPMENT--0.9%
Cooper Tire & Rubber Co.............................. 900 21,262
Dana Corp............................................ 4,200 193,462
Delphi Automotive Systems Corp....................... 12,300 228,319
Genuine Parts Co..................................... 3,700 129,500
Goodyear Tire & Rubber Co. (The)..................... 3,500 205,844
ITT Industries, Inc.................................. 2,300 87,687
Lear Corp. (b)....................................... 1,700 84,575
---------------
950,649
---------------
AUTOMOBILES--1.0%
Ford Motor Co........................................ 8,400 474,075
General Motors Corp.................................. 9,200 607,200
---------------
1,081,275
---------------
BANKS (MAJOR REGIONAL)--4.0%
Bank One Corp........................................ 14,000 833,875
BankBoston Corp...................................... 7,200 368,100
First Union Corp..................................... 12,000 564,000
Fleet Financial Group, Inc........................... 2,700 119,812
Huntington Bancshares, Inc........................... 1,900 66,500
KeyCorp.............................................. 5,500 176,687
Mellon Bank Corp..................................... 5,300 192,787
Nationalcity Corp.................................... 3,100 203,050
PNC Bank Corp........................................ 3,700 213,212
Regions Financial Corp............................... 2,700 103,781
Summit Bancorp....................................... 2,100 87,806
SunTrust Banks, Inc.................................. 4,000 277,750
U.S. Bancorp......................................... 9,200 312,800
Union Planters Corp.................................. 1,800 80,437
Wells Fargo Co....................................... 20,600 880,650
---------------
4,481,247
---------------
BANKS (MONEY CENTER)--1.5%
Bank of America Corp................................. 21,800 1,598,212
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
BANKS (MONEY CENTER)--CONTINUED
Chase Manhattan Corp. (The).......................... 1,100 $ 95,287
---------------
1,693,499
---------------
BANKS (REGIONAL)--0.6%
Associated Banc-Corp................................. 800 33,200
BancWest Corp........................................ 600 22,275
Colonial BancGroup, Inc. (The)....................... 600 8,362
Commerce Bancshares, Inc............................. 800 32,200
Commercial Federal Corp.............................. 400 9,275
Compass Bancshares, Inc.............................. 1,400 38,150
First American Corp.................................. 2,800 116,375
FirstMerit Corp...................................... 1,100 30,869
Hibernia Corp. Class A............................... 1,900 29,806
M & T Bank Corp...................................... 100 55,000
Mercantile Bankshares Corp........................... 800 28,300
National Commerce Bancorporation..................... 1,500 32,812
North Fork Bancorporation, Inc....................... 1,700 36,231
Pacific Century Financial Corp....................... 700 15,094
Peoples Heritage Financial Group, Inc................ 1,400 26,337
Provident Financial Group, Inc....................... 300 13,125
SouthTrust Corp...................................... 2,000 76,750
TCF Financial Corp................................... 1,100 30,662
Wilmington Trust Corp................................ 400 22,950
---------------
657,773
---------------
BEVERAGES (NON-ALCOHOLIC)--2.2%
Coca-Cola Co. (The).................................. 25,400 1,587,500
Pepsi Bottling Group, Inc. (The)..................... 2,000 46,125
PepsiCo, Inc......................................... 20,100 777,619
---------------
2,411,244
---------------
BIOTECHNOLOGY--0.5%
Amgen, Inc. (b)...................................... 7,600 462,650
Chiron Corp. (b)..................................... 2,500 51,875
Genzyme Corp. (b).................................... 1,500 72,750
Genzyme Surgical Products (b)........................ 269 1,183
---------------
588,458
---------------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.7%
AT&T Corp.- Liberty Media Group Class A (b).......... 12,600 463,050
Comcast Corp. Special Class A........................ 13,800 530,437
MediaOne Group, Inc. (b)............................. 11,900 885,062
---------------
1,878,549
---------------
BUILDING MATERIALS--0.1%
Owens Corning........................................ 1,200 41,250
USG Corp............................................. 700 39,200
---------------
80,450
---------------
CHEMICALS--1.4%
Air Products & Chemicals, Inc........................ 2,900 116,725
Dow Chemical Co. (The)............................... 5,700 723,187
Du Pont (E.I.) de Nemours & Co....................... 2,800 191,275
IMC Global, Inc...................................... 2,800 49,350
Lyondell Chemical Co................................. 2,900 59,812
Praxair, Inc......................................... 100 4,894
Rohm & Haas Co....................................... 4,800 205,800
Solutia, Inc......................................... 2,700 57,544
Union Carbide Corp................................... 3,300 160,875
---------------
1,569,462
---------------
CHEMICALS (DIVERSIFIED)--0.6%
Monsanto Co.......................................... 9,400 370,712
</TABLE>
See Notes to Financial Statements
2
<PAGE>
PHOENIX RESEARCH ENHANCED INDEX SERIES
<TABLE>
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
CHEMICALS (DIVERSIFIED)--CONTINUED
PPG Industries, Inc.................................. 4,400 $ 259,875
---------------
630,587
---------------
CHEMICALS (SPECIALTY)--0.1%
Nalco Chemical Co.................................... 1,700 88,187
USEC, Inc............................................ 1,100 16,362
---------------
104,549
---------------
COMMUNICATIONS EQUIPMENT--2.8%
Harris Corp.......................................... 1,700 66,619
Lucent Technologies, Inc............................. 33,900 2,286,131
Motorola, Inc........................................ 7,700 729,575
---------------
3,082,325
---------------
COMPUTERS (HARDWARE)--4.7%
Apple Computer, Inc. (b)............................. 2,200 101,887
Dell Computer Corp. (b).............................. 29,100 1,076,700
Gateway, Inc. (b).................................... 3,200 188,800
Hewlett-Packard Co................................... 3,600 361,800
International Business Machines Corp. (c)............ 21,800 2,817,650
Sun Microsystems, Inc. (b)........................... 9,900 681,862
---------------
5,228,699
---------------
COMPUTERS (NETWORKING)--2.3%
3Com Corp. (b)....................................... 4,700 125,431
Cisco Systems, Inc. (b).............................. 38,000 2,451,000
---------------
2,576,431
---------------
COMPUTERS (PERIPHERALS)--0.7%
EMC Corp. (b)........................................ 12,600 693,000
Quantum Corp. (b).................................... 2,200 53,075
Seagate Technology, Inc. (b)......................... 3,100 79,437
---------------
825,512
---------------
COMPUTERS (SOFTWARE & SERVICES)--5.8%
America Online, Inc. (b)............................. 12,700 1,403,350
BMC Software, Inc. (b)............................... 500 27,000
Electronic Arts, Inc. (b)............................ 800 43,400
Exodus Communications, Inc. (b)...................... 400 47,975
Microsoft Corp. (b)(c)............................... 50,000 4,509,375
Oracle Corp. (b)..................................... 9,900 367,537
Symantec Corp. (b)................................... 400 10,200
---------------
6,408,837
---------------
CONSUMER FINANCE--0.3%
Household International, Inc......................... 5,900 279,512
---------------
CONTAINERS & PACKAGING (PAPER)--0.0%
Temple-Inland, Inc................................... 800 54,600
---------------
ELECTRIC COMPANIES--2.3%
Allegheny Energy, Inc................................ 2,000 64,125
Ameren Corp.......................................... 2,400 92,100
CMS Energy Corp...................................... 1,900 79,562
Central & South West Corp............................ 9,200 215,050
Cinergy Corp......................................... 2,600 83,200
Constellation Energy Group, Inc...................... 2,600 77,025
Dominion Resources, Inc.............................. 3,300 142,931
Duke Energy Corp..................................... 2,400 130,500
Edison International................................. 6,000 160,500
Entergy Corp......................................... 4,200 131,250
FPL Group, Inc....................................... 3,100 169,337
Nisource............................................. 2,000 51,625
Northeast Utilities (b).............................. 2,200 38,912
Northern States Power Co............................. 2,500 60,469
PG&E Corp............................................ 6,600 214,500
PP&L Resources, Inc.................................. 2,700 83,025
Pinnacle West Capital Corp........................... 1,400 56,350
Public Service Enterprise Group, Inc................. 400 16,350
Reliant Energy, Inc.................................. 5,100 140,887
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
ELECTRIC COMPANIES--CONTINUED
Southern Co. (The)................................... 11,100 $ 294,150
TECO Energy, Inc..................................... 2,100 47,775
Texas Utilities Co................................... 4,800 198,000
Wisconsin Energy Corp................................ 1,900 47,619
---------------
2,595,242
---------------
ELECTRICAL EQUIPMENT--3.3%
Emerson Electric Co.................................. 8,400 528,150
General Electric Co.................................. 25,800 2,915,400
Hubbell, Inc......................................... 1,000 45,375
Rockwell International Corp.......................... 2,000 121,500
Sensormatic Electronics Corp. (b).................... 800 11,150
Symbol Technologies, Inc............................. 1,650 60,844
---------------
3,682,419
---------------
ELECTRONICS (COMPONENT DISTRIBUTORS)--0.1%
Grainger (W.W.), Inc................................. 1,800 96,862
---------------
ELECTRONICS (DEFENSE)--0.4%
Raytheon Co., Class A................................ 5,700 392,587
---------------
ELECTRONICS (INSTRUMENTATION)--0.1%
PE Corp.-PE Biosystems Group......................... 800 91,800
---------------
ELECTRONICS (SEMICONDUCTORS)--2.9%
Intel Corp. (c)...................................... 39,300 2,338,350
National Semiconductor Corp. (b)..................... 2,200 55,688
Texas Instruments, Inc............................... 5,000 725,000
Xilinx, Inc. (b)..................................... 1,600 91,600
---------------
3,210,638
---------------
ENTERTAINMENT--0.4%
Time Warner, Inc..................................... 3,600 264,600
Walt Disney Co. (The)................................ 7,300 224,931
---------------
489,531
---------------
EQUIPMENT (SEMICONDUCTOR)--0.3%
Applied Materials, Inc. (b).......................... 4,700 347,213
---------------
FINANCIAL (DIVERSIFIED)--4.2%
AMRESCO, Inc. (b).................................... 200 1,288
Ambac Financial Group, Inc........................... 1,500 85,688
American Express Co.................................. 5,400 702,675
Associates First Capital Corp........................ 8,900 394,381
CIT Group, Inc. (The)................................ 1,100 31,763
Citigroup, Inc....................................... 42,800 2,033,000
FINOVA Group, Inc. (The)............................. 800 42,100
Fannie Mae........................................... 12,000 820,500
Financial Security Assurance Holdings Ltd............ 300 15,600
Freddie Mac.......................................... 1,900 110,200
Morgan Stanley Dean Witter & Co...................... 4,400 451,000
---------------
4,688,195
---------------
FOODS--1.0%
Bestfoods............................................ 3,800 188,100
General Mills, Inc................................... 1,300 104,488
Heinz (H.J.) Co...................................... 4,900 245,613
Hershey Foods Corp................................... 2,000 118,750
Nabisco Holdings Corp................................ 600 25,950
Ralston-Ralston Purina Group......................... 4,400 133,925
Sara Lee Corp........................................ 10,800 245,025
---------------
1,061,851
---------------
FOOTWEAR--0.0%
Reebok International Ltd. (b)........................ 700 13,038
---------------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.1%
International Game Technology........................ 1,600 29,600
MGM Grand, Inc. (b).................................. 300 14,700
Mandalay Resort Group................................ 1,800 38,025
</TABLE>
See Notes to Financial Statements
3
<PAGE>
PHOENIX RESEARCH ENHANCED INDEX SERIES
<TABLE>
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--CONTINUED
Mirage Resorts, Inc. (b)............................. 4,000 $ 67,000
---------------
149,325
---------------
HEALTH CARE (DIVERSIFIED)--4.6%
Abbott Laboratories.................................. 13,500 614,250
American Home Products Corp.......................... 19,500 1,121,250
Bristol-Myers Squibb Co. (c)......................... 27,000 1,901,813
Johnson & Johnson.................................... 6,700 656,600
Warner-Lambert Co.................................... 12,500 867,188
---------------
5,161,101
---------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--3.5%
Forest Laboratories, Inc. Class A (b)................ 1,500 69,375
Lilly (Eli) & Co..................................... 16,000 1,146,000
Merck & Co., Inc..................................... 17,200 1,272,800
Pfizer, Inc.......................................... 7,500 823,125
Pharmacia & Upjohn, Inc.............................. 500 28,406
Schering-Plough Corp................................. 10,900 577,700
---------------
3,917,406
---------------
HEALTH CARE (GENERIC AND OTHER)--0.1%
MedImmune, Inc. (b).................................. 800 54,200
Watson Pharmaceuticals, Inc. (b)..................... 1,300 45,581
---------------
99,781
---------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.4%
Columbia/HCA Healthcare Corp. (c).................... 10,100 230,406
Health Management Associates, Inc. Class A (b)....... 4,900 55,125
Tenet Healthcare Corp. (b)........................... 6,300 116,944
---------------
402,475
---------------
HEALTH CARE (LONG TERM CARE)--0.0%
HCA Manor Care, Inc. (b)............................. 1,800 43,538
---------------
HEALTH CARE (MANAGED CARE)--0.5%
Aetna, Inc........................................... 2,300 205,706
Humana, Inc. (b)..................................... 3,300 42,694
PacifiCare Health Systems, Inc. (b).................. 500 35,969
United HealthCare Corp............................... 2,800 175,350
Wellpoint Health Networks, Inc. (b).................. 1,100 93,363
---------------
553,082
---------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.4%
Boston Scientific Corp. (b).......................... 3,900 171,356
Medtronic, Inc....................................... 3,200 249,200
---------------
420,556
---------------
HEALTH CARE (SPECIALIZED SERVICES)--0.2%
ALZA Corp. (b)....................................... 1,400 71,225
HEALTHSOUTH Corp. (b)................................ 8,400 125,475
---------------
196,700
---------------
HOUSEHOLD FURNISHINGS & APPLIANCES--0.1%
Furniture Brands International, Inc. (b)............. 600 16,725
Leggett & Platt, Inc................................. 4,700 130,719
---------------
147,444
---------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--2.0%
Clorox Co. (The)..................................... 1,600 170,900
Fort James Corp...................................... 3,000 113,625
Kimberly-Clark Corp.................................. 7,000 399,000
Procter & Gamble Co. (The)........................... 17,800 1,588,650
---------------
2,272,175
---------------
INSURANCE (LIFE/HEALTH)--0.3%
Provident Companies, Inc............................. 2,000 80,000
Torchmark Corp....................................... 2,600 88,725
UNUM Corp............................................ 3,000 164,250
---------------
332,975
---------------
<CAPTION>
SHARES VALUE
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INSURANCE (MULTI-LINE)--1.1%
American International Group, Inc.................... 7,700 $ 901,381
CIGNA Corp........................................... 3,400 302,600
---------------
1,203,981
---------------
INSURANCE (PROPERTY-CASUALTY)--1.2%
20th Century Industries.............................. 600 11,325
Allstate Corp. (The)................................. 19,000 681,625
Chubb Corp. (The).................................... 3,000 208,500
Fremont General Corp................................. 800 15,100
MBIA, Inc............................................ 2,100 135,975
Mercury General Corp................................. 1,000 34,000
Ohio Casualty Corp................................... 200 7,225
SAFECO Corp.......................................... 1,000 44,125
St. Paul Companies, Inc. (The)....................... 4,400 139,975
Travelers Property Casualty Corp. Class A............ 1,300 50,863
---------------
1,328,713
---------------
INSURANCE BROKERS--0.5%
Aon Corp............................................. 5,300 218,625
Marsh & McLennan Companies, Inc...................... 5,000 377,500
---------------
596,125
---------------
INVESTMENT BANKING/BROKERAGE--0.9%
Bear Stearns Companies, Inc. (The)................... 1,400 65,450
Goldman Sachs Group, Inc. (The)...................... 6,400 462,400
Lehman Brothers Holdings, Inc........................ 1,100 68,475
Merrill Lynch & Co., Inc............................. 4,500 359,719
Paine Webber Group, Inc.............................. 1,700 79,475
Waddell & Reed Financial, Inc. Class A............... 100 2,744
---------------
1,038,263
---------------
INVESTMENT MANAGEMENT--0.2%
Equitable Companies, Inc. (The)...................... 1,600 107,200
Franklin Resources, Inc.............................. 1,800 73,125
---------------
180,325
---------------
IRON & STEEL--0.2%
Allegheny Teledyne, Inc.............................. 5,800 131,225
Nucor Corp........................................... 500 23,719
USX-U. S. Steel Group................................ 1,800 48,600
---------------
203,544
---------------
LEISURE TIME (PRODUCTS)--0.2%
Mattel, Inc.......................................... 8,300 219,431
---------------
LODGING-HOTELS--0.1%
Extended Stay America, Inc. (b)...................... 500 6,000
Hilton Hotels Corp................................... 6,500 92,219
---------------
98,219
---------------
MACHINERY (DIVERSIFIED)--0.4%
Cooper Industries, Inc............................... 1,800 93,600
Deere & Co........................................... 4,400 174,350
Dover Corp........................................... 3,500 122,500
---------------
390,450
---------------
MANUFACTURING (DIVERSIFIED)--1.9%
AlliedSignal, Inc.................................... 9,500 598,500
Coltec Industries, Inc. (b).......................... 1,200 26,025
Eaton Corp........................................... 1,500 138,000
National Service Industries, Inc..................... 500 18,000
Tenneco, Inc......................................... 3,700 88,338
Tyco International Ltd............................... 13,700 1,298,075
---------------
2,166,938
---------------
MANUFACTURING (SPECIALIZED)--0.1%
Parker-Hannifin Corp................................. 2,100 96,075
---------------
METALS MINING--0.4%
Freeport-McMoRan Copper & Gold, Inc. Class A (b)..... 4,000 67,000
Freeport-McMoRan Copper & Gold, Inc. Class B (b)..... 4,300 77,131
</TABLE>
See Notes to Financial Statements
4
<PAGE>
PHOENIX RESEARCH ENHANCED INDEX SERIES
<TABLE>
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
METALS MINING--CONTINUED
Level 3 Communications, Inc. (b)..................... 5,100 $ 306,319
---------------
450,450
---------------
NATURAL GAS--0.2%
Columbia Energy Group................................ 1,400 87,763
Consolidated Natural Gas Co.......................... 1,500 91,125
K N Energy, Inc...................................... 600 8,025
---------------
186,913
---------------
OIL & GAS (DRILLING & EQUIPMENT)--0.1%
Cooper Cameron Corp. (b)............................. 600 22,238
Diamond Offshore Drilling, Inc....................... 1,000 28,375
ENSCO International, Inc............................. 1,600 31,900
Global Marine, Inc. (b).............................. 1,700 26,244
Input/Output, Inc. (b)............................... 200 1,513
R&B Falcon Corp. (b)................................. 3,700 34,688
Smith International, Inc. (b)........................ 500 21,719
---------------
166,677
---------------
OIL & GAS (REFINING & MARKETING)--0.1%
El Paso Energy Corp.................................. 2,000 70,375
Tosco Corp........................................... 2,100 54,469
Ultramar Diamond Shamrock Corp....................... 900 19,631
Valero Energy Corp................................... 500 10,719
---------------
155,194
---------------
OIL (DOMESTIC INTEGRATED)--0.5%
Amerada Hess Corp.................................... 1,000 59,500
Atlantic Richfield Co................................ 2,000 167,125
Phillips Petroleum Co................................ 3,100 155,969
Unocal Corp.......................................... 3,100 122,838
---------------
505,432
---------------
OIL (INTERNATIONAL INTEGRATED)--3.8%
Chevron Corp......................................... 7,500 713,906
Conoco, Inc. Class A................................. 2,300 64,113
Exxon Corp........................................... 22,800 1,758,450
Mobil Corp........................................... 12,700 1,257,300
Texaco, Inc.......................................... 6,300 393,750
---------------
4,187,519
---------------
PAPER & FOREST PRODUCTS--0.5%
Boise Cascade Corp................................... 100 4,300
Bowater, Inc......................................... 700 33,075
Georgia-Pacific Group................................ 1,200 56,850
International Paper Co............................... 5,700 287,852
Louisiana-Pacific Corp............................... 1,500 35,625
Mead Corp. (The)..................................... 1,100 45,925
Smurfit-Stone Container Corp. (b).................... 3,900 80,194
---------------
543,821
---------------
PERSONAL CARE--0.4%
Gillette Co. (The)................................... 10,900 446,900
---------------
PHOTOGRAPHY/IMAGING--1.1%
Eastman Kodak Co..................................... 7,100 481,025
Xerox Corp........................................... 12,500 738,281
---------------
1,219,306
---------------
PUBLISHING (NEWSPAPERS)--0.8%
Gannett Co., Inc..................................... 5,400 385,425
Knight-Ridder, Inc................................... 1,900 104,381
New York Times Co. Class A........................... 4,100 150,931
Times Mirror Co. (The) Class A....................... 2,000 118,500
Washington Post Co. (The) Class B.................... 200 107,550
---------------
866,787
---------------
RAILROADS--0.6%
Burlington Northern Santa Fe Corp.................... 5,900 182,900
CSX Corp............................................. 2,900 131,406
<CAPTION>
SHARES VALUE
------- ---------------
<S> <C> <C> <C>
RAILROADS--CONTINUED
Norfolk Southern Corp................................ 4,600 $ 138,575
Union Pacific Corp................................... 3,100 180,769
Wisconsin Central Transportation Corp. (b)........... 200 3,775
---------------
637,425
---------------
REITS--0.2%
Starwood Hotel & Resorts Worldwide, Inc.............. 6,100 186,431
---------------
RESTAURANTS--0.4%
McDonald's Corp...................................... 10,600 437,913
---------------
RETAIL (BUILDING SUPPLIES)--0.6%
Home Depot, Inc. (The)............................... 9,100 586,381
Sherwin-Williams Co.................................. 3,800 105,450
---------------
691,831
---------------
RETAIL (COMPUTERS & ELECTRONICS)--0.0%
CompUSA, Inc. (b).................................... 1,000 7,438
---------------
RETAIL (DEPARTMENT STORES)--0.7%
Dillard's, Inc., Class A............................. 1,800 63,225
Federated Department Stores, Inc. (b)................ 3,600 190,575
May Department Stores Co............................. 5,800 237,075
Nordstrom, Inc....................................... 2,300 77,050
Penney (J.C.) Co., Inc............................... 4,400 213,675
---------------
781,600
---------------
RETAIL (FOOD CHAINS)--0.8%
Albertson's, Inc..................................... 2,835 146,180
Hannaford Brothers Co................................ 700 37,450
Kroger Co. (The) (b)................................. 11,000 307,313
Safeway, Inc. (b).................................... 8,400 415,800
---------------
906,743
---------------
RETAIL (GENERAL MERCHANDISE)--3.0%
Costco Companies, Inc. (b)........................... 1,900 152,119
Dayton Hudson Corp................................... 7,800 507,000
Kmart Corp. (b)...................................... 8,600 141,363
Sears, Roebuck & Co.................................. 6,700 298,569
Wal-Mart Stores, Inc................................. 45,900 2,214,675
---------------
3,313,726
---------------
RETAIL (HOME SHOPPING)--0.0%
Corporate Express, Inc. (b).......................... 900 6,300
---------------
RETAIL (SPECIALTY)--0.2%
Autozone, Inc........................................ 2,600 78,325
General Nutrition Companies, Inc. (b)................ 900 20,981
Tiffany & Co......................................... 600 57,900
Toys 'R' Us, Inc. (b)................................ 4,200 86,888
---------------
244,094
---------------
RETAIL (SPECIALTY-APPAREL)--0.9%
Abercrombie & Fitch Co. Class A (b).................. 1,800 86,400
Gap, Inc. (The)...................................... 13,300 669,988
TJX Companies, Inc. (The)............................ 5,700 189,881
---------------
946,269
---------------
SAVINGS & LOAN COMPANIES--0.5%
Astoria Financial Corp............................... 700 30,756
Charter One Financial, Inc........................... 2,000 55,625
Dime Bancorp, Inc.................................... 1,500 30,188
Golden State Bancorp, Inc. (b)....................... 1,000 22,000
Golden West Financial Corp........................... 700 68,600
GreenPoint Financial Corp............................ 1,300 42,656
Ocwen Financial Corp. (b)............................ 300 2,663
Sovereign Bancorp, Inc............................... 2,600 31,525
Washington Federal, Inc.............................. 200 4,488
Washington Mutual, Inc............................... 7,400 261,775
---------------
550,276
---------------
</TABLE>
See Notes to Financial Statements
5
<PAGE>
PHOENIX RESEARCH ENHANCED INDEX SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------- ---------------
<S> <C> <C> <C>
SERVICES (COMMERCIAL & CONSUMER)--0.6%
Cendant Corp. (b).................................... 24,300 $ 498,150
Service Corp. International.......................... 9,500 182,875
---------------
681,025
---------------
SERVICES (COMPUTER SYSTEMS)--0.1%
Electronic Data Systems Corp......................... 2,500 141,406
---------------
SERVICES (DATA PROCESSING)--0.6%
Automatic Data Processing, Inc....................... 7,400 325,600
Equifax, Inc......................................... 3,400 121,338
First Data Corp...................................... 5,600 274,050
---------------
720,988
---------------
SPECIALTY PRINTING--0.1%
Donnelley (R.R.) & Sons Co........................... 2,600 96,363
---------------
TELECOMMUNICATIONS (LONG DISTANCE)--3.1%
AT&T Corp............................................ 25,400 1,417,638
MCI WorldCom, Inc. (b)............................... 23,600 2,035,500
---------------
3,453,138
---------------
TELEPHONE--5.5%
Ameritech Corp....................................... 7,600 558,600
Bell Atlantic Corp................................... 23,100 1,510,163
BellSouth Corp....................................... 11,200 525,000
Frontier Corp........................................ 2,000 118,000
GTE Corp............................................. 15,000 1,136,250
SBC Communications, Inc. (c)......................... 30,500 1,769,000
U S WEST, Inc........................................ 7,500 440,625
---------------
6,057,638
---------------
TEXTILES (APPAREL)--0.1%
Fruit of the Loom, Inc. Class A (b).................. 800 7,800
Jones Apparel Group, Inc. (b)........................ 2,350 80,638
---------------
88,438
---------------
TEXTILES (SPECIALTY)--0.0%
Unifi, Inc. (b)...................................... 700 14,875
---------------
TOBACCO--1.2%
Philip Morris Companies, Inc. (c).................... 32,900 1,322,169
---------------
TRUCKERS --0.0%
Ryder System, Inc.................................... 600 15,600
---------------
TRUCKS & PARTS--0.1%
PACCAR, Inc.......................................... 1,500 80,069
---------------
<CAPTION>
SHARES VALUE
------- ---------------
<S> <C> <C> <C>
WASTE MANAGEMENT--0.6%
Browning-Ferris Industries, Inc...................... 400 $ 17,200
Waste Management, Inc................................ 12,400 666,500
---------------
683,700
---------------
TOTAL COMMON STOCKS
(Identified cost $87,992,027)................................. 105,067,134
---------------
FOREIGN COMMON STOCKS--2.7%
ALUMINUM--0.1%
Alcan Aluminum Ltd. (Canada)......................... 2,600 83,037
---------------
BEVERAGES (ALCOHOLIC)--0.5%
Seagram Company Ltd. (The) (Canada).................. 9,900 498,712
---------------
COMMUNICATIONS EQUIPMENT--0.2%
Nortel Networks Corp. (Canada)....................... 3,000 260,438
---------------
FOODS--0.5%
Unilever NV (Netherlands)............................ 8,700 606,825
---------------
OIL (INTERNATIONAL INTEGRATED)--1.4%
Royal Dutch Petroleum Co. NY Registered Shares
(Netherlands) (c).................................. 26,300 1,584,575
---------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $2,660,144).................................. 3,033,587
---------------
TOTAL LONG-TERM INVESTMENTS--97.5%
(Identified cost $90,863,033)................................. 108,311,333
---------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
-------- -------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--2.8%
COMMERCIAL PAPER--2.8%
CXC, Inc. 5.75%, 7/1/99.................... A-1+ $3,090 3,090,000
---------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $3,090,000).................................. 3,090,000
---------------
TOTAL INVESTMENTS --100.3%
(Identified cost $93,953,033)................................. 111,401,333(a)
Cash and receivables, less liabilities--(0.3%)................ (358,019)
---------------
NET ASSETS--100.0%.............................................. $ 111,043,314
---------------
---------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $20,225,620 and gross
depreciation of $2,835,462 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$94,011,175.
(b) Non-income producing.
(c) All or a portion segregated as collateral.
See Notes to Financial Statements
6
<PAGE>
PHOENIX RESEARCH ENHANCED INDEX SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$93,953,033).............................................. $ 111,401,333
Cash........................................................ 2,074
Receivables
Investment securities sold................................ 902,509
Dividends and interest.................................... 101,338
Fund shares sold.......................................... 85,362
Variation margin for future contracts..................... 51,475
Prepaid expenses............................................ 1,373
--------------
Total assets............................................ 112,545,464
--------------
LIABILITIES
Payables
Investment securities purchased........................... 1,326,525
Fund shares repurchased................................... 125,170
Investment advisory fee................................... 14,809
Financial agent fee....................................... 9,603
Trustees' fee............................................. 7,369
Accrued expenses............................................ 18,674
--------------
Total liabilities....................................... 1,502,150
--------------
NET ASSETS.................................................. $ 111,043,314
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 89,401,764
Undistributed net investment income....................... 167,977
Accumulated net realized gain............................. 3,912,023
Net unrealized appreciation............................... 17,561,550
--------------
NET ASSETS.................................................. $ 111,043,314
--------------
--------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 7,538,746
--------------
--------------
Net asset value and offering price per share................ $ 14.73
-------
-------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 644,541
Interest.................................................. 71,296
Foreign taxes withheld.................................... (21,140)
-------------
Total investment income................................. 694,697
-------------
EXPENSES
Investment advisory fee................................... 201,571
Financial agent fee....................................... 54,493
Custodian................................................. 26,348
Professional.............................................. 12,846
Printing.................................................. 11,307
Trustees.................................................. 9,917
Miscellaneous............................................. 5,550
-------------
Total expenses.......................................... 322,032
Less expenses borne by investment adviser............... (75,665)
-------------
Net expenses............................................ 246,367
-------------
NET INVESTMENT INCOME....................................... 448,330
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 3,742,582
Net realized gain on futures contracts.................... 297,629
Net change in unrealized appreciation (depreciation) on
investments............................................. 6,949,285
-------------
NET GAIN ON INVESTMENTS..................................... 10,989,496
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 11,437,826
-------------
-------------
</TABLE>
See Notes to Financial Statements
7
<PAGE>
PHOENIX RESEARCH ENHANCED INDEX SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 448,330 $ 523,699
Net realized gain (loss).................................. 4,040,211 3,008,093
Net change in unrealized appreciation (depreciation)...... 6,949,285 9,780,453
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 11,437,826 13,312,245
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (280,353) (532,936)
Net realized gains........................................ (299,858) (2,994,712)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (580,211) (3,527,648)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (3,231,070 and 5,285,851
shares, respectively)................................... 44,617,864 63,644,481
Net asset value of shares issued from reinvestment of
distributions (40,443 and 271,800 shares,
respectively)........................................... 580,211 3,527,648
Cost of shares repurchased (1,046,652 and 3,186,084
shares, respectively)................................... (14,534,301) (38,286,173)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 30,663,774 28,885,956
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 41,521,389 38,670,553
NET ASSETS
Beginning of period....................................... 69,521,925 30,851,372
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $167,977 AND $0, RESPECTIVELY)......... $ 111,043,314 $ 69,521,925
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM
ENDED YEAR INCEPTION
6/30/99 ENDED 7/15/97 TO
(UNAUDITED) 12/31/98 12/31/97
----------- ----------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period......... $ 13.08 $ 10.49 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)............... 0.06(2) 0.12(2) 0.05(2)
Net realized and unrealized gain (loss).... 1.67 3.19 0.54
----------- ----------- -----------
TOTAL FROM INVESTMENT OPERATIONS......... 1.73 3.31 0.59
----------- ----------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income....... (0.04) (0.12) (0.05)
Dividends from net realized gains.......... (0.04) (0.60) (0.05)
----------- ----------- -----------
TOTAL DISTRIBUTIONS...................... (0.08) (0.72) (0.10)
----------- ----------- -----------
CHANGE IN NET ASSET VALUE.................... 1.65 2.59 0.49
----------- ----------- -----------
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD............... $14.73 $13.08 $10.49
----------- ----------- -----------
----------- ----------- -----------
Total return................................. 13.25%(3) 31.68% 5.83%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)........ $111,043 $69,522 $30,851
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses......................... 0.55%(1) 0.55% 0.55%(1)
Net investment income...................... 1.00%(1) 1.08% 1.46%(1)
Portfolio turnover rate...................... 22%(3) 45% 9%(3)
</TABLE>
(1) Annualized.
(2) Includes reimbursement of operating expenses by investment adviser of $0.01,
$0.03 and $0.02 per share, respectively.
(3) Not annualized.
See Notes to Financial Statements
8
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--95.3%
ARGENTINA--0.2%
Perez Companc SA Sponsored ADR (Oil & Gas
(Exploration & Production))................... 32,000 $ 371,248
Telecom Argentina SA Sponsored ADR
(Telecommunications (Long Distance)).......... 9,600 256,800
-------------
628,048
-------------
AUSTRALIA--1.3%
Australian Gas Light Co., Ltd. (Natural Gas).... 250,000 1,520,768
QBE Insurance Group Ltd. (Insurance (Property-
Casualty)).................................... 450,000 1,712,725
-------------
3,233,493
-------------
BRAZIL--1.1%
Tele Centro Sul Participacoes SA ADR
(Telephone)................................... 9,500 527,250
Tele Norte Leste Participacoes SA ADR
(Telephone)................................... 49,000 909,562
Tele Sudeste Celular Participacoes SA ADR
(Telecommunications (Cellular/Wireless))...... 25,000 725,000
Telesp Participacoes SA ADR (Telephone)......... 31,000 709,125
-------------
2,870,937
-------------
CANADA--2.4%
Nortel Networks Corp. (Communications
Equipment).................................... 28,500 2,474,156
Seagram Co. Ltd. (The) (Beverages
(Alcoholic)).................................. 38,000 1,914,250
Toronto-Dominion Bank (The) (Banks (Money
Center))...................................... 39,000 1,774,500
-------------
6,162,906
-------------
DENMARK--1.1%
Danisco A/S (Foods)............................. 28,900 1,306,005
Tele Danmark A/S (Telephone).................... 28,600 1,407,774
-------------
2,713,779
-------------
FINLAND--2.2%
Nokia Oyj Class A (Communications Equipment).... 41,400 3,629,032
Stora Enso Oyj (Paper & Forest Products)........ 100,465 1,077,506
UPM-Kymmene Oyj (Paper & Forest Products)....... 29,210 837,429
-------------
5,543,967
-------------
FRANCE--11.5%
Air Liquide (Chemicals (Specialty))............. 7,120 1,119,751
Alstom (Engineering & Construction)............. 77,200 2,428,224
Axa (Insurance (Multi-Line)).................... 13,769 1,679,804
Canal Plus (Broadcasting (Television, Radio &
Cable))....................................... 2,100 589,277
Carrefour SA (Retail (Food Chains))............. 12,180 1,789,920
Castorama Dubois (Retail (Building Supplies))... 7,225 1,713,710
Coflexip SA (Metal Fabricators)................. 16,950 1,455,209
Compagnie de Saint Gobain (Manufacturing
(Diversified))................................ 3,500 557,658
Dexia France (Banks (Major Regional))........... 7,600 1,017,325
Elf Aquitaine SA (Oil (International
Integrated)).................................. 13,150 1,929,755
Groupe Danone (Foods)........................... 4,450 1,147,286
Lafarge SA (Construction (Cement &
Aggregates)).................................. 20,500 1,949,200
Pechiney SA Class A (Containers & Packaging
(Paper))...................................... 41,200 1,770,910
Renault SA (Automobiles)........................ 41,700 1,814,764
Rhodia SA (Chemicals (Specialty))............... 66,200 1,256,167
Schneider SA (Electrical Equipment)............. 9,500 533,449
Societe Generale Class A (Banks (Major
Regional)).................................... 7,650 1,348,264
Total Fina SA Class B (Oil & Gas (Refining &
Marketing))................................... 13,800 1,780,361
Valeo SA (Auto Parts & Equipment)............... 20,150 1,662,404
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C> <C>
FRANCE--CONTINUED
Vivendi (Manufacturing (Diversified))........... 19,500 $ 1,579,619
-------------
29,123,057
-------------
GERMANY--8.5%
Allianz AG Vinkulierte Registered Shares
(Insurance (Multi-Line))...................... 6,400 1,775,431
BASF AG (Chemicals (Diversified))............... 31,100 1,374,304
Bayer AG (Chemicals (Diversified)).............. 27,600 1,149,905
Bayerische Motoren Werke AG (Automobiles)....... 2,430 1,671,490
Bayerische Vereinsbank AG (Banks (Major
Regional)).................................... 32,600 2,118,018
Bewag AG (Electric Companies)................... 45,820 706,428
DaimlerChrysler AG (Automobiles)................ 27,755 2,404,319
Deutsche Bank AG (Banks (Major Regional))....... 22,800 1,390,789
Deutsche Lufthansa AG (Airlines)................ 107,950 1,957,100
Mannesmann AG (Manufacturing (Diversified))..... 14,000 2,089,143
Metro AG (Retail (Specialty))................... 25,200 1,564,475
Muenchener Rueckversicherungs New Shares
(Insurance (Multi-Line))(b)................... 6,020 1,098,857
Muenchener Rueckversicherungs-Gesellschaft AG
(Insurance (Multi-Line))...................... 6,020 1,114,378
RWE AG (Manufacturing (Diversified))............ 22,900 1,060,124
-------------
21,474,761
-------------
GREECE--0.4%
Alpha Credit Bank (Banks (Major Regional))...... 7,346 473,544
Hellenic Telecommunications Organization SA
(Telephone)................................... 26,500 568,019
-------------
1,041,563
-------------
HONG KONG--1.6%
Hongkong Electric Holdings Ltd. (Electric
Companies).................................... 650,000 2,094,447
Swire Pacific Ltd. Class B (Manufacturing
(Diversified))................................ 2,750,000 2,055,781
-------------
4,150,228
-------------
HUNGARY--0.2%
Magyar Tavkozlesi Rt Sponsored ADR
(Telecommunications (Long Distance)).......... 21,900 602,250
-------------
INDIA--0.6%
Mahanagar Telephone Nigam Ltd. GDR
(Telecommunications (Long Distance)).......... 140,000 1,421,000
-------------
INDONESIA--0.3%
PT Indosat (Telecommunications (Long
Distance)).................................... 229,000 439,055
PT Indosat ADR (Telecommunications (Long
Distance)).................................... 20,000 390,000
-------------
829,055
-------------
ISRAEL--0.5%
Bank Hapoalim Ltd. (Banks (Major Regional))..... 221,500 568,262
Koor Industries Ltd. (Manufacturing
(Diversified))................................ 6,036 695,959
-------------
1,264,221
-------------
ITALY--2.6%
Assicurazioni Generali (Insurance
(Life/Health))................................ 30,500 1,056,843
Banca Intesa SPA (Banks (Major Regional))....... 691,600 1,547,698
San Paolo-IMI SPA (Banks (Major Regional))...... 109,159 1,485,953
Telecom Italia Mobile SPA (Telecommunications
(Cellular/Wireless)).......................... 182,500 1,089,715
Telecom Italia SPA (Telephone).................. 138,460 1,439,317
-------------
6,619,526
-------------
</TABLE>
See Notes to Financial Statements
9
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C> <C>
JAPAN--13.2%
77 Bank Ltd. (The) (Banks (Major Regional))..... 135,000 $ 1,182,291
Canon, Inc. (Office Equipment & Supplies)....... 63,000 1,811,360
Dai Nippon Printing Co., Ltd. (Specialty
Printing)..................................... 126,000 2,014,357
Fuji Photo Film Co. (Photography/Imaging)....... 30,000 1,135,198
Hitachi Credit Corp. (Consumer Finance)......... 85,000 1,681,935
Ito-Yokado Co., Ltd. (Retail (Food Chains))..... 30,000 2,007,664
Kao Corp. (Household Products (Non-Durable)).... 60,000 1,685,447
Kawasumi Laboratories, Inc. (Health Care
(Medical Products & Supplies))................ 125,000 1,869,276
Kirin Beverage Corp. (Beverages (Alcoholic)).... 83,000 1,488,068
Mabuchi Motor Co., Ltd. (Electrical
Equipment).................................... 20,000 1,858,949
Nippon COMSYS Corp. (Engineering &
Construction)................................. 100,000 1,623,482
Nippon Telegraph & Telephone Corp.
(Telephone)................................... 1,400 1,630,918
Rinnai Corp. (Household Furnishings &
Appliances)................................... 75,000 1,722,626
Rohm Co., Ltd (Electronics (Semiconductors)).... 13,000 2,035,342
Sanwa Bank Ltd. (The) (Banks (Major
Regional)).................................... 180,000 1,771,206
Secom Co., Ltd. (Services (Commercial &
Consumer)).................................... 20,000 2,082,022
Shin-Etsu Chemical Co., Ltd. (Chemicals
(Specialty)).................................. 52,000 1,739,976
Suzuki Motor Corp. (Automobiles)................ 140,000 2,226,607
Takeda Chemical Industries (Health Care (Drugs-
Major Pharmaceuticals))....................... 40,000 1,853,991
-------------
33,420,715
-------------
MALAYSIA--0.2%
Carlsberg Brewery Malaysia Berhad (Beverages
(Alcoholic))(c)............................... 150,000 383,886
Malaysian Oxygen Berhad (Chemicals
(Specialty))(c)............................... 104,000 221,801
-------------
605,687
-------------
MEXICO--1.4%
Cemex SA de CV Class B Sponsored ADR
(Construction (Cement & Aggregates)).......... 75,000 741,450
Coca-Cola Femsa SA Sponsored ADR (Beverages
(Non-Alcoholic))(b)........................... 61,000 1,181,875
Grupo Televisa SA Sponsored GDR (Broadcasting
(Television, Radio & Cable))(b)............... 20,000 896,250
Telefonos de Mexico SA Sponsored ADR Class L
(Telecommunications (Long Distance)).......... 8,000 646,500
-------------
3,466,075
-------------
NETHERLANDS--6.6%
ASM Lithography Holding NV (Equipment
(Semiconductor))(b)........................... 23,500 1,359,572
Benckiser NV B (Household Products (Non-
Durable))..................................... 40,900 2,182,756
Elsevier NV (Publishing)........................ 79,600 923,501
Equant NV (Services (Data Processing))(b)....... 17,550 1,618,029
Fortis (NL) NV (Financial (Diversified))........ 47,100 1,454,753
Getronics NV (Services (Data Processing))....... 28,500 1,096,289
IHC Caland NV (Oil & Gas (Drilling &
Equipment))................................... 20,530 804,533
ING Groep NV (Financial (Diversified)).......... 29,400 1,591,762
KPN NV (Telephone).............................. 21,700 1,018,222
Koninklijke (Royal) Philips Electronics NV
(Electronics (Components Distributors))....... 8,400 828,583
Royal Dutch Petroleum Co. (Oil (Domestic
Integrated)).................................. 48,600 2,846,795
VNU NV (Publishing)............................. 28,200 1,126,918
-------------
16,851,713
-------------
NEW ZEALAND--0.2%
Telecom Corporation of New Zealand Ltd.
(Telephone)................................... 100,000 429,235
-------------
PHILIPPINES--0.7%
Ayala Land, Inc. (Financial (Diversified))...... 2,500,000 788,460
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C> <C>
PHILIPPINES--CONTINUED
Philippine Long Distance Telephone Co. Sponsored
ADR (Telecommunications (Long Distance))...... 30,000 $ 903,750
-------------
1,692,210
-------------
POLAND--0.3%
Elektrim Spolka Akcyjna SA (Distributors (Food &
Health))...................................... 54,000 763,886
-------------
SINGAPORE--1.4%
United Overseas Bank Ltd. (Banks (Major
Regional)).................................... 490,000 3,425,024
-------------
SOUTH AFRICA--0.8%
Anglo American PLC (Metals Mining)(b)........... 10,260 479,477
BOE Ltd. (Financial (Diversified)).............. 302,150 300,432
Liberty International PLC (Financial
(Diversified))................................ 21,162 147,996
Liberty Life Association of Africa (Insurance
(Life/ Health))............................... 45,052 577,119
Metro Cash and Carry Ltd. (Retail
(Specialty)).................................. 683,000 565,930
-------------
2,070,954
-------------
SOUTH KOREA--1.5%
Kookmin Bank (Banks (Major Regional))........... 115,000 2,334,847
Pohang Iron & Steel Co. Ltd. (Iron & Steel)..... 12,500 1,501,721
-------------
3,836,568
-------------
SPAIN--3.6%
Argentaria, Caja Postal y Banco Hipotecario de
Espana SA (Banks (Major Regional))............ 53,300 1,214,212
Banco Popular Espanol SA (Banks (Major
Regional)).................................... 31,400 2,258,632
Banco Santander Central Hispano SA (Banks (Major
Regional)).................................... 156,374 1,628,761
Iberdrola SA (Electric Companies)............... 68,400 1,041,857
Repsol SA (Oil & Gas (Refining & Marketing)).... 59,700 1,219,021
Telefonica SA (Telephone)(b).................... 34,731 1,673,011
-------------
9,035,494
-------------
SWEDEN--5.1%
AstraZeneca Group PLC (Health Care (Drugs-Major
Pharmaceuticals))............................. 65,758 2,560,170
Electrolux AB (Household Furnishings &
Appliances)................................... 84,700 1,773,355
Mandamus AB (Real Estate Development)........... 2,020 10,692
SSAB Svenskt Stal AB Series A (Iron & Steel).... 47,800 598,783
Sandvik AB Class B (Machinery (Diversified)).... 26,300 581,575
Skandia Forsakrings AB (Insurance
(Life/Health))................................ 148,600 2,779,125
Skandinaviska Enskilda Banken Class A (Banks
(Major Regional))............................. 165,900 1,931,852
Telefonaktiebolaget LM Ericsson Class B
(Communications Equipment).................... 80,900 2,593,028
-------------
12,828,580
-------------
SWITZERLAND--5.3%
Credit Suisse Group (Banks (Major Regional)).... 7,900 1,366,984
Nestle SA (Foods)............................... 1,387 2,499,043
Novartis AG Registered Shares (Health Care
(Drugs-Major Pharmaceuticals))................ 1,943 2,837,153
Roche Holding AG (Health Care (Drugs-Major
Pharmaceuticals))............................. 284 2,919,303
UBS AG (Banks (Major Regional))................. 8,900 2,656,392
Zurich Allied AG (Financial (Diversified))...... 2,170 1,233,946
-------------
13,512,821
-------------
TAIWAN--0.2%
Standard Foods Taiwan Ltd. GDR (Foods)(b)....... 59,210 464,798
-------------
TURKEY--0.3%
Yapi ve Kredi Bankasi AS (Banks (Major
Regional)).................................... 26,300,000 380,160
Yapi ve Kredi Bankasi AS (Banks (Major
Regional))(d)................................. 25,280,000 335,464
-------------
715,624
-------------
</TABLE>
See Notes to Financial Statements
10
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C> <C>
UNITED KINGDOM--20.0%
3i Group PLC (Investment Banking/Brokerage)..... 105,821 $ 1,203,497
BG PLC (Natural Gas)............................ 127,958 781,585
BOC Group PLC (Chemicals (Specialty))........... 33,593 656,610
Bank of Scotland (Banks (Major Regional))....... 114,244 1,512,689
Barclays PLC (Banks (Major Regional))........... 51,744 1,505,666
Bass PLC (Beverages (Alcoholic))................ 42,709 619,698
Berkeley Group PLC (The) (Homebuilding)......... 63,480 761,480
British Aerospace PLC (Aerospace/Defense)....... 132,783 861,813
British American Tobacco PLC (Tobacco).......... 56,619 532,365
British Petroleum Co. PLC (Oil (Domestic
Integrated)).................................. 205,057 3,675,123
British Telecommunications PLC (Telephone)...... 178,746 2,995,066
Cable & Wireless PLC (Telephone)................ 81,729 1,041,581
Compass Group PLC (Services (Commercial &
Consumer)).................................... 86,263 855,287
Debenhams PLC (Retail (Department Stores))...... 68,945 462,966
FirstGroup PLC (Services (Commercial &
Consumer)).................................... 128,000 699,117
GKN PLC (Auto Parts & Equipment)................ 50,783 866,929
Glaxo Wellcome PLC (Health Care (Drugs-Major
Pharmaceuticals))............................. 100,311 2,787,646
Granada Group PLC (Broadcasting (Television,
Radio & Cable))............................... 35,066 650,578
HSBC Holdings PLC (Financial (Diversified))..... 51,855 1,836,667
Hilton Group PLC (Gaming, Lottery & Pari-mutuel
Companies).................................... 150,646 597,217
Kingfisher PLC (Retail (Specialty))............. 99,811 1,148,519
Legal & General Group PLC (Insurance
(Multi-Line))................................. 443,463 1,128,929
Lloyds TSB Group PLC (Financial
(Diversified))................................ 166,275 2,254,043
Logica PLC (Services (Data Processing))......... 74,000 775,694
National Westminster Bank PLC (Banks (Major
Regional)).................................... 75,338 1,597,251
Norwich Union PLC (Insurance (Life/Health))..... 120,834 819,496
PowerGen PLC (Electric Companies)............... 72,627 783,053
RMC Group PLC (Construction (Cement &
Aggregates)).................................. 62,703 1,007,162
Reuters Holdings Group PLC (Publishing)......... 90,437 1,189,623
Rio Tinto PLC (Metals Mining)................... 53,506 896,968
Royal & Sun Alliance Insurance Group PLC
(Insurance (Multi-Line))...................... 125,000 1,121,138
Schroders PLC (Investment Banking/Brokerage).... 33,721 688,878
Serco Group PLC (Services (Commercial &
Consumer)).................................... 22,718 512,086
Shell Transport & Trading Co. PLC (Oil (Domestic
Integrated)).................................. 211,475 1,585,896
Siebe PLC (Machinery (Diversified))............. 176,907 837,269
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
SmithKline Beecham PLC (Health Care (Drugs-Major
Pharmaceuticals))............................. 131,389 $ 1,707,601
Tesco PLC (Retail (Food Chains))................ 408,638 1,051,547
Thames Water PLC (Water Utilities).............. 38,937 617,444
Unilever PLC (Foods)............................ 80,976 720,538
Vodafone AirTouch PLC (Telecommunications
(Cellular/Wireless)).......................... 136,088 2,681,431
Woolwich PLC (Consumer Finance)................. 85,978 503,142
Zeneca Group PLC (Health Care (Drugs-Major
Pharmaceuticals))............................. 54,366 2,102,998
-------------
50,634,286
-------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $216,950,034)............................... 241,432,461
-------------
WARRANTS--0.0%
GERMANY--0.0%
Muenchener Rueckversicherungs-Gesellschaft AG
Warrants (Insurance (Multi-Line))(b).......... 220 6,579
-------------
TOTAL WARRANTS
(Identified cost $0)......................................... 6,579
-------------
TOTAL LONG-TERM INVESTMENTS--95.3%
(Identified cost $216,950,034)............................... 241,439,040
-------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
----------- -------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.6%
COMMERCIAL PAPER--4.6%
Corporate Asset Funding Co., Inc. 5.55%,
7/1/99........................................ A-1+ $ 3,155 3,155,000
Exxon Imperial Funding U.S., Inc. 5.20%,
7/1/99........................................ A-1+ 1,380 1,380,000
Pitney Bowes Credit Corp. 5%, 7/1/99............ A-1+ 1,675 1,675,000
Ford Motor Credit Co. 5.41%, 7/2/99............. A-1+ 5,505 5,504,173
---------------
11,714,173
---------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $11,714,173)................................................ 11,714,173
---------------
TOTAL INVESTMENTS--99.9%
(Identified cost $228,664,207)............................................... 253,153,213(a)
Cash and receivables, less liabilities--0.1%................................. 286,154
---------------
NET ASSETS--100.0%............................................................. $ 253,439,367
---------------
---------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $33,200,522 and gross
depreciation of $10,796,262 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$230,748,953.
(b) Non-income producing.
(c) Security valued at fair value as determined in good faith by or under the
direction of the Trustees.
(d) Non-tradable bonus shares.
See Notes to Financial Statements
11
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VALUE OF
TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<TABLE>
<S> <C>
Aerospace/Defense.................................. 0.4%
Airlines........................................... 0.8
Auto Parts & Equipment............................. 1.0
Automobiles........................................ 3.4
Banks (Major Regional)............................. 14.5
Banks (Money Center)............................... 0.7
Beverages (Alcoholic).............................. 1.8
Beverages (Non-Alcoholic).......................... 0.5
Broadcasting (Television, Radio & Cable)........... 0.9
Chemicals (Diversified)............................ 1.0
Chemicals (Specialty).............................. 2.1
Communications Equipment........................... 3.6
Construction (Cement & Aggregates)................. 1.5
Consumer Finance................................... 0.9
Containers & Packaging (Paper)..................... 0.7
Distributors (Food & Health)....................... 0.3
Electric Companies................................. 1.9
Electrical Equipment............................... 1.0
Electronics (Components Distributors).............. 0.3
Electronics (Semiconductors)....................... 0.8
Engineering & Construction......................... 1.7
Equipment (Semiconductor).......................... 0.6
Financial (Diversified)............................ 4.0
Foods.............................................. 2.5
Gaming, Lottery & Pari-Mutuel Companies............ 0.2
Health Care (Drugs-Major Pharmaceuticals).......... 7.0
Health Care (Medical Products & Supplies).......... 0.8
Homebuilding....................................... 0.3
Household Furnishings & Appliances................. 1.4
Household Products (Non-Durable)................... 1.6
Insurance (Life/Health)............................ 2.2
Insurance (Multi-Line)............................. 3.3
Insurance (Property-Casualty)...................... 0.7
Investment Banking/Brokerage....................... 0.8
Iron & Steel....................................... 0.9
Machinery (Diversified)............................ 0.6
Manufacturing (Diversified)........................ 3.3
Metal Fabricators.................................. 0.6
Metals Mining...................................... 0.6
Natural Gas........................................ 1.0
Office Equipment & Supplies........................ 0.8
Oil & Gas (Drilling & Equipment)................... 0.3
Oil & Gas (Exploration & Production)............... 0.2
Oil & Gas (Refining & Marketing)................... 1.2
Oil (Domestic Integrated).......................... 3.4
Oil (International Integrated)..................... 0.8
Paper & Forest Products............................ 0.8
Photography/Imaging................................ 0.5
Publishing......................................... 1.3
Real Estate Development............................ 0.1
Retail (Building Supplies)......................... 0.7
Retail (Department Stores)......................... 0.2
Retail (Food Chains)............................... 2.0
Retail (Specialty)................................. 1.4
Services (Commercial & Consumer)................... 1.7
Services (Data Processing)......................... 1.4
Specialty Printing................................. 0.8
Telecommunications (Cellular/Wireless)............. 1.9
Telecommunications (Long Distance)................. 1.9
Telephone.......................................... 5.9
Tobacco............................................ 0.2
Water Utilities.................................... 0.3
------
100.0%
------
------
</TABLE>
See Notes to Financial Statements
12
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$228,664,207)............................................. $ 253,153,213
Cash........................................................ 16,799
Receivables
Investment securities sold................................ 2,048,169
Dividends and interest.................................... 355,942
Fund shares sold.......................................... 210,170
Tax reclaim............................................... 206,169
Prepaid expenses............................................ 5,026
-------------
Total assets............................................ 255,995,488
-------------
LIABILITIES
Foreign currency at value (Identified cost $241,801)........ 241,819
Payables
Investment securities purchased........................... 1,663,549
Fund shares repurchased................................... 332,752
Investment advisory fee................................... 155,507
Financial agent fee....................................... 18,762
Trustees' fee............................................. 5,880
Accrued expenses............................................ 137,852
-------------
Total liabilities....................................... 2,556,121
-------------
NET ASSETS.................................................. $ 253,439,367
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 210,320,119
Undistributed net investment loss......................... (295,370)
Accumulated net realized gain............................. 18,936,699
Net unrealized appreciation............................... 24,477,919
-------------
NET ASSETS.................................................. $ 253,439,367
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 16,353,333
-------------
-------------
Net asset value and offering price per share................ $ 15.50
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 2,841,796
Interest.................................................. 354,894
Foreign taxes withheld.................................... (212,208)
-------------
Total investment income................................. 2,984,482
-------------
EXPENSES
Investment advisory fee................................... 916,902
Custodian................................................. 132,098
Financial agent fee....................................... 111,011
Printing.................................................. 38,920
Professional.............................................. 7,099
Trustees.................................................. 6,333
Miscellaneous............................................. 13,000
-------------
Total expenses.......................................... 1,225,363
-------------
NET INVESTMENT INCOME....................................... 1,759,119
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 18,986,331
Net realized gain on foreign currency transactions........ 56,260
Net change in unrealized appreciation (depreciation) on
investments............................................. (6,641,618)
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions...... 4,154
-------------
NET GAIN ON INVESTMENTS..................................... 12,405,127
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 14,164,246
-------------
-------------
</TABLE>
See Notes to Financial Statements
13
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
----------------- -----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 1,759,119 $ 1,631,804
Net realized gain (loss).................................. 19,042,591 51,043,087
Net change in unrealized appreciation (depreciation)...... (6,637,464) 150,814
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 14,164,246 52,825,705
----------------- -----------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (3,263,175) --
Net realized gains........................................ (10,330,809) (41,161,214)
----------------- -----------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (13,593,984) (41,161,214)
----------------- -----------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (2,113,693 and 3,647,895
shares, respectively)................................... 33,469,388 63,751,174
Net asset value of shares issued from reinvestment of
distributions (873,524 and 2,641,331 shares,
respectively)........................................... 13,593,984 41,161,214
Cost of shares repurchased (2,285,739 and 3,994,250
shares, respectively)................................... (36,109,216) (68,770,405)
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 10,954,156 36,141,983
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 11,524,418 47,806,474
NET ASSETS
Beginning of period....................................... 241,914,949 194,108,475
----------------- -----------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($295,370) AND $1,208,686,
RESPECTIVELY)........................................... $253,439,367 $ 241,914,949
----------------- -----------------
----------------- -----------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/99 -----------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
----------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................ $ 15.46 $ 14.53 $ 14.52 $ 12.70 $ 11.85 $ 12.21
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)...... 0.12 0.12(1) 0.12(1) 0.11(1) 0.12(1) 0.08(1)
Net realized and unrealized gain
(loss).......................... 0.80 3.94 1.61 2.25 1.02 (0.07)
----------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS.................... 0.92 4.06 1.73 2.36 1.14 0.01
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income.......................... (0.21) -- (0.22) (0.19) (0.04) (0.03)
Dividends from net realized
gains........................... (0.67) (3.13) (1.50) (0.33) (0.25) (0.34)
In excess of net investment
income.......................... -- -- -- (0.02) -- --
----------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS............. (0.88) (3.13) (1.72) (0.54) (0.29) (0.37)
----------- --------- --------- --------- --------- ---------
CHANGE IN NET ASSET VALUE........... 0.04 0.93 0.01 1.82 0.85 (0.36)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD...... $ 15.50 $ 15.46 $ 14.53 $ 14.52 $ 12.70 $ 11.85
----------- --------- --------- --------- --------- ---------
----------- --------- --------- --------- --------- ---------
Total return........................ 5.93%(3) 27.92% 12.04% 18.65% 9.59% 0.03%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)....................... $253,439 $241,915 $194,108 $172,668 $134,455 $134,627
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses................ 1.00%(2) 0.98% 1.01% 1.04% 1.07% 1.10%
Net investment income............. 1.44%(2) 0.72% 0.72% 0.80% 0.95% 0.64%
Portfolio turnover rate............. 47%(3) 93% 184% 142% 249% 172%
</TABLE>
(1) Computed using average shares outstanding.
(2) Annualized.
(3) Not annualized.
See Notes to Financial Statements
14
<PAGE>
PHOENIX-ENGEMANN NIFTY FIFTY SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ---------------
<S> <C> <C> <C>
COMMON STOCKS--93.9%
BANKS (MAJOR REGIONAL)--30.3%
State Street Corp.................................... 1,900 $ 162,212
Wells Fargo Co....................................... 20,460 874,665
---------------
1,036,877
---------------
BEVERAGES (NON-ALCOHOLIC)--1.0%
Coca-Cola Co. (The).................................. 5,300 331,250
---------------
COMMUNICATIONS EQUIPMENT--7.8%
Lucent Technologies, Inc............................. 21,230 1,431,698
Tellabs, Inc. (b).................................... 18,180 1,228,286
---------------
2,659,984
---------------
COMPUTERS (HARDWARE)--2.2%
International Business Machines Corp................. 2,580 333,465
Sun Microsystems, Inc. (b)........................... 6,100 420,137
---------------
753,602
---------------
COMPUTERS (NETWORKING)--4.2%
Cisco Systems, Inc. (b).............................. 22,450 1,448,025
---------------
COMPUTERS (PERIPHERALS)--4.1%
EMC Corp. (b)........................................ 25,770 1,417,350
---------------
COMPUTERS (SOFTWARE & SERVICES)--9.7%
America Online, Inc. (b)............................. 9,550 1,055,275
BMC Software, Inc. (b)............................... 9,080 490,320
Compuware Corp. (b).................................. 8,620 274,224
Microsoft Corp. (b).................................. 16,600 1,497,112
---------------
3,316,931
---------------
CONSUMER FINANCE--4.0%
Countrywide Credit Industries, Inc................... 8,000 342,000
MBNA Corp............................................ 34,100 1,044,312
---------------
1,386,312
---------------
ELECTRICAL EQUIPMENT--2.9%
General Electric Co.................................. 8,730 986,490
---------------
ELECTRONICS (SEMICONDUCTORS)--8.3%
Intel Corp........................................... 16,950 1,008,525
Texas Instruments, Inc............................... 12,730 1,845,850
---------------
2,854,375
---------------
ENTERTAINMENT--1.8%
Time Warner, Inc..................................... 4,940 363,090
Walt Disney Co. (The)................................ 8,460 260,674
---------------
623,764
---------------
FINANCIAL (DIVERSIFIED)--7.1%
American Express Co.................................. 3,040 395,580
Citigroup, Inc....................................... 17,110 812,725
Freddie Mac.......................................... 12,780 741,240
Morgan Stanley Dean Witter & Co...................... 4,550 466,375
---------------
2,415,920
---------------
HEALTH CARE (DIVERSIFIED)--1.0%
Warner-Lambert Co.................................... 4,900 339,938
---------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--6.9%
Merck & Co., Inc..................................... 12,640 935,360
Pfizer, Inc.......................................... 9,250 1,015,188
Schering-Plough Corp................................. 7,590 402,270
---------------
2,352,818
---------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--2.7%
Guidant Corp. (b).................................... 4,950 254,616
Medtronic, Inc....................................... 8,420 655,708
---------------
910,324
---------------
INSURANCE (MULTI-LINE)--1.8%
American International Group, Inc.................... 5,405 632,723
---------------
<CAPTION>
SHARES VALUE
------- ---------------
<S> <C> <C> <C>
INVESTMENT BANKING/BROKERAGE--2.6%
Goldman Sachs Group, Inc. (The)...................... 2,400 $ 173,400
Merrill Lynch & Co., Inc............................. 8,800 703,450
---------------
876,850
---------------
INVESTMENT MANAGEMENT--0.3%
Price (T. Rowe) Associates, Inc...................... 3,040 116,660
---------------
LODGING-HOTELS--2.0%
Carnival Corp........................................ 14,390 697,915
---------------
MANUFACTURING (DIVERSIFIED)--0.6%
United Technologies Corp............................. 3,040 217,930
---------------
PERSONAL CARE--1.8%
Avon Products, Inc................................... 6,460 358,530
Gillette Co. (The)................................... 6,400 262,400
---------------
620,930
---------------
RETAIL (BUILDING SUPPLIES)--4.2%
Home Depot, Inc. (The)............................... 15,530 1,000,714
Lowe's Companies, Inc................................ 7,590 430,258
---------------
1,430,972
---------------
RETAIL (DEPARTMENT STORES)--0.7%
Kohl's Corp. (b)..................................... 3,010 232,334
---------------
RETAIL (DRUG STORES)--1.2%
Walgreen Co.......................................... 14,400 423,000
---------------
RETAIL (GENERAL MERCHANDISE)--3.2%
Dayton Hudson Corp................................... 5,700 370,500
Wal-Mart Stores, Inc................................. 14,730 710,723
---------------
1,081,223
---------------
RETAIL (SPECIALTY)--0.8%
Staples, Inc. (b).................................... 9,405 290,967
---------------
SERVICES (ADVERTISING/MARKETING)--1.1%
Interpublic Group of Companies, Inc. (The)........... 4,540 393,278
---------------
SERVICES (COMMERCIAL & CONSUMER)--1.5%
Cendant Corp. (b).................................... 24,620 504,710
---------------
SERVICES (COMPUTER SYSTEMS)--1.1%
Electronic Data Systems Corp......................... 6,470 365,959
---------------
TELECOMMUNICATIONS (LONG DISTANCE)--4.3%
MCI WorldCom, Inc. (b)............................... 16,980 1,464,525
---------------
TOTAL COMMON STOCKS
(Identified cost $26,746,379)................................. 32,183,936
---------------
TOTAL LONG-TERM INVESTMENTS--93.9%
(Identified cost $26,746,379)................................. 32,183,936
---------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
-------- -------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--6.1%
COMMERCIAL PAPER--6.1%
CXC, Inc 5.80%, 7/1/99..................... A-1+ $ 1,000 1,000,000
Corporate Asset Funding Co., Inc. 5.55%,
7/1/99................................... A-1+ 1,085 1,085,000
---------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $2,085,000).................................. 2,085,000
---------------
TOTAL INVESTMENTS--100.0%
(Identified cost $28,831,379)................................. 34,268,936(a)
Cash and receivables, less liabilities--(0.0%)................ (1,944)
---------------
NET ASSETS--100.0%.............................................. $ 34,266,992
---------------
---------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $5,617,822 and gross
depreciation of $356,257 for federal income tax purposes. At June 30, 1999,
the aggregate cost of securities for federal income tax purposes was
$29,007,371.
(b) Non-income producing.
See Notes to Financial Statements
15
<PAGE>
PHOENIX-ENGEMANN NIFTY FIFTY SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$28,831,379).............................................. $ 34,268,936
Cash........................................................ 3,528
Receivables
Fund shares sold.......................................... 284,870
Investment securities sold................................ 216,097
Dividends and interest.................................... 7,499
Prepaid expenses............................................ 238
------------
Total assets............................................ 34,781,168
------------
LIABILITIES
Payables
Investment securities purchased........................... 456,825
Fund shares repurchased................................... 10,589
Investment advisory fee................................... 17,409
Trustees' fee............................................. 7,353
Financial agent fee....................................... 4,740
Accrued expenses............................................ 17,260
------------
Total liabilities....................................... 514,176
------------
NET ASSETS.................................................. $ 34,266,992
------------
------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 29,577,050
Undistributed net investment loss......................... (22,462)
Accumulated net realized loss............................. (725,153)
Net unrealized appreciation............................... 5,437,557
------------
NET ASSETS.................................................. $ 34,266,992
------------
------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 2,413,452
------------
------------
Net asset value and offering price per share................ $ 14.20
------------
------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 56,111
Interest.................................................. 42,937
------------
Total investment income................................. 99,048
------------
EXPENSES
Investment advisory fee................................... 104,148
Financial agent fee....................................... 27,490
Custodian................................................. 14,301
Professional.............................................. 13,852
Trustees.................................................. 9,917
Printing.................................................. 6,136
Miscellaneous............................................. 2,207
------------
Total expenses.......................................... 178,051
Less expense borne by investment adviser................ (56,541)
------------
Net expenses............................................ 121,510
------------
NET INVESTMENT LOSS......................................... (22,462)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (481,024)
Net change in unrealized appreciation (depreciation) on
investments............................................. 3,139,676
------------
NET GAIN ON INVESTMENTS..................................... 2,658,652
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 2,636,190
------------
------------
</TABLE>
See Notes to Financial Statements
16
<PAGE>
PHOENIX-ENGEMANN NIFTY FIFTY SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
---------------- -----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ (22,462) $ 3,598
Net realized gain (loss).................................. (481,024) (244,129)
Net change in unrealized appreciation (depreciation)...... 3,139,676 2,297,881
---------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 2,636,190 2,057,350
---------------- -----------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... -- (3,598)
In excess of net investment income........................ -- (1,543)
---------------- -----------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ -- (5,141)
---------------- -----------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (2,140,367 and 1,342,696
shares, respectively)................................... 28,902,406 14,285,565
Net asset value of shares issued from reinvestment of
distributions (0 and 406 shares, respectively).......... -- 5,141
Cost of shares repurchased (769,107 and 300,910 shares,
respectively)........................................... (10,425,086) (3,189,433)
---------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 18,477,320 11,101,273
---------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 21,113,510 13,153,482
NET ASSETS
Beginning of period....................................... 13,153,482 --
---------------- -----------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($22,462) AND $0, RESPECTIVELY)........ $34,266,992 $13,153,482
---------------- -----------------
---------------- -----------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM
ENDED INCEPTION
6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
---------------- -----------------
<S> <C> <C>
Net asset value, beginning of period........................ $ 12.62 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. (0.01)(3) 0.01(3)(4)
Net realized and unrealized gain (loss)................... 1.59 2.62
------- -------
TOTAL FROM INVESTMENT OPERATIONS........................ 1.58 2.63
------- -------
LESS DISTRIBUTIONS
Dividends from net investment income...................... 0.00 (0.01)
------- -------
TOTAL DISTRIBUTIONS..................................... 0.00 (0.01)
------- -------
CHANGE IN NET ASSET VALUE................................... 1.58 2.62
------- -------
NET ASSET VALUE, END OF PERIOD.............................. $14.20 $12.62
------- -------
------- -------
Total return................................................ 12.50%(2) 26.26%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $34,267 $13,153
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses........................................ 1.05%(1) 1.05%(1)
Net investment income..................................... (0.19)%(1) 0.07%(1)
Portfolio turnover rate..................................... 38%(2) 90%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) Includes reimbursement of operating expenses by investment adviser of $0.03
and $0.13 per share, respectively.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
17
<PAGE>
PHOENIX-GOODWIN BALANCED SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ----------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--11.2%
U.S. TREASURY BONDS--0.9%
U.S. Treasury Bonds 5.25%, 11/15/28... AAA $ 1,220 $1,079,755
U.S. Treasury Bonds 5.25%, 2/15/29.... AAA 1,810 1,624,040
----------
2,703,795
----------
U.S. TREASURY NOTES--10.3%
U.S. Treasury Notes 5.375%, 1/31/00... AAA 4,075 4,082,788
U.S. Treasury Notes 5.50%, 3/31/00.... AAA 750 752,002
U.S. Treasury Notes 6.875%, 3/31/00... AAA 3,100 3,138,217
U.S. Treasury Notes 6%, 8/15/00....... AAA 1,700 1,711,409
U.S. Treasury Notes 4.50%, 9/30/00.... AAA 355 351,207
U.S. Treasury Notes 4.625%,
11/30/00............................ AAA 500 494,632
U.S. Treasury Notes 5.25%, 8/15/03.... AAA 3,105 3,043,197
U.S. Treasury Notes 4.25%, 11/15/03... AAA 8,650 8,142,302
U.S. Treasury Notes 4.75%, 2/15/04.... AAA 4,050 3,882,938
U.S. Treasury Notes 5.625%, 5/15/08... AAA 4,584 4,488,458
----------
30,087,150
----------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $34,047,177)................................ 32,790,945
----------
AGENCY MORTGAGE-BACKED SECURITIES--2.7%
GNMA 6.50%, 11/15/23.................. AAA 1,384 1,342,034
GNMA 6.50%, 12/15/23.................. AAA 487 472,136
GNMA 6.50%, 2/15/24................... AAA 2,266 2,196,229
GNMA 6.50%, 6/15/28................... AAA 3,875 3,729,765
----------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $7,908,385)................................. 7,740,164
----------
MUNICIPAL BONDS--5.7%
CALIFORNIA--1.2%
Fresno County Pension Obligation
Taxable 6.21%, 8/15/06.............. AAA 1,000 975,000
Kern County Pension Obligation Revenue
Taxable 7.26%, 8/15/14.............. AAA 420 425,775
Long Beach Pension Obligation Taxable
6.87%, 9/1/06....................... AAA 230 232,587
Orange County Pension Obligation
Revenue Taxable Series A 7.62%,
9/1/08.............................. AAA 650 684,937
San Bernardino County Pension
Obligation Revenue Taxable 6.87%,
8/1/08.............................. AAA 110 110,412
San Bernardino County Pension
Obligation Revenue Taxable 6.94%,
8/1/09.............................. AAA 300 301,875
Sonoma County Pension Obligation
Revenue Taxable 6.625%, 6/1/13...... AAA 495 476,437
Ventura County Pension Obligation
Taxable 6.54%, 11/1/05.............. AAA 260 260,325
----------
3,467,348
----------
FLORIDA--0.7%
Miami Beach Special Obligation Revenue
Taxable 8.60%, 9/1/21............... AAA 875 951,563
Tampa Solid Waste System Revenue
Taxable Series A 6.33%, 10/1/06..... Aaa(d) 700 686,875
University of Miami Exchangeable
Revenue Taxable Series A 7.65%,
4/1/20 (e).......................... AAA 270 274,388
----------
1,912,826
----------
ILLINOIS--0.5%
Illinois Educational Facilities
Authority-Loyola University Revenue
Taxable Series A 7.84%, 7/1/24
(f)................................. AAA 1,500 1,546,875
----------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ----------
<S> <C> <C> <C>
MASSACHUSETTS--0.2%
Massachusetts Port Authority Revenue
Taxable Series C 6.05%, 7/1/02...... AA- $ 450 $ 447,750
----------
NEW YORK--0.9%
Long Island Power Authority Electrical
Systems Revenue Series A 5.50%,
12/1/10............................. AAA 490 507,763
New York State Dormitory Authority
Revenue Taxable 6.90%, 4/1/03....... BBB+ 650 656,500
New York State Taxable Series C 6.35%,
3/1/07.............................. AAA 1,500 1,464,375
----------
2,628,638
----------
PENNSYLVANIA--0.7%
Philadelphia Authority For Industrial
Development Pension Funding
Retirement Systems Revenue Taxable
Series A 5.79%, 4/15/09............. AAA 1,100 1,017,500
Pittsburgh Pension Obligation Taxable
Series C 6.50%, 3/1/17.............. AAA 1,250 1,168,750
----------
2,186,250
----------
TEXAS--1.2%
Dallas Civic Center Revenue 5.25%,
8/15/08............................. AAA 520 532,350
Dallas-Fort Worth International
Airport Revenue Taxable 6.40%,
11/1/07............................. AAA 1,000 977,500
Houston Water & Sewer System Revenue
Refunding, Jr. Lien, Series D 5%,
12/1/25............................. AAA 685 633,625
Texas State General Obligation Series
B 5.25%, 10/1/08.................... AA 275 283,594
Texas State Taxable Veterans Limited
Series B 6.10%, 12/1/03............. AA 1,000 990,000
----------
3,417,069
----------
VIRGINIA--0.3%
Newport News General Obligation
Taxable Series B 7.05%, 1/15/25..... AA 1,000 948,750
----------
TOTAL MUNICIPAL BONDS
(Identified cost $16,993,901)................................ 16,555,506
----------
ASSET-BACKED SECURITIES--2.5%
AESOP Funding II LLC 97-1, A2 144A
6.40%, 10/20/03 (c)................. AAA 1,200 1,199,831
Advanta Equipment Receivables 98-1, A4
5.98%, 12/15/06..................... AAA 490 485,712
Capita Equipment Receivables Trust
97-1, B 6.45%, 8/15/02.............. A+ 770 769,315
Case Equipment Loan Trust 98-A, A4
5.83%, 2/15/05...................... AAA 1,750 1,739,097
Ford Credit Auto Owner Trust 99-B, A4
5.80%, 6/15/02...................... AAA 500 496,836
Green Tree Financial Corp. 96-2, M1
7.60%, 4/15/27...................... AA- 675 683,907
Premier Auto Trust 98-3, B 6.14%,
9/8/04.............................. A+ 500 499,328
Triangle Funding Ltd. 98-2A, 3 144A
6.85%, 10/15/04 (c)................. BBB 1,500 1,496,250
----------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $7,384,083)................................. 7,370,276
----------
CORPORATE BONDS--4.8%
BANKS (MAJOR REGIONAL)--0.3%
U.S. Bank of Minnesota N.A. 6.30%,
7/15/08............................. A 500 478,125
</TABLE>
See Notes to Financial Statements
18
<PAGE>
PHOENIX-GOODWIN BALANCED SERIES
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ----------
<S> <C> <C> <C>
BANKS (MAJOR REGIONAL)--CONTINUED
Wachovia Corp. 5.625%, 12/15/08....... A+ $ 500 $ 456,250
----------
934,375
----------
BROADCASTING (TELEVISION, RADIO & CABLE)--0.3%
CSC Holdings, Inc. 7.625%, 7/15/18.... BB+ 1,000 950,000
----------
COMPUTERS (SOFTWARE & SERVICES)--0.2%
Computer Associates International,
Inc. Series B 6.375%, 4/15/05....... A- 535 508,250
----------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.2%
Station Casinos, Inc. 10.125%,
3/15/06............................. B+ 500 518,750
----------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.3%
Tenet Healthcare Corp. 8%, 1/15/05.... BB+ 1,000 980,000
----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.2%
Boston Scientific Corp. 6.625%,
3/15/05............................. BBB 550 525,250
----------
INSURANCE (MULTI-LINE)--0.3%
Willis Corroon Corp. 144A 9%, 2/1/09
(c)................................. B+ 815 790,550
----------
MANUFACTURING (DIVERSIFIED)--0.5%
American Standard, Inc. 7.375%,
4/15/05............................. BB- 1,000 960,000
Tyco International Group SA 6.375%,
6/15/05............................. A- 600 579,000
----------
1,539,000
----------
PAPER & FOREST PRODUCTS--0.2%
Buckeye Technologies, Inc. 8.50%,
12/15/05............................ BB- 700 707,000
----------
PERSONAL CARE--0.2%
Revlon Consumer Products Corp. 9%,
11/1/06 ............................ B 500 500,000
----------
PUBLISHING--0.1%
Charter Communications Holdings LLC
144A 8.625%, 4/1/09 (c)............. B+ 450 433,125
----------
PUBLISHING (NEWSPAPERS)--0.2%
Hollinger International Publishing,
Inc. 9.25%, 3/15/07................. BB- 625 639,062
----------
RETAIL (FOOD CHAINS)--0.4%
Meyer (Fred), Inc. 7.45%, 3/1/08...... BBB- 1,000 1,017,500
----------
SERVICES (COMMERCIAL & CONSUMER)--0.2%
United Rentals, Inc. Series B 9.50%,
6/1/08.............................. BB- 250 253,750
United Rentals, Inc. 8.80%, 8/15/08... BB- 250 245,937
----------
499,687
----------
TELECOMMUNICATIONS (LONG DISTANCE)--0.5%
Nextlink Communications, Inc. 10.75%,
11/15/08............................ B 370 380,175
Qwest Communications International,
Inc. Series B 7.50%, 11/1/08........ BB+ 1,100 1,094,500
----------
1,474,675
----------
TELEPHONE--0.2%
Century Telephone Enterprises, Inc.
Series F 6.30%, 1/15/08............. BBB+ 500 474,375
----------
TEXTILES (HOME FURNISHINGS)--0.3%
Westpoint Stevens, Inc. 7.875%,
6/15/05............................. BB 1,000 980,000
----------
TRUCKERS --0.1%
Teekay Shipping Corp. 8.32%, 2/1/08... BB+ 230 218,213
----------
TRUCKS & PARTS--0.1%
Cummins Engine Co., Inc. 6.45%,
3/1/05.............................. BBB+ 200 190,500
----------
TOTAL CORPORATE BONDS
(Identified cost $14,108,902)................................ 13,880,312
----------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ----------
<S> <C> <C> <C>
NON-AGENCY MORTGAGE-BACKED SECURITIES--7.2%
CS First Boston Mortgage Securities
Corp. 97-C2, A3 6.55%, 11/17/07..... AAA $ 2,500 $2,435,547
CS First Boston Mortgage Securities
Corp. 97-C2, B 6.72%, 11/17/07...... Aa(d) 2,000 1,950,937
CS First Boston Mortgage Securities
Corp. 98-C1, A1B 6.48%, 5/17/08..... AAA 500 483,750
CS First Boston Mortgage Securities
Corp. 95-AEW1, B 7.182%, 11/25/27... AA- 74 74,259
DLJ Commercial Mortgage Corp. 99-CG1,
A1B 6.46%, 1/10/09.................. Aaa(d) 2,000 1,932,500
DLJ Commercial Mortgage Corp. 98-CF2,
A1B 6.24%, 11/12/31................. Aaa(d) 2,500 2,394,141
DLJ Mortgage Acceptance Corp. 96-CF1,
A1B 144A 7.58%, 2/12/06 (c)......... AAA 1,400 1,433,250
First Union - Lehman Brothers
Commercial Mortgage 97-C1, B 7.43%,
4/18/07............................. Aa(d) 930 949,519
First Union Commercial Mortgage Trust
99-C1, A2 6.07%, 10/15/08........... AAA 2,000 1,881,875
G.E. Capital Mortgage Services, Inc.
96-8, 1M 7.25%, 5/25/26............. AA 242 239,174
GMAC Commercial Mortgage Securities,
Inc. 99-C1, A1 5.83%, 5/15/33....... AAA 449 433,747
LB Commercial Conduit Mortgage Trust
98-C4, A1B 6.21%, 10/15/08.......... AAA 2,500 2,378,239
Lehman Large Loan 97-LLI, B 6.95%,
3/12/07............................. AA 825 822,317
Nationslink Funding Corp. 96-1, B
7.69%, 12/20/05..................... AA 450 460,266
Residential Asset Securitization Trust
96-A8, A1 8%, 12/25/26.............. AAA 1 1,316
Residential Funding Mortgage
Securities I 96-S8, A4 6.75%,
3/25/11............................. AAA 601 591,987
Residential Funding Mortgage
Securities I 96-S1, A11 7.10%,
1/25/26............................. AAA 1,000 995,000
Residential Funding Mortgage
Securities I 96-S4, M1 7.25%,
2/25/26............................. AA 961 957,779
Structured Asset Securities Corp.
93-C1, B 6.60%, 10/25/24............ A+ 525 522,438
----------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $21,269,426)................................ 20,938,041
----------
FOREIGN GOVERNMENT SECURITIES--2.3%
COLOMBIA--0.4%
Republic of Colombia 144A 7.70%,
7/14/03 (c)......................... NR 610 524,600
Republic of Colombia 10.875%,
3/9/04.............................. BBB- 825 792,000
----------
1,316,600
----------
CROATIA--0.4%
Croatia Series B 5.813%, 7/31/06
(e)................................. BBB- 664 555,960
Croatia Series A 5.813%, 7/31/10
(e)................................. BBB- 775 620,000
----------
1,175,960
----------
KOREA--0.4%
Republic of Korea 8.875%, 4/15/08..... BBB- 1,000 1,061,250
----------
POLAND--0.7%
Poland Bearer PDI 5%, 10/27/14 (e).... BBB 2,350 2,091,500
----------
URUGUAY--0.4%
Republic of Uruguay 7.25%, 5/4/09..... BBB- 1,100 1,050,500
----------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $6,957,718)................................. 6,695,810
----------
FOREIGN CORPORATE BONDS--0.9%
ARGENTINA--0.2%
Compania de Radiocomunicaciones
Moviles SA 144A 9.25%, 5/8/08 (c)... BBB- 300 265,500
</TABLE>
See Notes to Financial Statements
19
<PAGE>
PHOENIX-GOODWIN BALANCED SERIES
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ----------
<S> <C> <C> <C>
ARGENTINA--CONTINUED
Telecom Argentina - France Telecom SA
EMTN 144A 9.75%, 7/12/01 (c)........ BBB- $ 400 $ 401,000
----------
666,500
----------
CHILE--0.1%
Compania Sud Americana de Vapores SA
RegS 7.375%, 12/8/03................ BBB 120 112,950
Petropower I Funding Trust 144A 7.36%,
2/15/14 (c)......................... BBB 343 291,613
----------
404,563
----------
JAPAN--0.6%
IBJ Preferred Capital Co. LLC 144A
8.79%, 12/29/49 (c)(e).............. Ba(d) 910 763,449
SB Treasury Co. LLC Series A 144A
9.40%, 12/29/49 (c)(e).............. BB+ 910 879,709
----------
1,643,158
----------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $2,976,102)................................. 2,714,221
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
---------
<S> <C> <C> <C>
COMMON STOCKS--57.4%
BANKS (MAJOR REGIONAL)--2.2%
Mellon Bank Corp................................. 37,000 1,345,875
Wells Fargo Co................................... 120,100 5,134,275
-----------
6,480,150
-----------
BANKS (MONEY CENTER)--1.7%
Bank of America Corp............................. 66,982 4,910,618
-----------
BEVERAGES (NON-ALCOHOLIC)--1.4%
PepsiCo, Inc..................................... 106,600 4,124,087
-----------
BIOTECHNOLOGY--0.6%
Genzyme Corp. (b)................................ 38,300 1,857,550
Genzyme Surgical Products (b).................... 6,856 30,210
-----------
1,887,760
-----------
BROADCASTING (TELEVISION, RADIO & CABLE)--3.6%
AT&T Corp.- Liberty Media Group Class A (b)...... 168,200 6,181,350
CBS Corp. (b).................................... 36,800 1,598,500
Chancellor Media Corp. (b)....................... 30,800 1,697,850
Clear Channel Communications, Inc. (b)........... 16,000 1,103,000
-----------
10,580,700
-----------
COMMUNICATIONS EQUIPMENT--2.4%
General Motors Corp. Class H (b)................. 17,000 956,250
Motorola, Inc.................................... 35,000 3,316,250
Tellabs, Inc. (b)................................ 38,400 2,594,400
-----------
6,866,900
-----------
COMPUTERS (HARDWARE)--4.7%
Dell Computer Corp. (b).......................... 64,900 2,401,300
International Business Machines Corp............. 67,000 8,659,750
Sun Microsystems, Inc. (b)....................... 39,200 2,699,900
-----------
13,760,950
-----------
COMPUTERS (NETWORKING)--2.1%
Cisco Systems, Inc. (b).......................... 94,250 6,079,125
-----------
COMPUTERS (SOFTWARE & SERVICES)--4.2%
America Online, Inc. (b)......................... 21,000 2,320,500
Microsoft Corp. (b).............................. 93,600 8,441,550
Novell, Inc. (b)................................. 17,500 463,750
Yahoo!, Inc. (b)................................. 5,200 895,700
-----------
12,121,500
-----------
CONSUMER FINANCE--1.1%
Capital One Financial Corp....................... 55,500 3,090,656
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
--------- -----------
<S> <C> <C> <C>
DISTRIBUTORS (FOOD & HEALTH)--0.8%
Cardinal Health, Inc............................. 36,850 $ 2,363,006
-----------
ELECTRICAL EQUIPMENT--1.7%
General Electric Co.............................. 44,300 5,005,900
-----------
ELECTRONICS (SEMICONDUCTORS)--1.9%
Intel Corp....................................... 91,000 5,414,500
-----------
FINANCIAL (DIVERSIFIED)--3.8%
Citigroup, Inc................................... 97,950 4,652,625
Freddie Mac...................................... 34,100 1,977,800
Morgan Stanley Dean Witter & Co.................. 44,000 4,510,000
-----------
11,140,425
-----------
HEALTH CARE (DIVERSIFIED)--1.9%
American Home Products Corp...................... 27,100 1,558,250
Bristol-Myers Squibb Co.......................... 56,900 4,007,894
-----------
5,566,144
-----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--2.2%
Pfizer, Inc...................................... 30,700 3,369,325
Schering-Plough Corp............................. 60,100 3,185,300
-----------
6,554,625
-----------
HEALTH CARE (GENERIC AND OTHER)--0.3%
Mylan Laboratories, Inc.......................... 32,600 863,900
-----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.3%
Bard (C.R.), Inc................................. 25,000 1,195,312
Baxter International, Inc........................ 35,900 2,176,437
Becton, Dickinson and Co......................... 17,500 525,000
-----------
3,896,749
-----------
HOUSEHOLD PRODUCTS (NON-DURABLE)--1.2%
Procter & Gamble Co. (The)....................... 38,500 3,436,125
-----------
INSURANCE (LIFE/HEALTH)--0.3%
ReliaStar Financial Corp......................... 20,600 901,250
-----------
INSURANCE (MULTI-LINE)--1.2%
American International Group, Inc................ 29,800 3,488,463
-----------
LODGING-HOTELS--0.6%
Carnival Corp.................................... 38,500 1,867,250
-----------
MANUFACTURING (DIVERSIFIED)--1.9%
Tyco International Ltd........................... 59,300 5,618,675
-----------
OIL & GAS (DRILLING & EQUIPMENT)--0.9%
Halliburton Co................................... 21,900 990,975
Schlumberger Ltd................................. 14,200 904,363
Transocean Offshore, Inc......................... 30,000 787,500
-----------
2,682,838
-----------
OIL (INTERNATIONAL INTEGRATED)--0.7%
Conoco, Inc. Class A............................. 68,300 1,903,863
-----------
PERSONAL CARE--0.7%
Gillette Co. (The)............................... 48,500 1,988,500
-----------
RETAIL (BUILDING SUPPLIES)--1.2%
Home Depot, Inc. (The)........................... 52,200 3,363,638
-----------
RETAIL (COMPUTERS & ELECTRONICS)--0.5%
Tandy Corp....................................... 31,000 1,515,125
-----------
RETAIL (DEPARTMENT STORES)--0.2%
Nordstrom, Inc................................... 20,400 683,400
-----------
RETAIL (FOOD CHAINS)--1.3%
Kroger Co. (The) (b)............................. 98,540 2,752,961
Safeway, Inc. (b)................................ 22,400 1,108,800
-----------
3,861,761
-----------
</TABLE>
See Notes to Financial Statements
20
<PAGE>
PHOENIX-GOODWIN BALANCED SERIES
<TABLE>
<CAPTION>
SHARES VALUE
--------- -----------
<S> <C> <C> <C>
RETAIL (GENERAL MERCHANDISE)--1.5%
Wal-Mart Stores, Inc............................. 89,600 $ 4,323,200
-----------
RETAIL (SPECIALTY)--0.8%
Staples, Inc. (b)................................ 74,475 2,304,070
-----------
SERVICES (COMMERCIAL & CONSUMER)--0.3%
ServiceMaster Co. (The).......................... 39,200 735,000
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--3.8%
AT&T Corp........................................ 136,747 7,632,193
MCI WorldCom, Inc. (b)........................... 41,175 3,551,344
-----------
11,183,537
-----------
TELEPHONE--0.9%
SBC Communications, Inc.......................... 44,400 2,575,200
-----------
WASTE MANAGEMENT--1.5%
Waste Management, Inc............................ 80,100 4,305,375
-----------
TOTAL COMMON STOCKS
(Identified cost $121,483,443)............................... 167,444,965
-----------
FOREIGN COMMON STOCKS--3.1%
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.6%
Elan Corp. PLC Sponsored ADR (Ireland) (b)....... 64,400 1,787,100
-----------
OIL (INTERNATIONAL INTEGRATED)--1.6%
BP Amoco PLC Sponsored ADR
(United Kingdom)............................... 42,686 4,631,431
-----------
<CAPTION>
SHARES VALUE
--------- -----------
<S> <C> <C> <C>
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.9%
Vodafone AirTouch PLC Sponsored ADR (United
Kingdom)....................................... 13,700 $ 2,698,900
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $6,712,078)................................. 9,117,431
-----------
TOTAL LONG-TERM INVESTMENTS--97.8%
(Identified cost $239,841,215)............................... 285,247,671
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
--------- ---------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.9%
COMMERCIAL PAPER--1.9%
Koch Industries, Inc. 5.80%, 7/1/99 A-1+ $ 5,390 5,390,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $5,390,000)................................. 5,390,000
------------
TOTAL INVESTMENTS--99.7%
(Identified cost $245,231,215)............................... 290,637,671(a)
Cash and receivables, less liabilities--0.3%................. 935,258
------------
NET ASSETS--100.0%............................................. $291,572,929
------------
------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $51,050,705 and gross
depreciation of $5,740,701 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$245,327,667.
(b) Non-income producing.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 1999,
these securities amounted to a value of $8,478,877 or 2.9% of net assets.
(d) As rated by Moody's, Fitch or Duff & Phelps.
(e) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(f) All or a portion segregated as collateral.
See Notes to Financial Statements
21
<PAGE>
PHOENIX-GOODWIN BALANCED SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$245,231,215)............................................. $ 290,637,671
Cash........................................................ 248,074
Receivables
Interest and dividends.................................... 1,520,475
Fund shares sold.......................................... 122,776
Prepaid expenses............................................ 5,654
-------------
Total assets............................................ 292,534,650
-------------
LIABILITIES
Payables
Investment securities purchased........................... 399,500
Fund shares repurchased................................... 321,446
Investment advisory fee................................... 126,550
Financial agent fee....................................... 20,080
Trustees' fee............................................. 5,880
Accrued expenses............................................ 88,265
-------------
Total liabilities....................................... 961,721
-------------
NET ASSETS.................................................. $ 291,572,929
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of benefical interest........... $ 234,835,132
Undistributed net investment income....................... 314,306
Accumulated net realized gain............................. 11,017,035
Net unrealized appreciation............................... 45,406,456
-------------
NET ASSETS.................................................. $ 291,572,929
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 20,746,156
-------------
-------------
Net asset value and offering price per share................ $ 14.05
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 3,705,669
Dividends................................................. 648,105
Foreign taxes withheld.................................... (5,407)
-------------
Total investment income................................. 4,348,367
-------------
EXPENSES
Investment advisory fee................................... 769,229
Financial agent fee....................................... 119,140
Custodian................................................. 32,364
Professional.............................................. 13,942
Trustees.................................................. 8,428
Miscellaneous............................................. 55,985
-------------
Total expenses.......................................... 999,088
-------------
NET INVESTMENT INCOME....................................... 3,349,279
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 11,204,638
Net change in unrealized appreciation (depreciation) on
investments............................................. (2,761,271)
-------------
NET GAIN ON INVESTMENTS..................................... 8,443,367
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 11,792,646
-------------
-------------
</TABLE>
See Notes to Financial Statements
22
<PAGE>
PHOENIX-GOODWIN BALANCED SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
----------------- -----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 3,349,279 $ 6,484,210
Net realized gain (loss).................................. 11,204,638 1,823,127
Net change in unrealized appreciation (depreciation)...... (2,761,271) 36,386,238
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 11,792,646 44,693,575
----------------- -----------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (3,279,104) (6,299,939)
Net realized gains........................................ (1,969,512) (9,082,295)
----------------- -----------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (5,248,616) (15,382,234)
----------------- -----------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (2,441,277 and 4,750,917
shares, respectively)................................... 33,930,350 60,237,782
Net asset value of shares issued from reinvestment of
distributions
(376,998 and 1,187,415 shares, respectively)............ 5,248,616 15,382,234
Cost of shares repurchased (2,458,908 and 4,412,737
shares, respectively)................................... (34,205,710) (56,055,533)
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 4,973,256 19,564,483
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 11,517,286 48,875,824
NEW ASSETS
Beginning of period....................................... 280,055,643 231,179,819
----------------- -----------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF
$314,306 AND $244,131, RESPECTIVELY).................... $291,572,929 $280,055,643
----------------- -----------------
----------------- -----------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
(UNAUDITED) 1998 1997 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 13.74 $ 12.26 $ 12.06 $ 12.30 $ 10.53 $ 11.31
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).......... 0.16 0.33 0.38 0.36 0.40(2) 0.38(1)(2)
Net realized and unrealized gain
(loss).............................. 0.41 1.94 1.73 0.89 2.02 (0.70)
--------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS.... 0.57 2.27 2.11 1.25 2.42 (0.32)
--------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income.............................. (0.16) (0.32) (0.40) (0.35) (0.40) (0.36)
Dividends from net realized gains..... (0.10) (0.47) (1.51) (1.14) (0.25) (0.10)
--------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS................. (0.26) (0.79) (1.91) (1.49) (0.65) (0.46)
--------- --------- --------- --------- --------- ---------
CHANGE IN NET ASSET VALUE............... 0.31 1.48 0.20 (0.24) 1.77 (0.78)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD.......... $ 14.05 $ 13.74 $ 12.26 $ 12.06 $ 12.30 $ 10.53
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
Total return............................ 4.20%(5) 19.01% 17.93% 10.56% 23.28% (2.80)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)... $291,573 $280,056 $231,180 $204,285 $193,302 $161,105
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses.................... 0.71%(4) 0.68% 0.71% 0.68% 0.65%(3) 0.69%
Net investment income................. 2.37%(4) 2.58% 2.92% 2.93% 3.44% 3.44%
Portfolio turnover rate................. 36%(5) 110% 181% 229% 223% 171%
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of $0.001
per share.
(2) Computed using average shares outstanding.
(3) The ratio of operating expenses to average net assets excludes the effect of
expense offsets for custodian fees; if expense offsets were included, the
ratio would not significantly differ.
(4) Annualized.
(5) Not annualized.
See Notes to Financial Statements
23
<PAGE>
PHOENIX-GOODWIN GROWTH SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
---------- -----------------
<S> <C> <C> <C>
COMMON STOCKS--92.9%
AIRLINES--0.5%
Southwest Airlines Co................................ 289,000 $ 8,995,125
-----------------
BANKS (MAJOR REGIONAL)--3.7%
Mellon Bank Corp..................................... 407,600 14,826,450
Wells Fargo Co....................................... 1,334,500 57,049,875
-----------------
71,876,325
-----------------
BEVERAGES (NON-ALCOHOLIC)--0.4%
Coca-Cola Co. (The).................................. 147,050 8,377,983
-----------------
BROADCASTING (TELEVISION, RADIO & CABLE)--3.4%
AT&T Corp. - Liberty Media Group Class A (b)......... 993,400 36,507,450
CBS Corp. (b)........................................ 408,500 17,744,219
Clear Channel Communications, Inc. (b)............... 186,800 12,877,525
-----------------
67,129,194
-----------------
CHEMICALS--1.0%
Du Pont (E.I.) de Nemours & Co....................... 293,000 20,015,562
-----------------
CHEMICALS (DIVERSIFIED)--0.4%
Monsanto Co.......................................... 209,450 8,260,184
-----------------
COMMUNICATIONS EQUIPMENT--4.8%
Lucent Technologies, Inc............................. 950,100 64,072,369
Tellabs, Inc. (b).................................... 451,400 30,497,712
-----------------
94,570,081
-----------------
COMPUTERS (HARDWARE)--4.4%
Dell Computer Corp. (b).............................. 531,300 19,658,100
International Business Machines Corp................. 351,400 45,418,450
Sun Microsystems, Inc. (b)........................... 312,750 21,540,656
-----------------
86,617,206
-----------------
COMPUTERS (NETWORKING)--2.8%
Cisco Systems, Inc. (b).............................. 852,150 54,963,675
-----------------
COMPUTERS (PERIPHERALS)--1.9%
EMC Corp. (b)........................................ 685,650 37,710,750
-----------------
COMPUTERS (SOFTWARE & SERVICES)--7.7%
America Online, Inc. (b)............................. 281,600 31,116,800
BMC Software, Inc. (b)............................... 188,850 10,197,900
Compuware Corp. (b).................................. 244,900 7,790,881
Microsoft Corp. (b).................................. 1,035,400 93,380,137
Yahoo!, Inc. (b)..................................... 57,550 9,912,987
-----------------
152,398,705
-----------------
CONSUMER FINANCE--2.4%
Capital One Financial Corp........................... 646,800 36,018,675
MBNA Corp............................................ 353,000 10,810,625
-----------------
46,829,300
-----------------
DISTRIBUTORS (FOOD & HEALTH)--0.8%
Cardinal Health, Inc................................. 241,350 15,476,569
-----------------
ELECTRICAL EQUIPMENT--2.9%
General Electric Co.................................. 508,750 57,488,750
-----------------
ELECTRONICS (SEMICONDUCTORS)--5.8%
Intel Corp........................................... 1,028,400 61,189,800
Texas Instruments, Inc............................... 371,450 53,860,250
-----------------
115,050,050
-----------------
ENTERTAINMENT--1.4%
Time Warner, Inc..................................... 215,000 15,802,500
Walt Disney Co. (The)................................ 376,000 11,585,500
-----------------
27,388,000
-----------------
EQUIPMENT (SEMICONDUCTOR)--0.1%
Applied Materials, Inc. (b).......................... 16,000 1,182,000
-----------------
<CAPTION>
SHARES VALUE
---------- -----------------
<S> <C> <C> <C>
FINANCIAL (DIVERSIFIED)--6.5%
American Express Co.................................. 73,500 $ 9,564,187
Citigroup, Inc....................................... 1,067,975 50,728,813
Freddie Mac.......................................... 323,950 18,789,100
Morgan Stanley Dean Witter & Co...................... 484,650 49,676,625
-----------------
128,758,725
-----------------
HEALTH CARE (DIVERSIFIED)--1.9%
Bristol-Myers Squibb Co.............................. 246,200 17,341,713
Warner-Lambert Co.................................... 296,000 20,535,000
-----------------
37,876,713
-----------------
HEALTH CARE (DRUGS - MAJOR PHARMACEUTICALS)--5.4%
Lilly (Eli) & Co..................................... 181,000 12,964,125
Merck & Co., Inc..................................... 277,250 20,516,500
Pfizer, Inc.......................................... 562,700 61,756,325
Schering-Plough Corp................................. 205,250 10,878,250
-----------------
106,115,200
-----------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--2.1%
Medtronic, Inc....................................... 542,600 42,254,975
-----------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--1.5%
Colgate-Palmolive Co................................. 90,000 8,887,500
Procter & Gamble Co. (The)........................... 231,900 20,697,075
-----------------
29,584,575
-----------------
INSURANCE (MULTI-LINE)--2.0%
American International Group, Inc.................... 335,650 39,292,028
-----------------
INSURANCE (PROPERTY-CASUALTY)--0.5%
Progressive Corp. (The).............................. 68,000 9,860,000
-----------------
INVESTMENT BANKING/BROKERAGE--1.1%
Merrill Lynch & Co., Inc............................. 262,550 20,987,591
-----------------
LODGING-HOTELS--1.1%
Carnival Corp........................................ 445,900 21,626,150
-----------------
MANUFACTURING (DIVERSIFIED)--3.9%
AlliedSignal, Inc.................................... 80,600 5,077,800
Illinios Tool Works, Inc............................. 74,000 6,068,000
Minnesota Mining & Manufacturing Co.................. 64,000 5,564,000
Tyco International Ltd............................... 419,600 39,757,100
United Technologies Corp............................. 294,000 21,076,125
-----------------
77,543,025
-----------------
PERSONAL CARE--0.9%
Avon Products, Inc................................... 190,000 10,545,000
Gillette Co. (The)................................... 183,150 7,509,150
-----------------
18,054,150
-----------------
RAILROADS--0.3%
Kansas City Southern Industries, Inc................. 100,000 6,381,250
-----------------
RESTAURANTS--0.5%
McDonald's Corp...................................... 247,000 10,204,188
-----------------
RETAIL (BUILDING SUPPLIES)--2.9%
Home Depot, Inc. (The)............................... 598,700 38,578,731
Lowe's Companies, Inc................................ 338,450 19,185,884
-----------------
57,764,615
-----------------
RETAIL (DEPARTMENT STORES)--0.6%
Kohl's Corp. (b)..................................... 142,250 10,979,922
-----------------
RETAIL (DRUG STORES)--1.2%
Walgreen Co.......................................... 798,000 23,441,250
-----------------
RETAIL (GENERAL MERCHANDISE)--4.2%
Costco Companies, Inc. (b)........................... 127,500 10,207,969
Dayton Hudson Corp................................... 288,100 18,726,500
Wal-Mart Stores, Inc................................. 1,110,200 53,567,150
-----------------
82,501,619
-----------------
</TABLE>
See Notes to Financial Statements
24
<PAGE>
PHOENIX-GOODWIN GROWTH SERIES
<TABLE>
<CAPTION>
SHARES VALUE
---------- -----------------
RETAIL (SPECIALTY)--1.4%
<S> <C> <C> <C>
Staples, Inc. (b).................................... 856,825 $ 26,508,023
-----------------
RETAIL (SPECIALTY-APPAREL)--0.6%
Gap, Inc. (The)...................................... 225,000 11,334,375
-----------------
SERVICES (ADVERTISING/MARKETING)--1.2%
Interpublic Group of Companies, Inc. (The)........... 269,700 23,362,763
-----------------
SERVICES (COMMERCIAL & CONSUMER)--1.0%
Cendant Corp. (b).................................... 990,000 20,295,000
-----------------
SERVICES (COMPUTER SYSTEMS)--0.5%
Electronic Data Systems Corp......................... 166,000 9,389,375
-----------------
SERVICES (DATA PROCESSING)--0.3%
Automatic Data Processing, Inc....................... 138,000 6,072,000
-----------------
TELECOMMUNICATIONS (LONG DISTANCE)--6.9%
AT&T Corp............................................ 650,653 36,314,570
MCI WorldCom, Inc. (b)............................... 1,162,794 100,290,983
-----------------
136,605,553
-----------------
TOTAL COMMON STOCKS
(Identified cost $1,383,187,711)................................. 1,831,122,524
-----------------
TOTAL LONG-TERM INVESTMENTS--92.9%
(Identified cost $1,383,187,711)................................. 1,831,122,524
-----------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
-------- ----------
<S> <C> <C> <C>
MEDIUM-TERM NOTES--0.1%
Associates Corp. NA 9.125%, 4/1/00......... A-1+ $ 1,000 1,026,674
-----------------
TOTAL MEDIUM-TERM NOTES
(Identified cost $1,030,934)..................................... 1,026,674
-----------------
SHORT-TERM OBLIGATIONS--7.7%
COMMERCIAL PAPER--7.5%
Exxon Imperial Funding U.S., Inc. 5.70%,
7/1/99................................... A-1+ 25,000 25,000,000
Koch Industries, Inc. 5.80%, 7/1/99........ A-1+ 4,370 4,370,000
Lexington Parker Capital Co. LLC 5.50%,
7/1/99................................... A-1 375 375,000
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ---------- -----------------
<S> <C> <C> <C>
COMMERCIAL PAPER--CONTINUED
Exxon Imperial Funding U.S., Inc. 5.40%,
7/2/99................................... A-1+ $ 3,115 $ 3,114,533
General Electric Capital Corp. 5.20%,
7/8/99................................... A-1+ 5,555 5,549,383
Donnelley (R.R.) & Sons & Co. 5.13%,
7/9/99................................... A-1 11,390 11,377,015
Greenwich Funding Corp. 4.90%, 7/9/99...... A-1+ 2,600 2,597,169
Kimberly-Clark Corp. 5.02%, 7/12/99........ A-1+ 9,655 9,640,190
General Electric Capital Corp. 5%,
7/14/99.................................. A-1+ 5,135 5,125,729
General Electric Capital Corp. 5.03%,
7/15/99.................................. A-1+ 14,010 13,982,595
Ford Motor Credit Co. 4.89%, 7/19/99....... A-1 5,000 4,987,775
Kimberly-Clark Corp. 4.99%, 7/19/99........ A-1+ 10,185 10,159,588
General Electric Capital Corp. 4.90%,
7/22/99.................................. A-1+ 5,200 5,185,137
Warner-Lambert Co. 5.17%, 7/22/99.......... A-1+ 4,500 4,486,429
Albertson's, Inc. 5.03%, 7/27/99........... A-1 15,000 14,945,508
Ameritech Capital Funding Corp. 5.08%,
7/27/99.................................. A-1+ 12,000 11,955,973
Private Export Funding Corp. 4.85%,
7/28/99.................................. A-1+ 3,481 3,466,228
Albertson's, Inc. 5.04%, 7/29/99........... A-1 2,000 1,992,160
Private Export Funding Corp. 4.86%,
7/30/99.................................. A-1+ 2,500 2,489,897
Receivables Capital Corp. 5.07%, 8/20/99... A-1+ 2,814 2,795,278
BellSouth Telecommunications, Inc. 5.17%,
8/27/99.................................. A-1+ 2,435 2,415,068
Preferred Receivables Funding Corp. 5.28%,
9/24/99.................................. A-1 2,865 2,828,443
-----------------
148,839,098
-----------------
FEDERAL AGENCY SECURITIES--0.2%
Fannie Mae 4.87%, 8/24/99.................. 3,399 3,373,756
-----------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $152,212,854)................................... 152,212,854
-----------------
TOTAL INVESTMENTS--100.7%
(Identified cost $1,536,431,499)................................. 1,984,362,052(a)
Cash and receivables, less liabilities--(0.7%)................... (14,153,159)
-----------------
NET ASSETS--100.0%................................................. $ 1,970,208,893
-----------------
-----------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $466,361,558 and gross
depreciation of $20,507,268 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$1,538,507,762.
(b) Non-income producing.
See Notes to Financial Statements
25
<PAGE>
PHOENIX-GOODWIN GROWTH SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$1,536,431,499)........................................... $ 1,984,362,052
Cash........................................................ 1,119
Receivables
Investment securities sold................................ 27,753,742
Fund shares sold.......................................... 715,041
Dividends and interest.................................... 677,252
Prepaid expenses............................................ 36,887
---------------
Total assets............................................ 2,013,546,093
---------------
LIABILITIES
Payables
Investment securities purchased........................... 38,553,342
Fund shares repurchased................................... 3,552,407
Investment advisory fee................................... 958,745
Financial agent fee....................................... 44,159
Trustees' fee............................................. 5,880
Accrued expenses............................................ 222,667
---------------
Total liabilities....................................... 43,337,200
---------------
NET ASSETS.................................................. $ 1,970,208,893
---------------
---------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 1,321,135,961
Undistributed net investment income....................... 1,013,265
Accumulated net realized gain............................. 200,129,114
Net unrealized appreciation............................... 447,930,553
---------------
NET ASSETS.................................................. $ 1,970,208,893
---------------
---------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 77,956,799
---------------
---------------
Net asset value and offering price per share................ $ 25.27
-------
-------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 6,294,361
Interest.................................................. 2,244,356
Foreign taxes withheld.................................... (31,899)
-------------
Total investment income................................. 8,506,818
-------------
EXPENSES
Investment advisory fee................................... 5,856,598
Financial agent fee....................................... 263,584
Custodian................................................. 144,136
Printing.................................................. 112,375
Professional.............................................. 40,063
Trustees.................................................. 8,428
Miscellaneous............................................. 31,310
-------------
Total expenses.......................................... 6,456,494
-------------
NET INVESTMENT INCOME....................................... 2,050,324
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 198,442,938
Net change in unrealized appreciation (depreciation) on
investments............................................. (67,756,227)
-------------
NET GAIN ON INVESTMENTS..................................... 130,686,711
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 132,737,035
-------------
-------------
</TABLE>
See Notes to Financial Statements
26
<PAGE>
PHOENIX-GOODWIN GROWTH SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
-------------- ---------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss)....................................................... $ 2,050,324 $ 2,502,083
Net realized gain (loss)........................................................... 198,442,938 45,867,063
Net change in unrealized appreciation (depreciation)............................... (67,756,227) 390,908,702
-------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................... 132,737,035 439,277,848
-------------- ---------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income.............................................................. (2,322,260) (2,092,243)
Net realized gains................................................................. (25,723,528) (67,564,709)
-------------- ---------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS.......................... (28,045,788) (69,656,952)
-------------- ---------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (6,462,141 and 14,661,827 shares, respectively)...... 158,226,030 306,260,617
Net asset value of shares issued from reinvestment of distributions (1,125,498 and
3,143,060 shares, respectively).................................................. 28,045,788 69,656,952
Cost of shares repurchased (8,040,561 and 17,964,177 shares, respectively)......... (197,050,473) (374,810,017)
-------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS.......................... (10,778,655) 1,107,552
-------------- ---------------
NET INCREASE IN NET ASSETS......................................................... 93,912,592 370,728,448
NET ASSETS
Beginning of period................................................................ 1,876,296,301 1,505,567,853
-------------- ---------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) OF $1,013,265
AND $1,285,201, RESPECTIVELY).................................................... $1,970,208,893 $1,876,296,301
-------------- ---------------
-------------- ---------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
(UNAUDITED) 1998 1997 1996 1995 1994
----------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................ $ 23.93 $ 19.16 $ 18.89 $ 18.13 $ 15.69 $ 16.59
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)...... 0.03 0.03 0.13 0.19 0.20 0.23(1)(3)
Net realized and unrealized gain
(loss).......................... 1.67 5.65 3.70 2.10 4.60 0.02
----------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS.................... 1.70 5.68 3.83 2.29 4.80 0.25
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income.......................... (0.03) (0.03) (0.13) (0.18) (0.17) (0.23)
Dividends from net realized
gains........................... (0.33) (0.88) (3.43) (1.35) (2.19) (0.92)
----------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS............. (0.36) (0.91) (3.56) (1.53) (2.36) (1.15)
----------- --------- --------- --------- --------- ---------
CHANGE IN NET ASSET VALUE........... 1.34 4.77 0.27 0.76 2.44 (0.90)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD...... $ 25.27 $ 23.93 $ 19.16 $ 18.89 $ 18.13 $ 15.69
----------- --------- --------- --------- --------- ---------
----------- --------- --------- --------- --------- ---------
Total return........................ 7.21%(5) 30.01% 21.07% 12.58% 30.85% 1.48%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)....................... $1,970,209 $1,876,296 $1,505,568 $1,235,395 $985,389 $616,221
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses................ 0.68%(4) 0.69% 0.74% 0.72% 0.75%(2) 0.80%
Net investment income............. 0.22%(4) 0.15% 0.64% 1.03% 1.12% 1.38%
Portfolio turnover rate............. 71%(5) 102% 284% 167% 173% 185%
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of $0.003
per share.
(2) The ratio of operating expenses to average net assets excludes the effect of
expense offsets for custodian fees; if expense offsets were included, the
ratio would not significantly differ.
(3) Computed using average shares outstanding.
(4) Annualized.
(5) Not annualized.
See Notes to Financial Statements
27
<PAGE>
PHOENIX-GOODWIN MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE INTEREST RESET
(000) DESCRIPTION RATE DATE VALUE
- ------- --------------------------------------------- -------- -------- ------------
<C> <S> <C> <C> <C>
FEDERAL AGENCY SECURITIES--VARIABLE(B)--13.2%
$ 2,500 FFCB (final maturity 6/1/00)................. 4.98% 7/1/99 $ 2,500,000
4,500 FFCB (final maturity 7/24/00)................ 5.04 7/1/99 4,500,000
1,770 FHLB (final maturity 7/15/99)................ 5.54 7/15/99 1,770,385
3,500 FNMA (final maturity 9/17/99)................ 4.98 9/17/99 3,499,551
214 SBA (final maturity 1/25/21)................. 5.25 7/1/99 214,231
238 SBA (final maturity 5/25/21)................. 5.25 7/7/99 238,066
1,753 SBA (final maturity 10/25/22)................ 5.25 7/1/99 1,752,067
2,184 SBA (final maturity 2/25/23)................. 5.25 7/1/99 2,183,976
1,864 SBA (final maturity 2/25/23)................. 5.25 7/1/99 1,864,320
2,922 SBA (final maturity 9/25/23)................. 5.13 7/1/99 2,919,287
2,481 SBA (final maturity 3/25/24)................. 5.13 7/1/99 2,479,381
642 SLMA (final maturity 8/19/99)................ 5.32 7/7/99 642,000
2,500 SLMA (final maturity 11/18/99)............... 5.17 7/7/99 2,500,000
------------
TOTAL FEDERAL AGENCY SECURITIES--VARIABLE.................................... 27,063,264
------------
</TABLE>
<TABLE>
<CAPTION>
PAR STANDARD
VALUE & POOR'S MATURITY
(000) DESCRIPTION RATING DATE
- ------- ------------------------------------- ----------- --------
<C> <S> <C> <C> <C> <C>
COMMERCIAL PAPER--71.7%
8,635 Cargill, Inc......................... A-1+ 5.90 7/1/99 8,635,000
5,440 Pitney Bowes, Inc.................... A-1+ 5.87 7/1/99 5,440,000
2,125 Exxon Imperial Funding U.S., Inc..... A-1+ 5.40 7/2/99 2,124,680
3,811 Lexington Parker Capital Co. LLC..... A-1 5.60 7/2/99 3,810,407
2,500 SBC Communications, Inc.............. A-1+ 5.30 7/7/99 2,497,792
2,500 Greenwich Funding Corp............... A-1+ 4.90 7/8/99 2,497,618
3,472 Greenwich Funding Corp............... A-1+ 5.15 7/8/99 3,468,523
2,500 Receivables Capital Corp............. A-1+ 4.87 7/8/99 2,497,633
1,595 Donnelley (R.R.) & Sons Co........... A-1 5.13 7/9/99 1,593,182
2,130 Enterprise Funding Corp.............. A-1 4.95 7/9/99 2,127,657
3,500 Ford Motor Credit Co................. A-1+ 4.84 7/9/99 3,496,236
4,953 Albertson's, Inc..................... A-1 5.01 7/12/99 4,945,418
3,500 Kimberly-Clark Corp.................. A-1+ 5.02 7/12/99 3,494,631
3,400 Private Export Funding Corp.......... A-1+ 4.80 7/12/99 3,395,013
3,000 BellSouth Telecommunications, Inc.... A-1+ 4.90 7/13/99 2,995,100
2,500 Donnelly (R.R.) & Sons Co............ A-1 5.28 7/13/99 2,495,600
2,500 General Electric Capital Corp........ A-1+ 5.00 7/14/99 2,495,486
2,200 Albertson's, Inc..................... A-1 5.30 7/15/99 2,195,466
2,500 Greenwich Funding Corp............... A-1+ 5.05 7/15/99 2,495,090
1,538 Kimberly-Clark Corp.................. A-1+ 5.05 7/15/99 1,534,980
3,500 Coca-Cola Co......................... A-1+ 5.05 7/16/99 3,492,635
2,348 AlliedSignal, Inc.................... A-1 4.85 7/19/99 2,342,307
3,500 Kimberly-Clark Corp.................. A-1+ 4.99 7/19/99 3,491,267
690 Shell Oil Co......................... A-1+ 5.05 7/19/99 688,258
4,470 Ford Motor Credit Co................. A-1+ 4.89 7/20/99 4,458,464
2,100 Coca-Cola Co......................... A-1+ 5.10 7/21/99 2,094,050
3,000 Lexington Parker Capital Co. LLC..... A-1 5.05 7/21/99 2,991,583
2,500 Warner-Lambert Co.................... A-1+ 5.17 7/22/99 2,492,460
2,810 BellSouth Telecommunications, Inc.... A-1+ 5.17 7/23/99 2,801,122
3,500 Ameritech Corp....................... A-1+ 5.08 7/27/99 3,487,159
530 Schering-Plough Corp................. A-1+ 5.23 7/27/99 527,998
3,000 Bavaria Universal Funding Corp....... A-1+ 5.22 7/28/99 2,988,255
Private Export Funding Corp. 4.85%,
3,500 7/28/99.............................. A-1+ 4.85 7/28/99 3,487,269
3,000 Albertson's, Inc..................... A-1 5.04 7/29/99 2,988,240
2,445 Heinz (H.J.) Co...................... A-1 4.90 7/30/99 2,435,349
Private Export Funding Corp. 4.86%,
2,500 7/30/99.............................. A-1+ 4.86 7/30/99 2,490,213
3,982 Receivables Capital Corp............. A-1+ 5.06 8/13/99 3,957,933
1,835 Lexington Parker Capital Co. LLC..... A-1 4.90 8/20/99 1,822,512
2,500 Receivables Capital Corp............. A-1+ 5.07 8/20/99 2,482,396
1,000 Enterprise Funding Corp.............. A-1+ 4.84 8/26/99 992,471
3,500 Enterprise Funding Corp.............. A-1+ 5.25 8/26/99 3,471,417
3,500 BellSouth Telecommunications, Inc.... A-1+ 5.17 8/27/99 3,471,350
3,500 Exxon Imperial Funding U.S., Inc..... A-1+ 5.15 8/30/99 3,469,958
1,624 Lexington Parker Capital Co. LLC..... A-1 4.87 9/3/99 1,609,940
</TABLE>
See Notes to Financial Statements
28
<PAGE>
PHOENIX-GOODWIN MONEY MARKET SERIES
<TABLE>
<CAPTION>
PAR STANDARD
VALUE & POOR'S INTEREST MATURITY
(000) DESCRIPTION RATING RATE DATE VALUE
- ------- ------------------------------------- ----------- ------ -------- ------------
COMMERCIAL PAPER--CONTINUED
<C> <S> <C> <C> <C> <C>
$ 500 Beta Finance, Inc.................... A-1+ 4.83% 9/8/99 $ 495,371
2,500 American Home Products Corp.......... A-1 5.10 9/13/99 2,473,792
Preferred Receivables Funding
2,500 Corp................................. A-1 4.85 9/13/99 2,475,076
Preferred Receivables Funding
2,500 Corp................................. A-1 4.87 9/13/99 2,474,974
1,261 Enterprise Funding Corp.............. A-1 4.87 9/17/99 1,247,694
Preferred Receivables Funding
3,500 Corp................................. A-1 5.28 9/24/99 3,456,367
3,000 General Electric Capital Corp........ A-1+ 4.94 2/4/00 2,910,257
2,500 Campbell Soup Co..................... A-1+ 4.85 4/13/00 2,403,337
------------
TOTAL COMMERCIAL PAPER.......................................................... 146,706,986
------------
MEDIUM-TERM NOTES(C)--5.7%
Associates Corporation of North
1,000 America.............................. AA- 6.68 9/17/99 1,003,242
Associates Corporation of North
600 America.............................. AA- 6.75 10/15/99 603,087
2,500 Beta Finance, Inc.................... AAA 5.35 3/9/00 2,500,000
Associates Corporation of North
2,500 America.............................. AA- 4.81 3/20/00 2,498,829
Associates Corporation of North
2,500 America.............................. AA- 9.13 4/1/00 2,570,870
2,500 Dupont (E.I.) de Nemours & Co........ AA- 5.08 4/3/00 2,498,695
------------
TOTAL MEDIUM-TERM NOTES......................................................... 11,674,723
------------
CERTIFICATES OF DEPOSIT(C)--9.8%
2,500 Canadian Imperial Holdings, Inc...... AA- 6.48 1/24/00 2,520,042
2,500 Deutsche Bank Financial, Inc......... AA 4.97 2/2/00 2,498,074
2,500 Canadian Imperial Holdings, Inc...... AA- 5.01 2/7/00 2,499,708
2,500 Deutsche Bank Financial, Inc......... AA 5.10 2/17/00 2,499,543
2,500 Canadian Imperial Holdings, Inc...... AA- 5.12 2/23/00 2,499,374
450 Canadian Imperial Holdings, Inc...... AA- 5.27 3/3/00 448,902
3,000 Deutsche Bank Financial, Inc......... AA 5.19 3/13/00 2,999,083
3,500 ABN AMRO Bank (b).................... AA 4.88 4/20/00 3,498,337
550 Deutsche Bank Financial, Inc......... AA 5.25 5/18/00 547,755
------------
TOTAL CERTIFICATES OF DEPOSIT................................................... 20,010,818
------------
TOTAL INVESTMENTS--100.4%
(Identified cost $205,455,791)................................................ 205,455,791(a)
Cash and receivables, less liabilities--(0.4%)................................ (830,974)
------------
NET ASSETS--100.0%.............................................................. $204,624,817
------------
------------
</TABLE>
(a) Federal Income Tax Information: At June 30, 1999, the aggregate cost of
securities was the same for book and tax purposes.
(b) Variable rate demand notes. The interest rates shown reflect the rates
currently in effect.
(c) The interest rate shown is the coupon rate.
See Notes to Financial Statements
29
<PAGE>
PHOENIX-GOODWIN MONEY MARKET SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$205,455,791)............................................. $ 205,455,791
Cash........................................................ 5,111
Receivables
Fund shares sold.......................................... 744,015
Interest.................................................. 716,661
Prepaid expenses............................................ 3,880
-------------
Total assets............................................ 206,925,458
-------------
LIABILITIES
Payables
Fund shares repurchased................................... 2,158,479
Investment advisory fee................................... 88,534
Financial agent fee....................................... 16,135
Trustees' fee............................................. 7,369
Accrued expenses............................................ 30,124
-------------
Total liabilities....................................... 2,300,641
-------------
NET ASSETS.................................................. $ 204,624,817
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 204,624,817
-------------
NET ASSETS.................................................. $ 204,624,817
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 20,462,504
-------------
-------------
Net asset value and offering price per share................ $ 10.00
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 4,980,228
-------------
Total investment income................................. 4,980,228
-------------
EXPENSES
Investment advisory fee................................... 394,119
Financial agent fee....................................... 98,235
Custodian................................................. 16,080
Printing.................................................. 16,163
Professional.............................................. 15,961
Trustees.................................................. 9,917
Miscellaneous............................................. 4,224
-------------
Total expenses.......................................... 554,699
Less expense borne by investment adviser................ (13,786)
-------------
Net expenses............................................ 540,913
-------------
NET INVESTMENT INCOME....................................... 4,439,315
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 4,439,315
-------------
-------------
</TABLE>
See Notes to Financial Statements
30
<PAGE>
PHOENIX-GOODWIN MONEY MARKET SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
----------------- ------------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss)............................................. $ 4,439,315 $ 7,055,194
----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.......... 4,439,315 7,055,194
----------------- ------------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income.................................................... (4,439,315) (7,055,197)
----------------- ------------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS................ (4,439,315) (7,055,197)
----------------- ------------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (25,229,342 and 47,209,211 shares,
respectively).......................................................... 252,293,420 472,092,185
Net asset value of shares issued from reinvestment of distributions
(443,931 and 705,519 shares, respectively)............................. 4,439,315 7,055,197
Cost of shares repurchased (24,891,913 and 40,894,255 shares,
respectively).......................................................... (248,919,139) (408,942,852)
----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS............ 7,813,596 70,204,530
----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS.................................... 7,813,596 70,204,527
NET ASSETS
Beginning of period...................................................... 196,811,221 126,606,694
----------------- ------------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) OF $0
AND $3, RESPECTIVELY).................................................. $ 204,624,817 $ 196,811,221
----------------- ------------------
----------------- ------------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
(UNAUDITED) 1998 1997 1996 1995 1994
-------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)..... 0.22(1) 0.50 0.50 0.50 0.56 0.38(1)
------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS................... 0.22 0.50 0.50 0.50 0.56 0.38
------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income......................... (0.22) (0.50) (0.50) (0.50) (0.56) (0.38)
------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS............ (0.22) (0.50) (0.50) (0.50) (0.56) (0.38)
------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD..... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- --------- --------- --------- --------- ---------
------- --------- --------- --------- --------- ---------
Total return....................... 2.26%(4) 5.09% 4.99% 4.98% 5.55% 3.77%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)...................... $204,625 $196,811 $126,607 $131,361 $102,943 $94,586
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses............... 0.55%(3) 0.55% 0.55% 0.55% 0.53%(2) 0.55%
Net investment income............ 4.50%(3) 4.99% 5.07% 4.89% 5.57% 3.85%
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of $0.001
and $0.003 per share, respectively.
(2) The ratio of operating expenses to average net assets excludes the effect of
expense offsets for custodian fees; if expense offsets were included, the
ratio would not significantly differ.
(3) Annualized.
(4) Not annualized.
See Notes to Financial Statements
31
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR FIXED INCOME SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------- ---------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--5.0%
U.S. TREASURY BONDS--2.6%
U.S. Treasury Bonds 5.25%, 2/15/29......... Aaa $ 5,250 $ 4,710,613
---------------
U.S. TREASURY NOTES--2.4%
U.S. Treasury Notes 5.50%, 5/15/09......... Aaa 4,350 4,256,274
---------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $8,963,755)................................. 8,966,887
---------------
AGENCY MORTGAGE-BACKED SECURITIES--0.7%
GNMA 8%, 9/15/06........................... Aaa 5 5,226
GNMA 8%, 10/15/06.......................... Aaa 112 116,399
GNMA 6.50%, '23-'26........................ Aaa 1,180 1,142,308
---------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $1,283,877)................................. 1,263,933
---------------
MUNICIPAL BONDS--12.3%
CALIFORNIA--2.4%
Alameda Corridor Transportation Authority
Revenue Taxable Series C 6.60%,
10/1/29.................................. Aaa 1,750 1,585,937
Orange County Pension Obligation Revenue
Taxable Series A 7.67%, 9/1/09........... Aaa 2,620 2,777,200
---------------
4,363,137
---------------
CONNECTICUT--1.7%
Mashantucket Western Pequot Tribe Revenue
Taxable Series A 144A 6.91%, 9/1/12 (b).. Aaa 1,100 1,075,250
Mashantucket Western Pequot Tribe Revenue
Taxable Series A 144A 6.57%, 9/1/13 (b).. Aaa 2,140 2,024,975
---------------
3,100,225
---------------
FLORIDA--2.4%
Palm Beach County Solid Waste Industrial
Development Project B Revenue Taxable
10.50%, 1/1/11 (e)(f).................... NR 1,500 750,000
Tampa Solid Waste System Revenue Taxable
Series A 6.46%, 10/1/09.................. Aaa 2,250 2,185,312
University of Miami Exchangeable Revenue
Taxable Series A 7.65%, 4/1/20........... Aaa 1,310 1,331,288
---------------
4,266,600
---------------
ILLINOIS--2.4%
Illinois Educational Facilities
Authority-Loyola University Revenue
Taxable Series A 7.84%, 7/1/24........... Aaa 1,600 1,650,000
Illinois Educational Facilities
Authority-Loyola University Revenue
Taxable Series C 7.12%, 7/1/11........... Aaa 1,330 1,351,613
Illinois Educational Facilities
Authority-Loyola University Revenue
Series A 5.70%, 7/1/24................... Aaa 1,200 1,228,500
---------------
4,230,113
---------------
MASSACHUSETTS--0.8%
Massachusetts Port Authority Revenue
Taxable Series C 6.35%, 7/1/06........... Aa 1,500 1,470,000
---------------
PENNSYLVANIA--1.8%
Philadelphia Authority For Industrial
Development Pension Funding Retirement
Systems Revenue Taxable 6.35%, 4/15/28
......................................... Aaa 1,500 1,316,250
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------- ---------------
<S> <C> <C> <C>
PENNSYLVANIA--CONTINUED
Pittsburgh Pension General Obligation
Taxable Series B 6.35%, 3/1/13........... Aaa $ 2,000 $ 1,902,500
---------------
3,218,750
---------------
TEXAS--0.8%
Texas State University System Revenue
6.16%, 3/15/06........................... Aaa 1,495 1,453,888
---------------
TOTAL MUNICIPAL BONDS
(Identified cost $23,233,843)................................ 22,102,713
---------------
ASSET-BACKED SECURITIES--8.0%
ContiMortgage Home Equity Loan Trust 98-1,
B 7.86%, 4/15/29......................... Baa 4,000 3,784,375
Continental Airlines, Inc. Series 97-2D
7.522%, 6/30/01.......................... Ba 1,398 1,394,357
Green Tree Financial Corp. 94-1, B2 7.85%,
4/15/19.................................. Baa 3,000 2,848,590
Green Tree Financial Corp. 97-4, M1 7.22%,
2/15/29.................................. Aa 2,500 2,472,657
IMC Home Equity Loan Trust 98-1, B 7.87%
6/20/29.................................. Baa 2,000 1,862,188
Team Fleet Financing Corp. 96-1, B 144A
7.10%, 12/15/02 (b)...................... BBB(c) 1,975 1,945,066
---------------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $15,028,863)................................ 14,307,233
---------------
CORPORATE BONDS--17.0%
AIRLINES--1.0%
US Airways, Inc. Series 98-1 Class A 6.85%,
1/30/18.................................. A 1,860 1,746,075
---------------
AUTOMOBILES--1.4%
Titan Tire Corp. 7%, 2/11/00............... NR 2,500 2,481,250
---------------
BANKS (MAJOR REGIONAL)--1.3%
BNP U.S. Funding LLC Series A 144A, 7.738%,
12/31/49 (b)(d).......................... A 2,500 2,347,057
---------------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.2%
Poland Communications, Inc. Series B
9.875%, 11/1/03.......................... B 2,200 2,211,000
---------------
COMMUNICATIONS EQUIPMENT--0.6%
Metromedia Fiber Network, Inc. 10%,
11/15/08................................. B 1,140 1,174,200
---------------
COMPUTERS (SOFTWARE & SERVICES)--1.0%
ICG Holdings, Inc. 0%, 9/15/05 (d)......... NR 1,150 1,035,000
PSINet, Inc. 11.50%, 11/1/08............... B 740 777,000
---------------
1,812,000
---------------
ENTERTAINMENT--1.1%
SFX Entertainment, Inc. 9.125%, 12/1/08.... B 2,000 1,960,000
---------------
HOMEBUILDING--1.0%
Lennar Corp. 7.625%, 3/1/09................ Ba 2,000 1,887,500
---------------
INSURANCE (MULTI-LINE)--0.8%
Willis Corroon Corp. 144A 9%, 2/1/09 (b)... Ba 1,500 1,455,000
---------------
LEISURE TIME (PRODUCTS)--1.0%
Bally Total Fitness Holding Corp. Series D
9.875%, 10/15/07......................... B 1,900 1,843,000
---------------
OIL & GAS (EXPLORATION & PRODUCTION)--1.0%
Benton Oil & Gas Co. 11.625%, 5/1/03....... B 1,000 720,000
Benton Oil & Gas Co. 9.375%, 11/1/07....... B 1,500 1,108,125
---------------
1,828,125
---------------
</TABLE>
See Notes to Financial Statements
32
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR FIXED INCOME SERIES
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------- ---------------
<S> <C> <C> <C>
PAPER & FOREST PRODUCTS--0.9%
S.D. Warren Co. PIK 14%, 12/15/06.......... NR $ 1,390 $ 1,585,169
---------------
SERVICES (COMMERCIAL & CONSUMER)--0.6%
ARA Services, Inc. 10.625%, 8/1/00......... Baa 54 56,565
Fisher Scientific International, Inc. 9%,
2/1/08................................... B 1,000 950,000
---------------
1,006,565
---------------
TELECOMMUNICATIONS (LONG DISTANCE)--2.2%
EchoStar DBS Corp. 144A 9.375%, 2/1/09
(b)...................................... B 2,000 2,045,000
Interamericas Communications Corp. 14%,
10/27/07................................. NR 1,830 1,253,550
RCN Corp. Series B 0%, 2/15/08 (d)......... B 1,000 635,000
---------------
3,933,550
---------------
TELEPHONE--0.4%
Pathnet, Inc. 12.25%, 4/15/08.............. NR 1,175 681,500
---------------
TEXTILES (APPAREL)--1.4%
Collins & Aikman Corp. 11.50%, 4/15/06..... B 2,390 2,437,800
---------------
TRUCKERS--0.1%
Hvide Marine, Inc. 8.375%, 2/15/08......... Caa 300 138,000
---------------
TOTAL CORPORATE BONDS
(Identified cost $32,513,127)................................ 30,527,791
---------------
NON-AGENCY MORTGAGE-BACKED SECURITIES--20.8%
CS First Boston Mortgage Securities Corp.
144A 7.077%, 2/20/07 (b)................. A(c) 2,000 1,925,625
CS First Boston Mortgage Securities Corp.
97-1R, 1M4 144A 7.251%, 2/28/22 (b)...... Baa 2,579 2,492,258
Commercial Mortgage Asset Trust 99-C1 D
7.35%, 10/17/13.......................... Baa 1,750 1,565,891
DLJ Mortgage Acceptance Corp. 97-CF2, B2
144A 7.14%, 11/15/08 (b)................. Baa 2,200 2,002,000
First Chicago/Lennar Trust 97-CHL1, D 144A
8.055%, 5/29/08 (b)...................... BB(c) 2,000 1,651,875
First Union - Lehman Brothers - Bank of
America 98-C2, A2 6.56%, 11/18/08........ Aaa 3,000 2,924,139
G.E. Capital Mortgage Services, Inc. 96-8,
2A5 7.50%, 5/25/26....................... AAA(c) 1,184 1,186,593
General Growth Properties Series 1, A2 144A
6.602%, 11/15/07 (b)..................... Aaa 2,000 1,960,760
IMPAC CMB Trust 98-2, M3 7.25%, 4/25/28.... A(c) 723 723,260
LB Commercial Conduit Mortgage Trust 98-C4,
A1B 6.21%, 10/15/08...................... Aaa 2,250 2,140,416
Merrill Lynch Mortgage Investors, Inc.
96-C2, C 6.96%, 11/21/28................. A(c) 3,607 3,566,421
Morgan Stanley Capital I 98-WF2, C 6.77%,
6/15/08.................................. A(c) 1,700 1,657,500
Nationslink Funding Corp. 99-1, A2 6.316%,
11/20/08................................. Aaa 2,100 2,011,742
Norwest Asset Securities Corp. 99-5, B3
6.25%, 3/25/14........................... BBB(c) 1,554 1,405,615
Norwest Asset Securities Corp. 99-10, B1
6.25%, 4/25/14........................... AA(c) 1,708 1,625,656
Norwest Asset Securities Corp. 99-10, B3
6.25%, 4/25/14........................... BBB(c) 891 806,957
Residential Asset Securitization Trust
96-A4, A13 7.50%, 9/25/26................ AAA(c) 1,000 1,010,000
Residential Asset Securitization Trust
96-A8, A1 8%, 12/25/26................... AAA(c) 4 3,760
Residential Funding Mortgage Securities I
94-S7, M3 6.50%, 3/25/24................. BBB(c) 3,980 3,658,858
Ryland Mortgage Securities Corp. III 92-A,
1A 8.256%, 3/29/30....................... A-(c) 598 596,647
Securitized Asset Sales Inc. 95-6, B3 144A
7%, 12/25/10 (b)......................... NR 1,227 1,148,754
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------- ---------------
<S> <C> <C> <C>
NON-AGENCY MORTGAGE-BACKED SECURITIES--CONTINUED
Wilshire Funding Corp. 97-WFC1, M3 7.25%,
8/25/27.................................. Baa $ 1,517 $ 1,366,711
---------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $38,578,807)................................ 37,431,438
---------------
FOREIGN GOVERNMENT SECURITIES--17.6%
ARGENTINA--1.5%
Republic of Argentina RegS 11.75%, 2/12/07
(g)...................................... Ba 3,250 2,612,527
---------------
BULGARIA--1.5%
Republic of Bulgaria FLIRB Series A Bearer
Euro 2.50%, 7/28/12 (d).................. B 4,430 2,705,069
---------------
COLOMBIA--1.3%
Republic of Colombia 10.875%, 3/9/04....... Baa 2,500 2,400,000
---------------
COSTA RICA--1.1%
Republic of Costa Rica 144A 9.335%, 5/15/09
(b)...................................... Ba 2,000 1,955,000
---------------
CROATIA--1.7%
Croatia Series B 5.8125%, 7/31/06 (d)...... Baa 1,770 1,482,559
Croatia Series A 5.8125%, 7/31/10 (d)...... Baa 2,000 1,600,000
---------------
3,082,559
---------------
MEXICO--5.1%
United Mexican States Global Bond 11.375%,
9/15/16.................................. Ba 2,750 2,954,531
United Mexican States Global Bond 11.50%,
5/15/26.................................. Ba 5,600 6,258,000
---------------
9,212,531
---------------
PANAMA--1.9%
Republic of Panama 8.875%, 9/30/27......... Ba 45 37,553
Republic of Panama 9.375%, 4/1/29.......... Ba 3,500 3,342,500
---------------
3,380,053
---------------
PHILIPPINES--1.3%
Republic of Philippines 9.875% 1/15/19..... Ba 2,375 2,336,406
---------------
POLAND--2.2%
Poland Bearer PDI 5%, 10/27/14 (d)......... Baa 4,400 3,916,000
---------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $32,751,674)................................ 31,600,145
---------------
FOREIGN CORPORATE BONDS--12.5%
ARGENTINA--1.6%
Compania de Radiocomunicaciones Moviles SA
144A 9.25%, 5/8/08 (b)................... Ba 3,200 2,832,000
---------------
BERMUDA--0.3%
AES China Generating Co. 10.125%,
12/15/06................................. Ba 985 625,475
---------------
BRAZIL--1.0%
Globo Communicacoes e Participacoes SA 144A
10.625%, 12/5/08 (b)..................... B 2,500 1,762,500
---------------
CHILE--1.8%
Compania Sud Americana de Vapores SA RegS
7.375%, 12/8/03.......................... BBB(c) 2,000 1,882,500
Empresa Nacional de Electricidad SA 7.75%,
7/15/08.................................. Baa 1,500 1,395,000
---------------
3,277,500
---------------
GREECE--1.0%
Fage Dairy Industries SA 9%, 2/1/07........ B 2,000 1,760,000
---------------
INDONESIA--0.2%
APP Finance II Mauritius Ltd. 12%, 12/29/49
(d)...................................... Caa 590 389,400
---------------
</TABLE>
See Notes to Financial Statements
33
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR FIXED INCOME SERIES
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------- ---------------
<S> <C> <C> <C>
JAPAN--1.1%
SB Treasury Co. LLC Series A 144A 9.40%,
12/29/49 (b)(d).......................... Baa $ 2,000 $ 1,933,426
---------------
MEXICO--0.8%
Gruma SA de CV 7.625%, 10/15/07............ Ba 1,650 1,476,750
---------------
NETHERLANDS--2.2%
PTC International Finance BV 0%, 7/1/07
(d)...................................... B 5,500 4,015,000
---------------
POLAND--1.9%
PDVSA Finance Ltd. 7.50%, 11/15/28......... A 3,250 2,400,938
TPSA Finance BV 144A 7.75%, 12/10/08 (b)... Baa 1,125 1,096,875
---------------
3,497,813
---------------
UNITED KINGDOM--0.6%
Orange PLC 8.75% 6/1/06 144A (b)........... Ba 1,000 1,000,000
---------------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $24,121,804)................................ 22,569,864
---------------
FOREIGN CONVERTIBLE BONDS--1.3%
CANADA--0.2%
PLD Telekom Cv. 144A 9%, 6/1/06 (b)........ NR 600 333,750
---------------
RUSSIA--1.1%
Lukinter Finance Cv. RegS 3.50%, 5/6/02 ... CCC-(c) 2,700 2,011,500
---------------
TOTAL FOREIGN CONVERTIBLE BONDS
(Identified cost $4,060,275)................................. 2,345,250
---------------
<CAPTION>
SHARES VALUE
------- ---------------
<S> <C> <C> <C>
WARRANTS--0.1%
COMMUNICATIONS EQUIPMENT--0.0%
Loral Space & Communications, Inc. Warrants (e)..... 1,000 $ 6,000
---------------
FOREIGN GOVERNMENT--0.0%
Republic of Argentina Warrants (Argentina) (e)...... 1,440 1,656
Republic of Argentina Warrants (Argentina) (e)...... 3,050 2,669
TELECOMMUNICATIONS (LONG DISTANCE)--0.0%
FirstCom Corp. 144A Warrants (b)(e)................. 64,050 240,187
---------------
TELEPHONE--0.0%
Pathnet, Inc. 144A Warrants (b)(e).................. 1,000 10,000
---------------
TOTAL WARRANTS
(Identified cost $0)......................................... 260,512
---------------
TOTAL LONG-TERM INVESTMENTS--95.3%
(Identified cost $180,536,025)............................... 171,375,766
---------------
<CAPTION>
STANDARD
& PAR
POOR'S VALUE
RATING (000)
------- -------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.6%
COMMERCIAL PAPER--1.6%
CXC, Inc. 5.75%, 7/1/99.................... A-1+ $ 2,845 2,845,000
---------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $2,845,000)................................. 2,845,000
---------------
TOTAL INVESTMENTS--96.9%
(Identified cost $183,381,025)............................... 174,220,766(a)
Cash and receivables, less liabilities--3.1%................. 5,659,980
---------------
NET ASSETS--100.0%............................................. $ 179,880,746
---------------
---------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $1,384,269 and gross
depreciation of $12,196,703 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$185,033,200.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 1999,
these securities amounted to a value of $33,237,358 or 18.5% of net assets.
(c) As rated by Standard & Poor's, Fitch or Duff & Phelps.
(d) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(e) Non-income producing.
(f) Security in default.
(g) Par value represents Argentine Pesos.
See Notes to Financial Statements
34
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR FIXED INCOME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$183,381,025)............................................. $ 174,220,766
Cash........................................................ 684,868
Receivables
Investment securities sold................................ 4,496,444
Interest and dividends.................................... 3,311,149
Fund shares sold.......................................... 76,789
Prepaid expenses............................................ 4,156
-------------
Total assets............................................ 182,794,172
-------------
LIABILITIES
Payables
Investment securities purchased........................... 2,682,097
Fund shares repurchased................................... 124,034
Financial agent fee....................................... 15,675
Investment advisory fee................................... 12,826
Trustees' fee............................................. 7,369
Accrued expenses............................................ 71,425
-------------
Total liabilities....................................... 2,913,426
-------------
NET ASSETS.................................................. $ 179,880,746
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 200,641,432
Undistributed net investment income....................... 1,163,700
Accumulated net realized loss............................. (12,764,127)
Net unrealized depreciation............................... (9,160,259)
-------------
NET ASSETS.................................................. $ 179,880,746
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 19,934,097
-------------
-------------
Net asset value and offering price per share................ $ 9.02
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 7,852,009
Dividends................................................. 92,628
------------
Total investment income................................. 7,944,637
------------
EXPENSES
Investment advisory fee................................... 458,494
Financial agent fee....................................... 93,695
Custodian................................................. 28,156
Printing.................................................. 26,127
Professional.............................................. 16,423
Trustees.................................................. 9,917
Miscellaneous............................................. 10,885
------------
Total expenses.......................................... 643,697
Less expenses borne by investment adviser............... (47,823)
------------
Net expenses............................................ 595,874
------------
NET INVESTMENT INCOME....................................... 7,348,763
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (4,705,780)
Net change in unrealized appreciation (depreciation) on
investments............................................. 1,457,665
------------
NET LOSS ON INVESTMENTS..................................... (3,248,115)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 4,100,648
------------
------------
</TABLE>
See Notes to Financial Statements
35
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR FIXED INCOME SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 7,348,763 $ 15,128,640
Net realized gain (loss).................................. (4,705,780) (8,037,422)
Net change in unrealized appreciation (depreciation)...... 1,457,665 (15,423,527)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 4,100,648 (8,332,309)
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (7,081,256) (14,753,888)
Net realized gains........................................ - (1,233,525)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (7,081,256) (15,987,413)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (3,155,046 and 8,615,846
shares, respectively)................................... 29,085,761 85,699,046
Net asset value of shares issued from reinvestment of
distributions (781,113 and 1,648,116 shares,
respectively)........................................... 7,081,256 15,987,413
Cost of shares repurchased (4,403,346 and 8,318,291
shares, respectively)................................... (40,669,073) (81,629,911)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (4,502,056) 20,056,548
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (7,482,664) (4,263,174)
NET ASSETS
Beginning of period....................................... 187,363,410 191,626,584
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $1,163,700 AND $896,193,
RESPECTIVELY)........................................... $ 179,880,746 $ 187,363,410
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
(UNAUDITED) 1998 1997 1996 1995 1994
----------- ----------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................ $ 9.18 $ 10.38 $ 10.34 $ 10.22 $ 8.98 $ 10.27
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)...... 0.37(1) 0.77 0.75(1) 0.79(1) 0.83(1)(2) 0.72(1)(2)
Net realized and unrealized gain
(loss).......................... (0.17) (1.17) 0.34 0.43 1.22 (1.28)
----------- ----------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS.................... 0.20 (0.40) 1.09 1.22 2.05 (0.56)
----------- ----------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income.......................... (0.36) (0.74) (0.77) (0.78) (0.81) (0.73)
Dividends from net realized
gains........................... -- (0.06) (0.28) (0.32) -- --
----------- ----------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS............. (0.36) (0.80) (1.05) (1.10) (0.81) (0.73)
----------- ----------- --------- --------- --------- ---------
CHANGE IN NET ASSET VALUE........... (0.16) (1.20) 0.04 0.12 1.24 (1.29)
----------- ----------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD...... $ 9.02 $ 9.18 $ 10.38 $ 10.34 $ 10.22 $ 8.98
----------- ----------- --------- --------- --------- ---------
----------- ----------- --------- --------- --------- ---------
Total return........................ 2.19%(5) (4.02)% 10.93% 12.42% 23.54% (5.47)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)....................... $179,881 $187,363 $191,627 $145,044 $109,046 $74,686
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses................ 0.65%(4) 0.64% 0.65% 0.65% 0.65%(3) 0.66%
Net investment income............. 8.10%(4) 7.61% 7.25% 7.80% 8.55% 7.62%
Portfolio turnover rate............. 63%(5) 160% 151% 191% 147% 181%
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of
$0.001, $0.001, $0.002, $0.007, and $0.006 per share, respectively.
(2) Computed using average shares outstanding.
(3) The ratio of operating expenses to average net assets excludes the effect of
expense offsets for custodian fees: if expense offsets were included, the
ratio would not significantly differ.
(4) Annualized.
(5) Not annualized.
See Notes to Financial Statements
36
<PAGE>
PHOENIX-GOODWIN STRATEGIC ALLOCATION SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
----------- ------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--21.2%
U.S. TREASURY BONDS--1.9%
U.S. Treasury Bonds 6.125%, 11/15/27............ AAA $ 2,300 $ 2,281,519
U.S. Treasury Bonds 5.25%, 11/15/28............. AAA 2,835 2,509,103
U.S. Treasury Bonds 5.25%, 2/15/29.............. AAA 4,980 4,468,353
------------
9,258,975
------------
U.S. TREASURY NOTES--19.3%
U.S. Treasury Notes 5.625%, 10/31/99............ AAA 800 801,454
U.S. Treasury Notes 5.50%, 2/29/00 (f).......... AAA 13,500 13,533,874
U.S. Treasury Notes 4.50%, 9/30/00.............. AAA 2,025 2,003,364
U.S. Treasury Notes 5.75%, 11/15/00............. AAA 4,950 4,970,964
U.S. Treasury Notes 5%, 2/28/01................. AAA 15,000 14,890,421
U.S. Treasury Notes 6.25%, 6/30/02.............. AAA 1,250 1,268,353
U.S. Treasury Notes 5.75%, 11/30/02............. AAA 1,630 1,629,408
U.S. Treasury Notes 5.50%, 1/31/03.............. AAA 11,960 11,856,162
U.S. Treasury Notes 5.50%, 2/28/03.............. AAA 7,000 6,937,741
U.S. Treasury Notes 5.75%, 4/30/03.............. AAA 2,500 2,496,379
U.S. Treasury Notes 5.25%, 8/15/03.............. AAA 3,053 2,992,232
U.S. Treasury Notes 4.25%, 11/15/03............. AAA 4,000 3,765,226
U.S. Treasury Notes 4.75%, 2/15/04.............. AAA 15,250 14,620,937
U.S. Treasury Notes 5.625%, 5/15/08............. AAA 3,359 3,288,990
U.S. Treasury Notes 4.75%, 11/15/08............. AAA 7,775 7,132,887
U.S. Treasury Notes 5.50%, 5/15/09.............. AAA 925 905,070
------------
93,093,462
------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $104,488,063)......................................... 102,352,437
------------
MUNICIPAL BONDS--4.0%
CALIFORNIA--1.2%
Kern County Pension Obligation Revenue Taxable
7.26%, 8/15/14................................ AAA 1,500 1,520,625
Long Beach Pension Obligation Taxable 6.87%,
9/1/06........................................ AAA 840 849,450
San Bernardino County Pension Obligation Revenue
Taxable 6.87%, 8/1/08......................... AAA 410 411,537
San Bernardino County Pension Obligation Revenue
Taxable 6.94%, 8/1/09......................... AAA 1,110 1,116,937
Sonoma County Pension Obligation Revenue Taxable
6.625%, 6/1/13................................ AAA 925 890,312
Ventura County Pension Obligation Taxable 6.54%,
11/1/05....................................... AAA 975 976,219
------------
5,765,080
------------
FLORIDA--1.3%
Miami Beach Special Obligation Revenue Taxable
8.60%, 9/1/21................................. AAA 3,210 3,490,875
Tampa Solid Waste System Revenue Taxable Series
A 6.33%, 10/1/06.............................. Aaa(c) 2,160 2,119,500
University of Miami Exchangeable Revenue Taxable
Series A 7.65%, 4/1/20 (e).................... AAA 540 548,775
------------
6,159,150
------------
MASSACHUSETTS--0.2%
Massachusetts Port Authority Revenue Taxable
Series C 6.05%, 7/1/02........................ AA- 835 830,825
------------
NEW YORK--0.4%
Long Island Power Authority Electrical Systems
Revenue Series A 5.50%, 12/1/10............... AAA 450 466,313
New York State Dormitory Authority Revenue
Taxable 6.90%, 4/1/03......................... BBB+ 725 732,250
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
----------- ------- ------------
<S> <C> <C> <C>
NEW YORK--CONTINUED
New York State Environmental Facilities Corp.
Revenue Taxable 6.70%, 3/15/08................ AAA $ 670 $ 664,975
------------
1,863,538
------------
PENNSYLVANIA--0.2%
Philadelphia Authority For Industrial
Development Pension Funding Retirement Systems
Revenue Taxable Series A 5.79%, 4/15/09....... AAA 1,300 1,202,500
------------
TEXAS--0.7%
Dallas Civic Center Revenue 5.25%,
8/15/08....................................... AAA 475 486,281
Houston Water & Sewer System Revenue Refunding,
Jr. Lien, Series D 5%, 12/1/25................ AAA 630 582,750
Texas State General Obligation Series B 5.25%,
10/1/08....................................... AA 255 262,969
Texas Water Reservoir Finance Authority Revenue
6.62%, 8/15/10................................ AAA 2,265 2,214,038
------------
3,546,038
------------
TOTAL MUNICIPAL BONDS
(Identified cost $19,735,984).......................................... 19,367,131
------------
ASSET-BACKED SECURITIES--1.4%
AESOP Funding II LLC 97-1, A2 144A 6.40%,
10/20/03 (d).................................. AAA 2,000 1,999,718
Capita Equipment Receivables Trust 97-1, B
6.45%, 8/15/02................................ A+ 720 719,359
Ford Credit Auto Owner Trust 99-B, A4 5.80%,
6/15/02....................................... AAA 500 496,836
Green Tree Financial Corp. 96-2, M1 7.60%,
4/15/27....................................... AA- 1,075 1,089,185
Premier Auto Trust 98-3, B 6.14%, 9/8/04........ A+ 500 499,328
Triangle Funding Ltd. 98-2A, 3 144A 6.85%,
10/15/04 (d)(e)............................... BBB 2,000 1,995,000
------------
6,799,426
------------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $6,801,722)........................................... 6,799,426
------------
CORPORATE BONDS--1.7%
BUILDING MATERIALS--0.2%
Nortek, Inc. Series B 9.125%, 9/1/07............ B+ 700 698,250
------------
COMPUTERS (SOFTWARE & SERVICES)--0.1%
Computer Associates International, Inc. Series B
6.375%, 4/15/05............................... A- 635 603,250
------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.3%
Tenet Healthcare Corp. 8%, 1/15/05.............. BB+ 1,200 1,176,000
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.1%
Boston Scientific Corp. 6.625%, 3/15/05......... BBB 710 678,050
------------
INSURANCE (MULTI-LINE)--0.1%
Willis Corroon Corp. 144A 9%, 2/1/09 (d)........ B+ 530 514,100
------------
MANUFACTURING (DIVERSIFIED)--0.1%
Tyco International Group SA 6.375%, 6/15/05..... A- 500 482,500
------------
METALS MINING--0.1%
Level 3 Communications, Inc. 9.125%, 5/1/08..... B 400 395,000
------------
PAPER & FOREST PRODUCTS--0.1%
Buckeye Technologies, Inc. 9.25%, 9/15/08....... BB- 350 368,812
------------
</TABLE>
See Notes to Financial Statements
37
<PAGE>
PHOENIX-GOODWIN STRATEGIC ALLOCATION SERIES
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
----------- ------- ------------
<S> <C> <C> <C>
PUBLISHING--0.1%
Charter Communications Holdings LLC 144A 8.625%,
4/1/09 (d).................................... B+ $ 675 $ 649,688
------------
RETAIL (FOOD CHAINS)--0.1%
Meyer (Fred), Inc. 7.45%, 3/1/08................ BBB- 650 661,375
------------
TELECOMMUNICATIONS (LONG DISTANCE)--0.2%
Nextlink Communications, Inc. 10.75%,
11/15/08...................................... B 900 924,750
------------
TEXTILES (APPAREL)--0.2%
Collins & Aikman Corp. 11.50%, 4/15/06.......... B 695 708,900
------------
TRUCKS & PARTS--0.0%
Cummins Engine Co., Inc. 6.45%, 3/1/05.......... BBB+ 160 152,400
------------
TOTAL CORPORATE BONDS
(Identified cost $8,271,453)........................................... 8,013,075
------------
NON-AGENCY MORTGAGE-BACKED SECURITIES--5.5%
CS First Boston Mortgage Securities Corp. 97-C2,
A3 6.55%, 11/17/07............................ AAA 4,200 4,091,719
CS First Boston Mortgage Securities Corp.
95-AEW1, B 7.182%, 11/25/27................... AA- 237 235,883
DLJ Commercial Mortgage Corp. 99-CG1, A1B 6.46%,
1/10/09....................................... Aaa(c) 3,000 2,898,750
DLJ Commercial Mortgage Corp. 98-CF2, A1B 6.24%,
11/12/31...................................... Aaa(c) 4,150 3,974,273
First Union Commercial Mortgage Trust 99-C1, A2
6.07%, 10/15/08............................... AAA 3,000 2,822,812
First Union-Lehman Brothers-Bank of America
98-C2, A2 6.56%, 11/18/08..................... AAA 1,840 1,793,472
First Union-Lehman Brothers Commercial Mortgage
97-C1, B 7.43%, 4/18/07....................... Aa(c) 850 867,840
G.E. Capital Mortgage Services, Inc. 96-8, 1M
7.25%, 5/25/26................................ AA 242 239,174
LB Commercial Conduit Mortgage Trust 98-C4, A1B
6.21%, 10/15/08............................... AAA 4,000 3,805,183
Lehman Large Loan 97-LLI, B 6.95%, 3/12/07...... AA 645 642,902
Nationslink Funding Corp. 96-1, B 7.69%,
12/20/05...................................... AA 450 460,266
Residential Asset Securitization Trust 96-A8, A1
8%, 12/25/26.................................. AAA 2 1,880
Residential Funding Mortgage Securities I 96-S1,
A11 7.10%, 1/25/26............................ AAA 1,500 1,492,500
Residential Funding Mortgage Securities I 96-S4,
M1 7.25%, 2/25/26............................. AA 961 957,779
Securitized Asset Sales, Inc. 93-J, 2B 6.808%,
11/28/23...................................... AA 904 883,380
Structured Asset Securities Corp. 93-C1, B
6.60%, 10/25/24............................... A+ 1,150 1,144,389
------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $26,651,302).......................................... 26,312,202
------------
FOREIGN GOVERNMENT SECURITIES--3.0%
BULGARIA--0.3%
Republic of Bulgaria FLIRB Series A Bearer
2.50%, 7/28/12(e)............................. B(c) 810 494,606
Republic of Bulgaria IAB Series PDI 5.875%,
7/28/11(e).................................... B(c) 1,600 1,105,000
------------
1,599,606
------------
COLOMBIA--0.2%
Republic of Colombia 10.875%, 3/9/04............ BBB- 1,000 960,000
------------
COSTA RICA--0.4%
Republic of Costa Rica 144A 9.335%, 5/15/09
(d)........................................... BB 1,755 1,715,512
------------
CROATIA--0.3%
Croatia Series B 5.813%, 7/31/06 (e)............ BBB- 885 741,280
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
----------- ------- ------------
<S> <C> <C> <C>
CROATIA--CONTINUED
Croatia Series A 5.813%, 7/31/10 (e)............ BBB- $ 1,000 $ 800,000
------------
1,541,280
------------
KOREA--0.2%
Republic of Korea 8.875%, 4/15/08............... BBB- 1,095 1,162,069
------------
MEXICO--0.3%
United Mexican States Global Bond 11.50%,
5/15/26....................................... BB 1,500 1,676,250
------------
PANAMA--0.5%
Republic of Panama 8.875%, 9/30/27.............. BB+ 1,465 1,222,542
Republic of Panama 9.375%, 4/1/29............... BB+ 1,000 955,000
------------
2,177,542
------------
PHILIPPINES--0.1%
Republic of Philippines 9.875%, 1/15/19......... BB+ 250 245,938
------------
POLAND--0.7%
Poland Bearer PDI 5%, 10/27/14 (e).............. BBB 4,000 3,560,000
------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $14,886,504).......................................... 14,638,197
------------
FOREIGN CORPORATE BONDS--0.7%
ARGENTINA--0.2%
Compania de Radiocomunicaciones Moviles SA 144A
9.25%, 5/8/08 (d)............................. BBB- 450 398,250
Telecom Argentina-France Telecom SA EMTN WI 144A
9.75%, 7/12/01 (d)............................ BBB- 650 651,625
------------
1,049,875
------------
CHILE--0.1%
Compania Sud Americana de Vapores SA RegS
7.375%, 12/8/03............................... BBB 140 131,775
Petropower I Funding Trust 144A 7.36%, 2/15/14
(d)........................................... BBB 489 416,590
------------
548,365
------------
JAPAN--0.3%
IBJ Preferred Capital Co. LLC 144A 8.79%,
12/29/49 (d)(e)............................... Ba(c) 830 696,332
SB Treasury Co. LLC Series A 144A 9.40%,
12/29/49 (d)(e)............................... BB+ 830 802,372
------------
1,498,704
------------
POLAND--0.1%
TPSA Finance BV 144A 7.75%, 12/10/08 (d)........ BBB 355 346,125
------------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $3,733,864)........................................... 3,443,069
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
-------------
<S> <C> <C> <C>
COMMON STOCKS--57.1%
BANKS (MAJOR REGIONAL)--2.3%
Mellon Bank Corp..................................................................... 63,400 2,306,175
Wells Fargo Co....................................................................... 206,000 8,806,500
---------------
11,112,675
---------------
BANKS (MONEY CENTER)--1.7%
Bank of America Corp................................................................. 115,074 8,436,363
---------------
BEVERAGES (NON-ALCOHOLIC)--1.3%
PepsiCo, Inc......................................................................... 156,000 6,035,250
---------------
BIOTECHNOLOGY--0.5%
Genzyme Corp. (b).................................................................... 47,100 2,284,350
Genzyme Surgical Products (b)........................................................ 8,431 37,151
---------------
2,321,501
---------------
BROADCASTING (TELEVISION, RADIO & CABLE)--3.8%
AT&T Corp.--Liberty Media Group Class A (b).......................................... 289,000 10,620,750
</TABLE>
See Notes to Financial Statements
38
<PAGE>
PHOENIX-GOODWIN STRATEGIC ALLOCATION SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------- ---------------
<S> <C> <C> <C>
BROADCASTING (TELEVISION, RADIO & CABLE)--CONTINUED
CBS Corp. (b)........................................................................ 63,300 $ 2,749,594
Chancellor Media Corp. (b)........................................................... 53,000 2,921,625
Clear Channel Communications, Inc. (b)............................................... 27,600 1,902,675
---------------
18,194,644
---------------
COMMUNICATIONS EQUIPMENT--1.6%
General Motors Corp. Class H (b)..................................................... 28,900 1,625,625
Motorola, Inc........................................................................ 18,000 1,705,500
Tellabs, Inc. (b).................................................................... 66,800 4,513,175
---------------
7,844,300
---------------
COMPUTERS (HARDWARE)--4.8%
Dell Computer Corp. (b).............................................................. 110,800 4,099,600
International Business Machines Corp................................................. 115,600 14,941,300
Sun Microsystems, Inc. (b)........................................................... 57,800 3,980,975
---------------
23,021,875
---------------
COMPUTERS (NETWORKING)--2.1%
Cisco Systems, Inc. (b).............................................................. 160,750 10,368,375
---------------
COMPUTERS (SOFTWARE & SERVICES)--4.1%
America Online, Inc. (b)............................................................. 35,800 3,955,900
Microsoft Corp. (b).................................................................. 160,600 14,484,112
Yahoo!, Inc. (b)..................................................................... 8,900 1,533,025
---------------
19,973,037
---------------
CONSUMER FINANCE--1.1%
Capital One Financial Corp........................................................... 96,300 5,362,706
---------------
DISTRIBUTORS (FOOD & HEALTH)--0.8%
Cardinal Health, Inc................................................................. 57,800 3,706,425
---------------
ELECTRICAL EQUIPMENT--1.8%
General Electric Co.................................................................. 76,400 8,633,200
---------------
ELECTRONICS (SEMICONDUCTORS)--1.8%
Intel Corp........................................................................... 147,400 8,770,300
---------------
FINANCIAL (DIVERSIFIED)--4.0%
Citigroup, Inc....................................................................... 171,375 8,140,312
Freddie Mac.......................................................................... 59,800 3,468,400
Morgan Stanley Dean Witter & Co...................................................... 75,900 7,779,750
---------------
19,388,462
---------------
HEALTH CARE (DIVERSIFIED)--2.0%
American Home Products Corp.......................................................... 46,400 2,668,000
Bristol-Myers Squibb Co.............................................................. 98,000 6,902,875
---------------
9,570,875
---------------
HEALTH CARE (DRUGS--MAJOR PHARMACEUTICALS)--2.3%
Pfizer, Inc.......................................................................... 53,100 5,827,725
Schering-Plough Corp................................................................. 102,400 5,427,200
---------------
11,254,925
---------------
HEALTH CARE (GENERIC AND OTHER)--0.3%
Mylan Laboratories, Inc.............................................................. 55,700 1,476,050
---------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.1%
Bard (C.R.), Inc..................................................................... 31,000 1,482,187
Baxter International, Inc............................................................ 61,800 3,746,625
---------------
5,228,812
---------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--1.2%
Procter & Gamble Co. (The)........................................................... 66,000 5,890,500
---------------
INSURANCE (LIFE/HEALTH)--0.3%
ReliaStar Financial Corp............................................................. 35,400 1,548,750
---------------
INSURANCE (MULTI-LINE)--1.3%
American International Group, Inc.................................................... 51,650 6,046,278
---------------
<CAPTION>
SHARES VALUE
------------- ---------------
<S> <C> <C> <C>
LODGING--HOTELS--0.7%
Carnival Corp........................................................................ 66,200 $ 3,210,700
---------------
MANUFACTURING (DIVERSIFIED)--2.0%
Tyco International Ltd............................................................... 99,400 9,418,150
---------------
OIL & GAS (DRILLING & EQUIPMENT)--0.8%
Halliburton Co....................................................................... 37,200 1,683,300
Schlumberger Ltd..................................................................... 24,500 1,560,344
Transocean Offshore, Inc............................................................. 30,000 787,500
---------------
4,031,144
---------------
OIL (INTERNATIONAL INTEGRATED)--0.7%
Conoco, Inc. Class A................................................................. 116,000 3,233,500
---------------
PERSONAL CARE--0.7%
Gillette Co. (The)................................................................... 82,600 3,386,600
---------------
RETAIL (BUILDING SUPPLIES)--1.2%
Home Depot, Inc. (The)............................................................... 90,100 5,805,819
---------------
RETAIL (COMPUTERS & ELECTRONICS)--0.6%
Tandy Corp........................................................................... 55,400 2,707,675
---------------
RETAIL (FOOD CHAINS)--1.3%
Kroger Co. (The) (b)................................................................. 151,700 4,238,119
Safeway, Inc. (b).................................................................... 38,500 1,905,750
---------------
6,143,869
---------------
RETAIL (GENERAL MERCHANDISE)--1.5%
Wal-Mart Stores, Inc................................................................. 152,300 7,348,475
---------------
RETAIL (SPECIALTY)--0.6%
Staples, Inc. (b).................................................................... 98,400 3,044,250
---------------
SERVICES (COMMERCIAL & CONSUMER)--0.3%
ServiceMaster Co. (The).............................................................. 70,700 1,325,625
---------------
TELECOMMUNICATIONS (LONG DISTANCE)--4.0%
AT&T Corp............................................................................ 233,160 13,013,242
MCI WorldCom, Inc. (b)............................................................... 70,538 6,083,903
---------------
19,097,145
---------------
TELEPHONE--1.0%
SBC Communications, Inc.............................................................. 82,400 4,779,200
---------------
WASTE MANAGEMENT--1.5%
Waste Management, Inc................................................................ 138,200 7,428,250
---------------
TOTAL COMMON STOCKS
(Identified cost $205,755,072)...................................................................... 275,145,705
---------------
FOREIGN COMMON STOCKS--3.3%
HEALTH CARE (DRUGS--MAJOR PHARMACEUTICALS)--0.6%
Elan Corp. PLC Sponsored ADR (Ireland) (b)........................................... 107,400 2,980,350
---------------
OIL (INTERNATIONAL INTEGRATED)--1.7%
BP Amoco PLC Sponsored ADR (United Kingdom).......................................... 73,566 7,981,911
---------------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--1.0%
Vodafone AirTouch PLC Sponsored ADR (United Kingdom).................................
23,650 4,659,050
---------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $12,089,986)....................................................................... 15,621,311
---------------
WARRANTS--0.0%
FOREIGN GOVERNMENT--0.0%
Republic of Argentina Warrants (Argentina) (b)....................................... 1,118 1,286
---------------
TOTAL WARRANTS
(Identified cost $0)................................................................................ 1,286
---------------
TOTAL LONG-TERM INVESTMENTS--97.9%
(Identified cost $402,413,950)...................................................................... 471,693,839
---------------
</TABLE>
See Notes to Financial Statements
39
<PAGE>
PHOENIX-GOODWIN STRATEGIC ALLOCATION SERIES
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
----------- --------------- ---------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.6%
COMMERCIAL PAPER--1.6%
Cargill, Inc. 5.90%, 7/1/99..................... A-1+ $ 6,505 $ 6,505,000
Kimberly-Clark Corp. 4.99%, 7/19/99............. A-1+ 1,315 1,311,719
---------------
7,816,719
---------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $7,816,719)................................................... 7,816,719
---------------
TOTAL INVESTMENTS--99.5%
(Identified cost $410,230,669)................................................. 479,510,558(a)
Cash and receivables, less liabilities--0.5%................................... 2,363,880
---------------
NET ASSETS--100.0%............................................................... $ 481,874,438
---------------
---------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $76,443,280 and gross
depreciation of $7,750,633 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$410,817,911.
(b) Non-income producing.
(c) As rated by Moodys, Fitch or Duff & Phelps.
(d) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 1999,
these securities amounted to a value of $10,185,312 or 2.11% of net assets.
(e) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(f) All or a portion segregated as collateral.
See Notes to Financial Statements
40
<PAGE>
PHOENIX-GOODWIN STRATEGIC ALLOCATION SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$410,230,669)............................................. $ 479,510,558
Cash........................................................ 430,494
Receivables
Interest and dividends.................................... 2,767,273
Investment securities sold................................ 1,890,912
Fund shares sold.......................................... 42,376
Prepaid expenses............................................ 9,704
-------------
Total assets............................................ 484,651,317
-------------
LIABILITIES
Payables
Investment securities purchased........................... 2,186,441
Fund shares repurchased................................... 230,601
Investment advisory fee................................... 222,281
Financial agent fee....................................... 24,826
Trustees' fee............................................. 5,880
Accrued expenses............................................ 106,850
-------------
Total liabilities....................................... 2,776,879
-------------
NET ASSETS.................................................. $ 481,874,438
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 389,068,897
Undistributed net investment income....................... 1,160,673
Accumulated net realized gain............................. 22,364,979
Net unrealized appreciation............................... 69,279,889
-------------
NET ASSETS.................................................. $ 481,874,438
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 30,118,728
-------------
-------------
Net asset value and offering price per share................ $ 16.00
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 5,443,307
Dividends................................................. 1,119,577
Foreign taxes withheld.................................... (9,808)
-------------
Total investment income................................. 6,553,076
-------------
EXPENSES
Investment advisory fee................................... 1,371,503
Financial agent fee....................................... 156,096
Printing.................................................. 58,867
Custodian................................................. 53,574
Professional.............................................. 17,274
Trustees.................................................. 8,428
Miscellaneous............................................. 12,139
-------------
Total expenses.......................................... 1,677,881
-------------
NET INVESTMENT INCOME....................................... 4,875,195
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 23,413,242
Net change in unrealized appreciation (depreciation) on
investments............................................. (8,701,907)
-------------
NET GAIN ON INVESTMENTS..................................... 14,711,335
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 19,586,530
-------------
-------------
</TABLE>
See Notes to Financial Statements
41
<PAGE>
PHOENIX-GOODWIN STRATEGIC ALLOCATION SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
------------- -----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 4,875,195 $ 8,822,688
Net realized gain (loss).................................. 23,413,242 19,330,598
Net change in unrealized appreciation (depreciation)...... (8,701,907) 57,110,856
------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 19,586,530 85,264,142
------------- -----------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (4,201,563) (8,371,532)
Net realized gains........................................ (4,550,416) (31,140,159)
------------- -----------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (8,751,979) (39,511,691)
------------- -----------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (1,699,050 and 3,651,580
shares, respectively)................................... 26,888,490 52,916,356
Net asset value of shares issued from reinvestment of
distributions(552,311 and 2,607,238 shares,
respectively)........................................... 8,751,979 39,511,691
Cost of shares repurchased (2,869,738 and 5,904,172
shares, respectively)................................... (45,497,259) (86,285,937)
------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (9,856,790) 6,142,110
------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 977,761 51,894,561
NET ASSETS
Beginning of period....................................... 480,896,677 429,002,116
------------- -----------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $1,160,673 AND $487,041,
RESPECTIVELY)........................................... $481,874,438 $480,896,677
------------- -----------------
------------- -----------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED DECEMBER 31,
(UNAUDITED) 1998 1997 1996 1995 1994
----------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................... $ 15.65 $ 14.12 $ 13.65 $ 13.63 $ 12.68 $ 13.71
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)..... 0.16 0.29 0.32 0.32 0.45 0.36(1)(3)
Net realized and unrealized gain
(loss)......................... 0.48 2.57 2.46 0.91 1.84 (0.56)
----------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS................... 0.64 2.86 2.78 1.23 2.29 (0.20)
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income......................... (0.14) (0.28) (0.33) (0.31) (0.45) (0.37)
Dividends from net realized
gains.......................... (0.15) (1.05) (1.98) (0.90) (0.89) (0.46)
----------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS............ (0.29) (1.33) (2.31) (1.21) (1.34) (0.83)
----------- --------- --------- --------- --------- ---------
CHANGE IN NET ASSET VALUE.......... 0.35 1.53 0.47 0.02 0.95 (1.03)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD..... $ 16.00 $ 15.65 $ 14.12 $ 13.65 $ 13.63 $ 12.68
----------- --------- --------- --------- --------- ---------
----------- --------- --------- --------- --------- ---------
Total return....................... 4.16%(5) 20.79% 20.73% 9.05% 18.22% (1.45)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)...................... $481,874 $480,897 $429,002 $374,244 $353,838 $289,083
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses............... 0.70%(4) 0.68% 0.71% 0.70% 0.67%(2) 0.74%
Net investment income............ 2.05%(4) 1.97% 2.09% 2.26% 3.28% 2.71%
Portfolio turnover rate............ 51%(5) 139% 368% 287% 170% 220%
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of $0.001
per share.
(2) The ratio of operating expenses to average net assets excludes the effect of
expense offsets for custodian fees; if expense offsets were included, the
ratio would not significantly differ.
(3) Computed using average shares outstanding.
(4) Annualized.
(5) Not annualized.
See Notes to Financial Statements
42
<PAGE>
PHOENIX-GOODWIN STRATEGIC THEME SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C> <C>
COMMON STOCKS--87.7%
ALUMINUM--3.5%
Alcoa, Inc................................................................. 67,450 $ 4,173,469
-----------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.5%
Chancellor Media Corp. (b)................................................. 32,500 1,791,562
-----------
CHEMICALS--3.3%
Dow Chemical Co. (The)..................................................... 31,000 3,933,125
-----------
COMMUNICATIONS EQUIPMENT--14.2%
EchoStar Communications Corp. (b).......................................... 15,200 2,332,250
General Motors Corp. Class H (b)........................................... 31,000 1,743,750
Lucent Technologies, Inc................................................... 35,000 2,360,312
Motorola, Inc.............................................................. 50,000 4,737,500
QUALCOMM, Inc. (b)......................................................... 38,250 5,488,875
-----------
16,662,687
-----------
COMPUTERS (HARDWARE)--6.6%
International Business Machines Corp....................................... 37,600 4,859,800
Sun Microsystems, Inc. (b)................................................. 43,000 2,961,625
-----------
7,821,425
-----------
COMPUTERS (NETWORKING)--3.3%
Cisco Systems, Inc. (b).................................................... 59,800 3,857,100
-----------
COMPUTERS (SOFTWARE & SERVICES)--4.0%
Microsoft Corp. (b)........................................................ 52,400 4,725,825
-----------
ELECTRICAL EQUIPMENT--2.1%
General Electric Co........................................................ 22,300 2,519,900
-----------
ELECTRONICS (SEMICONDUCTORS)--4.7%
Texas Instruments, Inc..................................................... 38,120 5,527,400
-----------
EQUIPMENT (SEMICONDUCTOR)--2.1%
Novellus Systems, Inc. (b)................................................. 17,700 1,208,025
Teradyne, Inc. (b)......................................................... 18,100 1,298,675
-----------
2,506,700
-----------
FINANCIAL (DIVERSIFIED)--4.1%
Citigroup, Inc............................................................. 44,700 2,123,250
Morgan Stanley Dean Witter & Co............................................ 26,100 2,675,250
-----------
4,798,500
-----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--3.1%
VISX, Inc. (b)............................................................. 45,500 3,603,031
-----------
MANUFACTURING (DIVERSIFIED)--4.0%
Tyco International Ltd..................................................... 50,000 4,737,500
-----------
NATURAL GAS--1.3%
Williams Companies, Inc. (The)............................................. 35,000 1,489,688
-----------
OIL & GAS (DRILLING & EQUIPMENT)--5.9%
Baker Hughes, Inc.......................................................... 75,000 2,512,500
Halliburton Co............................................................. 96,700 4,375,675
-----------
6,888,175
-----------
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C> <C>
OIL (INTERNATIONAL INTEGRATED)--1.9%
Texaco, Inc................................................................ 35,000 $ 2,187,500
-----------
PAPER & FOREST PRODUCTS--6.1%
Georgia-Pacific Group...................................................... 87,000 4,121,625
Weyerhaeuser Co............................................................ 45,000 3,093,750
-----------
7,215,375
-----------
RETAIL (COMPUTERS & ELECTRONICS)--9.5%
Best Buy Co., Inc. (b)..................................................... 69,830 4,713,525
Circuit City Stores-Circuit City Group..................................... 40,000 3,720,000
Tandy Corp................................................................. 55,000 2,688,125
-----------
11,121,650
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--6.5%
MCI WorldCom, Inc. (b)..................................................... 50,300 4,338,376
Qwest Communications International, Inc. (b)............................... 100,000 3,306,250
-----------
7,644,626
-----------
TOTAL COMMON STOCKS
(Identified cost $89,432,498)....................................................... 103,205,237
-----------
FOREIGN COMMON STOCKS--3.9%
COMMUNICATIONS EQUIPMENT--2.6%
Nokia Oyj Sponsored ADR Class A (Finland).................................. 34,000 3,113,125
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--1.3%
Vodafone AirTouch PLC Sponsored ADR (United Kingdom).......................
7,700 1,516,900
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $3,472,020)........................................................ 4,630,025
-----------
TOTAL LONG-TERM INVESTMENTS--91.6%
(Identified cost $92,904,518)....................................................... 107,835,262
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
----------- -----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--9.6%
COMMERCIAL PAPER--9.6%
Koch Industries, Inc. 5.80%, 7/1/99............. A-1+ $ 3,790 3,790,000
Lexington Parker Capital Co. LLC 5.50%,
7/1/99........................................ A-1 3,205 3,205,000
SBC Communications, Inc. 5.30%, 7/7/99.......... A-1+ 1,800 1,798,410
Greenwich Funding Corp. 4.92%, 7/8/99........... A-1+ 1,175 1,173,876
Kimberly-Clark Corp. 5.02%, 7/12/99............. A-1+ 1,360 1,357,914
------------
11,325,200
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $11,325,200).............................................. 11,325,200
------------
TOTAL INVESTMENTS--101.2%
(Identified cost $104,229,718)............................................. 119,160,463(a)
Cash and receivables, less liabilities--(1.2%)............................. (1,434,234)
------------
NET ASSETS--100.0%........................................................... $117,726,229
------------
------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $16,743,984 and gross
depreciation of $1,814,096 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purpose was
$104,230,575.
(b) Non-income producing.
See Notes to Financial Statements
43
<PAGE>
PHOENIX-GOODWIN STRATEGIC THEME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$104,229,718)............................................. $ 119,160,463
Cash........................................................ 137,890
Receivables
Fund shares sold.......................................... 271,731
Interest and dividends.................................... 42,946
Prepaid expenses............................................ 1,469
-------------
Total assets............................................ 119,614,499
-------------
LIABILITIES
Payables
Investment securities purchased........................... 1,772,191
Fund shares repurchased................................... 25,505
Investment advisory fee................................... 54,756
Financial agent fee....................................... 10,432
Trustees' fee............................................. 7,369
Accrued expenses............................................ 18,017
-------------
Total liabilities....................................... 1,888,270
-------------
NET ASSETS.................................................. $ 117,726,229
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 87,442,011
Undistributed net investment loss......................... (81,696)
Accumulated net realized gain............................. 15,435,169
Net unrealized appreciation............................... 14,930,745
-------------
NET ASSETS.................................................. $ 117,726,229
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 6,713,336
-------------
-------------
Net asset value and offering price per share................ $ 17.54
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 181,806
Dividends................................................. 197,746
-------------
Total investment income................................. 379,552
-------------
EXPENSES
Investment advisory fee................................... 361,594
Financial agent fee....................................... 45,838
Printing.................................................. 17,289
Professional.............................................. 14,220
Custodian................................................. 9,982
Trustees.................................................. 9,917
Miscellaneous............................................. 2,408
-------------
Total expenses.......................................... 461,248
-------------
NET INVESTMENT LOSS......................................... (81,696)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 15,659,669
Net change in unrealized appreciation (depreciation) on
investments............................................. (125,361)
-------------
NET GAIN ON INVESTMENTS..................................... 15,534,308
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 15,452,612
-------------
-------------
</TABLE>
See Notes to Financial Statements
44
<PAGE>
PHOENIX-GOODWIN STRATEGIC THEME SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ (81,696) $ (5,345)
Net realized gain (loss).................................. 15,659,669 10,385,680
Net change in unrealized appreciation (depreciation)...... (125,361) 12,160,802
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 15,452,612 22,541,137
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... -- --
Net realized gains........................................ (4,592,789) (4,406,657)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (4,592,789) (4,406,657)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (2,635,557 and 1,899,576
shares, respectively)................................... 45,417,914 24,310,681
Net asset value of shares issued from reinvestment of
distributions (265,423 and 289,988 shares,
respectively)........................................... 4,592,789 4,406,657
Cost of shares repurchased (1,064,178 and 1,521,202
shares, respectively)................................... (18,242,013) (19,373,613)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 31,768,690 9,343,725
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 42,628,513 27,478,205
NET ASSETS
Beginning of period....................................... 75,097,716 47,619,511
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($81,696) AND $0, RESPECTIVELY)........ $ 117,726,229 $ 75,097,716
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
FROM
SIX MONTHS INCEPTION
ENDED YEAR ENDED DECEMBER 31, 1/29/96
6/30/99 ----------------------- TO
(UNAUDITED) 1998 1997 12/31/96
----------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 15.40 $ 11.32 $ 10.98 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)............... (0.01) 0.01 0.05(3) 0.04(3)
Net realized and unrealized gain (loss).... 2.87 5.03 1.82 0.99
----------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS......... 2.86 5.04 1.87 1.03
----------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income....... -- (0.01) (0.05) (0.04)
Dividends from net realized gains.......... (0.72) (0.95) (1.16) --
In excess of net realized gains............ -- -- (0.31) --
Tax return of capital...................... -- -- (0.01) (0.01)
----------- --------- --------- ---------
TOTAL DISTRIBUTIONS...................... (0.72) (0.96) (1.53) (0.05)
----------- --------- --------- ---------
CHANGE IN NET ASSET VALUE.................... 2.14 4.08 0.34 0.98
----------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD............... $ 17.54 $ 15.40 $ 11.32 $ 10.98
----------- --------- --------- ---------
----------- --------- --------- ---------
Total return................................. 18.58%(2) 44.69% 17.16% 10.33%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)........ $117,726 $75,098 $47,620 $25,972
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses......................... 0.96%(1) 0.99% 1.00% 1.00%(1)
Net investment income...................... (0.17)%(1) (0.01)% 0.42% 0.64%(1)
Portfolio turnover rate...................... 109%(2) 364% 642% 391%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) Includes reimbursement of operating expenses by investment adviser of $0.02
and $0.02 per share, respectively.
See Notes to Financial Statements
45
<PAGE>
PHOENIX-HOLLISTER VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ---------
<S> <C> <C> <C>
COMMON STOCKS--82.0%
AEROSPACE/DEFENSE--1.4%
Goodrich (B.F.) Co. (The).................................................. 3,000 $ 127,500
---------
AIRLINES--0.7%
US Airways Group, Inc. (b)................................................. 1,500 65,344
---------
AUTO PARTS & EQUIPMENT--0.6%
Delphi Automotive Systems Corp............................................. 3,000 55,687
---------
BANKS (MAJOR REGIONAL)--2.3%
Bank One Corp.............................................................. 3,600 214,425
---------
BANKS (MONEY CENTER)--7.4%
Bank of America Corp....................................................... 4,000 293,250
Chase Manhattan Corp. (The)................................................ 3,600 311,850
Morgan (J.P.) & Co., Inc................................................... 600 84,300
---------
689,400
---------
BEVERAGES (ALCOHOLIC)--1.5%
Anheuser-Busch Companies, Inc.............................................. 2,000 141,875
---------
BIOTECHNOLOGY--0.9%
Cell Genesys, Inc. (b)..................................................... 18,000 81,000
---------
CHEMICALS--1.6%
Praxair, Inc............................................................... 3,000 146,812
---------
CHEMICALS (DIVERSIFIED)--1.7%
Monsanto Co................................................................ 4,000 157,750
---------
COMMUNICATIONS EQUIPMENT--3.5%
C-Cube Microsystems, Inc. (b).............................................. 2,000 63,375
Ciena Corp. (b)............................................................ 7,000 211,312
Terayon Communication Systems, Inc. (b).................................... 1,000 55,875
---------
330,562
---------
COMPUTERS (HARDWARE)--1.5%
Compaq Computer Corp....................................................... 3,000 71,062
Data General Corp. (b)..................................................... 5,000 72,812
---------
143,874
---------
COMPUTERS (NETWORKING)--1.0%
3Com Corp. (b)............................................................. 3,500 93,406
---------
COMPUTERS (PERIPHERALS)--0.5%
Maxtor Corp. (b)........................................................... 9,000 45,281
---------
COMPUTERS (SOFTWARE & SERVICES)--2.6%
At Home Corp. Series A (b)................................................. 2,000 107,875
Autodesk, Inc.............................................................. 1,500 44,344
Aware, Inc. (b)............................................................ 2,000 92,250
---------
244,469
---------
ELECTRICAL EQUIPMENT--3.7%
Honeywell, Inc............................................................. 3,000 347,625
---------
ELECTRONICS (SEMICONDUCTORS)--1.1%
Dallas Semiconductor Corp.................................................. 2,000 101,000
---------
ENTERTAINMENT--2.7%
Royal Caribbean Cruises Ltd................................................ 3,300 144,375
Walt Disney Co. (The)...................................................... 3,500 107,844
---------
252,219
---------
FINANCIAL (DIVERSIFIED)--7.0%
Citigroup, Inc............................................................. 6,000 285,000
Fannie Mae................................................................. 1,350 92,306
SLM Holding Corp........................................................... 6,000 274,875
---------
652,181
---------
HEALTH CARE (DRUGS - MAJOR PHARMACEUTICALS)--0.8%
Lilly (Eli) & Co........................................................... 1,000 71,625
---------
<CAPTION>
SHARES VALUE
--------- ---------
<S> <C> <C> <C>
HEALTH CARE (GENERIC AND OTHER)--2.1%
Mylan Laboratories, Inc.................................................... 7,500 $ 198,750
---------
HEALTH CARE (HOSPITAL MANAGEMENT)--1.4%
Tenet Healthcare Corp. (b)................................................. 7,000 129,937
---------
HEALTH CARE (MANAGED CARE)--1.0%
Aetna, Inc................................................................. 1,000 89,438
---------
INSURANCE (MULTI-LINE)--6.0%
American International Group, Inc.......................................... 2,500 292,656
CIGNA Corp................................................................. 1,800 160,200
Hartford Financial Services Group, Inc. (The).............................. 1,800 104,963
---------
557,819
---------
INSURANCE (PROPERTY-CASUALTY)--1.5%
Chubb Corp. (The).......................................................... 2,000 139,000
---------
INVESTMENT BANKING/BROKERAGE--0.9%
Merrill Lynch & Co., Inc................................................... 1,000 79,938
---------
LEISURE TIME (PRODUCTS)--1.4%
Mattel, Inc................................................................ 5,000 132,188
---------
MACHINERY (DIVERSIFIED)--1.6%
Caterpillar, Inc........................................................... 2,500 150,000
---------
MANUFACTURING (DIVERSIFIED)--5.3%
Corning, Inc............................................................... 3,000 210,375
Eaton Corp................................................................. 1,800 165,600
Illinios Tool Works, Inc................................................... 1,400 114,800
---------
490,775
---------
MANUFACTURING (SPECIALIZED)--1.8%
Diebold, Inc............................................................... 6,000 172,500
---------
OFFICE EQUIPMENT & SUPPLIES--1.2%
Pitney Bowes, Inc.......................................................... 1,800 115,650
---------
PHOTOGRAPHY/IMAGING--1.2%
Eastman Kodak Co........................................................... 1,700 115,175
---------
RAILROADS--1.2%
Union Pacific Corp......................................................... 2,000 116,625
---------
REITS--1.0%
LaSalle Hotel Properties................................................... 6,000 91,875
---------
RESTAURANTS--0.9%
McDonald's Corp............................................................ 2,000 82,625
---------
RETAIL (HOME SHOPPING)--0.7%
Black Box Corp. (b)........................................................ 1,300 65,163
---------
RETAIL (SPECIALTY)--1.1%
Claire's Stores, Inc....................................................... 4,000 102,500
---------
RETAIL (SPECIALTY-APPAREL)--1.2%
Talbots, Inc. (The)........................................................ 3,000 114,375
---------
SAVINGS & LOAN COMPANIES--0.6%
Washington Mutual, Inc..................................................... 1,600 56,600
---------
SERVICES (DATA PROCESSING)--1.0%
First Data Corp............................................................ 2,000 97,875
---------
TELECOMMUNICATIONS (LONG DISTANCE)--3.4%
AT&T Corp.................................................................. 4,200 234,413
MCI WorldCom, Inc. (b)..................................................... 1,000 86,250
---------
320,663
---------
TELEPHONE--1.8%
BellSouth Corp............................................................. 1,900 89,063
GTE Corp................................................................... 1,000 75,750
---------
164,813
---------
</TABLE>
See Notes to Financial Statements
46
<PAGE>
PHOENIX-HOLLISTER VALUE EQUITY SERIES
<TABLE>
<CAPTION>
SHARES VALUE
--------- ---------
<S> <C> <C> <C>
WASTE MANAGEMENT--1.2%
Waste Management, Inc...................................................... 2,000 $ 107,500
---------
TOTAL COMMON STOCKS
(Identified cost $7,205,262).......................................................... 7,653,819
---------
FOREIGN COMMON STOCKS--8.5%
AUTOMOBILES--0.5%
DaimlerChrysler AG (Germany)............................................... 499 44,349
---------
COMMUNICATIONS EQUIPMENT--5.8%
Alcatel SA ADR (France).................................................... 5,000 141,875
Newbridge Networks Corp. (Canada) (b)...................................... 7,000 201,250
Telefonaktiebolaget LM Ericsson Sponsored ADR (Sweden).....................
6,000 197,625
---------
540,750
---------
COMPUTERS (SOFTWARE & SERVICES)--1.1%
SAP AG Sponsored ADR (Germany) (b)......................................... 3,000 103,875
---------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.7%
Telesp Celular Participacoes SA ADR (Brazil)............................... 2,400 64,200
---------
TELEPHONE--0.4%
Embratel Participacoes SA ADR (Brazil)..................................... 3,000 41,625
---------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $740,679)............................................................ 794,799
---------
UNIT INVESTMENT TRUSTS--6.4%
Diamonds Trust Series I.................................................... 3,000 328,125
S&P 500 Depository Receipts................................................ 2,000 273,906
---------
602,031
---------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $534,834)............................................................ 602,031
---------
TOTAL LONG-TERM INVESTMENTS--96.9%
(Identified cost $8,480,775).......................................................... 9,050,649
---------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
----------- --------- ----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--3.4%
COMMERCIAL PAPER--3.4%
Corporate Asset Funding Co., Inc.
5.55%, 7/1/99....................... A-1+ $ 315 $ 315,000
----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $315,000)............................................................ 315,000
----------
TOTAL INVESTMENTS--100.3%
(Identified cost $8,795,775).......................................................... 9,365,649(a)
Cash and receivables, less liabilities--(0.3%)........................................ (26,034)
----------
NET ASSETS--100.0%...................................................................... $9,339,615
----------
----------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $949,075 and gross
depreciation of $399,601 for federal income tax purposes. At June 30, 1999,
the aggregate cost of securities for federal income tax purposes was
$8,816,175.
(b) Non-income producing.
See Notes to Financial Statements
47
<PAGE>
PHOENIX-HOLLISTER VALUE EQUITY SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$8,795,775)............................................... $ 9,365,649
Cash........................................................ 3,670
Receivables
Dividends and interest.................................... 13,021
Funds shares sold......................................... 227
Prepaid expenses............................................ 181
-------------
Total assets............................................ 9,382,748
-------------
LIABILITIES
Payables
Fund shares repurchased................................... 373
Investment advisory fee................................... 16,414
Trustees' fee............................................. 7,309
Financial agent fee....................................... 1,808
Accrued expenses............................................ 17,229
-------------
Total liabilities....................................... 43,133
-------------
NET ASSETS.................................................. $ 9,339,615
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 7,932,417
Undistributed net investment income....................... 15,321
Accumulated net realized gain............................. 822,003
Net unrealized appreciation............................... 569,874
-------------
NET ASSETS.................................................. $ 9,339,615
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 802,104
-------------
-------------
Net asset value and offering price per share................ $ 11.64
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 57,177
Interest.................................................. 3,314
Foreign taxes withheld.................................... (420)
---------
Total investment income................................. 60,071
---------
EXPENSES
Investment advisory fee................................... 29,952
Financial agent fee....................................... 21,312
Professional.............................................. 13,836
Trustees.................................................. 9,917
Custodian................................................. 7,359
Printing.................................................. 6,015
Miscellaneous............................................. 2,500
---------
Total expenses.......................................... 90,891
Less expense borne by investment adviser................ (54,518)
---------
Net expenses............................................ 36,373
---------
NET INVESTMENT INCOME....................................... 23,698
---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 932,641
Net change in unrealized appreciation (depreciation) on
investments............................................. (426,715)
---------
NET GAIN ON INVESTMENTS..................................... 505,926
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 529,624
---------
---------
</TABLE>
See Notes to Financial Statements
48
<PAGE>
PHOENIX-HOLLISTER VALUE EQUITY SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 23,698 $ 37,497
Net realized gain (loss).................................. 932,641 (110,638)
Net change in unrealized appreciation (depreciation)...... (426,715) 996,589
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 529,624 923,448
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (7,989) (37,497)
In excess of net investment income........................ -- (388)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (7,989) (37,885)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (343,460 and 990,498 shares,
respectively)........................................... 3,905,237 9,960,882
Net asset value of shares issued from reinvestment of
distributions (692 and 3,586 shares, respectively)...... 7,989 37,885
Cost of shares repurchased (406,270 and 129,862 shares,
respectively)........................................... (4,628,233) (1,351,343)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (715,007) 8,647,424
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (193,372) 9,532,987
NET ASSETS
Beginning of period....................................... 9,532,987 --
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $15,321 AND DISTRIBUTIONS IN EXCESS OF
NET INVESTMENT INCOME OF ($388), RESPECTIVELY).......... $ 9,339,615 $ 9,532,987
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
Net asset value, beginning of period........................ $ 11.03 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. 0.03(3) 0.05(3)
Net realized and unrealized gain (loss)................... 0.59 1.03
------- -------
TOTAL FROM INVESTMENT OPERATIONS........................ 0.62 1.08
------- -------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.01) (0.05)
------- -------
TOTAL DISTRIBUTIONS..................................... (0.01) (0.05)
------- -------
CHANGE IN NET ASSET VALUE................................... 0.61 1.03
------- -------
NET ASSET VALUE, END OF PERIOD.............................. $ 11.64 $ 11.03
------- -------
------- -------
Total return................................................ 5.65%(2) 10.79%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $9,340 $9,533
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses........................................ 0.85%(1) 0.85%(1)
Net investment income..................................... 0.55%(1) 0.85%(1)
Portfolio turnover rate..................................... 81%(2) 77%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) Includes reimbursement of operating expenses by investment adviser of $0.07
and $0.13 per share, respectively.
See Notes to Financial Statements
49
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
COMMON STOCKS--93.4%
AEROSPACE/DEFENSE--1.2%
Boeing Co. (The).................................................... 4,900 $ 216,519
Cordant Technologies, Inc........................................... 2,200 99,412
General Dynamics Corp............................................... 5,000 342,500
Goodrich (B.F.) Co. (The)........................................... 5,200 221,000
Northrop Grumman Corp............................................... 400 26,525
------------
905,956
------------
AIRLINES--0.2%
Alaska Air Group, Inc. (b).......................................... 400 16,700
COMAIR Holdings, Inc................................................ 3,000 62,437
Delta Air Lines, Inc................................................ 1,000 57,625
SkyWest, Inc........................................................ 1,400 34,912
------------
171,674
------------
ALUMINUM--0.2%
Alcoa, Inc.......................................................... 2,700 167,062
------------
AUTO PARTS & EQUIPMENT--0.2%
Arvin Industries, Inc............................................... 1,700 64,387
ITT Industries, Inc................................................. 800 30,500
Meritor Automotive, Inc............................................. 2,000 51,000
------------
145,887
------------
AUTOMOBILES--3.2%
Ford Motor Co....................................................... 25,600 1,444,800
General Motors Corp................................................. 14,900 983,400
------------
2,428,200
------------
BANKS (MAJOR REGIONAL)--3.1%
Bank of New York Co., Inc. (The).................................... 3,300 121,069
Bank One Corp....................................................... 19,200 1,143,600
First Union Corp.................................................... 12,300 578,100
Fleet Financial Group, Inc.......................................... 9,300 412,687
Mellon Bank Corp.................................................... 2,800 101,850
------------
2,357,306
------------
BANKS (MONEY CENTER)--4.1%
Bank of America Corp................................................ 10,800 791,775
Chase Manhattan Corp. (The)......................................... 20,100 1,741,162
Morgan (J.P.) & Co., Inc............................................ 4,300 604,150
------------
3,137,087
------------
BANKS (REGIONAL)--1.1%
City National Corp.................................................. 5,300 198,419
Cullen/Frost Bankers, Inc........................................... 5,200 143,325
UnionBanCal Corp.................................................... 14,400 520,200
------------
861,944
------------
BEVERAGES (ALCOHOLIC)--0.7%
Anheuser-Busch Companies, Inc....................................... 6,000 425,625
Coors (Adolph) Co. Class B.......................................... 2,000 99,000
------------
524,625
------------
BIOTECHNOLOGY--0.7%
Amgen, Inc. (b)..................................................... 6,600 401,775
Biogen, Inc. (b).................................................... 400 25,725
Chiron Corp. (b).................................................... 2,900 60,175
Genzyme Corp. (b)................................................... 300 14,550
Genzyme Surgical Products (b)....................................... 54 237
IDEXX Laboratories, Inc. (b)........................................ 2,200 51,287
------------
553,749
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--0.6%
CBS Corp. (b)....................................................... 8,800 382,250
Chris-Craft Industries, Inc. (b).................................... 1,545 $ 72,808
------------
455,058
------------
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
BUILDING MATERIALS--0.4%
Masco Corp.......................................................... 6,100 176,137
Owens Corning....................................................... 3,700 127,187
------------
303,324
------------
CHEMICALS--0.2%
Solutia, Inc........................................................ 8,500 181,156
------------
CHEMICALS (SPECIALTY)--0.4%
Crompton & Knowles Corp............................................. 5,100 99,769
Geon Co............................................................. 2,200 70,950
W.R. Grace & Co. (b)................................................ 7,200 132,300
------------
303,019
------------
COMMUNICATIONS EQUIPMENT--2.7%
Comverse Technology, Inc. (b)....................................... 3,000 226,500
General Instrument Corp. (b)........................................ 5,300 225,250
Lucent Technologies, Inc............................................ 16,400 1,105,975
Motorola, Inc....................................................... 3,900 369,525
Tellabs, Inc. (b)................................................... 1,200 81,075
------------
2,008,325
------------
COMPUTERS (HARDWARE)--5.4%
Adaptec, Inc. (b)................................................... 2,600 91,812
Apple Computer, Inc. (b)............................................ 9,100 421,444
Compaq Computer Corp................................................ 7,200 170,550
Dell Computer Corp. (b)............................................. 11,400 421,800
Electronics for Imaging, Inc. (b)................................... 1,000 51,375
Gateway, Inc. (b)................................................... 1,800 106,200
Hewlett-Packard Co.................................................. 10,400 1,045,200
International Business Machines Corp................................ 11,700 1,512,225
NCR Corp. (b)....................................................... 3,100 151,319
Sun Microsystems, Inc. (b).......................................... 1,800 123,975
------------
4,095,900
------------
COMPUTERS (NETWORKING)--1.3%
3Com Corp. (b)...................................................... 1,000 26,687
Cisco Systems, Inc. (b)............................................. 14,800 954,600
------------
981,287
------------
COMPUTERS (PERIPHERALS)--0.4%
EMC Corp. (b)....................................................... 3,600 198,000
Seagate Technology, Inc. (b)........................................ 3,900 99,937
Xircom, Inc. (b).................................................... 100 3,006
------------
300,943
------------
COMPUTERS (SOFTWARE & SERVICES)--6.3%
Adobe Systems, Inc.................................................. 100 8,216
America Online, Inc. (b)............................................ 4,900 541,450
BMC Software, Inc. (b).............................................. 3,000 162,000
Citrix Systems, Inc. (b)............................................ 400 22,600
Computer Associates International, Inc.............................. 1,600 88,000
Computer Sciences Corp. (b)......................................... 200 13,837
Compuware Corp. (b)................................................. 4,900 155,881
Legato Systems, Inc. (b)............................................ 1,600 92,400
Microsoft Corp. (b)................................................. 32,600 2,940,112
New Era of Networks, Inc. (b)....................................... 700 30,756
Novell, Inc. (b).................................................... 2,500 66,250
Oracle Corp. (b).................................................... 5,900 219,037
Rational Software Corp. (b)......................................... 100 3,294
Siebel Systems, Inc. (b)............................................ 1,100 73,012
Sterling Software, Inc. (b)......................................... 1,500 40,031
Synopsys, Inc. (b).................................................. 800 44,150
</TABLE>
See Notes to Financial Statements
50
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)--CONTINUED
Unisys Corp. (b).................................................... 7,100 $ 276,456
------------
4,777,482
------------
CONSTRUCTION (CEMENT & AGGREGATES)--0.5%
Centex Construction Products, Inc................................... 1,400 47,775
Lafarge Corp........................................................ 4,900 173,644
Southdown, Inc...................................................... 2,000 128,500
------------
349,919
------------
CONSUMER FINANCE--0.3%
Countrywide Credit Industries, Inc.................................. 4,800 205,200
------------
DISTRIBUTORS (FOOD & HEALTH)--0.6%
AmeriSource Health Corp. Class A (b)................................ 6,200 158,100
Andrx Corp. (b)..................................................... 1,400 107,975
Bindley Western Industries, Inc..................................... 4,133 95,325
Cardinal Health, Inc................................................ 500 32,062
SUPERVALU, Inc...................................................... 3,500 89,906
------------
483,368
------------
ELECTRIC COMPANIES--4.4%
Central & South West Corp........................................... 5,400 126,225
Conectivity Technologies, Inc....................................... 300 7,331
DTE Energy Co....................................................... 3,100 124,000
Dominion Resources, Inc............................................. 2,100 90,956
Duke Energy Corp.................................................... 1,500 81,562
Edison International................................................ 500 13,375
Energy East Corp.................................................... 16,200 421,200
GPU, Inc............................................................ 4,800 202,500
Minnesota Power, Inc................................................ 7,200 143,100
Northern States Power Co............................................ 9,400 227,362
PG&E Corp........................................................... 6,800 221,000
Puget Sound Energy, Inc............................................. 6,200 148,800
Texas Utilities Co.................................................. 24,300 1,002,375
Unicom Corp......................................................... 3,400 131,112
UtiliCorp United, Inc............................................... 17,200 418,175
------------
3,359,073
------------
ELECTRICAL EQUIPMENT--2.6%
General Electric Co................................................. 16,400 1,853,200
Rockwell International Corp......................................... 2,100 127,575
------------
1,980,775
------------
ELECTRONICS (SEMICONDUCTORS)--2.8%
Intel Corp.......................................................... 26,800 1,594,600
Micron Technology, Inc. (b)......................................... 500 20,156
Texas Instruments, Inc.............................................. 3,100 449,500
Vitesse Semiconductor Corp. (b)..................................... 300 20,231
------------
2,084,487
------------
ENGINEERING & CONSTRUCTION--0.0%
McDermott International, Inc........................................ 300 8,475
------------
ENTERTAINMENT--0.9%
Time Warner, Inc.................................................... 3,000 220,500
Viacom, Inc. Class B (b)............................................ 10,600 466,400
------------
686,900
------------
EQUIPMENT (SEMICONDUCTOR)--0.4%
Applied Materials, Inc. (b)......................................... 3,000 221,625
Teradyne, Inc. (b).................................................. 900 64,575
------------
286,200
------------
FINANCIAL (DIVERSIFIED)--5.7%
Ambac Financial Group, Inc.......................................... 4,000 228,500
American Express Co................................................. 1,000 130,125
Citigroup, Inc...................................................... 36,300 1,724,250
Fannie Mae.......................................................... 11,600 793,150
Freddie Mac......................................................... 11,400 661,200
Morgan Stanley Dean Witter & Co..................................... 7,800 799,500
------------
4,336,725
------------
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
FOODS--1.2%
Earthgrains Co. (The)............................................... 6,700 $ 172,944
General Mills, Inc.................................................. 500 40,187
Hormel Foods Corp................................................... 6,300 253,575
Keebler Foods Co. (b)............................................... 400 12,150
Quaker Oats Co. (The)............................................... 5,800 384,975
Tyson Foods, Inc. Class A........................................... 1,800 40,500
------------
904,331
------------
GOLD & PRECIOUS METALS MINING--0.1%
Placer Dome, Inc.................................................... 3,100 36,619
------------
HARDWARE & TOOLS--0.2%
Black & Decker Corp. (The).......................................... 2,200 138,875
------------
HEALTH CARE (DIVERSIFIED)--4.0%
Abbott Laboratories................................................. 3,200 145,600
Allergan, Inc....................................................... 1,700 188,700
American Home Products Corp......................................... 2,500 143,750
Bristol-Myers Squibb Co............................................. 16,500 1,162,219
Johnson & Johnson................................................... 6,400 627,200
Mallinckrodt, Inc................................................... 3,100 112,762
Warner-Lambert Co................................................... 8,800 610,500
------------
2,990,731
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--3.3%
Lilly (Eli) & Co.................................................... 5,400 386,775
Medicis Pharmaceutical Corp. Class A (b)............................ 2,900 73,587
Merck & Co., Inc.................................................... 6,900 510,600
Pfizer, Inc......................................................... 3,900 428,025
Pharmacia & Upjohn, Inc............................................. 9,600 545,400
Schering-Plough Corp................................................ 10,000 530,000
------------
2,474,387
------------
HEALTH CARE (GENERIC AND OTHER)--0.2%
MedImmune, Inc. (b)................................................. 1,300 88,075
Mylan Laboratories, Inc............................................. 1,500 39,750
------------
127,825
------------
HEALTH CARE (MANAGED CARE)--0.8%
Aetna, Inc.......................................................... 700 62,606
Oxford Health Plans, Inc. (b)....................................... 5,200 80,925
PacifiCare Health Systems, Inc. (b)................................. 3,100 223,006
Trigon Healthcare, Inc. (b)......................................... 3,800 138,225
Wellpoint Health Networks, Inc. (b)................................. 1,600 135,800
------------
640,562
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.2%
Baxter International, Inc........................................... 1,600 97,000
Ocular Sciences, Inc. (b)........................................... 400 6,950
Patterson Dental Co. (b)............................................ 2,300 79,925
------------
183,875
------------
HOMEBUILDING--0.3%
Centex Corp......................................................... 3,300 123,956
Horton (D.R.), Inc.................................................. 600 9,975
Kaufman and Broad Home Corp......................................... 400 9,950
Lennar Corp......................................................... 1,400 33,600
Pulte Corp.......................................................... 2,600 59,963
------------
237,444
------------
HOUSEHOLD FURNISHINGS & APPLIANCES--0.2%
Maytag Corp......................................................... 1,400 97,563
Whirlpool Corp...................................................... 1,100 81,400
------------
178,963
------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--1.4%
Church & Dwight Co., Inc............................................ 5,200 226,200
Kimberly-Clark Corp................................................. 9,500 541,500
Procter & Gamble Co. (The).......................................... 3,300 294,525
------------
1,062,225
------------
</TABLE>
See Notes to Financial Statements
51
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
HOUSEWARES--0.3%
Tupperware Corp..................................................... 10,200 $ 260,100
------------
INSURANCE (LIFE/HEALTH)--1.0%
Lincoln National Corp............................................... 14,200 742,838
------------
INSURANCE (MULTI-LINE)--0.3%
Hartford Financial Services Group, Inc. (The)....................... 2,600 151,613
Loews Corp.......................................................... 1,100 87,038
------------
238,651
------------
INSURANCE (PROPERTY-CASUALTY)--0.5%
Allstate Corp. (The)................................................ 9,700 347,988
------------
INSURANCE BROKERS--1.3%
Gallagher (Arthur J.) & Co.......................................... 5,400 267,300
Marsh & McLennan Companies, Inc..................................... 9,700 732,350
------------
999,650
------------
INVESTMENT BANKING/BROKERAGE--1.1%
Bear Stearns Companies, Inc. (The).................................. 900 42,075
Edwards (A.G.), Inc................................................. 800 25,800
Lehman Brothers Holdings, Inc....................................... 1,400 87,150
Merrill Lynch & Co., Inc............................................ 5,600 447,650
Schwab (Charles) Corp............................................... 2,100 230,738
------------
833,413
------------
INVESTMENT MANAGEMENT--0.2%
Equitable Companies, Inc. (The)..................................... 2,400 160,800
------------
LEISURE TIME (PRODUCTS)--0.1%
Hasbro, Inc......................................................... 2,400 67,050
------------
MACHINERY (DIVERSIFIED)--1.0%
Ingersoll-Rand Co................................................... 3,800 245,575
Manitowoc Co., Inc. (The)........................................... 1,500 62,438
Mettler-Toledo International, Inc. (b).............................. 5,700 141,431
Tecumseh Products Co. Class A....................................... 3,700 224,081
Terex Corp. (b)..................................................... 2,800 85,225
------------
758,750
------------
MANUFACTURING (DIVERSIFIED)--2.2%
AlliedSignal, Inc................................................... 3,600 226,800
Crane Co............................................................ 2,800 88,025
National Service Industries, Inc.................................... 2,900 104,400
Pentair, Inc........................................................ 1,700 77,775
Premark International, Inc.......................................... 7,700 288,750
Tyco International Ltd.............................................. 5,800 549,550
United Technologies Corp............................................ 5,000 358,438
------------
1,693,738
------------
MANUFACTURING (SPECIALIZED)--0.2%
Briggs & Stratton Corp.............................................. 1,400 80,850
York International Corp............................................. 2,400 102,750
------------
183,600
------------
NATURAL GAS--1.1%
MDU Resources Group, Inc............................................ 3,800 86,688
Sempra Energy....................................................... 18,100 409,513
Southwest Gas Corp.................................................. 10,900 312,013
------------
808,214
------------
OIL & GAS (EXPLORATION & PRODUCTION)--0.4%
Apache Corp......................................................... 7,600 296,400
------------
OIL (DOMESTIC INTEGRATED)--0.9%
Atlantic Richfield Co............................................... 5,100 426,169
Unocal Corp......................................................... 6,800 269,450
------------
695,619
------------
OIL (INTERNATIONAL INTEGRATED)--1.6%
Chevron Corp........................................................ 4,000 380,750
Exxon Corp.......................................................... 7,900 609,288
Texaco, Inc......................................................... 3,000 187,500
------------
1,177,538
------------
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
PAPER & FOREST PRODUCTS--0.6%
Georgia-Pacific Group............................................... 3,400 $ 161,075
Louisiana-Pacific Corp.............................................. 11,600 275,500
------------
436,575
------------
PHOTOGRAPHY/IMAGING--0.4%
Eastman Kodak Co.................................................... 5,000 338,750
------------
PUBLISHING (NEWSPAPERS)--0.3%
Knight-Ridder, Inc.................................................. 2,900 159,319
Times Mirror Co. (The) Class A...................................... 1,300 77,025
------------
236,344
------------
RAILROADS--0.5%
Union Pacific Corp.................................................. 6,500 379,031
------------
RESTAURANTS--0.1%
Bob Evans Farms, Inc................................................ 3,400 67,575
------------
RETAIL (BUILDING SUPPLIES)--1.0%
Home Depot, Inc. (The).............................................. 9,400 605,713
Lowe's Companies, Inc............................................... 2,100 119,044
------------
724,757
------------
RETAIL (COMPUTERS & ELECTRONICS)--0.3%
Best Buy Co., Inc. (b).............................................. 2,800 189,000
------------
RETAIL (DISCOUNTERS)--0.1%
Family Dollar Stores, Inc........................................... 400 9,600
Ross Stores, Inc.................................................... 1,100 55,413
------------
65,013
------------
RETAIL (FOOD CHAINS)--0.1%
Safeway, Inc. (b)................................................... 1,000 49,500
------------
RETAIL (GENERAL MERCHANDISE)--2.6%
Kmart Corp. (b)..................................................... 3,800 62,463
Sears, Roebuck & Co................................................. 7,400 329,763
Wal-Mart Stores, Inc................................................ 31,900 1,539,175
------------
1,931,401
------------
RETAIL (SPECIALTY)--0.3%
Claire's Stores, Inc................................................ 2,900 74,313
Toys "R" Us, Inc. (b)............................................... 1,800 37,238
Zale Corp. (b)...................................................... 2,000 80,000
------------
191,551
------------
RETAIL (SPECIALTY-APPAREL)--0.7%
AnnTaylor Stores Corp. (b).......................................... 1,600 72,000
Gap, Inc. (The)..................................................... 4,200 211,575
TJX Companies, Inc. (The)........................................... 7,100 236,519
------------
520,094
------------
SAVINGS & LOAN COMPANIES--0.0%
GreenPoint Financial Corp........................................... 800 26,250
------------
SERVICES (ADVERTISING/MARKETING)--0.3%
ACNielsen Corp. (b)................................................. 600 18,150
Omnicom Group, Inc.................................................. 1,300 104,000
Snyder Communications, Inc. (b)..................................... 3,600 117,900
------------
240,050
------------
SERVICES (COMMERCIAL & CONSUMER)--1.1%
H&R Block, Inc...................................................... 5,400 270,000
Hertz Corp. (The) Class A........................................... 1,500 93,000
Metzler Group, Inc. (The) (b)....................................... 3,300 91,163
Ogden Corp.......................................................... 10,100 272,069
Viad Corp........................................................... 3,500 108,281
------------
834,513
------------
SERVICES (COMPUTER SYSTEMS)--0.1%
SunGard Data Systems, Inc. (b)...................................... 2,600 89,700
------------
SERVICES (DATA PROCESSING)--0.3%
Concord EFS, Inc. (b)............................................... 3,000 126,938
NOVA Corp. (b)...................................................... 1,700 42,500
</TABLE>
See Notes to Financial Statements
52
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
SERVICES (DATA PROCESSING)--CONTINUED
Paychex, Inc........................................................ 1,800 $ 57,375
------------
226,813
------------
SPECIALTY PRINTING--0.7%
Deluxe Corp......................................................... 13,400 521,763
------------
TELECOMMUNICATIONS (LONG DISTANCE)--2.8%
AT&T Corp........................................................... 24,300 1,356,244
MCI WorldCom, Inc. (b).............................................. 8,600 741,750
------------
2,097,994
------------
TELEPHONE--5.0%
Ameritech Corp...................................................... 6,300 463,050
Bell Atlantic Corp.................................................. 10,700 699,513
BellSouth Corp...................................................... 20,800 975,000
GTE Corp............................................................ 6,100 462,075
SBC Communications, Inc............................................. 21,000 1,218,000
------------
3,817,638
------------
TEXTILES (APPAREL)--0.4%
Jones Apparel Group, Inc. (b)....................................... 3,900 133,819
Tommy Hilfiger Corp. (b)............................................ 2,700 198,450
------------
332,269
------------
TOBACCO--0.9%
Philip Morris Companies, Inc........................................ 17,700 711,319
------------
TRUCKS & PARTS--0.1%
PACCAR, Inc......................................................... 800 42,700
------------
TOTAL COMMON STOCKS
(Identified cost $61,063,212)................................................ 70,751,892
------------
FOREIGN COMMON STOCKS--2.5%
COMMUNICATIONS EQUIPMENT--0.3%
Nortel Networks Corp. (Canada)...................................... 2,900 251,756
------------
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
FOODS--0.7%
Unilever NV NY Registered Shares (Netherlands)...................... 7,200 $ 502,200
------------
OIL (INTERNATIONAL INTEGRATED)--1.5%
BP Amoco PLC Sponsored ADR (United Kingdom)......................... 2,900 314,650
Royal Dutch Petroleum Co. NY Registered Shares (Netherlands)........
14,000 843,500
------------
1,158,150
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $1,784,418)................................................. 1,912,106
------------
UNIT INVESTMENT TRUSTS--3.1%
S&P 500 Depository Receipts......................................... 17,000 2,328,203
------------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $2,115,065)................................................. 2,328,203
------------
TOTAL LONG-TERM INVESTMENTS--99.0%
(Identified cost $64,962,695)................................................ 74,992,201
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
----------- -------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.8%
COMMERCIAL PAPER--1.8%
Corporate Asset Funding Co., Inc. 5.55%,
7/1/99........................................ A-1+ $ 1,325 1,325,000
---------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,325,000)................................................. 1,325,000
---------------
TOTAL INVESTMENTS--100.8%
(Identified cost $66,287,695)................................................ 76,317,201(a)
Cash and receivables, less liabilities--(0.8%)............................... (593,636)
---------------
NET ASSETS--100.0%............................................................. $ 75,723,565
---------------
---------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $11,298,159 and gross
depreciation of $1,347,113 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purpose was
$66,366,155.
(b) Non-income producing.
See Notes to Financial Statements
53
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$66,287,695).................................... $ 76,317,201
Cash.............................................. 3,522
Receivables
Investment securities sold...................... 197,271
Fund shares sold................................ 162,072
Dividends and interest.......................... 101,703
Prepaid expenses.................................. 781
-------------
Total assets.................................. 76,782,550
-------------
LIABILITIES
Payables
Investment securities purchased................. 973,036
Fund shares repurchased......................... 14,295
Investment advisory fee......................... 20,263
Financial agent fee............................. 7,790
Trustees' fee................................... 7,353
Accrued expenses.................................. 36,248
-------------
Total liabilities............................. 1,058,985
-------------
NET ASSETS........................................ $ 75,723,565
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial
interest...................................... $ 64,983,524
Undistributed net investment income............. 184,139
Accumulated net realized gain................... 526,396
Net unrealized appreciation..................... 10,029,506
-------------
NET ASSETS........................................ $ 75,723,565
-------------
-------------
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization.................. 5,720,789
-------------
-------------
Net asset value and offering price per share...... $ 13.24
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 463,295
Interest.................................................. 26,185
-------------
Total investment income................................. 489,480
-------------
EXPENSES
Investment advisory fee................................... 201,153
Financial agent fee....................................... 41,297
Custodian................................................. 24,303
Professional.............................................. 14,035
Trustees.................................................. 9,917
Printing.................................................. 6,706
Miscellaneous............................................. 4,441
-------------
Total expenses.......................................... 301,852
Less expenses borne by investment adviser............... (57,585)
-------------
Net expenses............................................ 244,267
-------------
NET INVESTMENT INCOME....................................... 245,213
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 929,528
Net realized gains on written options..................... 26,978
Net change in unrealized appreciation (depreciation) on
investments............................................. 4,983,814
-------------
NET GAIN ON INVESTMENTS..................................... 5,940,320
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 6,185,533
-------------
-------------
</TABLE>
See Notes to Financial Statements
54
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS FROM INCEPTION
ENDED 6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 245,213 $ 159,891
Net realized gain (loss).................................. 956,506 (430,367)
Net change in unrealized appreciation (depreciation)...... 4,983,814 5,045,692
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 6,185,533 4,775,216
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (56,685) (159,891)
In excess of net investment income........................ -- (4,132)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (56,685) (164,023)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (3,226,355 and 4,102,319
shares, respectively)................................... 40,144,602 43,754,814
Net asset value of shares issued from reinvestment of
distributions (4,358 and 14,099 shares, respectively)... 56,685 164,023
Cost of shares repurchased (1,000,218 and 626,124 shares,
respectively)........................................... (12,466,719) (6,669,881)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 27,734,568 37,248,956
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 33,863,416 41,860,149
NET ASSETS
Beginning of period....................................... 41,860,149 --
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME OF $184,139 AND DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME OF ($4,389), RESPECTIVELY)............ $ 75,723,565 $ 41,860,149
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM INCEPTION
ENDED 6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
Net asset value, beginning of period........................ $ 11.99 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. 0.04(3) 0.05(3)
Net realized and unrealized gain (loss)................... 1.22 1.99
------- -------
TOTAL FROM INVESTMENT OPERATIONS........................ 1.26 2.04
------- -------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.01) (0.05)
------- -------
TOTAL DISTRIBUTIONS..................................... (0.01) (0.05)
------- -------
CHANGE IN NET ASSET VALUE................................... 1.25 1.99
------- -------
NET ASSET VALUE, END OF PERIOD.............................. $13.24 $11.99
------- -------
------- -------
Total return................................................ 10.45%(2) 20.45%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $75,724 $41,860
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses........................................ 0.85%(1) 0.85%(1)
Net investment income..................................... 0.85%(1) 1.02%(1)
Portfolio turnover rate..................................... 33%(2) 81%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) Includes reimbursement of operating expenses by investment adviser of $0.01
and $0.05 per share, respectively.
See Notes to Financial Statements
55
<PAGE>
PHOENIX-SENECA MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ----------
<S> <C> <C> <C>
COMMON STOCKS--91.4%
AUTO PARTS & EQUIPMENT--2.9%
Lear Corp. (b)............................................................. 6,280 $ 312,430
----------
BANKS (MAJOR REGIONAL)--2.6%
Comerica, Inc.............................................................. 4,745 282,031
----------
BANKS (REGIONAL)--3.3%
UnionBanCal Corp........................................................... 9,840 355,470
----------
BIOTECHNOLOGY--2.1%
Biogen, Inc. (b)........................................................... 3,520 226,380
----------
BROADCASTING (TELEVISION, RADIO & CABLE)--2.4%
Chancellor Media Corp. (b)................................................. 4,770 262,946
----------
CHEMICALS (SPECIALTY)--2.7%
Hercules, Inc.............................................................. 7,530 296,023
----------
COMMUNICATIONS EQUIPMENT--18.0%
ADC Telecommunications, Inc. (b)........................................... 6,820 310,736
American Tower Corp. Class A (b)........................................... 12,760 306,240
Comverse Technology, Inc. (b).............................................. 4,275 322,762
Copper Mountain Networks, Inc. (b)......................................... 2,500 193,125
Crown Castle International Corp. (b)....................................... 10,620 221,029
EchoStar Communications Corp. (b).......................................... 1,290 197,934
QUALCOMM, Inc. (b)......................................................... 2,750 394,625
----------
1,946,451
----------
COMPUTERS (SOFTWARE & SERVICES)--1.1%
International Integration, Inc. (b)........................................ 5,170 116,325
----------
DISTRIBUTORS (FOOD & HEALTH)--2.1%
WESCO International, Inc. (b).............................................. 11,040 226,320
----------
ELECTRICAL EQUIPMENT--4.0%
SPX Corp. (b).............................................................. 3,570 298,095
Universal Electronics, Inc. (b)............................................ 4,950 138,909
----------
437,004
----------
ELECTRONICS (SEMICONDUCTORS)--7.6%
RF Micro Devices, Inc. (b)................................................. 6,400 477,600
Xilinx, Inc. (b)........................................................... 6,110 349,798
----------
827,398
----------
EQUIPMENT (SEMICONDUCTOR)--3.4%
KLA-Tencor Corp. (b)....................................................... 5,710 370,436
----------
HEALTH CARE (MANAGED CARE)--3.0%
Wellpoint Health Networks, Inc. (b)........................................ 3,760 319,130
----------
INVESTMENT BANKING/BROKERAGE--2.9%
Donaldson, Lufkin & Jenrette, Inc.......................................... 5,250 316,313
----------
<CAPTION>
SHARES VALUE
--------- ----------
<S> <C> <C> <C>
OIL & GAS (DRILLING & EQUIPMENT)--6.6%
Nabors Industries, Inc. (b)................................................ 13,850 $ 338,459
Weatherford International, Inc. (b)........................................ 10,210 373,941
----------
712,400
----------
PAPER & FOREST PRODUCTS--5.9%
Mead Corp. (The)........................................................... 9,170 382,848
Smurfit-Stone Container Corp. (b).......................................... 12,350 253,947
----------
636,795
----------
RETAIL (COMPUTERS & ELECTRONICS)--7.0%
Best Buy Co., Inc. (b)..................................................... 5,500 371,250
Tandy Corp................................................................. 7,940 388,068
----------
759,318
----------
RETAIL (SPECIALTY-APPAREL)--6.8%
Abercrombie & Fitch Co. Class A (b)........................................ 8,580 411,840
TJX Companies, Inc. (The).................................................. 9,870 328,794
----------
740,634
----------
SERVICES (ADVERTISING/MARKETING)--4.0%
Outdoor Systems, Inc. (b).................................................. 11,755 429,058
----------
SERVICES (DATA PROCESSING)--3.0%
Concord EFS, Inc. (b)...................................................... 7,600 321,575
----------
TOTAL COMMON STOCKS
(Identified cost $8,108,227).......................................................... 9,894,437
----------
TOTAL LONG-TERM INVESTMENTS--91.4%
(Identified cost $8,108,227).......................................................... 9,894,437
----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
----------- -----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--8.7%
COMMERCIAL PAPER--8.7%
CXC, Inc 5.80%, 7/1/99.......................... A-1+ $ 300 300,000
Corporate Asset Funding Co., Inc. 5.55%,
7/1/99........................................ A-1+ 345 345,000
Exxon Imperial Funding U.S., Inc. 5.80%,
7/1/99........................................ A-1+ 300 300,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $945,000)................................................. 945,000
------------
TOTAL INVESTMENTS--100.1%
(Identified cost $9,053,227)............................................... 10,839,437(a)
Cash and receivables, less liabilities--(0.1%)............................. (9,920)
------------
NET ASSETS--100.0%........................................................... $ 10,829,517
------------
------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $1,879,213 and gross
depreciation of $95,718 for federal income tax purposes. At June 30, 1999,
the aggregate cost of securities for federal income tax purpose was
$9,055,942.
(b) Non-income producing.
See Notes to Financial Statements
56
<PAGE>
PHOENIX-SENECA MID-CAP GROWTH SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$9,053,227)..................................... $ 10,839,437
Receivables
Investment securities sold...................... 212,723
Interest and dividends.......................... 3,823
Fund shares sold................................ 1,572
Prepaid expenses.................................. 147
-------------
Total assets.................................. 11,057,702
-------------
LIABILITIES
Payables
Custodian....................................... 266
Investment securities purchased................. 167,285
Fund shares repurchased......................... 22,919
Trustees' fee................................... 7,353
Financial agent fee............................. 3,132
Investment advisory fee......................... 1,766
Accrued expenses.................................. 25,464
-------------
Total liabilities............................. 228,185
-------------
NET ASSETS........................................ $ 10,829,517
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial
interest...................................... $ 8,989,159
Undistributed net investment loss............... (14,403)
Accumulated net realized gain................... 68,551
Net unrealized appreciation..................... 1,786,210
-------------
NET ASSETS........................................ $ 10,829,517
-------------
-------------
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization.................. 850,942
-------------
-------------
Net asset value and offering price per share...... $ 12.73
-------------
-------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 16,331
Dividends................................................. 15,171
-------------
Total investment income................................. 31,502
-------------
EXPENSES
Investment advisory fee................................... 34,442
Financial agent fee....................................... 21,212
Professional.............................................. 13,821
Trustees.................................................. 9,917
Printing.................................................. 6,080
Custodian................................................. 5,911
Miscellaneous............................................. 2,134
-------------
Total expenses.......................................... 93,517
Less expense borne by investment adviser................ (48,309)
-------------
Net expenses............................................ 45,208
-------------
NET INVESTMENT INCOME....................................... (13,706)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 241,148
Net change in unrealized appreciation (depreciation) on
investments............................................. 371,470
-------------
NET GAIN ON INVESTMENTS..................................... 612,618
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 598,912
-------------
-------------
</TABLE>
See Notes to Financial Statements
57
<PAGE>
PHOENIX-SENECA MID-CAP GROWTH SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS FROM INCEPTION
ENDED 6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ (13,706) $ 5,783
Net realized gain (loss).................................. 241,148 (172,597)
Net change in unrealized appreciation (depreciation)...... 371,470 1,414,740
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 598,912 1,247,926
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... -- (5,783)
In excess of net investment income........................ -- (697)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ -- (6,480)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (329,638 and 958,184
shares)................................................. 3,830,683 9,826,161
Net asset value of shares issued from reinvestment of
distributions (0 and 557 shares)........................ -- 6,480
Cost of shares repurchased (127,904 and 309,533
shares)................................................. (1,497,222) (3,176,943)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 2,333,461 6,655,698
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 2,932,373 7,897,144
NET ASSETS
Beginning of period....................................... 7,897,144 --
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($14,403) AND DISTRIBUTIONS IN EXCESS
OF NET INVESTMENT INCOME OF ($697))..................... $ 10,829,517 $ 7,897,144
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM INCEPTION
ENDED 6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
---------------- ----------------
<S> <C> <C>
Net asset value, beginning of period........................ $ 12.16 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. (0.02)(3)(4) 0.01(3)(4)
Net realized and unrealized gain (loss)................... 0.59 2.16
------- -------
TOTAL FROM INVESTMENT OPERATIONS........................ 0.57 2.17
------- -------
LESS DISTRIBUTIONS
Dividends from net investment income...................... -- (0.01)
------- -------
TOTAL DISTRIBUTIONS..................................... -- (0.01)
------- -------
CHANGE IN NET ASSET VALUE................................... 0.57 2.16
------- -------
NET ASSET VALUE, END OF PERIOD.............................. $12.73 $ 12.16
------- -------
------- -------
Total return................................................ 4.62%(2) 12.75%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $10,830 $7,897
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses........................................ 1.05%(1) 1.05%(1)
Net investment income..................................... (0.32)%(1) 0.15%(1)
Portfolio turnover rate..................................... 110%(2) 127%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) Includes reimbursement of operating expenses by investment adviser of $0.07
and $0.15 per share, respectively.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
58
<PAGE>
PHOENIX-SCHAFER MID-CAP VALUE SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ----------
<S> <C> <C> <C>
COMMON STOCKS--80.5%
AIR FREIGHT--3.6%
FDX Corp. (b).............................................................. 6,400 $ 347,200
----------
AUTO PARTS & EQUIPMENT--2.5%
Borg-Warner Automotive, Inc................................................ 4,400 242,000
----------
BANKS (MAJOR REGIONAL)--4.6%
Mellon Bank Corp........................................................... 5,600 203,700
Summit Bancorp............................................................. 5,600 234,150
----------
437,850
----------
BANKS (MONEY CENTER)--5.1%
Bank of America Corp....................................................... 2,800 205,275
Chase Manhattan Corp. (The)................................................ 3,300 285,862
----------
491,137
----------
BUILDING MATERIALS--4.3%
Armstrong World Industries, Inc............................................ 3,100 179,219
Owens Corning.............................................................. 6,800 233,750
----------
412,969
----------
COMPUTERS (PERIPHERALS)--2.9%
Storage Technology Corp. (b)............................................... 12,300 279,825
----------
COMPUTERS (SOFTWARE & SERVICES)--2.8%
Cadence Design System, Inc. (b)............................................ 20,900 266,475
----------
CONSTRUCTION (CEMENT & AGGREGATES)--5.3%
Lafarge Corp............................................................... 6,800 240,975
Southdown, Inc............................................................. 4,100 263,425
----------
504,400
----------
ELECTRIC COMPANIES--1.4%
Western Resources, Inc..................................................... 5,000 133,125
----------
ELECTRICAL EQUIPMENT--2.7%
Harman International Industries, Inc....................................... 5,900 259,600
----------
ELECTRONICS (COMPONENT DISTRIBUTORS)--5.1%
Arrow Electronics, Inc. (b)................................................ 12,900 245,100
Avnet, Inc................................................................. 5,300 246,450
----------
491,550
----------
FOODS--1.8%
IBP, Inc................................................................... 7,100 168,625
----------
HEALTH CARE (GENERIC AND OTHER)--5.0%
ICN Pharmaceuticals, Inc................................................... 7,600 244,625
Mylan Laboratories, Inc.................................................... 8,900 235,850
----------
480,475
----------
HEALTH CARE (SPECIALIZED SERVICES)--1.8%
Omnicare, Inc.............................................................. 13,300 167,912
----------
HOUSEHOLD FURNISHINGS & APPLIANCES--2.7%
Maytag Corp................................................................ 3,700 257,844
----------
INSURANCE (PROPERTY-CASUALTY)--6.2%
Berkley (W.R.) Corp........................................................ 7,800 195,000
Chubb Corp. (The).......................................................... 3,600 250,200
Old Republic International Corp............................................ 8,500 147,156
----------
592,356
----------
<CAPTION>
SHARES VALUE
--------- ----------
<S> <C> <C> <C>
INVESTMENT BANKING/BROKERAGE--5.8%
Merrill Lynch & Co., Inc................................................... 3,800 $ 303,763
Paine Webber Group, Inc.................................................... 5,400 252,450
----------
556,213
----------
IRON & STEEL--5.4%
Cleveland-Cliffs, Inc...................................................... 5,800 187,775
UCAR International, Inc. (b)............................................... 13,000 328,250
----------
516,025
----------
MANUFACTURING (SPECIALIZED)--2.7%
Diebold, Inc............................................................... 9,000 258,750
----------
OIL & GAS (REFINING & MARKETING)--1.5%
Sunoco, Inc................................................................ 4,800 144,900
----------
RAILROADS--2.4%
Burlington Northern Santa Fe Corp.......................................... 7,400 229,400
----------
RETAIL (SPECIALTY)--2.4%
Jo-Ann Stores, Inc. Class A (b)............................................ 15,200 228,000
----------
TELEPHONE--2.5%
GTE Corp................................................................... 3,200 242,400
----------
TOTAL COMMON STOCKS
(Identified cost $7,719,848).......................................................... 7,709,031
----------
FOREIGN COMMON STOCKS--19.6%
AIRLINES--2.3%
KLM Royal Dutch Airlines NV NY Registered Shares (Netherlands).............
7,800 222,787
----------
BANKS (MONEY CENTER)--1.5%
National Bank of Canada (Canada)........................................... 11,400 148,314
----------
COMMUNICATIONS EQUIPMENT--2.4%
ECI Telecom Ltd. (Israel).................................................. 6,800 225,675
----------
ELECTRICAL EQUIPMENT--2.8%
Koninklijke (Royal) Philips Electronics NV NY Registered Shares
(Netherlands)............................................................ 2,668 269,134
----------
INSURANCE (PROPERTY-CASUALTY)--1.9%
PartnerRe Ltd. (Bermuda)................................................... 4,800 179,400
----------
MACHINERY (DIVERSIFIED)--4.1%
New Holland NV (Netherlands)............................................... 22,700 388,738
----------
OIL & GAS (DRILLING & EQUIPMENT)--2.1%
Petroleum Geo-Services Sponsored ADR (Norway) (b).......................... 13,500 200,813
----------
RAILROADS--2.5%
Canadian National Railway Co. (Canada)..................................... 3,600 241,200
----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $1,940,715).......................................................... 1,876,061
----------
TOTAL INVESTMENTS--100.1%
(Identified cost $9,660,563).......................................................... 9,585,092(a)
Cash and receivables, less liabilities--(0.1%)........................................ (6,255)
----------
NET ASSETS--100.0%...................................................................... $9,578,837
----------
----------
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $1,181,811 and gross
depreciation of $1,257,282 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$9,660,563.
(b) Non-income producing.
See Notes to Financial Statements
59
<PAGE>
PHOENIX-SCHAFER MID-CAP VALUE SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$9,660,563)............................................... $ 9,585,092
Cash........................................................ 36,180
Receivables
Dividends and interest.................................... 10,898
Fund shares sold.......................................... 10,349
Prepaid expenses............................................ 160
-----------
Total assets............................................ 9,642,679
-----------
LIABILITIES
Payables
Fund shares repurchased................................... 1,384
Investment advisory fee................................... 24,842
Trustees' fee............................................. 7,353
Financial agent fee....................................... 3,616
Accrued expenses............................................ 26,647
-----------
Total liabilities......................................... 63,842
-----------
NET ASSETS.................................................. $ 9,578,837
-----------
-----------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $10,299,243
Undistributed net investment income....................... 31,590
Accumulated net realized loss............................. (676,525)
Net unrealized depreciation............................... (75,471)
-----------
NET ASSETS.................................................. $ 9,578,837
-----------
-----------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 1,107,470
-----------
-----------
Net asset value and offering price per share................ $ 8.65
-----
-----
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 90,279
Interest.................................................. 6,541
Foreign taxes withheld.................................... (3,745)
----------
Total investment income................................. 93,075
----------
EXPENSES
Investment advisory fee................................... 44,022
Financial agent fee....................................... 21,512
Professional.............................................. 14,840
Trustees.................................................. 9,917
Printing.................................................. 6,187
Custodian................................................. 5,206
Miscellaneous............................................. 2,124
----------
Total expenses.......................................... 103,808
Less expenses borne by investment adviser............... (53,495)
----------
Net expenses............................................ 50,313
----------
NET INVESTMENT INCOME....................................... 42,762
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (334,961)
Net change in unrealized appreciation (depreciation) on
investments............................................. 196,986
----------
NET LOSS ON INVESTMENTS..................................... (137,975)
----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ (95,213)
----------
----------
</TABLE>
See Notes to Financial Statements
60
<PAGE>
PHOENIX-SCHAFER MID-CAP VALUE SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS FROM INCEPTION
ENDED 6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 42,762 $ 23,057
Net realized gain (loss).................................. (334,961) (341,564)
Net change in unrealized appreciation (depreciation)...... 196,986 (272,457)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (95,213) (590,964)
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (11,054) (23,057)
In excess of net investment income........................ -- (118)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (11,054) (23,175)
-------------- --------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (466,824 and 1,051,036
shares, respectively)................................... 3,885,543 9,921,823
Net asset value of shares issued from reinvestment of
distributions (1,283 and 2,696 shares, respectively).... 11,054 23,175
Cost of shares repurchased (254,204 and 160,165 shares,
respectively)........................................... (2,107,085) (1,435,267)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 1,789,512 8,509,731
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 1,683,245 7,895,592
NET ASSETS
Beginning of period....................................... 7,895,592 --
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $31,590 AND DISTRIBUTIONS IN EXCESS OF
NET INVESTMENT INCOME OF ($118), RESPECTIVELY).......... $ 9,578,837 $ 7,895,592
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM INCEPTION
ENDED 6/30/99 3/2/98 TO
(UNAUDITED) 12/31/98
---------------- ----------------
<S> <C> <C>
Net asset value, beginning of period.............. $ 8.84 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).................... 0.04(3)(4) 0.03(3)(4)
Net realized and unrealized gain (loss)......... (0.22) (1.16)
------ -------
TOTAL FROM INVESTMENT OPERATIONS.............. (0.18) (1.13)
------ -------
LESS DISTRIBUTIONS
Dividends from net investment income............ (0.01) (0.03)
------ -------
TOTAL DISTRIBUTIONS........................... (0.01) (0.03)
------ -------
CHANGE IN NET ASSET VALUE......................... (0.19) (1.16)
------ -------
NET ASSET VALUE, END OF PERIOD.................... $ 8.65 $8.84
------ -------
------ -------
Total return...................................... (2.01)%(2) (11.37)%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)............. $9,579 $7,896
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses.............................. 1.20%(1) 1.20%(1)
Net investment income........................... 1.02%(1) 0.52%(1)
Portfolio turnover rate........................... 17%(2) 21%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) Includes reimbursement of operating expenses by investment adviser of $0.05
and $0.11 per share, respectively.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
61
<PAGE>
PHOENIX-ABERDEEN NEW ASIA SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ----------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--91.5%
AUSTRALIA--13.9%
Australian Gas Light Co., Ltd. (Natural Gas)..... 38,000 $ 231,157
BRL Hardy Ltd. (Beverages (Alcoholic))........... 105,000 445,229
Commonwealth Bank of Australia (Banks (Major
Regional))..................................... 12,000 191,031
Leighton Holdings Ltd. (Engineering &
Construction).................................. 50,000 195,267
Pacifica Group Ltd. (Auto Parts & Equipment)..... 65,000 266,755
QBE Insurance Group Ltd. (Insurance (Property-
Casualty))..................................... 115,000 437,696
Telstra Corp. Ltd. (Telephone)................... 40,000 229,211
----------
1,996,346
----------
HONG KONG--20.4%
Axa China Region Ltd. (Insurance
(Life/Health))................................. 450,000 359,600
CDL Hotels International Ltd. (Lodging-Hotels)... 850,000 356,056
Giordano International Ltd. (Retail
(Specialty-Apparel))........................... 1,000,000 708,890
Hongkong Electric Holdings Ltd. (Electric
Companies)..................................... 100,000 322,223
Johnson Electric Holdings Ltd. (Manufacturing
(Diversified))................................. 80,000 329,956
Li & Fung Ltd. (Distributors (Food & Health)).... 110,000 263,707
Smartone Telecommunications (Telephone).......... 75,000 266,800
Swire Pacific Ltd. Class B (Manufacturing
(Diversified))................................. 450,000 336,400
----------
2,943,632
----------
INDIA--6.6%
BSES Ltd. GDR (Electric Companies)............... 20,000 202,500
Industrial Credit & Investment Corporation of
India Ltd. Sponsored GDR (Financial
(Diversified))................................. 30,000 311,250
Mahanagar Telephone Nigam Ltd. Sponsored GDR
(Telecommunications (Long Distance))........... 25,000 253,750
Ranbaxy Laboratories Ltd. GDR (Health Care
(Drugs-Major Pharmaceuticals))................. 11,000 184,250
----------
951,750
----------
INDONESIA--3.0%
PT Indosat (Telecommunications (Long
Distance))..................................... 100,000 191,727
PT Indosat ADR (Telecommunications (Long
Distance))..................................... 12,500 243,750
----------
435,477
----------
MALAYSIA--4.7%
Carlsberg Brewery Malaysia Berhad (Beverages
(Alcoholic))(c)................................ 70,000 179,147
Malaysian Oxygen Berhad (Chemicals
(Specialty))(c)................................ 100,000 213,270
Sime UEP Properties Berhad (Financial
(Diversified))(c).............................. 250,000 289,100
----------
681,517
----------
NEW ZEALAND--1.8%
Telecom Corporation of New Zealand Ltd.
(Telephone).................................... 60,000 257,541
----------
PHILIPPINES--7.7%
Ayala Land, Inc. (Financial (Diversified))....... 900,000 283,846
Bank of The Philippine Islands (Banks (Major
Regional))..................................... 100,000 357,435
La Tondena Distillers, Inc. (Beverages
(Alcoholic))................................... 175,000 206,971
Philippine Long Distance Telephone Co. Sponsored
ADR (Telecommunications (Long Distance))....... 8,500 256,062
----------
1,104,314
----------
SINGAPORE--9.1%
Chemical Industries (Far East) Ltd. (Financial
(Diversified))................................. 15,000 18,943
<CAPTION>
SHARES VALUE
--------- ----------
<S> <C> <C> <C>
SINGAPORE--CONTINUED
Clipsal Industries (Holdings) Ltd. (Electrical
Equipment) .................................... 175,000 $ 271,250
Robinson & Co. Ltd. (Retail (Department
Stores))....................................... 105,000 317,627
Singapore Press Holdings Ltd. (Publishing
(Newspapers)).................................. 17,000 289,579
United Overseas Bank Ltd. (Banks (Major
Regional))..................................... 60,000 419,391
----------
1,316,790
----------
SOUTH KOREA--11.7%
Kookmin Bank (Banks (Major Regional))............ 20,000 406,060
Korea Telecom Corp. (Telephone).................. 5,000 331,760
Korea Telecom Corp. Sponsored ADR (Telephone).... 4,000 149,500
Pohang Iron & Steel Co. Ltd. (Iron & Steel)...... 5,000 600,689
Seoul City Gas Co. Ltd. (Natural Gas)............ 6,000 191,799
----------
1,679,808
----------
SRI LANKA--1.8%
John Keells Holdings Ltd. (Beverages
(Alcoholic))................................... 60,000 130,822
National Development Bank Ltd. (Banks (Major
Regional))..................................... 99,600 121,111
----------
251,933
----------
TAIWAN--2.2%
Standard Foods Taiwan Ltd. GDR (Foods)(b)........ 40,864 320,782
----------
THAILAND--4.8%
Bec World Public Company Ltd. (Entertainment).... 30,000 185,497
Phatra Insurance Public Company Ltd. Foreign
(Insurance (Property-Casualty))................ 71,600 231,069
Ruam Pattana Fund II Local (Financial
(Diversified))(b).............................. 250,000 46,781
Ruam Pattana Fund II Foreign (Financial
(Diversified))(b).............................. 1,250,000 233,905
----------
697,252
----------
UNITED KINGDOM--3.8%
HSBC Holdings PLC (Financial (Diversified))...... 10,000 354,193
Rowe Evans Investments Group PLC (Agricultural
Products)...................................... 200,000 189,155
----------
543,348
----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $12,455,908)................................ 13,180,490
----------
TOTAL LONG-TERM INVESTMENTS--91.5%
(Identified cost $12,455,908)................................ 13,180,490
----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
--------- ---------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--2.8%
COMMERCIAL PAPER--2.8%
Corporate Asset Funding
Co., Inc. 5.55%, 7/1/99............. A-1+ $ 400 400,000
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $400,000)................................... 400,000
-----------
TOTAL INVESTMENTS--94.3%
(Identified cost $12,855,908)................................ 13,580,490(a)
CASH AND RECEIVABLES, LESS LIABILITIES--5.7%................. 823,049
-----------
NET ASSETS--100.0%............................................. $14,403,539
-----------
-----------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,754,732 and gross
depreciation of $2,064,603 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purposes was
$12,890,361.
(b) Non-income producing.
(c) Security valued at fair value as determined in good faith by or under the
direction of the Trustees.
See Notes to Financial Statements
62
<PAGE>
PHOENIX-ABERDEEN NEW ASIA SERIES
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VALUE OF
TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<TABLE>
<S> <C>
Agricultural Products.............................. 1.4%
Auto Parts & Equipment............................. 2.0
Banks (Major Regional)............................. 11.3
Beverages (Alcoholic).............................. 7.3
Chemicals (Specialty).............................. 1.6
Distributors (Food & Health)....................... 2.0
Electric Companies................................. 4.0
Electrical Equipment............................... 2.1
Engineering & Construction......................... 1.5
Entertainment...................................... 1.4
Financial (Diversified)............................ 11.6
Foods.............................................. 2.4
Health Care (Drugs-Major Pharmaceuticals).......... 1.4
Insurance (Life/Health)............................ 2.7
Insurance (Property-Casualty)...................... 5.1
Iron & Steel....................................... 4.6
Lodging-Hotels..................................... 2.7
Manufacturing (Diversified)........................ 5.1
Natural Gas........................................ 3.2
Publishing (Newspapers)............................ 2.2
Retail (Department Stores)......................... 2.4
Retail (Specialty-Apparel)......................... 5.4
Telecommunications (Long Distance)................. 7.2
Telephone.......................................... 9.4
------
100.0%
------
------
</TABLE>
See Notes to Financial Statements
63
<PAGE>
PHOENIX-ABERDEEN NEW ASIA SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$12,855,908).............................................. $ 13,580,490
Cash........................................................ 1,136
Foreign currency at value (Identified cost $48,220)......... 52,101
Receivables
Fund shares sold.......................................... 590,295
Investment securities sold................................ 221,081
Dividends and interest.................................... 56,024
Prepaid expenses............................................ 208
-------------
Total assets............................................ 14,501,335
-------------
LIABILITIES
Payables
Fund shares repurchased................................... 19,494
Investment advisory fee................................... 17,151
Trustees' fee............................................. 9,321
Financial agent fee....................................... 3,848
Accrued expenses............................................ 47,982
-------------
Total liabilities....................................... 97,796
-------------
NET ASSETS.................................................. $ 14,403,539
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 16,667,631
Undistributed net investment income....................... 85,024
Accumulated net realized loss............................. (3,078,111)
Net unrealized appreciation............................... 728,995
-------------
NET ASSETS.................................................. $ 14,403,539
-------------
-------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 1,781,515
-------------
-------------
Net asset value and offering price per share................ $ 8.08
-----
-----
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 178,738
Interest.................................................. 8,145
Foreign taxes withheld.................................... (9,767)
-------------
Total investment income................................. 177,116
-------------
EXPENSES
Investment advisory fee................................... 54,352
Financial agent fee....................................... 22,599
Custodian................................................. 28,937
Professional.............................................. 11,368
Printing.................................................. 10,398
Trustees.................................................. 9,774
Miscellaneous............................................. 2,823
-------------
Total expenses.......................................... 140,251
Less expenses borne by investment adviser............... (72,311)
-------------
Net expenses............................................ 67,940
-------------
NET INVESTMENT INCOME....................................... 109,176
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 331,083
Net realized gain on foreign currency transactions........ 2,260
Net change in unrealized appreciation (depreciation) on
investments............................................. 2,811,608
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions...... 4,709
-------------
NET GAIN ON INVESTMENTS..................................... 3,149,660
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 3,258,836
-------------
-------------
</TABLE>
See Notes to Financial Statements
64
<PAGE>
PHOENIX-ABERDEEN NEW ASIA SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
------------------ -----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 109,176 $ 195,924
Net realized gain (loss).................................. 333,343 (2,798,842)
Net change in unrealized appreciation (depreciation)...... 2,816,317 2,317,131
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 3,258,836 (285,787)
------------------ -----------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (118,700) (36,125)
In excess of net investment income........................ -- (4,147)
------------------ -----------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (118,700) (40,272)
------------------ -----------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (663,650 and 2,726,957
shares, respectively)................................... 4,859,485 16,221,934
Net asset value of shares issued from reinvestment of
distributions (14,729 and 6,603 shares, respectively)... 118,700 40,272
Cost of shares repurchased (448,960 and 2,736,922 shares,
respectively)........................................... (3,225,222) (16,442,409)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 1,752,963 (180,203)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 4,893,099 (506,262)
NET ASSETS
Beginning of period....................................... 9,510,440 10,016,702
------------------ -----------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $85,024 AND $94,548, RESPECTIVELY)..... $ 14,403,539 $ 9,510,440
------------------ -----------------
------------------ -----------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, FROM INCEPTION
6/30/99 -------------------------- 9/17/96 TO
(UNAUDITED) 1998 1997 12/31/96
----------- ---------- ---------- --------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period......... $6.13 $6.44 $9.96 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)............... 0.07(1) 0.13(1)(4) 0.15(1) 0.05(1)
Net realized and unrealized gain (loss).... 1.95 (0.41) (3.36) (0.04)
----------- ----- ----- -------
TOTAL FROM INVESTMENT OPERATIONS......... 2.02 (0.28) (3.21) 0.01
----------- ----- ----- -------
LESS DISTRIBUTIONS
Dividends from net investment income....... (0.07) (0.03) (0.15) (0.05)
Dividends from net realized gains.......... -- -- (0.01) --
In excess of net investment income......... -- -- (0.10) --
Tax return of capital...................... -- -- (0.05) --
----------- ----- ----- -------
TOTAL DISTRIBUTIONS...................... (0.07) (0.03) (0.31) (0.05)
----------- ----- ----- -------
CHANGE IN NET ASSET VALUE.................... 1.95 (0.31) (3.52) (0.04)
----------- ----- ----- -------
NET ASSET VALUE, END OF PERIOD............... $8.08 $6.13 $6.44 $ 9.96
----------- ----- ----- -------
----------- ----- ----- -------
Total return................................. 33.09%(3) (4.44)% (32.39)% 0.16%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)........ $14,404 $9,510 $10,017 $11,585
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses......................... 1.25%(2) 1.25% 1.25% 1.25%(2)
Net investment income...................... 2.01%(2) 2.09% 1.63% 2.40%(2)
Portfolio turnover rate...................... 14%(3) 46% 27% 2%(3)
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of $0.05,
$0.08, $0.07 and $0.03 per share, respectively.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
65
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- -----------
<S> <C> <C> <C>
COMMON STOCKS--96.3%
REAL ESTATE INVESTMENT TRUSTS--94.1%
DIVERSIFIED--11.9%
Colonial Properties Trust.................................................. 16,700 $ 471,775
Crescent Real Estate Equities Co........................................... 59,900 1,422,625
Vornado Realty Trust....................................................... 52,200 1,843,312
-----------
3,737,712
-----------
HEALTH CARE--2.9%
Nationwide Health Properties, Inc.......................................... 47,900 913,094
-----------
INDUSTRIAL/OFFICE--37.8%
INDUSTRIAL--10.0%
CenterPoint Properties Trust............................................... 37,600 1,377,100
First Industrial Realty Trust, Inc......................................... 30,000 823,125
Weeks Corp................................................................. 30,500 930,250
-----------
3,130,475
-----------
MIXED--6.9%
Duke Realty Investments, Inc............................................... 31,600 712,975
Reckson Associates Realty Corp............................................. 62,200 1,461,700
-----------
2,174,675
-----------
OFFICE--20.9%
Alexandria Real Estate Equities, Inc....................................... 10,000 312,500
Boston Properties, Inc..................................................... 68,500 2,457,437
Mack-Cali Realty Corp...................................................... 47,200 1,460,250
Spieker Properties, Inc.................................................... 60,200 2,340,275
-----------
6,570,462
-----------
TOTAL INDUSTRIAL/OFFICE................................................................. 11,875,612
-----------
RESIDENTIAL--21.5%
APARTMENTS--16.9%
Apartment Investment & Management Co....................................... 18,500 790,875
Avalonbay Communities, Inc................................................. 33,900 1,254,300
Equity Residential Properties Trust........................................ 48,100 2,167,506
Essex Property Trust, Inc.................................................. 30,700 1,086,012
-----------
5,298,693
-----------
MANUFACTURED HOMES--4.6%
Manufactured Home Communities, Inc......................................... 33,800 878,800
Sun Communities, Inc....................................................... 16,300 578,650
-----------
1,457,450
-----------
TOTAL RESIDENTIAL....................................................................... 6,756,143
-----------
RETAIL--17.4%
OUTLET CENTERS--2.1%
Chelsea GCA Realty, Inc.................................................... 17,600 653,400
-----------
REGIONAL MALLS--8.6%
General Growth Properties, Inc............................................. 20,000 710,000
Macerich Co. (The)......................................................... 49,300 1,294,125
<CAPTION>
SHARES VALUE
--------- -----------
<S> <C> <C> <C>
REGIONAL MALLS--CONTINUED
Urban Shopping Centers, Inc................................................ 21,700 $ 683,550
-----------
2,687,675
-----------
STRIP CENTERS--6.7%
Developers Diversified Realty Corp......................................... 40,000 665,000
JDN Realty Corp............................................................ 20,000 447,500
Kimco Realty Corp.......................................................... 25,000 978,125
-----------
2,090,625
-----------
TOTAL RETAIL............................................................................ 5,431,700
-----------
SELF STORAGE--2.6%
Storage USA, Inc........................................................... 25,900 825,563
-----------
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Identified cost $29,141,679)......................................................... 29,539,824
-----------
REAL ESTATE OPERATING COMPANIES--2.2%
DIVERSIFIED--0.1%
Vornado Operating, Inc. (b)................................................ 3,110 24,880
-----------
HEALTH CARE--0.0%
OMEGA Worldwide, Inc. (b).................................................. 4,641 18,854
-----------
INDUSTRIAL/OFFICE--2.1%
LODGING-HOTELS--0.9%
Interstate Hotels Corp. (b)................................................ 1,996 8,235
Wyndham International, Inc. Class A (b).................................... 59,891 269,510
-----------
277,745
-----------
MIXED--1.2%
Reckson Services Industries, Inc. (b)...................................... 24,956 377,460
-----------
TOTAL INDUSTRIAL/OFFICE................................................................. 655,205
-----------
TOTAL REAL ESTATE OPERATING COMPANIES
(Identified cost $1,340,733).......................................................... 698,939
-----------
TOTAL COMMON STOCKS
(Identified cost $30,482,412)......................................................... 30,238,763
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
----------- -----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.8%
COMMERCIAL PAPER--4.8%
CXC, Inc. 5.75%, 7/1/99......................... A-1+ $ 1,500 1,500,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,500,000)............................................... 1,500,000
------------
TOTAL INVESTMENTS--101.1%
(Identified cost $31,982,412).............................................. 31,738,763(a)
Cash and receivables, less liabilities--(1.1%)............................. (349,706)
------------
NET ASSETS--100.0%........................................................... $ 31,389,057
------------
------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $2,357,903 and gross
depreciation of $2,601,552 for federal income tax purposes. At June 30,
1999, the aggregate cost of securities for federal income tax purpose was
$31,982,412.
(b) Non-income producing.
See Notes to Financial Statements
66
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$31,982,412).............................................. $ 31,738,763
Cash........................................................ 1,908
Receivables
Investment securities sold................................ 838,472
Dividends and interest.................................... 229,382
Fund shares sold.......................................... 87,366
Receivable from adviser................................... 66,422
Prepaid expenses............................................ 791
------------
Total assets............................................ 32,963,104
------------
LIABILITIES
Payables
Investment securities purchased........................... 1,504,779
Fund shares repurchased................................... 14,676
Custodian fee............................................. 20,307
Trustees' fee............................................. 7,369
Financial agent fee....................................... 4,874
Accrued expenses............................................ 22,042
------------
Total liabilities....................................... 1,574,047
------------
NET ASSETS.................................................. $ 31,389,057
------------
------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 33,721,276
Undistributed net investment income....................... 313,222
Accumulated net realized loss............................. (2,401,792)
Net unrealized depreciation............................... (243,649)
------------
NET ASSETS.................................................. $ 31,389,057
------------
------------
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 2,383,097
------------
------------
Net asset value and offering price per share................ $ 13.17
------------
------------
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 998,574
Interest.................................................. 28,806
------------
Total investment income................................. 1,027,380
------------
EXPENSES
Investment advisory fee................................... 120,631
Financial agent fee....................................... 31,457
Custodian................................................. 24,303
Professional.............................................. 14,035
Trustees.................................................. 9,917
Printing.................................................. 6,706
Miscellaneous............................................. 4,448
------------
Total expenses.......................................... 211,497
Less expenses borne by investment adviser............... (51,561)
------------
Net expenses............................................ 159,936
------------
NET INVESTMENT INCOME....................................... 867,444
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (2,288,292)
Net change in unrealized appreciation (depreciation) on
investments............................................. 3,408,596
------------
NET GAIN ON INVESTMENTS..................................... 1,120,304
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 1,987,748
------------
------------
</TABLE>
See Notes to Financial Statements
67
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/99 YEAR ENDED
(UNAUDITED) 12/31/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 867,444 $ 1,898,008
Net realized gain (loss).................................. (2,288,292) (109,430)
Net change in unrealized appreciation (depreciation)...... 3,408,596 (13,109,206)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 1,987,748 (11,320,628)
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (554,222) (1,978,391)
Net realized gains........................................ -- (49,416)
Tax return of capital..................................... -- (45,581)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (554,222) (2,073,388)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (355,937 and 1,369,232
shares, respectively)................................... 5,098,785 20,540,759
Net asset value of shares issued from reinvestment of
distributions (45,762 and 154,542 shares,
respectively)........................................... 554,222 2,073,388
Cost of shares repurchased (984,098 and 1,894,769 shares,
respectively)........................................... (12,105,268) (27,471,348)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (6,452,261) (4,857,201)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (5,018,735) (18,251,217)
NET ASSETS
Beginning of period....................................... 36,407,792 54,659,009
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $313,222 AND $0, RESPECTIVELY)......... $ 31,389,057 $ 36,407,792
-------------- --------------
-------------- --------------
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED FROM
ENDED DECEMBER 31, INCEPTION
6/30/99 --------------------------------------- 5/1/95 TO
(UNAUDITED) 1998 1997 1996 12/31/95
----------- ----------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 12.28 $ 16.38 $ 14.32 $ 11.33 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).......... 0.35(3) 0.78(3) 0.50(3) 0.50(3) 0.33(3)
Net realized and unrealized gain
(loss).............................. 0.76 (4.20) 2.62 3.14 1.42
----------- ----------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS.... 1.11 (3.42) 3.12 3.64 1.75
----------- ----------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income.............................. (0.22) (0.65) (0.48) (0.50) (0.33)
Dividends from net realized gains..... -- (0.02) (0.58) (0.15) (0.06)
Tax return of capital................. -- (0.01) -- -- (0.03)
----------- ----------- --------- --------- ---------
TOTAL DISTRIBUTIONS................. (0.22) (0.68) (1.06) (0.65) (0.42)
----------- ----------- --------- --------- ---------
CHANGE IN NET ASSET VALUE............... 0.89 (4.10) 2.06 2.99 1.33
----------- ----------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD.......... $ 13.17 $ 12.28 $ 16.38 $ 14.32 $ 11.33
----------- ----------- --------- --------- ---------
----------- ----------- --------- --------- ---------
Total return............................ 9.20%(2) (21.19)% 22.05% 33.09% 17.79%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)... $31,389 $36,408 $54,659 $22,710 $8,473
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses.................... 1.00%(1) 1.00% 1.00% 1.00% 1.00%(1)
Net investment income................. 5.39%(1) 5.07% 3.59% 4.36% 4.80%(1)
Portfolio turnover rate................. 14%(2) 18% 41% 21% 10%(2)
</TABLE>
(1) Annualized
(2) Not annualized
(3) Includes reimbursement of operating expenses by investment adviser of $0.02,
$0.002, $0.01, $0.05 and $0.07 per share, respectively.
See Notes to Financial Statements
68
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
(UNAUDITED)
NOTE 1--ORGANIZATION
The Phoenix Edge Series Fund (the "Fund") is organized as a Massachusetts
business trust and is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company. The Fund is comprised
of the Phoenix Research Enhanced Index, Phoenix-Aberdeen International,
Phoenix-Aberdeen New Asia, Phoenix-Duff & Phelps Real Estate,
Phoenix-Engemann Nifty Fifty, Phoenix-Goodwin Balanced, Phoenix-Goodwin
Growth, Phoenix-Goodwin Money Market, Phoenix-Goodwin Multi-Sector Fixed
Income, Phoenix-Goodwin Strategic Allocation, Phoenix-Goodwin Strategic
Theme, Phoenix-Hollister Value Equity, Phoenix-Oakhurst Growth and Income,
Phoenix-Schafer Mid-Cap Value and Phoenix-Seneca Mid-Cap Growth Series. The
Fund was established as part of the December 8, 1986 reorganization of the
Phoenix Home Life Variable Accumulation Account (the "Account") from a
management investment company to a unit investment trust under the Investment
Company Act of 1940. The Fund is organized with Series which are available
only to the subaccounts of the Phoenix Home Life Variable Accumulation
Account, Phoenix Home Life Variable Universal Life Account, PHL Variable
Accumulation Account, Phoenix Life and Annuity Variable Universal Life
Account, and Phoenix Home Life Separate Accounts B, C and D.
Each Series has distinct investment objectives. The Phoenix Research Enhanced
Index Series seeks high total return by investing in a broadly diversified
portfolio of equity securities of large and medium capitalization companies
within market sectors reflected in the Standard & Poor's 500 Composite Stock
Price Index. The Phoenix-Aberdeen International Series seeks as its
investment objective a high total return consistent with reasonable risk by
investing primarily in an internationally diversified portfolio of equity
securities. The Phoenix-Aberdeen New Asia Series seeks to provide long-term
capital appreciation by investing primarily in diversified equity securities
of issuers organized and principally operating in Asia, excluding Japan. The
Phoenix-Duff & Phelps Real Estate Series seeks to achieve capital
appreciation and income with approximately equal emphasis through investments
in real estate investment trusts and companies that operate, manage, develop
or invest in real estate. The Phoenix-Engemann Nifty Fifty Series seeks to
achieve long-term capital appreciation investing in approximately 50
different securities which offer the potential for long term growth of
capital. The Phoenix-Goodwin Balanced Series seeks to provide reasonable
income, long-term growth and conservation of capital. The Phoenix-Goodwin
Growth Series seeks to achieve intermediate and long-term growth of capital,
with income as a secondary consideration. The Phoenix-Goodwin Money Market
Series seeks to provide maximum current income consistent with capital
preservation and liquidity. The Phoenix-Goodwin Multi-Sector Fixed Income
Series seeks to provide long-term total return by investing in a diversified
portfolio of high yield and high quality fixed income securities. The
Phoenix-Goodwin Strategic Allocation Series seeks to realize as high a level
of total rate of return over an extended period of time as is considered
consistent with prudent investment risk by investing in three market
segments; stocks, bonds and money market instruments. The Phoenix-Goodwin
Strategic Theme Series seeks long-term appreciation of capital by investing
in securities that the adviser believes are well positioned to benefit from
cultural, demographic, regulatory, social or technological changes worldwide.
The Phoenix-Hollister Value Equity Series seeks to achieve long-term capital
appreciation and income by investing in a diversified portfolio of common
stocks which meet certain quantitative standards that indicate above average
financial soundness and intrinsic value relative to price. The
Phoenix-Oakhurst Growth and Income Series seeks as its investment objective,
dividend growth, current income and capital appreciation by investing in
common stocks. The Phoenix-Schafer Mid-Cap Value Series seeks to achieve
long-term capital appreciation with current income as the secondary
investment objective by investing in common stocks of established companies
having a strong financial position and a low stock market valuation at the
time of purchase which are believed to offer the possibility of increase in
value. The Phoenix-Seneca Mid-Cap Growth Series seeks capital appreciation
primarily through investments in equity securities of companies that have the
potential for above average market appreciation.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, revenues and
expenses. Actual results could differ from those estimates.
A. SECURITY VALUATION
Equity securities are valued at the last sale price, or if there had been no
sale 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.
The Phoenix-Goodwin Money Market Series uses the amortized cost method of
security valuation which, in the opinion of the Trustees, represents the fair
value of the particular security. The Trustees monitor the deviations between
the Series' net asset value per share as determined by using available market
quotations and its amortized cost per share. If the deviation exceeds 1/2 of
1%, the Board of Trustees will consider what action, if any, should be
initiated to provide fair valuation. The Series attempts to maintain a
constant net asset value of $10 per share.
69
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1999
(UNAUDITED)
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 Fund is
notified. The Fund does not amortize premiums except for the Phoenix-Goodwin
Money Market Series, but does amortize discounts using the effective interest
method. Realized gains and losses are determined on the identified cost
basis.
C. INCOME TAXES
Each of the Series is treated as a separate taxable entity. It is the policy
of each Series to comply with the requirements of the Internal Revenue Code,
applicable to regulated investment companies, and to distribute all of its
taxable income to its shareholders. In addition, each Series 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 Series on the ex-dividend date and all
distributions are reinvested into the Fund. Income and capital gain
distributions are determined in accordance with income tax regulations which
may differ from generally accepted accounting principles. These differences
include the treatment of non-taxable dividends, expiring capital loss
carryforwards, foreign currency gain/loss, partnerships, and losses deferred
due to wash sales and excise tax regulations. Permanent book and tax basis
differences relating to shareholder distributions will result in
reclassifications to paid in capital.
E. FOREIGN CURRENCY TRANSLATION
Foreign securities and other assets and liabilities are valued using the
foreign currency exchange rate effective at the end of the reporting period.
Cost of investments is translated at the currency exchange rate effective at
the trade date. The gain or loss resulting from a change in currency exchange
rates between the trade and settlement dates of a portfolio transaction is
treated as a gain or loss on foreign currency. Likewise, the gain or loss
resulting from a change in currency exchange rates between the date income is
accrued and paid is treated as a gain or loss on foreign currency. The Fund
does not separate that portion of the results of operations arising from
changes in exchange rates and that portion arising from changes in the market
prices of securities.
F. FORWARD CURRENCY CONTRACTS
Each Series 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 the Series as an unrealized gain (or loss). When
the contract is closed or offset with the same counterparty, the Series
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. A Series 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
Series 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 Series agrees
to receive from or pay to the broker an amount of cash equal to the daily
fluctuation in the value of the contract. Such receipts or payments are known
as variation margins and are recorded by the Series as unrealized gains or
losses. When the contract is closed, the Series 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
Series is that the change in value of the futures contract may not correspond
to the change in value of the hedged instruments.
H. OPTIONS
The Phoenix-Goodwin Multi-Sector Fixed Income, Phoenix-Goodwin Money Market,
Phoenix-Goodwin Growth, Phoenix-Goodwin Strategic Allocation, Phoenix-Goodwin
Balanced, Phoenix-Aberdeen International, Phoenix-Goodwin Strategic Theme,
Phoenix Research Enhanced Index, Phoenix Seneca Mid-Cap Growth,
Phoenix-Oakhurst Growth and Income, Phoenix Hollister Value Equity and
Phoenix-Aberdeen New Asia Series may write covered options or purchase
options contracts for the purpose of hedging against changes in the market
value of the underlying securities or foreign currencies.
Each Series 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
70
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1999
(UNAUDITED)
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 for the contracts.
Each Series may purchase options which are included in the Series' 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 Fund with respect to any two or more Series are
allocated in proportion to the net assets of each Series, except where
allocation of direct expense to each Series or an alternative allocation
method can be more fairly made.
J. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS
Each Series may engage in when-issued or delayed delivery transactions. The
Series record when-issued securities on the trade date and maintain
collateral for the securities purchased. Securities purchased on a
when-issued or delayed delivery basis begin earning interest on the
settlement date.
K. REPURCHASE AGREEMENTS
A repurchase agreement is a transaction where a Series acquires a security
for cash and obtains a simultaneous commitment from the seller to repurchase
the security at an agreed upon price and date. The Series, through its
custodian, takes possession of securities collateralizing the repurchase
agreement. The collateral is marked to market daily to ensure that the market
value of the underlying assets remains sufficient to protect the Series in
the event of default by the seller. If the seller defaults and the value of
the collateral declines or, if the seller enters insolvency proceedings,
realization of collateral may be delayed or limited.
NOTE 3--INVESTMENT ADVISORY FEES AND RELATED PARTY TRANSACTIONS
As compensation for advisory services to the Fund, the Advisers are entitled
to a fee, based upon the following annual rates as a percentage of the
average daily net assets of each separate Series listed below:
<TABLE>
<CAPTION>
RATE FOR FIRST RATE FOR NEXT RATE FOR EXCESS
SERIES $250 MILLION $250 MILLION OVER $500 MILLION
- -------------------------------------------------- -------------- ------------- ------------------
<S> <C> <C> <C>
Phoenix Research Enhanced Index................... 0.45% 0.45% 0.45%
Phoenix-Aberdeen International.................... 0.75 0.70 0.65
Phoenix-Engemann Nifty Fifty...................... 0.90 0.85 0.80
Phoenix-Goodwin Balanced.......................... 0.55 0.50 0.45
Phoenix-Goodwin Growth............................ 0.70 0.65 0.60
Phoenix-Goodwin Money Market...................... 0.40 0.35 0.30
Phoenix-Goodwin Multi-Sector Fixed Income......... 0.50 0.45 0.40
Phoenix-Goodwin Strategic Allocation.............. 0.60 0.55 0.50
Phoenix-Goodwin Strategic Theme................... 0.75 0.70 0.65
Phoenix-Hollister Value Equity.................... 0.70 0.65 0.60
Phoenix-Oakhurst Growth and Income................ 0.70 0.65 0.60
Phoenix-Seneca Mid-Cap Growth..................... 0.80 0.80 0.80
Phoenix-Schafer Mid-Cap Value..................... 1.05 1.05 1.05
Phoenix-Aberdeen New Asia......................... 1.00 1.00 1.00
<CAPTION>
RATE FOR FIRST RATE FOR NEXT RATE FOR EXCESS
$1 BILLION $1 BILLION OVER $2 BILLION
-------------- ------------- ------------------
<S> <C> <C> <C>
Phoenix-Duff & Phelps Real Estate................. 0.75 0.70 0.65
</TABLE>
Phoenix Investment Council ("PIC") is adviser to each Series except the
Phoenix-Duff & Phelps Real Estate Series and Phoenix-Aberdeen New Asia
Series. Pursuant to a subadvisory agreement with the Fund, PIC delegates
certain investment decisions and research functions with respect to the
following series to the subadvisor indicated, for which services each is paid
a fee by PIC.
<TABLE>
<S> <C>
Phoenix Research Enhanced Index Series................... J.P. Morgan Investment Management, Inc. ("J.P. Morgan")
Phoenix-Engemann Nifty Fifty Series...................... Roger Engemann & Associates, Inc. ("Engemann")
Phoenix-Seneca Mid-Cap Growth Series..................... Seneca Capital Management, LLC ("Seneca")
Phoenix-Schafer Mid-Cap Value Series..................... Schafer Capital Management, Inc. ("Schafer")
</TABLE>
In accordance with the subadvisory agreement between the Fund and J.P.
Morgan, J.P. Morgan is paid a monthly fee at the annual rate of 0.25% of the
average aggregate daily net asset values of the Phoenix Research Enhanced
Index Series up to $100 million; and 0.20% of such value in excess of $100
million. Pursuant to the subadvisory agreement with the Fund and Engemann,
Engemann is paid a monthly fee at the annual rate of 0.45% of the average
aggregate daily net asset values of the Phoenix-Engemann Nifty Fifty Series
up to $250,000,000, 0.425% of such values between $250,000,000 and
$500,000,000 and 0.40% of such values in excess of $500,000,000. Pursuant to
the subadvisory agreement with the Fund and Seneca, Seneca is paid a
71
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1999
(UNAUDITED)
monthly fee at the annual rate of 0.40% of the average aggregate daily net
asset values of the Phoenix-Seneca Mid-Cap Growth Series. In accordance with
the subadvisory agreement with the Fund and Schafer, Schafer is paid a
monthly fee at the annual rate of 0.85% of the average aggregate daily net
asset values of the Phoenix-Schafer Mid-Cap Value Series up to $175 million
and 0.80% of such value in excess of $175 million.
Aberdeen Fund Managers, Inc. ("Aberdeen") is subadvisor to the
Phoenix-Aberdeen International Series. For its services, Aberdeen is paid a
fee by the Advisers equal to 0.375% of the average daily net assets of the
Phoenix-Aberdeen International Series up to $250 million, 0.35% of such value
between $250 million to $500 million and 0.325% of such value in excess of
$500 million. Aberdeen is a subsidiary of Aberdeen Asset Management PLC, of
which Phoenix Home Life Mutual Insurance Company ("Phoenix") owns
approximately 11%.
The investment adviser for the Phoenix-Duff & Phelps Real Estate Series is
Duff & Phelps Investment Management Co. ("DPIM"), a subsidiary of Phoenix
Investment Partners, Ltd. ("PXP"). PXP is a majority owned subsidiary of
Phoenix. For its services, DPIM is entitled to a fee at an annual rate of
0.75% of the average daily net assets for the first $1 billion, 0.70% on the
next $1 billion and 0.65% thereafter.
Phoenix-Aberdeen International Advisors, LLC ("PAIA") serves as the
investment adviser to the Phoenix-Aberdeen New Asia Series. PAIA is a joint
venture between PM Holdings, Inc., a direct subsidiary of Phoenix, and
Aberdeen Fund Managers, Inc. ("Aberdeen"), a wholly-owned subsidiary of
Aberdeen Asset Management PLC. PAIA is entitled to a fee, at an annual rate
of 1.00% of the average daily net assets of the Phoenix-Aberdeen New Asia
Series. Pursuant to subadvisory agreements, PAIA delegates certain investment
decisions and functions to other entities. PIC receives a fee of 0.30% of the
average daily net assets of the Phoenix-Aberdeen New Asia Series from PAIA
for providing research and other domestic advisory services, as needed. In
addition, PAIA also pays a subadvisory fee to Aberdeen of 0.40% of the
average daily net assets of the Aberdeen New Asia Series for implementing
certain portfolio transactions and providing research and other services.
Each Series (except the Phoenix-Aberdeen International, Phoenix-Duff & Phelps
Real Estate, Phoenix-Goodwin Strategic Theme, Phoenix-Aberdeen New Asia,
Phoenix Research Enhanced Index and Phoenix-Seneca Mid-Cap Series) pays a
portion or all of its other operating expenses (not including management fee,
interest, taxes, brokerage fees and commissions), up to 0.15% of its average
net assets. The Phoenix-Aberdeen International, Phoenix-Duff & Phelps Real
Estate, Phoenix-Goodwin Strategic Theme, Phoenix-Aberdeen New Asia, Phoenix
Research Enhanced Index and Phoenix-Seneca Mid-Cap Series pay other operating
expenses up to 0.40%, 0.25%, 0.25%, 0.25%, 0.10% and 0.25% respectively, of
its average net assets. Expenses above these limits are paid by the Advisers
(PIC, DPIM, PAIA), Phoenix and/or Phoenix Variable Insurance Company.
As Financial Agent to the Fund and to each Series, Phoenix Equity Planning
Corporation ("PEPCO"), an indirect majority-owned subsidiary of Phoenix,
receives a financial agent fee equal to the sum of (1) the documented cost of
fund accounting and related services provided by PFPC, Inc. (subagent to
PEPCO), plus (2) the documented cost to PEPCO to provide financial reporting,
tax services and oversight of subagent's performance. The current fee
schedule of PFPC, Inc. ranges from 0.085% to 0.0125% of the average daily net
asset values of the Fund. Certain minimum fees and fee waivers may apply.
At June 30, 1999, Phoenix and affiliates held shares in The Phoenix Edge
Series Fund which had the following aggregate value:
<TABLE>
<S> <C>
Phoenix-Seneca Mid-Cap Growth Series............. $ 2,505,858
Phoenix-Schafer Mid-Cap Value Series............. 1,708,108
Phoenix-Aberdeen New Asia Series................. 2,495,031
</TABLE>
NOTE 4--PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities during the period ended June 30, 1999
(excluding U.S. Government securities, short-term securities, options written
and forward currency contracts) aggregated the following:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
Phoenix Research Enhanced Index........ $ 49,287,726 $ 19,537,636
Phoenix-Aberdeen International......... 110,086,234 111,294,002
Phoenix-Engemann Nifty Fifty........... 24,997,409 8,454,974
Phoenix-Goodwin Balanced............... 83,131,215 77,616,289
Phoenix-Goodwin Growth................. 1,308,524,870 1,467,875,459
Phoenix-Goodwin Multi-Sector Fixed
Income............................... 92,317,637 103,000,412
Phoenix-Goodwin Strategic Allocation... 148,712,810 221,165,770
Phoenix-Goodwin Strategic Theme........ 116,592,635 97,652,367
Phoenix-Hollister Value Equity......... 7,012,150 8,032,877
Phoenix-Oakhurst Growth and Income..... 46,628,064 18,712,178
Phoenix-Seneca Mid-Cap Growth.......... 10,304,084 8,963,231
Phoenix-Schafer Mid-Cap Value.......... 3,233,912 1,390,443
Phoenix-Aberdeen New Asia.............. 2,263,410 1,513,168
Phoenix-Duff & Phelps Real Estate...... 4,353,937 10,551,569
</TABLE>
72
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1999
(UNAUDITED)
There were no purchases or sales of such securities in the Money Market
Series.
Purchases and sales of long-term U.S. Government securities during the period
ended June 30, 1999 aggregated the following:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Phoenix-Goodwin Balanced Series...... $30,782,019 $19,874,611
Phoenix-Goodwin Multi-Sector Fixed
Income Series...................... 22,447,195 20,970,539
Phoenix-Goodwin Strategic Allocation
Series............................. 81,315,438 13,762,454
</TABLE>
There were no purchases or sales of long-term U.S. Government Securities in
the Phoenix-Goodwin Money Market, Phoenix-Goodwin Growth, Phoenix-Aberdeen
International, Phoenix-Duff & Phelps Real Estate, Phoenix-Goodwin Strategic
Theme, Phoenix-Aberdeen New Asia, Phoenix Research Enhanced Index,
Phoenix-Engemann Nifty Fifty, Phoenix-Seneca Mid-Cap Growth, Phoenix-Oakhurst
Growth and Income, Phoenix-Hollister Value Equity and Phoenix-Schafer Mid-Cap
Value Series.
Written call option activity for the year ended June 30, 1999 aggregated the
following:
<TABLE>
<CAPTION>
PHOENIX-OAKHURST
GROWTH AND INCOME
SERIES
-------------------
AMOUNT
# OF OF
OPTIONS PREMIUMS
-------- --------
<S> <C> <C>
Options outstanding at December 31,
1998............................... -- $ --
Options written...................... 256 41,634
Options canceled in closing purchase
transactions....................... (67) (8,042)
Options expired...................... (122) (25,924)
Options exercised.................... (67) (7,668)
--- --------
Options outstanding at June 30,
1999............................... -- --
--- --------
--- --------
</TABLE>
At June 30, 1999, the Phoenix Research Enhanced Index Series had entered into
futures contracts as follows:
<TABLE>
<CAPTION>
VALUE OF
NUMBER CONTRACTS MARKET NET
OF WHEN VALUE OF UNREALIZED
DESCRIPTION CONTRACTS OPENED CONTRACTS APPRECIATION
----------------------------------------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Standard & Poor's 500 Index.............. 2 $ 645,400 $ 690,850 $45,450
Standard & Poor's 500 Index.............. 1 330,625 345,425 14,800
Standard & Poor's 500 Index.............. 2 667,250 690,850 23,600
Standard & Poor's 500 Index.............. 1 334,550 345,425 10,875
Standard & Poor's 500 Index.............. 1 334,625 345,425 10,800
Standard & Poor's 500 Index.............. 1 337,700 345,425 7,725
--- ---------- ---------- ------------
8 $2,650,150 $2,763,400 $113,250
--- ---------- ---------- ------------
--- ---------- ---------- ------------
</TABLE>
NOTE 5--CREDIT RISK
In countries with limited or developing markets, investments may present
greater risks than in more developed markets and the prices of such
investments may be volatile. The consequences of political, social or
economic changes in these markets may have disruptive effects on the market
prices of these investments and the income they generate, as well as a fund's
ability to repatriate such amounts.
NOTE 6--LOAN AGREEMENTS
The Fund may invest in direct debt instruments which are interests in amounts
owed by a corporate, governmental, or other borrower to lenders or lending
syndicates. The Fund's 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 Fund has 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 Fund generally has no right to enforce
compliance with the terms of the loan agreement with the borrower. As a
result, the Fund may be subject to the credit risk of both the borrower and
the lender that is selling the loan agreement. When the Fund purchases
assignments from lenders it acquires direct rights against the borrower on
the loan. Direct indebtedness of emerging countries 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.
73
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1999
(UNAUDITED)
NOTE 8--CAPITAL LOSS CARRYOVERS
The following Series have capital loss carryovers which may be used to offset
future capital gains.
<TABLE>
<S> <C>
Phoenix-Engemann Nifty Fifty Series.... $ 4,085
Phoenix-Goodwin Multi-Sector Fixed
Income Series........................ 566,989
Phoenix-Hollister Value Equity
Series............................... 104,098
Phoenix-Oakhurst Growth and Income
Series............................... 349,419
Phoenix-Seneca Mid-Cap Growth Series... 164,133
Phoenix-Schafer Mid-Cap Value Series... 285,733
Phoenix-Aberdeen New Asia Series....... 2,887,698
Phoenix-Duff & Phelps Real Estate
Series............................... 113,500
</TABLE>
Capital loss carryforwards expire in 2006 for all Series except for
Phoenix-Aberdeen New Asia Series which expires as follows: $143,419 in 2005
and $2,744,279 in 2006.
Under current tax law, capital and foreign currency losses 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, 1998 the
Phoenix-Aberdeen New Asia Series, Phoenix-Goodwin Multi-Sector Fixed Income
Series, and Phoenix-Schafer Mid-Cap Growth Series elected to defer losses
occurring between November 1, 1998 and December 31, 1998 in the amount of
$496,277, $5,850,282, and $55,831, respectively. In addition, the
Phoenix-Aberdeen International Series, Phoenix-Aberdeen New Asia Series,
Phoenix-Goodwin Growth Series and Phoenix-Goodwin Strategic Theme Series were
able to utilize losses deferred in the prior year in the amount of $761,290,
$379,802, $1,144 and $1,280,577, respectively.
This report is not authorized for distribution to prospective investors in The
Phoenix Edge Series Fund unless preceded or accompanied by any effective
Prospectus which includes information concerning the sales charges, Fund's
record and other pertinent information.
74
<PAGE>
THE PHOENIX EDGE SERIES FUND
101 Munson Street
Greenfield, Massachusetts 01301
BOARD OF TRUSTEES
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
OFFICERS
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
John F. Sharry, Executive Vice President
J. Roger Engemann, Senior Vice President
David K. Schafer, Senior Vice President
Gail P. Seneca, Senior Vice President
James D. Wehr, Senior Vice President
Hugh Young, Senior Vice President
David L. Albrycht, Vice President
Christian C. Bertelsen, Vice President
Steven L. Colton, Vice President
Timothy Devlin, Vice President
Robert S. Driessen, Vice President
Ron K. Jacks, Vice President
Christopher J. Kelleher, Vice President
Richard D. Little, Vice President
James E. Mair, Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, Vice President
Julie L. Sapia, Vice President
Michael Schatt, Vice President
John S. Tilson, Vice President
James Wiess, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
INVESTMENT ADVISERS
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
Duff & Phelps Investment Management Co.
(Phoenix-Duff & Phelps Real Estate Securities
Series)
55 East Monroe Street Suite 3600
Chicago, Illinois 60603
Phoenix-Aberdeen International Advisors, LLC
(Phoenix-Aberdeen New Asia Series)
56 Prospect Street
Hartford, Connecticut 06115-0480
CUSTODIANS
The Chase Manhattan Bank
1 Chase Manhattan Plaza
Floor 3B
New York, New York 10081
Brown Brothers Harriman & Co.
(Phoenix-Aberdeen New Asia Series and Phoenix-
Aberdeen International Series)
40 Water Street
Boston, Massachusetts 02109
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
<PAGE>
PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY PRSRT STD
101 Munson Street U.S. Postage
P.O. Box 942 PAID
Greenfield, MA 01302-0942 Springfield, MA
Permit No. 444
[Logo] PRINTED ON RECYCLED PAPER USING A SOYBASED INK.
Phoenix Home Life Mutual Insurance Company
Statutory Home Office: East Greenbush, New York
[Logo] PHOENIX
http://www.phl.com
OL2531S (c)1999 Phoenix Home Life Mutual Insurance Company
700.04 8/99
