<PAGE>
SEMIANNUAL REPORT
P H O E N I X
THE PHOENIX EDGE SERIES FUND
June 30, 2000
[LOGO] PHOENIX
WEALTH MANAGEMENT-TM-
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Phoenix-Aberdeen International Series..................................... 2
Phoenix-Aberdeen New Asia Series.......................................... 8
Phoenix-Bankers Trust Dow 30 Series....................................... 12
Phoenix-Duff & Phelps Real Estate Securities Series....................... 15
Phoenix-Engemann Capital Growth Series.................................... 18
Phoenix-Engemann Nifty Fifty Series....................................... 22
Phoenix-Federated U.S. Government Bond Series............................. 25
Phoenix-Goodwin Money Market Series....................................... 28
Phoenix-Goodwin Multi-Sector Fixed Income Series.......................... 32
Phoenix-Hollister Value Equity Series..................................... 37
Phoenix-J.P. Morgan Research Enhanced Index Series........................ 41
Phoenix-Janus Equity Income Series........................................ 47
Phoenix-Janus Flexible Income Series...................................... 51
Phoenix-Janus Growth Series............................................... 54
Phoenix-Morgan Stanley Focus Equity Series................................ 57
Phoenix-Oakhurst Balanced Series.......................................... 60
Phoenix-Oakhurst Growth and Income Series................................. 66
Phoenix-Oakhurst Strategic Allocation Series.............................. 71
Phoenix-Schafer Mid-Cap Value Series...................................... 77
Phoenix-Seneca Mid-Cap Growth Series...................................... 80
Phoenix-Seneca Strategic Theme Series..................................... 83
Notes to Financial Statements............................................. 86
</TABLE>
Not FDIC Insured No Bank Guarantee May Lose Value
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--94.6%
AUSTRALIA--1.6%
Australian Gas Light Co., Ltd. (Natural Gas)............................ 290,000 $ 1,732,513
QBE Insurance Group Ltd. (Insurance (Property-Casualty))................
570,000 2,796,782
------------
4,529,295
------------
BELGIUM--0.4%
Dexia (Banks (Major Regional)).......................................... 7,017 1,076,227
Dexia Strips (Banks (Major Regional)) (b)............................... 7,400 355
------------
1,076,582
------------
BRAZIL--0.9%
Aracruz Celulose SA ADR (Paper & Forest Products).......................
25,000 482,813
Companhia Cervejaria Brahma ADR (Beverages (Alcoholic)).................
30,000 510,000
Tele Centro Sul Participacoes SA ADR (Telecommunications (Long
Distance))............................................................ 10,000 730,625
Tele Norte Leste Participacoes SA ADR (Telecommunications (Long
Distance))............................................................ 32,000 756,000
------------
2,479,438
------------
CANADA--4.6%
Nortel Networks Corp. (Communications Equipment)........................ 190,000 12,967,500
------------
CHILE--0.1%
Companhia de Telecomunicaciones de Chile SA ADR (Telecommunications
(Long Distance))...................................................... 12,500 226,563
------------
DENMARK--0.3%
Danisco A/S (Foods)..................................................... 29,616 993,270
------------
FINLAND--2.6%
Nokia Oyj (Communications Equipment).................................... 128,348 6,576,113
Sonera Oyj (Telephone).................................................. 14,100 645,394
------------
7,221,507
------------
FRANCE--7.8%
Air Liquide SA (Chemicals (Specialty)).................................. 10,893 1,426,365
Aventis SA (Chemicals (Diversified)).................................... 49,600 3,634,893
Axa (Insurance (Multi-Line))............................................ 16,148 2,554,084
Carrefour SA (Retail (Food Chains))..................................... 19,768 1,356,776
Castorama Dubois Investissement SA (Retail (Building Supplies)).........
8,925 2,215,850
Euler SA (Financial (Diversified)) (b).................................. 9,500 455,239
Group Danone (Foods).................................................... 10,200 1,359,087
Lafarge SA (Construction (Cement & Aggregates))......................... 29,242 2,281,728
STMicroelectronics NV (Electronics (Semiconductors))....................
25,458 1,610,648
Schneider Electric SA (Electrical Equipment)............................ 24,455 1,711,287
Suez Lyonnaise des Eaux SA (Engineering & Construction).................
5,807 1,021,458
Valeo SA (Auto Parts & Equipment)....................................... 16,351 877,738
Vivendi SA (Manufacturing (Diversified))................................ 16,824 1,490,969
------------
21,996,122
------------
GERMANY--3.3%
Allianz AG Vinkulierte Registered Shares (Insurance (Multi-Line)).......
5,793 2,110,180
Bayerische Hypo- und Vereinsbank AG (Banks (Major Regional))............
26,455 1,726,980
Bayerische Motoren Werke AG (Automobiles)............................... 41,800 1,266,181
Deutsche Bank AG Registered Shares (Banks (Major Regional)).............
28,102 2,327,466
E.On AG (Manufacturing (Diversified))................................... 18,552 914,084
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
GERMANY--CONTINUED
RWE AG (Manufacturing (Diversified)).................................... 25,673 $ 866,267
------------
9,211,158
------------
GREECE--0.2%
Hellenic Telecommunications Organization SA (Telephone).................
26,500 649,269
------------
HONG KONG--2.0%
Swire Pacific Ltd. Class B (Manufacturing (Diversified))................
7,000,000 5,702,351
------------
HUNGARY--0.3%
Magyar Tavkozlesi Rt ADR (Telecommunications (Long Distance))...........
21,900 754,181
------------
INDIA--1.2%
BSES Ltd. GDR (Electric Companies) (b).................................. 83,000 1,556,250
Gas Authority of India Ltd. GDR (Oil & Gas (Refining & Marketing))......
40,000 275,000
Mahanagar Telephone Nigam Ltd. GDR (Telephone).......................... 140,000 1,470,000
------------
3,301,250
------------
INDONESIA--0.2%
PT Indonesian Satellite Corp. Tbk (Telephone)........................... 379,000 446,024
PT Indosat (Persero) Tbk ADR (Telecommunications (Long Distance)).......
15,000 170,625
------------
616,649
------------
ISRAEL--0.2%
Bank Hapoalim Ltd. (Banks (Major Regional))............................. 221,500 642,328
------------
ITALY--2.3%
Banca Intesa SPA (Banks (Major Regional))............................... 561,222 1,334,194
Banca Intesa SPA - New (Banks (Major Regional))......................... 20,043 90,762
Riunione Adriatica di Sicurta SPA (Insurance (Multi-Line))..............
330,000 3,637,845
San Paolo - IMI SPA (Banks (Major Regional))............................ 88,581 1,578,528
------------
6,641,329
------------
JAPAN--19.2%
Canon, Inc. (Office Equipment & Supplies)............................... 85,000 4,241,905
Circle K Japan Co., Ltd. (Retail (Food Chains))......................... 63,000 2,292,500
Dai Nippon Printing Co., Ltd. (Specialty Printing)...................... 216,000 3,815,673
Fuji Photo Film Co., Ltd. (Photography/Imaging)......................... 70,000 2,871,415
Hitachi Credit Corp. (Consumer Finance)................................. 114,000 3,092,394
Ito-Yokado Co., Ltd. (Retail (Food Chains))............................. 48,000 2,894,477
Kao Corp. (Household Products (Non-Durable))............................ 115,000 3,521,689
Mabuchi Motor Co., Ltd. (Electrical Equipment).......................... 19,500 2,525,011
NTT DoCoMo, Inc. (Telecommunications (Cellular/ Wireless))..............
850 2,305,733
Nikko Securities Co., Ltd. (The) (Investment Banking/Brokerage).........
320,000 3,175,758
Rinnai Corp. (Household Furnishings & Appliances)....................... 126,000 2,816,500
Rohm Co., Ltd. (Electronics (Semiconductors))........................... 9,000 2,637,013
Sankyo Co., Ltd. (Health Care (Drugs-Major Pharmaceuticals))............
175,000 3,961,427
Sanwa Bank Ltd. (The) (Banks (Major Regional)).......................... 336,000 2,686,691
Secom Co., Ltd. (Services (Commercial & Consumer))......................
35,000 2,563,763
Sharp Corp. (Household Furnishings & Appliances)........................ 175,000 3,101,326
Shin-Etsu Chemical Co., Ltd. (Chemicals (Specialty))....................
65,000 3,305,246
Suzuki Motor Corp. (Automobiles)........................................ 190,000 2,456,676
------------
54,265,197
------------
</TABLE>
See Notes to Financial Statements
2
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
MALAYSIA--0.5%
Carlsberg Brewery Malaysia Berhad (Beverages (Alcoholic))...............
150,000 $ 505,274
Malaysian Oxygen Berhad (Chemicals (Specialty))......................... 154,000 437,693
Sime UEP Properties Berhad (Homebuilding)............................... 277,000 371,771
------------
1,314,738
------------
MEXICO--1.0%
Cemex SA de CV ADR (Construction (Cement & Aggregates)).................
1,239 28,962
Fomento Economico Mexicano SA de CV ADR (Beverages (Alcoholic)).........
16,000 689,000
Grupo Televisa SA GDR (Broadcasting (Television, Radio & Cable)) (b)....
6,000 413,625
Telefonos de Mexico SA de C.V. ADR Series L (Telecommunications (Long
Distance))............................................................ 28,500 1,628,063
------------
2,759,650
------------
NETHERLANDS--8.6%
ASM Lithography Holding NV (Equipment (Semiconductors)).................
67,309 2,904,765
Elsevier NV (Publishing)................................................ 140,694 1,711,471
Fortis (NL) NV (Financial (Diversified))................................ 38,221 1,117,100
Gucci Group (Textiles (Apparel))........................................ 13,900 1,313,118
Heineken NV (Beverages (Alcoholic))..................................... 31,511 1,925,639
IHC Caland NV (Oil & Gas (Drilling & Equipment))........................ 39,457 1,928,975
ING Groep NV (Financial (Diversified)).................................. 29,295 1,988,196
KPN NV (Telephone) (b).................................................. 35,220 1,581,726
Koninklijke Ahold NV (Retail (Food Chains))............................. 39,100 1,155,534
Royal Dutch Petroleum Co. (Oil (Domestic Integrated))...................
57,039 3,559,470
United Pan-Europe Communications NV (Broadcasting (Television, Radio &
Cable))............................................................... 70,585 1,853,262
VNU NV (Publishing)..................................................... 34,299 1,778,735
Versatel Telecom International NV (Telephone) (b)....................... 33,700 1,421,396
------------
24,239,387
------------
PHILIPPINES--0.3%
Ayala Land, Inc. (Financial (Diversified)).............................. 6,840,000 870,257
------------
POLAND--0.2%
Elektrim Spolka Akcyjna SA (Distributors (Food & Health))...............
54,000 619,998
------------
SINGAPORE--0.8%
Singapore Airlines Ltd. (Airlines)...................................... 120,000 1,186,827
United Overseas Bank Ltd. (Banks (Major Regional))...................... 174,000 1,137,202
------------
2,324,029
------------
SOUTH AFRICA--0.5%
BoE Ltd. (Financial (Diversified))...................................... 1,207,350 685,613
De Beers (Metals Mining)................................................ 22,160 539,310
RMB Holdings Ltd. (Financial (Diversified))............................. 36,579 54,493
------------
1,279,416
------------
SOUTH KOREA--0.9%
Kookmin Bank (Banks (Major Regional))................................... 106,000 1,349,969
Pohang Iron & Steel Co., Ltd. (Iron & Steel)............................ 12,500 1,085,295
------------
2,435,264
------------
SPAIN--5.8%
Altadis SA (Tobacco).................................................... 237,700 3,666,213
Amadeus Global Travel Distribution SA (Services (Employment)) (b).......
190,875 2,186,499
Banco Popular Espanol SA (Banks (Major Regional))....................... 40,584 1,260,469
Banco Santander Central Hispano SA (Banks (Major Regional)).............
71,729 759,783
Empresa Nacional de Electricidad SA (Electric Companies)................
47,200 918,029
Grupo Dragados SA (Engineering & Construction).......................... 88,151 634,599
Repsol YPF SA (Oil & Gas (Refining & Marketing))........................ 167,286 3,343,475
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
SPAIN--CONTINUED
Telefonica SA (Telephone) (b)........................................... 172,689 $ 3,724,600
------------
16,493,667
------------
SWEDEN--5.3%
ABB Ltd. (Electrical Equipment)......................................... 9,414 1,096,958
Assa Abloy AB Class B (Machinery (Diversified))......................... 44,720 902,485
Electrolux AB Class B (Household Furnishings & Appliances)..............
68,812 1,070,931
Skandia Forsakrings AB (Insurance (Life/Health))........................ 66,256 1,760,135
Skandinaviska Enskilda Banken Class A (Banks (Major Regional))..........
104,728 1,247,797
Svenska Handelsbanken AB Class A (Banks (Major Regional))...............
190,600 2,781,619
Tele1 Europe Holding AB (Telephone) (b)................................. 44,260 545,004
Telefonaktiebolaget LM Ericsson AB Class B (Communications Equipment)...
283,684 5,644,104
------------
15,049,033
------------
SWITZERLAND--4.6%
Credit Suisse Group Registered Shares (Banks (Major Regional))..........
9,384 1,872,680
Nestle SA Registered Shares (Foods)..................................... 1,213 2,435,593
Novartis AG Registered Shares (Health Care (Drugs-Major
Pharmaceuticals))..................................................... 1,577 2,506,022
Roche Holding AG (Health Care (Drugs-Major Pharmaceuticals))............
256 2,500,065
UBS AG Registered Shares (Banks (Major Regional)).......................
18,864 2,772,633
Zurich Allied AG (Financial (Diversified)).............................. 1,762 873,377
------------
12,960,370
------------
TAIWAN--0.5%
Bank Sinopac (Banks (Major Regional)) (b)............................... 950,000 610,734
President Chain Store Corp. (Retail (Food Chains))...................... 160,000 597,422
Standard Foods Taiwan Ltd. GDR (Foods) (b).............................. 67,110 192,941
------------
1,401,097
------------
THAILAND--0.5%
BEC World Public Co., Ltd. (Entertainment).............................. 220,000 1,312,471
------------
TURKEY--0.2%
Yapi ve Kredi Bankasi AS (Banks (Major Regional))....................... 52,577,840 585,632
------------
UNITED KINGDOM--17.7%
3i Group PLC (Investment Banking/Brokerage)............................. 99,994 2,057,253
AstraZeneca Group PLC (Health Care (Drugs-Major Pharmaceuticals)).......
51,035 2,383,513
BAE Systems PLC (Aerospace/Defense)..................................... 125,012 779,728
BG Group PLC (Natural Gas).............................................. 107,720 696,335
BOC Group PLC (Chemicals (Specialty))................................... 31,744 456,541
BP Amoco PLC (Oil (Domestic Integrated))................................ 431,796 4,144,405
Bank of Scotland (Banks (Major Regional))............................... 110,125 1,047,817
Barclays PLC (Banks (Major Regional))................................... 33,280 827,780
Bass PLC (Beverages (Alcoholic))........................................ 60,752 683,351
Berkeley Group PLC (The) (Homebuilding)................................. 60,127 568,910
British American Tobacco PLC (Tobacco).................................. 84,730 565,679
British Telecommunications PLC (Telephone).............................. 167,252 2,162,338
CGNU PLC (Insurance (Multi-Line))....................................... 52,050 866,778
CMG PLC (Services (Data Processing)).................................... 205,800 2,919,709
Cable & Wireless PLC (Telephone)........................................ 75,728 1,282,865
Capital Radio PLC (Broadcasting (Television, Radio & Cable))............
21,200 495,057
Carlton Communications PLC (Entertainment).............................. 74,800 962,531
Colt Telecom Group PLC (Telephone) (b).................................. 16,000 532,889
Compass Group PLC (Restaurants)......................................... 37,043 488,168
Daily Mail and General Trust (Publishing (Newspapers))..................
24,800 429,884
Dixons Group PLC (Retail (Computers & Electronics)).....................
74,580 303,717
</TABLE>
See Notes to Financial Statements
3
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
FirstGroup PLC (Services (Commercial & Consumer)).......................
148,761 $ 538,247
Glaxo Wellcome PLC (Health Care (Drugs-Major Pharmaceuticals))..........
94,455 2,755,504
Granada Group PLC (Restaurants)......................................... 66,102 660,470
HSBC Holdings PLC (Financial (Diversified))............................. 159,500 1,824,271
Hilton Group PLC (Gaming, Lottery & Pari-mutuel Companies) (b)..........
175,739 617,235
Invensys PLC (Machinery (Diversified)).................................. 165,671 622,003
Legal & General Group PLC (Insurance (Multi-Line))...................... 383,999 898,158
Lloyds TSB Group PLC (Financial (Diversified)).......................... 125,800 1,188,391
Logica PLC (Services (Data Processing))................................. 69,971 1,656,720
Marconi PLC (Electronics (Component Distributors))...................... 35,000 455,681
RMC Group PLC (Construction (Cement & Aggregates))......................
35,712 460,626
Reuters Group PLC (Publishing).......................................... 43,287 738,543
Rio Tinto PLC (Metals Mining)........................................... 56,287 920,293
Royal & Sun Alliance Insurance Group PLC (Insurance (Multi-Line)).......
117,696 764,387
Sage Group PLC (The) (Computers (Software & Services))..................
41,300 334,502
Schroders PLC (Investment Banking/Brokerage)............................ 31,660 569,405
Serco Group PLC (Services (Commercial & Consumer))......................
121,212 958,796
Shell Transport & Trading Co. PLC (Oil (Domestic Integrated))...........
198,794 1,659,752
SmithKline Beecham PLC (Health Care (Drugs-Major Pharmaceuticals))......
122,628 1,605,832
Smiths Industries PLC (Aerospace/Defense)............................... 30,485 394,821
Vodafone AirTouch PLC (Telecommunications (Cellular/Wireless))..........
1,192,461 4,820,030
WPP Group PLC (Services (Advertising/Marketing))........................ 27,877 407,256
Woolwich PLC (Consumer Finance)......................................... 82,083 347,630
------------
49,853,801
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $226,881,472)........................................................ 266,772,799
------------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMMON STOCKS--0.6%
UNITED STATES--0.6%
MIH Ltd. (Broadcasting (Television, Radio & Cable)) (b).................
16,000 $ 480,500
Viatel, Inc. (Telecommunications (Long Distance)) (b)................... 36,261 1,035,705
------------
1,516,205
------------
TOTAL COMMON STOCKS
(Identified cost $2,419,763).......................................................... 1,516,205
------------
WARRANTS--0.0%
GERMANY--0.0%
Muenchener Rueckversicherungs-Gesellschaft AG Warrants (Insurance
(Multi-Line)) (b)..................................................... 220 18,453
------------
TOTAL WARRANTS
(Identified cost $0).................................................................. 18,453
------------
TOTAL LONG-TERM INVESTMENTS--95.2%
(Identified cost $229,301,235)........................................................ 268,307,457
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.1%
COMMERCIAL PAPER--4.1%
Koch Industries, Inc. 6.89%, 7/3/00....................... A-1+ $ 5,000 4,998,086
Cargill, Inc. 6.92%, 7/5/00............................... A-1 3,015 3,012,682
Koch Industries, Inc. 6.72%, 7/5/00....................... A-1+ 2,655 2,653,018
Albertson's, Inc. 6.60%, 7/6/00........................... A-1 1,000 999,083
------------
11,662,869
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $11,662,869)......................................................... 11,662,869
------------
TOTAL INVESTMENTS--99.3%
(Identified cost $240,964,104)........................................................ 279,970,326(a)
Cash and receivables, less liabilities--0.7%.......................................... 2,076,646
------------
NET ASSETS--100.0%...................................................................... $282,046,972
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $52,775,965 and gross
depreciation of $15,268,986 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$242,463,347.
(b) Non-income producing.
See Notes to Financial Statements
4
<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........................................... 0.4
Auto Parts & Equipment............................. 0.3
Automobiles........................................ 1.4
Banks (Major Regional)............................. 10.3
Beverages (Alcoholic).............................. 1.6
Broadcasting (Television, Radio & Cable)........... 1.2
Chemicals (Diversified)............................ 1.4
Chemicals (Specialty).............................. 2.1
Communications Equipment........................... 9.4
Computers (Software & Services).................... 0.1
Construction (Cement & Aggregates)................. 1.0
Consumer Finance................................... 1.3
Distributors (Food & Health)....................... 0.2
Electric Companies................................. 0.9
Electrical Equipment............................... 2.0
Electronics (Component Distributors)............... 0.2
Electronics (Semiconductors)....................... 1.6
Engineering & Construction......................... 0.6
Entertainment...................................... 0.8
Equipment (Semiconductors)......................... 1.1
Financial (Diversified)............................ 3.4
Foods.............................................. 1.9
Gaming, Lottery & Pari-Mutuel Companies............ 0.2
Health Care (Drugs-Major Pharmaceuticals).......... 5.9
Homebuilding....................................... 0.4
Household Furnishings & Appliances................. 2.6
Household Products (Non-Durable)................... 1.3
Insurance (Life/Health)............................ 0.7
Insurance (Multi-Line)............................. 4.0
Insurance (Property-Casualty)...................... 1.0
Investment Banking/Brokerage....................... 2.2
Iron & Steel....................................... 0.4
Machinery (Diversified)............................ 0.6
Manufacturing (Diversified)........................ 3.3
Metals Mining...................................... 0.5
Natural Gas........................................ 0.9
Office Equipment & Supplies........................ 1.6
Oil & Gas (Drilling & Equipment)................... 0.7
Oil & Gas (Refining & Marketing)................... 1.3
Oil (Domestic Integrated).......................... 3.5
Paper & Forest Products............................ 0.2
Photography/Imaging................................ 1.1
Publishing......................................... 1.6
Publishing (Newspapers)............................ 0.2
Restaurants........................................ 0.4
Retail (Building Supplies)......................... 0.8
Retail (Computers & Electronics)................... 0.1
Retail (Food Chains)............................... 3.1
Services (Advertising/Marketing)................... 0.2
Services (Commercial & Consumer)................... 1.5
Services (Data Processing)......................... 1.7
Services (Employment).............................. 0.8
Specialty Printing................................. 1.4
Telecommunications (Cellular/Wireless)............. 2.7
Telecommunications (Long Distance)................. 2.0
Telephone.......................................... 5.4
Textiles (Apparel)................................. 0.5
Tobacco............................................ 1.6
----
100.0%
====
</TABLE>
See Notes to Financial Statements
5
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$240,964,104)............................................. $ 279,970,326
Foreign currency at value (identified cost $56,134)......... 56,117
Receivables
Investment securities sold................................ 5,243,710
Fund shares sold.......................................... 1,366,039
Dividends and interest.................................... 357,540
Tax reclaim............................................... 283,427
Prepaid expenses............................................ 2,481
-------------
Total assets............................................ 287,279,640
-------------
LIABILITIES
Payables
Custodian................................................. 24,691
Investment securities purchased........................... 4,660,644
Fund shares repurchased................................... 190,263
Investment advisory fee................................... 170,774
Financial agent fee....................................... 22,353
Trustees' fee............................................. 3,041
Accrued expenses............................................ 160,902
-------------
Total liabilities....................................... 5,232,668
-------------
NET ASSETS.................................................. $ 282,046,972
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 225,893,567
Undistributed net investment loss......................... (475,475)
Accumulated net realized gain............................. 17,626,112
Net unrealized appreciation............................... 39,002,768
-------------
NET ASSETS.................................................. $ 282,046,972
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 17,271,484
=============
Net asset value and offering price per share................ $ 16.33
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 2,696,190
Interest.................................................. 242,893
Foreign taxes withheld.................................... (232,222)
-------------
Total investment income................................. 2,706,861
-------------
EXPENSES
Investment advisory fee................................... 1,049,166
Financial agent fee....................................... 134,052
Custodian................................................. 153,278
Printing.................................................. 39,060
Professional.............................................. 10,214
Trustees.................................................. 2,604
Miscellaneous............................................. 8,807
-------------
Total expenses.......................................... 1,397,181
-------------
NET INVESTMENT INCOME....................................... 1,309,680
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 18,193,615
Net realized loss on foreign currency transactions........ (356,190)
Net change in unrealized appreciation (depreciation) on
investments............................................. (27,819,765)
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions...... 6,064
-------------
NET LOSS ON INVESTMENTS..................................... (9,976,276)
-------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ (8,666,596)
=============
</TABLE>
See Notes to Financial Statements
6
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
---------------- ----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 1,309,680 $ 2,057,132
Net realized gain (loss).................................. 17,837,425 31,345,511
Net change in unrealized appreciation (depreciation)...... (27,813,701) 35,701,086
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (8,666,596) 69,103,729
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (338,637) (3,265,818)
Net realized gains........................................ (5,096,483) (36,259,691)
In excess of net investment income........................ -- (1,780,524)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (5,435,120) (41,306,033)
------------ ------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (4,590,522 and 3,885,702
shares, respectively)................................... 75,472,874 62,660,967
Net asset value of shares issued from reinvestment of
distributions (337,270 and 2,492,331 shares,
respectively)........................................... 5,435,120 41,306,033
Cost of shares repurchased (5,053,475 and 4,632,721
shares, respectively)................................... (83,732,043) (74,706,908)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (2,824,049) 29,260,092
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (16,925,765) 57,057,788
NET ASSETS
Beginning of period....................................... 298,972,737 241,914,949
------------ ------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) AND DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME OF ($475,475) AND ($1,446,518),
RESPECTIVELY)........................................... $282,046,972 $298,972,737
============ ============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------- ---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................ $ 17.19 $ 15.46 $ 14.53 $ 14.52 $ 12.70 $ 11.85
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)...... 0.08 0.23 0.12(1) 0.12(1) 0.11(1) 0.12(1)
Net realized and unrealized gain
(loss).......................... (0.62) 4.13 3.94 1.61 2.25 1.02
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT
OPERATIONS.................... (0.54) 4.36 4.06 1.73 2.36 1.14
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment
income.......................... (0.02) (0.25) -- (0.22) (0.19) (0.04)
Dividends from net realized
gains........................... (0.30) (2.24) (3.13) (1.50) (0.33) (0.25)
In excess of net investment
income.......................... -- (0.14) -- -- (0.02) --
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS............. (0.32) (2.63) (3.13) (1.72) (0.54) (0.29)
-------- -------- -------- -------- -------- --------
CHANGE IN NET ASSET VALUE........... (0.86) 1.73 0.93 0.01 1.82 0.85
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD...... $ 16.33 $ 17.19 $ 15.46 $ 14.53 $ 14.52 $ 12.70
======== ======== ======== ======== ======== ========
Total return........................ (3.10)%(3) 29.49% 27.92% 12.04% 18.65% 9.59%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)....................... $282,047 $298,973 $241,915 $194,108 $172,668 $134,455
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses................ 0.99%(2) 1.01% 0.98% 1.01% 1.04% 1.07%
Net investment income............. 0.93%(2) 0.81% 0.72% 0.72% 0.80% 0.95%
Portfolio turnover rate............. 36%(3) 79% 93% 184% 142% 249%
</TABLE>
(1) Computed using average shares outstanding.
(2) Annualized.
(3) Not Annualized.
See Notes to Financial Statements
7
<PAGE>
PHOENIX-ABERDEEN NEW ASIA SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--96.1%
AUSTRALIA--13.2%
Australian Gas Light Co., Ltd. (Natural Gas)............................ 50,000 $ 298,709
BRL Hardy Ltd. (Beverages (Alcoholic)).................................. 125,000 539,177
Broken Hill Proprietary Co. Ltd. (Manufacturing (Diversified))..........
17,000 201,591
Commonwealth Bank of Australia (Banks (Major Regional)).................
12,000 199,508
Leighton Holdings Ltd. (Engineering & Construction)..................... 90,000 290,724
Pacifica Group Ltd. (Auto Parts & Equipment)............................ 110,000 277,394
QBE Insurance Group Ltd. (Insurance (Property-Casualty))................
85,000 417,064
-----------
2,224,167
-----------
HONG KONG--15.8%
CDL Hotels International Ltd. (Lodging-Hotels).......................... 1,190,000 519,049
Cheung Kong (Holdings) Ltd. (Financial (Diversified))................... 25,000 276,619
Giordano International Ltd. (Retail (Specialty-Apparel))................ 450,000 684,090
Johnson Electric Holdings Ltd. (Manufacturing (Diversified))............
30,000 283,835
Li & Fung Ltd. (Distributors (Food & Health))........................... 53,000 265,169
Sun Hung Kai Properties Ltd. (Financial (Diversified)).................. 25,000 179,602
Swire Pacific Ltd. Class B (Manufacturing (Diversified))................
550,000 448,042
-----------
2,656,406
-----------
INDIA--8.3%
BSES Ltd. GDR (Electric Companies) (b).................................. 13,000 243,750
Gas Authority of India Ltd. GDR (Oil & Gas (Refining & Marketing))......
50,000 343,750
ICICI Ltd. ADR (Financial (Diversified))................................ 12,300 230,625
Mahanagar Telephone Nigam Ltd. GDR (Telephone).......................... 32,000 336,000
Videsh Sanchar Nigam Ltd. GDR (Telephone)............................... 15,000 236,250
-----------
1,390,375
-----------
INDONESIA--3.9%
PT Gudang Garam Tbk (Tobacco)........................................... 195,000 315,263
PT Indonesian Satellite Corp. Tbk (Telephone)........................... 290,000 341,285
-----------
656,548
-----------
MALAYSIA--7.9%
Carlsberg Brewery Malaysia Berhad (Beverages (Alcoholic))...............
100,000 336,849
Malaysian Oxygen Berhad (Chemicals (Specialty))......................... 125,000 355,271
Public Bank Berhad (Banks (Major Regional))............................. 300,000 300,006
Sime UEP Properties Berhad (Homebuilding)............................... 250,000 335,533
-----------
1,327,659
-----------
PHILIPPINES--4.3%
Ayala Land, Inc. (Financial (Diversified)).............................. 1,800,000 229,015
Bank of The Philippine Islands (Banks (Major Regional)).................
110,000 198,480
La Tondena Distillers, Inc. (Beverages (Alcoholic))..................... 400,000 296,100
-----------
723,595
-----------
SINGAPORE--13.8%
Clipsal Industries (Holdings) Ltd. (Electrical Equipment)...............
175,000 197,371
NatSteel Ltd. (Metal Fabricators)....................................... 125,000 172,067
Oversea-Chinese Banking Corp. Ltd. (Banks (Major Regional)).............
40,000 275,307
Robinson & Co., Ltd. (Retail (Department Stores))....................... 125,000 281,958
Singapore Airlines Ltd. (Airlines)...................................... 50,000 494,511
Singapore Press Holdings Ltd. (Publishing (Newspapers)).................
20,000 312,323
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
SINGAPORE--CONTINUED
United Overseas Bank Ltd. (Banks (Major Regional))...................... 90,200 $ 589,515
-----------
2,323,052
-----------
SOUTH KOREA--11.0%
H&CB (Banks (Major Regional))........................................... 10,000 234,083
Kookmin Bank (Banks (Major Regional))................................... 20,000 254,711
Korea Telecom Corp. (Telephone)......................................... 6,000 528,436
Pohang Iron & Steel Co., Ltd. (Iron & Steel)............................ 7,250 629,471
Seoul City Gas Co., Ltd. (Natural Gas).................................. 15,000 208,522
-----------
1,855,223
-----------
SRI LANKA--1.9%
John Keells Holdings Ltd. (Beverages (Alcoholic))....................... 87,500 154,843
National Development Bank Ltd. (Banks (Major Regional)).................
210,000 164,576
-----------
319,419
-----------
TAIWAN--6.4%
Bank Sinopac (Banks (Major Regional)) (b)............................... 515,000 331,082
President Chain Store Corp. (Retail (Food Chains))...................... 70,000 261,372
Standard Foods Taiwan Ltd. GDR (Foods) (b).............................. 91,653 263,502
Taiwan Secom (Services (Commercial & Consumer))......................... 146,250 222,706
-----------
1,078,662
-----------
THAILAND--5.6%
BEC World Public Co., Ltd. (Entertainment).............................. 45,000 268,460
Hana Microelectronics Public Co., Ltd. (Electronics (Component
Distributors))........................................................ 50,900 399,687
Phatra Insurance Public Co., Ltd. (Insurance (Property-Casualty)).......
71,600 91,271
Ruam Pattana Fund II (Financial (Diversified)) (b)...................... 1,500,000 183,562
-----------
942,980
-----------
UNITED KINGDOM--4.0%
HSBC Holdings PLC (Financial (Diversified))............................. 36,000 411,748
HSBC Holdings PLC (Financial (Diversified))............................. 6,000 68,505
Rowe Evans Investments Group PLC (Agricultural Products)................
200,000 198,320
-----------
678,573
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $17,406,178)......................................................... 16,176,659
-----------
FOREIGN PREFERRED STOCKS--2.2%
SOUTH KOREA--2.2%
Samsung Electronics (Electronics (Component Distributors))..............
2,500 366,596
-----------
TOTAL FOREIGN PREFERRED STOCKS
(Identified cost $278,171)............................................................ 366,596
-----------
TOTAL LONG-TERM INVESTMENTS--98.3%
(Identified cost $17,684,349)......................................................... 16,543,255
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.3%
COMMERCIAL PAPER--1.3%
FHLB Discount Notes 6.45%, 7/3/00......................... A-1+ $ 225 224,919
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $224,919)............................................................ 224,919
-----------
TOTAL INVESTMENTS --99.6%
(Identified cost $17,909,268)......................................................... 16,768,174(a)
Cash and receivables, less liabilities--0.4%.......................................... 60,502
-----------
NET ASSETS--100.0%...................................................................... $16,828,676
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $2,599,145 and gross
depreciation of $3,757,424 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$17,926,453.
(b) Non-income producing.
See Notes to Financial Statements
8
<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.............................. 1.2%
Airlines........................................... 3.0
Auto Parts & Equipment............................. 1.7
Banks (Major Regional)............................. 15.4
Beverages (Alcoholic).............................. 8.0
Chemicals (Specialty).............................. 2.2
Distributors (Food & Health)....................... 1.6
Electric Companies................................. 1.5
Electrical Equipment............................... 1.2
Electronics (Component Distributors)............... 4.6
Engineering & Construction......................... 1.8
Entertainment...................................... 1.6
Financial (Diversified)............................ 9.6
Foods.............................................. 1.6
Homebuilding....................................... 2.0
Insurance (Property-Casualty)...................... 3.1
Iron & Steel....................................... 3.8
Lodging-Hotels..................................... 3.1
Manufacturing (Diversified)........................ 5.6
Metal Fabricators.................................. 1.0
Natural Gas........................................ 3.1
Oil & Gas (Refining & Marketing)................... 2.1
Publishing (Newspapers)............................ 1.9
Retail (Department Stores)......................... 1.7
Retail (Food Chains)............................... 1.6
Retail (Specialty-Apparel)......................... 4.1
Services (Commercial & Consumer)................... 1.3
Telephone.......................................... 8.7
Tobacco............................................ 1.9
----
100.0%
====
</TABLE>
See Notes to Financial Statements
9
<PAGE>
PHOENIX-ABERDEEN NEW ASIA SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$17,909,268).............................................. $ 16,768,174
Cash........................................................ 21,277
Foreign currency at value (Identified cost $60,618)......... 60,590
Receivables
Dividends and interest.................................... 17,855
Receivable from adviser................................... 22,951
Fund shares sold.......................................... 5,574
Prepaid expenses............................................ 68
-------------
Total assets............................................ 16,896,489
-------------
LIABILITIES
Payables
Fund shares repurchased................................... 2,151
Financial agent fee....................................... 6,631
Trustees' fee............................................. 3,041
Accrued expenses............................................ 55,990
-------------
Total liabilities....................................... 67,813
-------------
NET ASSETS.................................................. $ 16,828,676
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 18,092,087
Undistributed net investment income....................... 252,587
Accumulated net realized loss............................. (374,866)
Net unrealized depreciation............................... (1,141,132)
-------------
NET ASSETS.................................................. $ 16,828,676
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 1,963,670
=============
Net asset value and offering price per share................ $ 8.57
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 371,352
Interest.................................................. 18,366
Foreign taxes withheld.................................... (15,434)
-------------
Total investment income................................. 374,284
-------------
EXPENSES
Investment advisory fee................................... 89,788
Financial agent fee....................................... 40,820
Custodian................................................. 40,079
Professional.............................................. 14,268
Printing.................................................. 11,670
Trustees.................................................. 2,619
Miscellaneous............................................. 5,627
-------------
Total expenses.......................................... 204,871
Less expenses borne by investment adviser............... (92,636)
-------------
Net expenses............................................ 112,235
-------------
NET INVESTMENT INCOME....................................... 262,049
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 2,275,664
Net realized gain on foreign currency transactions........ (6,523)
Net change in unrealized appreciation (depreciation) on
investments............................................. (3,583,549)
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions...... (38)
-------------
NET LOSS ON INVESTMENTS..................................... (1,314,446)
-------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ (1,052,397)
=============
</TABLE>
See Notes to Financial Statements
10
<PAGE>
PHOENIX-ABERDEEN NEW ASIA SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
----------------- ----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 262,049 $ 196,115
Net realized gain (loss).................................. 2,269,141 748,664
Net change in unrealized appreciation (depreciation)...... (3,583,587) 4,529,777
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (1,052,397) 5,474,556
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (144,727) (136,615)
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (144,727) (136,615)
----------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (1,326,587 and 2,129,247
shares, respectively)................................... 11,830,391 16,715,248
Net asset value of shares issued from reinvestment of
distributions (17,059 and 16,687 shares,
respectively)........................................... 144,727 136,615
Cost of shares repurchased (1,327,139 and 1,750,867
shares, respectively)................................... (11,787,699) (13,861,863)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 187,419 2,990,000
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS..................... (1,009,705) 8,327,941
NET ASSETS
Beginning of period....................................... 17,838,381 9,510,440
----------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $252,587 AND $135,265, RESPECTIVELY)... $16,828,676 $17,838,381
=========== ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, FROM INCEPTION
6/30/00 -------------------------------------- 9/17/96 TO
(UNAUDITED) 1999 1998 1997 12/31/96
----------- ---------- --------- --------- --------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $9.16 $6.13 $6.44 $9.96 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)............... 0.13(4) 0.11(4) 0.13(4) 0.15 0.05
Net realized and unrealized gain (loss).... (0.65) 3.00 (0.41) (3.36) (0.04)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS......... (0.52) 3.11 (0.28) (3.21) 0.01
------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income....... (0.07) (0.08) (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) (0.08) (0.03) (0.31) (0.05)
------- ------- ------- ------- -------
CHANGE IN NET ASSET VALUE.................... (0.59) 3.03 (0.31) (3.52) (0.04)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD............... $8.57 $9.16 $6.13 $6.44 $ 9.96
======= ======= ======= ======= =======
Total return................................. (5.74)%(3) 50.96% (4.44)% (32.39)% 0.16%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)........ $16,829 $17,838 $9,510 $10,017 $11,585
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(1)...................... 1.25%(2) 1.25% 1.25% 1.25% 1.25%(2)
Net investment income...................... 2.92%(2) 1.49% 2.09% 1.63% 2.40%(2)
Portfolio turnover rate...................... 35%(3) 35% 46% 27% 2%(3)
</TABLE>
(1) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 2.28%,
2.39%, 2.50%, 2.00% and 2.87% for the periods ended June 30, 2000,
December 31, 1999, 1998, 1997 and 1996, respectively.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
11
<PAGE>
PHOENIX-BANKERS TRUST DOW 30 SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
COMMON STOCKS--98.2%
AEROSPACE/DEFENSE--2.2%
Boeing Co. (The)........................................................ 6,800 $ 284,325
-----------
ALUMINUM--1.5%
Alcoa, Inc.............................................................. 6,800 197,200
-----------
AUTOMOBILES--3.1%
General Motors Corp..................................................... 6,800 394,825
-----------
BANKS (MONEY CENTER)--5.9%
Morgan (J.P.) & Co., Inc................................................ 6,800 748,850
-----------
BEVERAGES (NON-ALCOHOLIC)--3.0%
Coca-Cola Co. (The)..................................................... 6,800 390,575
-----------
CHEMICALS--2.3%
Du Pont (E.I.) de Nemours & Co.......................................... 6,800 297,500
-----------
COMPUTERS (HARDWARE)--12.5%
Hewlett-Packard Co...................................................... 6,800 849,150
International Business Machines Corp.................................... 6,800 745,025
-----------
1,594,175
-----------
COMPUTERS (SOFTWARE & SERVICES)--4.2%
Microsoft Corp. (b)..................................................... 6,800 544,000
-----------
ELECTRICAL EQUIPMENT--2.8%
General Electric Co..................................................... 6,800 360,400
-----------
ELECTRONICS (SEMICONDUCTORS)--7.1%
Intel Corp.............................................................. 6,800 909,075
-----------
ENTERTAINMENT--2.1%
Walt Disney Co. (The)................................................... 6,800 263,925
-----------
FINANCIAL (DIVERSIFIED)--6.0%
American Express Co..................................................... 6,800 354,450
Citigroup, Inc.......................................................... 6,800 409,700
-----------
764,150
-----------
HEALTH CARE (DIVERSIFIED)--5.4%
Johnson & Johnson....................................................... 6,800 692,750
-----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--4.1%
Merck & Co., Inc........................................................ 6,800 521,050
-----------
HOUSEHOLD PRODUCTS (NON-DURABLE)--3.0%
Procter & Gamble Co. (The).............................................. 6,800 389,300
-----------
MACHINERY (DIVERSIFIED)--1.8%
Caterpillar, Inc........................................................ 6,800 230,350
-----------
MANUFACTURING (DIVERSIFIED)--9.3%
Honeywell International, Inc............................................ 6,800 229,075
Minnesota Mining and Manufacturing Co................................... 6,800 561,000
United Technologies Corp................................................ 6,800 400,350
-----------
1,190,425
-----------
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
OIL (INTERNATIONAL INTEGRATED)--4.2%
Exxon Mobil Corp........................................................ 6,800 $ 534,225
-----------
PAPER & FOREST PRODUCTS--1.6%
International Paper Co.................................................. 6,800 202,725
-----------
PHOTOGRAPHY/IMAGING--3.2%
Eastman Kodak Co........................................................ 6,800 404,600
-----------
RESTAURANTS--1.7%
McDonald's Corp......................................................... 6,800 223,975
-----------
RETAIL (BUILDING SUPPLIES)--2.7%
Home Depot, Inc. (The).................................................. 6,800 339,575
-----------
RETAIL (GENERAL MERCHANDISE)--3.1%
Wal-Mart Stores, Inc.................................................... 6,800 391,850
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--1.7%
AT&T Corp............................................................... 6,800 215,050
-----------
TELEPHONE--2.3%
SBC Communications, Inc................................................. 6,800 294,100
-----------
TOBACCO--1.4%
Philip Morris Cos., Inc................................................. 6,800 180,625
-----------
TOTAL COMMON STOCKS
(Identified cost $12,930,743)..................................................... 12,559,600
-----------
UNIT INVESTMENT TRUSTS--1.0%
Diamonds Trust, Series I................................................ 1,174 122,536
-----------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $123,726)........................................................ 122,536
-----------
TOTAL LONG-TERM INVESTMENTS--99.2%
(Identified cost $13,054,469)..................................................... 12,682,136
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ --------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--0.9%
U.S. GOVERNMENT SECURITIES--0.1%
U.S. Treasury Bill 5.75%, 09/07/00........................ AAA $ 10 9,896
-----------
COMMERCIAL PAPER--0.8%
State Street Bank & Trust Co. 2.00%, 7/3/00............... A-1+ 109 109,000
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $118,893)........................................................ 118,896
-----------
TOTAL INVESTMENTS--100.1%
(Identified cost $13,173,362)..................................................... 12,801,032(a)
Cash and receivables, less liabilities--(0.1%).................................... (6,750)
-----------
NET ASSETS--100.0%.................................................................. $12,794,282
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $880,820 and gross
depreciation of $1,280,162 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purpose was
$13,200,374.
(b) Non-income producing.
See Notes to Financial Statements
12
<PAGE>
PHOENIX-BANKERS TRUST DOW 30 SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$13,173,362).............................................. $ 12,801,032
Cash........................................................ 28
Receivables
Dividends and interest.................................... 18,765
Receivable from adviser................................... 15,569
Fund shares sold.......................................... 11,089
Variation margin from future contracts.................... 300
-------------
Total assets............................................ 12,846,783
-------------
LIABILITIES
Payables
Investment securities purchased........................... 5,408
Fund shares repurchased................................... 4,143
Financial agent fee....................................... 6,519
Investment advisory fee................................... 3,683
Trustees' fee............................................. 3,041
Accrued expenses............................................ 29,707
-------------
Total liabilities....................................... 52,501
-------------
NET ASSETS.................................................. $ 12,794,282
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 13,148,776
Undistributed net investment income....................... 30,299
Accumulated net realized loss............................. (10,583)
Net unrealized depreciation............................... (374,210)
-------------
NET ASSETS.................................................. $ 12,794,282
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 1,374,818
=============
Net asset value and offering price per share................ $ 9.31
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 71,472
Interest.................................................. 3,257
-------------
Total investment income................................. 74,729
-------------
EXPENSES
Investment advisory fee................................... 16,754
Financial agent fee....................................... 41,232
Professional.............................................. 16,174
Printing.................................................. 6,967
Custodian................................................. 5,392
Trustees.................................................. 2,604
Miscellaneous............................................. 4,552
-------------
Total expenses.......................................... 93,675
Less expenses borne by investment adviser............... (69,739)
-------------
Net expenses............................................ 23,936
-------------
NET INVESTMENT INCOME....................................... 50,793
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 2,495
Net realized loss on future contracts..................... (13,470)
Net change in unrealized appreciation (depreciation) on
investments............................................. (489,706)
-------------
NET LOSS ON INVESTMENTS..................................... (500,681)
-------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ (449,888)
=============
</TABLE>
See Notes to Financial Statements
13
<PAGE>
PHOENIX-BANKERS TRUST DOW 30 SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
------------ ----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 50,793 $ 6,093
Net realized gain (loss).................................. (10,975) 4,506
Net change in unrealized appreciation (depreciation)...... (489,706) 115,496
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (449,888) 126,095
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (20,568) (6,019)
Net realized gains........................................ (4,114) --
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (24,682) (6,019)
----------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (909,851 and 501,651 shares,
respectively)........................................... 8,480,526 5,016,781
Net asset value of shares issued from reinvestment of
distributions (2,665 and 590 shares, respectively)...... 24,682 6,019
Cost of shares repurchased (39,938 and 1 shares,
respectively)........................................... (379,224) (8)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 8,125,984 5,022,792
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS..................... 7,651,414 5,142,868
NET ASSETS
Beginning of period....................................... 5,142,868 --
----------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $30,299 AND $74, RESPECTIVELY)......... $12,794,282 $ 5,142,868
=========== ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
------------ ----------------
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.24 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. 0.04 0.01
Net realized and unrealized gain (loss)................... (0.95) 0.24
----------- -----------
TOTAL FROM INVESTMENT OPERATIONS........................ (0.91) 0.25
----------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.02) (0.01)
----------- -----------
TOTAL DISTRIBUTIONS..................................... (0.02) (0.01)
----------- -----------
CHANGE IN NET ASSET VALUE................................... (0.93) 0.24
----------- -----------
NET ASSET VALUE, END OF PERIOD.............................. $ 9.31 $ 10.24
=========== ===========
Total return................................................ (8.94)%(2) 2.52%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $12,794 $5,143
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)..................................... 0.50%(1) 0.50%(1)
Net investment income..................................... 1.06%(1) 2.75%(1)
Portfolio turnover rate..................................... 71%(2) 1.41%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.96% and
7.81% for the periods ended June 30, 2000 and December 31, 1999,
respectively.
See Notes to Financial Statements
14
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C> <C>
COMMON STOCKS--94.9%
REAL ESTATE INVESTMENT TRUSTS--94.8%
DIVERSIFIED--7.2%
Colonial Properties Trust............................................... 8,700 $ 238,162
Vornado Realty Trust.................................................... 53,600 1,862,600
-----------
2,100,762
-----------
INDUSTRIAL/OFFICE--38.3%
INDUSTRIAL--12.4%
CenterPoint Properties Corp............................................. 42,800 1,744,100
First Industrial Realty Trust, Inc...................................... 30,000 885,000
ProLogis Trust.......................................................... 47,200 1,005,950
-----------
3,635,050
-----------
MIXED--9.1%
Duke-Weeks Realty Corp.................................................. 43,690 977,564
Reckson Associates Realty Corp.......................................... 64,200 1,524,750
Reckson Associates Realty Corp. Class B................................. 6,500 165,344
-----------
2,667,658
-----------
OFFICE--16.8%
Alexandria Real Estate Equities, Inc.................................... 10,000 343,125
Boston Properties, Inc.................................................. 50,000 1,931,250
Mack-Cali Realty Corp................................................... 22,000 565,125
Spieker Properties, Inc................................................. 43,700 2,064,825
-----------
4,904,325
-----------
TOTAL INDUSTRIAL/OFFICE............................................................... 11,207,033
-----------
RESIDENTIAL--28.5%
APARTMENTS--24.8%
Apartment Investment & Management Co.................................... 46,700 2,019,775
Avalonbay Communities, Inc.............................................. 33,900 1,415,325
Equity Residential Properties Trust..................................... 26,900 1,237,400
Essex Property Trust, Inc............................................... 43,500 1,827,000
Smith (Charles E.) Residential Realty, Inc.............................. 20,000 760,000
-----------
7,259,500
-----------
MANUFACTURED HOMES--3.7%
Manufactured Home Communities, Inc...................................... 8,800 210,650
Sun Communities, Inc.................................................... 26,300 879,406
-----------
1,090,056
-----------
TOTAL RESIDENTIAL..................................................................... 8,349,556
-----------
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C> <C>
RETAIL--20.8%
REGIONAL MALLS--11.4%
CBL & Associates Properties, Inc........................................ 43,400 $ 1,082,287
General Growth Properties, Inc.......................................... 22,000 698,500
Macerich Co. (The)...................................................... 37,000 816,313
Urban Shopping Centers, Inc............................................. 21,700 731,019
-----------
3,328,119
-----------
SHOPPING CENTERS--9.4%
Chelsea GCA Realty, Inc................................................. 32,500 1,123,281
Developers Diversified Realty Corp...................................... 40,000 597,500
Kimco Realty Corp....................................................... 25,000 1,025,000
-----------
2,745,781
-----------
TOTAL RETAIL.......................................................................... 6,073,900
-----------
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Identified cost $26,045,749)....................................................... 27,731,251
-----------
REAL ESTATE OPERATING COMPANIES--0.1%
DIVERSIFIED--0.1%
Vornado Operating, Inc. (b)............................................. 3,110 24,103
-----------
TOTAL REAL ESTATE OPERATING COMPANIES
(Identified cost $24,880)........................................................... 24,103
-----------
TOTAL COMMON STOCKS
(Identified cost $26,070,629)....................................................... 27,755,354
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--5.9%
COMMERCIAL PAPER--5.9%
SBC Communications, Inc. 6.95% 7/3/00..................... A-1+ $980 979,621
Greenwich Funding Corp. 6.60%, 7/5/00..................... A-1+ 750 749,450
-----------
1,729,071
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,729,072)........................................................ 1,729,071
-----------
TOTAL INVESTMENTS--100.8%
(Identified cost $27,799,701)....................................................... 29,484,425(a)
Cash and receivables, less liabilities--(0.8%)...................................... (225,448)
-----------
NET ASSETS--100.0%.................................................................... $29,258,977
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,637,494 and gross
depreciation of $952,770 for federal income tax purposes. At June 30, 2000,
the aggregate cost of securities for federal income tax purpose was
$27,799,701.
(b) Non-income producing.
See Notes to Financial Statements
15
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$27,799,701).............................................. $29,484,425
Cash........................................................ 15,964
Receivables
Dividends and interest.................................... 208,750
Fund shares sold.......................................... 36,837
Prepaid expenses............................................ 396
-----------
Total assets............................................ 29,746,372
-----------
LIABILITIES
Payables
Investment securities purchased........................... 328,020
Fund shares repurchased................................... 86,385
Investment advisory fee................................... 16,800
Financial agent fee....................................... 7,610
Trustees' fee............................................. 3,041
Accrued expenses............................................ 45,539
-----------
Total liabilities....................................... 487,395
-----------
NET ASSETS.................................................. $29,258,977
===========
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $30,476,021
Undistributed net investment income....................... 187,076
Accumulated net realized loss............................. (3,388,628)
Net unrealized appreciation............................... 1,984,508
-----------
NET ASSETS.................................................. $29,258,977
===========
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 2,155,719
===========
Net asset value and offering price per share................ $ 13.57
===========
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 850,492
Interest.................................................. 26,006
-----------
Total investment income................................. 876,498
-----------
EXPENSES
Investment advisory fee................................... 102,046
Financial agent fee....................................... 44,696
Printing.................................................. 9,442
Professional.............................................. 7,588
Trustees.................................................. 2,604
Custodian................................................. 2,156
Miscellaneous............................................. 2,971
-----------
Total expenses.......................................... 171,503
Less expenses borne by investment adviser............... (35,445)
-----------
Net expenses............................................ 136,058
-----------
NET INVESTMENT INCOME....................................... 740,440
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 19,543
Net change in unrealized appreciation (depreciation) on
investments............................................. 2,696,479
-----------
NET GAIN ON INVESTMENTS..................................... 2,716,022
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 3,456,462
===========
</TABLE>
See Notes to Financial Statements
16
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 740,440 $ 1,514,953
Net realized gain (loss).................................. 19,543 (3,294,671)
Net change in unrealized appreciation (depreciation)...... 2,696,479 2,940,274
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 3,456,462 1,160,556
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (597,424) (1,470,893)
Net realized gains........................................ -- --
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (597,424) (1,470,893)
------------- -------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (472,502 and 571,481 shares,
respectively)........................................... 6,031,601 7,142,545
Net asset value of shares issued from reinvestment of
distributions (46,097 and 122,286 shares,
respectively)........................................... 597,424 1,470,893
Cost of shares repurchased (602,294 and 1,419,849 shares,
respectively)........................................... (7,578,844) (17,361,135)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (949,819) (8,747,697)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 1,909,219 (9,058,034)
NET ASSETS
Beginning of period....................................... 27,349,758 36,407,792
------------- -------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $187,076 AND $44,060, RESPECTIVELY).... $ 29,258,977 $ 27,349,758
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, FROM INCEPTION
6/30/00 ------------------------------------------------ 5/1/95 TO
(UNAUDITED) 1999 1998 1997 1996 12/31/95
----------- ---------- ---------- -------- -------- --------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 12.21 $ 12.28 $ 16.38 $ 14.32 $ 11.33 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).......... 0.35 0.65 0.78 0.50 0.50 0.33
Net realized and unrealized gain
(loss).............................. 1.29 (0.09) (4.20) 2.62 3.14 1.42
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.... 1.64 0.56 (3.42) 3.12 3.64 1.75
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment
income.............................. (0.28) (0.63) (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................. (0.28) (0.63) (0.68) (1.06) (0.65) (0.42)
------- ------- ------- ------- ------- -------
CHANGE IN NET ASSET VALUE............... 1.36 (0.07) (4.10) 2.06 2.99 1.33
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 13.57 $ 12.21 $ 12.28 $ 16.38 $ 14.32 $ 11.33
======= ======= ======= ======= ======= =======
Total return............................ 13.55%(2) 4.78% (21.19)% 22.05% 33.09% 17.79%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)... $29,259 $27,350 $36,408 $54,659 $22,710 $8,473
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (3)................ 1.00%(1) 1.00% 1.00% 1.00% 1.00% 1.00%(1)
Net investment income................. 5.44%(1) 5.06% 5.07% 3.59% 4.36% 4.80%(1)
Portfolio turnover rate................. 7%(2) 28% 18% 41% 21% 10%(2)
</TABLE>
(1) Annualized
(2) Not annualized
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.26%,
1.31%, 1.01%, 1.07%, 1.43% and 1.98% for the periods ended June 30, 2000,
December 31, 1999, 1998, 1997, 1996 and 1995, respectively.
See Notes to Financial Statements
17
<PAGE>
PHOENIX-ENGEMANN CAPITAL GROWTH SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ ----------------
<S> <C> <C> <C>
COMMON STOCKS--91.2%
BANKS (MAJOR REGIONAL)--0.6%
Wells Fargo & Co........................................................ 339,100 $ 13,140,125
--------------
BIOTECHNOLOGY--0.4%
Amgen, Inc. (b)......................................................... 135,150 9,494,287
--------------
BROADCASTING (TELEVISION, RADIO & CABLE)--2.7%
AT&T Corp.- Liberty Media Group Class A (b)............................. 1,353,000 32,810,250
Clear Channel Communications, Inc. (b).................................. 339,250 25,443,750
--------------
58,254,000
--------------
COMMUNICATIONS EQUIPMENT--2.3%
Lucent Technologies, Inc................................................ 403,400 23,901,450
Sycamore Networks, Inc. (b)............................................. 41,900 4,624,712
Tellabs, Inc. (b)....................................................... 306,250 20,958,984
--------------
49,485,146
--------------
COMPUTERS (HARDWARE)--4.1%
Dell Computer Corp. (b)................................................. 540,000 26,628,750
Sun Microsystems, Inc. (b).............................................. 678,950 61,742,016
--------------
88,370,766
--------------
COMPUTERS (NETWORKING)--4.2%
Cisco Systems, Inc. (b)................................................. 1,292,350 82,144,997
Genuity, Inc. (b)....................................................... 1,073,000 9,824,656
--------------
91,969,653
--------------
COMPUTERS (PERIPHERALS)--3.9%
EMC Corp. (b)........................................................... 1,087,300 83,654,144
--------------
COMPUTERS (SOFTWARE & SERVICES)--13.8%
America Online, Inc. (b)................................................ 475,700 25,093,175
BEA Systems, Inc. (b)................................................... 1,020,250 50,438,609
BMC Software, Inc. (b).................................................. 406,900 14,845,492
Exodus Communications, Inc. (b)......................................... 300,300 13,832,569
Microsoft Corp. (b)..................................................... 307,250 24,580,000
Oracle Corp. (b)........................................................ 884,200 74,328,062
Sapient Corp. (b)....................................................... 68,000 7,271,750
Siebel Systems, Inc. (b)................................................ 170,550 27,895,584
VERITAS Software Corp. (b).............................................. 272,595 30,807,494
Yahoo!, Inc. (b)........................................................ 68,540 8,490,392
i2 Technologies, Inc. (b)............................................... 210,560 21,954,170
--------------
299,537,297
--------------
ELECTRICAL EQUIPMENT--4.7%
Flextronics International Ltd. (b)...................................... 238,550 16,385,403
General Electric Co..................................................... 1,325,700 70,262,100
Sanmina Corp. (b)....................................................... 167,650 14,334,075
--------------
100,981,578
--------------
ELECTRONICS (SEMICONDUCTORS)--13.7%
Celestica, Inc. (b)..................................................... 239,000 11,860,375
Conexant Systems, Inc. (b).............................................. 340,000 16,532,500
Intel Corp.............................................................. 646,550 86,435,653
JDS Uniphase Corp. (b).................................................. 187,720 22,502,935
Maxim Integrated Products, Inc. (b)..................................... 305,100 20,727,731
SDL, Inc. (b)........................................................... 95,220 27,155,554
Texas Instruments, Inc.................................................. 887,100 60,932,681
Xilinx, Inc. (b)........................................................ 613,000 50,610,812
--------------
296,758,241
--------------
ENTERTAINMENT--2.1%
Time Warner, Inc........................................................ 374,100 28,431,600
Viacom, Inc. Class B (b)................................................ 239,729 16,346,521
--------------
44,778,121
--------------
<CAPTION>
SHARES VALUE
------------ ----------------
<S> <C> <C> <C>
EQUIPMENT (SEMICONDUCTORS)--2.7%
Applied Materials, Inc. (b)............................................. 372,500 $ 33,757,813
KLA-Tencor Corp. (b).................................................... 203,300 11,905,756
Teradyne, Inc. (b)...................................................... 170,250 12,513,375
--------------
58,176,944
--------------
FINANCIAL (DIVERSIFIED)--5.1%
American Express Co..................................................... 508,400 26,500,350
Citigroup, Inc.......................................................... 1,018,625 61,372,156
Freddie Mac............................................................. 200,000 8,100,000
Morgan Stanley Dean Witter & Co......................................... 170,500 14,194,125
--------------
110,166,631
--------------
HEALTH CARE (DIVERSIFIED)--1.5%
Bristol-Myers Squibb Co................................................. 339,700 19,787,525
Johnson & Johnson....................................................... 135,000 13,753,125
--------------
33,540,650
--------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--7.0%
Genentech, Inc. (b)..................................................... 135,930 23,379,960
Merck & Co., Inc........................................................ 406,250 31,128,906
Pfizer, Inc............................................................. 1,854,975 89,038,800
Pharmacia Corp.......................................................... 170,439 8,809,566
--------------
152,357,232
--------------
HEALTH CARE (GENERIC AND OTHER)--0.4%
ALZA Corp. (b).......................................................... 137,000 8,100,125
--------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.1%
Medtronic, Inc.......................................................... 472,600 23,541,388
--------------
INVESTMENT BANKING/BROKERAGE--0.7%
Merrill Lynch & Co., Inc................................................ 137,350 15,795,250
--------------
MANUFACTURING (DIVERSIFIED)--3.3%
Tyco International Ltd.................................................. 1,087,300 51,510,838
United Technologies Corp................................................ 341,200 20,088,150
--------------
71,598,988
--------------
MANUFACTURING (SPECIALIZED)--0.5%
Jabil Circuit, Inc. (b)................................................. 204,900 10,168,163
--------------
NATURAL GAS--2.7%
Coastal Corp. (The)..................................................... 614,000 37,377,250
Enron Corp.............................................................. 340,800 21,981,600
--------------
59,358,850
--------------
OIL & GAS (DRILLING & EQUIPMENT)--1.5%
Halliburton Co.......................................................... 271,550 12,813,766
Schlumberger Ltd........................................................ 256,750 19,159,969
--------------
31,973,735
--------------
OIL & GAS (EXPLORATION & PRODUCTION)--1.8%
Burlington Resources, Inc............................................... 307,000 11,742,750
Unocal Corp............................................................. 816,000 27,030,000
--------------
38,772,750
--------------
OIL (INTERNATIONAL INTEGRATED)--1.0%
Exxon Mobil Corp........................................................ 271,650 21,341,503
--------------
RETAIL (BUILDING SUPPLIES)--0.9%
Home Depot, Inc. (The).................................................. 375,800 18,766,513
--------------
RETAIL (DEPARTMENT STORES)--0.3%
Kohl's Corp. (b)........................................................ 130,400 7,253,500
--------------
RETAIL (DRUG STORES)--0.5%
Walgreen Co............................................................. 342,000 11,008,125
--------------
</TABLE>
See Notes to Financial Statements
18
<PAGE>
PHOENIX-ENGEMANN CAPITAL GROWTH SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ ----------------
<S> <C> <C> <C>
RETAIL (GENERAL MERCHANDISE)--1.8%
Wal-Mart Stores, Inc.................................................... 683,700 $ 39,398,213
--------------
SERVICES (ADVERTISING/MARKETING)--0.4%
Interpublic Group of Cos., Inc. (The)................................... 203,500 8,750,500
--------------
SERVICES (COMMERCIAL & CONSUMER)--0.2%
Universal Access, Inc. (b).............................................. 152,000 3,724,000
--------------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.5%
Sprint Corp. (PCS Group) (b)............................................ 202,300 12,036,850
--------------
TELECOMMUNICATIONS (LONG DISTANCE)--3.3%
Qwest Communications International, Inc. (b)............................ 545,000 27,079,688
WorldCom, Inc. (b)...................................................... 992,991 45,553,462
--------------
72,633,150
--------------
TELEPHONE--1.5%
Bell Atlantic Corp...................................................... 61,000 3,099,563
BellSouth Corp.......................................................... 205,000 8,738,125
SBC Communications, Inc................................................. 479,000 20,716,750
--------------
32,554,438
--------------
TOTAL COMMON STOCKS
(Identified cost $1,227,092,364)...................................................... 1,977,440,856
--------------
FOREIGN COMMON STOCKS--2.8%
COMMUNICATIONS EQUIPMENT--2.4%
Nokia Oyj Sponsored ADR (Finland)....................................... 408,600 20,404,463
Nortel Networks Corp. (Canada).......................................... 443,250 30,251,812
--------------
50,656,275
--------------
TELECOMMUNICATIONS (LONG DISTANCE)--0.4%
Global Crossing Ltd. (Bermuda) (b)...................................... 338,300 8,901,519
--------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $54,152,417)......................................................... 59,557,794
--------------
TOTAL LONG-TERM INVESTMENTS--94.0%
(Identified cost $1,281,244,781)...................................................... 2,036,998,650
--------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--5.6%
CERTIFICATES OF DEPOSIT--0.1%
ABN AMRO Bank 5.75%, 7/3/00............................... AA $ 2,500 2,500,000
--------------
COMMERCIAL PAPER--5.3%
Bavaria Universal Funding Corp. 6.61%, 7/5/00............. A-1 9,545 9,537,990
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------------ ----------------
<S> <C> <C> <C>
COMMERCIAL PAPER--CONTINUED
Asset Securitization Cooperative Corp. 6.60%, 7/6/00...... A-1+ $ 2,405 $ 2,402,795
Greenwich Funding Corp. 6.62%, 7/6/00..................... A-1+ 2,638 2,635,575
AT&T Corp. 6.56%, 7/10/00................................. A-1+ 10,000 9,983,600
Marsh USA, Inc.. 6.80%, 7/10/00........................... A-1+ 4,610 4,602,163
Alcoa, Inc. 6.53%, 7/13/00................................ A-1 7,315 7,299,078
Kimberly-Clark Corp. 6.52%, 7/14/00....................... A-1+ 2,305 2,299,573
Private Export Funding Corp. 6.52%, 7/14/00............... A-1+ 6,705 6,689,213
Honeywell International 6.61%, 7/17/00.................... A-1 10,000 9,970,622
Gannett Co., Inc. 6.55%, 7/18/00.......................... A-1+ 3,755 3,743,386
General Electric Capital Corp............................. 3,800 3,788,246
Exxon Imperial U.S., Inc. 6.70%, 7/19/00.................. A-1+ 7,500 7,474,875
Dupont (E.I) de Neumours & Co. 6.50%, 7/20/00............. A-1+ 11,500 11,460,549
National Rural Utility Cooperative Finance Corp. 6.55%,
7/20/00................................................. A-1 7,810 7,783,001
Potomac Electric Power Co. 6.55%, 7/27/00................. A-1 5,000 4,976,347
General Electric Capital Corp. 6.55%, 8/14/00............. A-1+ 5,980 5,932,419
Wisconsin Electric Power Co. 6.57%, 8/15/00............... A-1+ 5,000 4,958,938
Receivables Capital Corp. 6.65%, 8/25/00.................. A-1+ 5,000 4,949,201
Preferred Receivables Funding Corp. 6.17%, 9/14/00........ A-1 3,500 3,453,230
Enterprise Funding Corp. 6.69%, 12/7/00................... A-1+ 594 576,773
--------------
114,517,574
--------------
FEDERAL AGENCY SECURITIES--VARIABLE--0.2%
FHLB 6.144%, 7/5/00 (final maturity 10/26/00) (c)......... NR 5,000 4,997,180
--------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $122,018,733)........................................................ 122,014,754
--------------
TOTAL INVESTMENTS--99.6%
(Identified cost $1,403,263,514)...................................................... 2,159,013,404(a)
Cash and receivables, less liabilities--0.4%.......................................... 8,827,746
--------------
NET ASSETS--100.0%...................................................................... $2,167,841,150
==============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $795,235,537 and gross
depreciation of $44,279,207 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$1,408,057,074.
(b) Non-income producing.
(c) Variable rate demand note. The interest rate shown reflects the rate
currently in effect.
See Notes to Financial Statements
19
<PAGE>
PHOENIX-ENGEMANN CAPITAL GROWTH SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$1,403,263,514)........................................... $ 2,159,013,404
Cash........................................................ 6,399,713
Receivables
Investment securities sold................................ 44,050,142
Interest and dividends.................................... 641,969
Fund shares sold.......................................... 332,621
Prepaid expenses............................................ 18,451
---------------
Total assets............................................ 2,210,456,300
---------------
LIABILITIES
Payables
Investment securities purchased........................... 40,180,811
Fund shares repurchased................................... 940,548
Investment advisory fee................................... 1,098,761
Financial agent fee....................................... 49,262
Trustees' fee............................................. 3,041
Accrued expenses............................................ 342,727
---------------
Total liabilities....................................... 42,615,150
---------------
NET ASSETS.................................................. $ 2,167,841,150
===============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 1,325,551,931
Undistributed net investment income....................... 77,025
Accumulated net realized gain............................. 86,462,304
Net unrealized appreciation............................... 755,749,890
---------------
NET ASSETS.................................................. $ 2,167,841,150
===============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 77,897,249
===============
Net asset value and offering price per share................ $ 27.83
===============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 3,864,026
Dividends................................................. 3,669,999
Foreign taxes withheld.................................... (13,265)
-------------
Total investment income................................. 7,520,760
-------------
EXPENSES
Investment advisory fee................................... 6,752,692
Financial agent fee....................................... 301,050
Custodian................................................. 113,827
Printing.................................................. 70,904
Professional.............................................. 30,767
Trustees.................................................. 2,604
Miscellaneous............................................. 21,390
-------------
Total expenses.......................................... 7,293,234
-------------
NET INVESTMENT INCOME....................................... 227,526
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 84,216,704
Net change in unrealized appreciation (depreciation) on
investments............................................. (65,429,783)
-------------
NET GAIN ON INVESTMENTS..................................... 18,786,921
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 19,014,447
=============
</TABLE>
See Notes to Financial Statements
20
<PAGE>
PHOENIX-ENGEMANN CAPITAL GROWTH SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss)....................................................... $ 227,526 $ 2,121,183
Net realized gain (loss)........................................................... 84,216,704 220,161,925
Net change in unrealized appreciation (depreciation)............................... (65,429,783) 305,492,893
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........................ 19,014,447 527,776,001
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income.............................................................. (150,501) (3,406,384)
Net realized capital gains......................................................... (72,992,850) (172,333,179)
In excess of net investment income................................................. -- (1,142,985)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTION TO SHAREHOLDERS........................... (73,143,351) (176,882,548)
-------------- --------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (4,298,292 and 10,765,692 shares, respectively)...... 122,678,666 269,095,856
Net asset value of shares issued from reinvestment of distributions (2,675,667 and
6,349,314 shares, respectively).................................................. 73,143,351 176,882,547
Cost of shares repurchased (8,490,029 and 16,111,408 shares, respectively)......... (242,941,872) (405,221,233)
Capital contribution from Adviser (See Note 3)..................................... -- 1,142,985
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS.......................... (47,119,855) 41,900,155
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS.............................................. (101,248,759) 392,793,608
NET ASSETS
Beginning of period................................................................ 2,269,089,909 1,876,296,301
-------------- --------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) OF $77,025 AND
$0, RESPECTIVELY)................................................................ $2,167,841,150 $2,269,089,909
============== ==============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------- ---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................ $ 28.57 $ 23.93 $ 19.16 $ 18.89 $ 18.13 $ 15.69
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)...... -- 0.03 0.03 0.13 0.19 0.20
Net realized and unrealized gain
(loss).......................... 0.23 6.97 5.65 3.70 2.10 4.60
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS.................... 0.23 7.00 5.68 3.83 2.29 4.80
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment
income.......................... -- (0.05) (0.03) (0.13) (0.18) (0.17)
Dividends from net realized
gains........................... (0.97) (2.31) (0.88) (3.43) (1.35) (2.19)
In excess of net investment
income.......................... -- (0.01) -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS............. (0.97) (2.37) (0.91) (3.56) (1.53) (2.36)
------- ------- ------- ------- ------- -------
Capital contribution from
Adviser......................... -- 0.01 -- -- -- --
------- ------- ------- ------- ------- -------
CHANGE IN NET ASSET VALUE........... (0.74) 4.64 4.77 0.27 0.76 2.44
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD...... $ 27.83 $ 28.57 $ 23.93 $ 19.16 $ 18.89 $ 18.13
======= ======= ======= ======= ======= =======
Total return........................ 0.86%(3) 29.67% 30.01% 21.07% 12.58% 30.85%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)....................... $2,167,841 $2,269,090 $1,876,296 $1,505,568 $1,235,395 $985,389
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses................ 0.67%(2) 0.68% 0.69% 0.74% 0.72% 0.75%(1)
Net investment income............. 0.02%(2) 0.11% 0.15% 0.64% 1.03% 1.12%
Portfolio turnover rate............. 50%(3) 106% 102% 284% 167% 173%
</TABLE>
(1) 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.
(2) Annualized
(3) Not annualized
See Notes to Financial Statements
21
<PAGE>
PHOENIX-ENGEMANN NIFTY-FIFTY SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMMON STOCKS--90.2%
COMMUNICATIONS EQUIPMENT--7.6%
Lucent Technologies, Inc................................................ 56,950 $ 3,374,287
Motorola, Inc........................................................... 51,800 1,505,437
Tellabs, Inc. (b)....................................................... 23,550 1,611,703
-----------
6,491,427
-----------
COMPUTERS (HARDWARE)--3.9%
Dell Computer Corp. (b)................................................. 24,500 1,208,156
Sun Microsystems, Inc. (b).............................................. 23,540 2,140,669
-----------
3,348,825
-----------
COMPUTERS (NETWORKING)--4.1%
Cisco Systems, Inc. (b)................................................. 55,620 3,535,346
-----------
COMPUTERS (PERIPHERALS)--5.1%
EMC Corp. (b)........................................................... 56,080 4,314,655
-----------
COMPUTERS (SOFTWARE & SERVICES)--8.7%
America Online, Inc. (b)................................................ 28,510 1,503,902
BEA Systems, Inc. (b)................................................... 59,350 2,934,116
Microsoft Corp. (b)..................................................... 9,830 786,400
Oracle Corp. (b)........................................................ 11,580 973,444
VERITAS Software Corp. (b).............................................. 8,100 915,427
eBay, Inc. (b).......................................................... 5,600 304,150
-----------
7,417,439
-----------
ELECTRONICS (SEMICONDUCTORS)--12.7%
Intel Corp.............................................................. 27,160 3,630,952
JDS Uniphase Corp. (b).................................................. 11,710 1,403,736
Maxim Integrated Products, Inc. (b)..................................... 15,810 1,074,092
Texas Instruments, Inc.................................................. 55,620 3,820,399
Xilinx, Inc. (b)........................................................ 11,550 953,597
-----------
10,882,776
-----------
ENTERTAINMENT--2.5%
Time Warner, Inc........................................................ 10,010 760,760
Viacom, Inc. Class B (b)................................................ 8,140 555,046
Walt Disney Co. (The)................................................... 20,600 799,537
-----------
2,115,343
-----------
EQUIPMENT (SEMICONDUCTORS)--1.0%
Applied Materials, Inc. (b)............................................. 9,090 823,781
-----------
FINANCIAL (DIVERSIFIED)--5.6%
American Express Co..................................................... 35,460 1,848,352
Citigroup, Inc.......................................................... 34,650 2,087,662
Morgan Stanley Dean Witter & Co......................................... 9,990 831,668
-----------
4,767,682
-----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--12.1%
Genentech, Inc. (b)..................................................... 16,260 2,796,720
Merck & Co., Inc........................................................ 11,700 896,513
Pfizer, Inc............................................................. 107,033 5,137,560
Pharmacia Corp.......................................................... 29,560 1,527,883
-----------
10,358,676
-----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--4.4%
Guidant Corp. (b)....................................................... 25,720 1,273,140
Medtronic, Inc.......................................................... 49,620 2,471,696
-----------
3,744,836
-----------
INVESTMENT BANKING/BROKERAGE--2.4%
Merrill Lynch & Co., Inc................................................ 8,270 951,050
Schwab (Charles) Corp. (The)............................................ 32,300 1,086,088
-----------
2,037,138
-----------
NATURAL GAS--0.5%
Enron Corp.............................................................. 6,000 387,000
-----------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
RAILROADS--3.7%
Kansas City Southern Industries, Inc.................................... 35,310 $ 3,131,556
-----------
RESTAURANTS--1.1%
Starbucks Corp. (b)..................................................... 25,000 954,688
-----------
RETAIL (BUILDING SUPPLIES)--2.0%
Home Depot, Inc. (The).................................................. 34,340 1,714,854
-----------
RETAIL (FOOD CHAINS)--2.0%
Safeway, Inc. (b)....................................................... 38,320 1,729,190
-----------
RETAIL (GENERAL MERCHANDISE)--3.2%
Costco Wholesale Corp. (b).............................................. 30,840 1,017,720
Wal-Mart Stores, Inc.................................................... 30,050 1,731,631
-----------
2,749,351
-----------
RETAIL (SPECIALTY)--0.9%
Bed Bath & Beyond, Inc. (b)............................................. 21,080 764,150
-----------
SERVICES (ADVERTISING/MARKETING)--0.9%
Interpublic Group of Cos., Inc. (The)................................... 18,420 792,060
-----------
SERVICES (COMPUTER SYSTEMS)--2.6%
Electronic Data Systems Corp............................................ 54,680 2,255,550
-----------
SERVICES (DATA PROCESSING)--0.1%
Automatic Data Processing, Inc.......................................... 1,600 85,700
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--1.0%
AT&T Wireless Group (b)................................................. 30,850 859,944
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--1.1%
WorldCom, Inc. (b)...................................................... 20,240 928,510
-----------
TRUCKERS--1.0%
United Parcel Service, Inc. Class B..................................... 14,170 836,030
-----------
TOTAL COMMON STOCKS
(Identified cost $58,873,614)......................................................... 77,026,507
-----------
FOREIGN COMMON STOCKS--3.1%
COMMUNICATIONS EQUIPMENT--3.1%
Nokia Oyj ADR........................................................... 50,500 2,521,844
Nortel Networks Corp. (Canada).......................................... 1,500 102,375
-----------
2,624,219
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $2,586,142).......................................................... 2,624,219
-----------
TOTAL LONG-TERM INVESTMENTS--93.3%
(Identified cost $61,459,756)......................................................... 79,650,726
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--7.0%
COMMERCIAL PAPER--7.0%
Koch Industries, Inc. 6.89%, 7/3/00....................... A-1+ $ 845 844,676
Coca-Cola Co. 6.65%, 7/5/00............................... A-1 250 249,815
Albertson's, Inc. 6.60%, 7/6/00........................... A-1 2,000 1,998,167
Campbell Soup Co. 6.70%, 7/6/00........................... A-1+ 180 179,832
Preferred Receivables Funding Corp. 6.90%, 7/6/00......... A-1 757 756,275
Marsh USA, Inc. 6.65%, 7/10/00............................ A-1+ 2,000 1,996,675
-----------
6,025,440
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $6,025,442).......................................................... 6,025,440
-----------
TOTAL INVESTMENTS--100.3%
(Identified cost $67,485,198)......................................................... 85,676,166(a)
Cash and receivables, less liabilities--(0.3%)........................................ (251,151)
-----------
NET ASSETS--100.0%...................................................................... $85,425,015
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $20,346,962 and gross
depreciation of $2,486,022 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$67,815,226.
(b) Non-income producing.
See Notes to Financial Statements
22
<PAGE>
PHOENIX-ENGEMANN NIFTY FIFTY SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$67,485,198).............................................. $ 85,676,166
Cash........................................................ 3,826
Receivables
Fund shares sold.......................................... 80,663
Dividends and interest.................................... 9,663
Prepaid expenses............................................ 117
-------------
Total assets............................................ 85,770,435
-------------
LIABILITIES
Payables
Investment securities purchased........................... 185,768
Fund shares repurchased................................... 61,546
Investment advisory fee................................... 27,087
Financial agent fee....................................... 11,181
Trustees' fee............................................. 3,041
Accrued expenses............................................ 56,797
-------------
Total liabilities....................................... 345,420
-------------
NET ASSETS.................................................. $ 85,425,015
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 69,294,012
Undistributed net investment loss......................... (136,054)
Accumulated net realized loss............................. (1,923,911)
Net unrealized appreciation............................... 18,190,968
-------------
NET ASSETS.................................................. $ 85,425,015
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 5,008,884
=============
Net asset value and offering price per share................ $ 17.05
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 105,040
Interest.................................................. 157,251
-------------
Total investment income................................. 262,291
-------------
EXPENSES
Investment advisory fee................................... 341,380
Financial agent fee....................................... 63,864
Printing.................................................. 17,220
Custodian................................................. 15,532
Professional.............................................. 12,081
Trustees.................................................. 2,604
Miscellaneous............................................. 1,984
-------------
Total expenses.......................................... 454,665
Less expense borne by investment adviser................ (56,320)
-------------
Net expenses............................................ 398,345
-------------
NET INVESTMENT LOSS......................................... (136,054)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (848,500)
Net change in unrealized appreciation (depreciation) on
investments............................................. 2,873,149
-------------
NET GAIN ON INVESTMENTS..................................... 2,024,649
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 1,888,595
=============
</TABLE>
See Notes to Financial Statements
23
<PAGE>
PHOENIX-ENGEMANN NIFTY FIFTY SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
6/30/00 ENDED
(UNAUDITED) 12/31/99
---------------- ----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ (136,054) $ (42,143)
Net realized gain (loss).................................. (848,500) (831,282)
Net change in unrealized appreciation (depreciation)...... 2,873,149 13,019,938
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 1,888,595 12,146,513
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... -- --
In excess of net investment income........................ -- --
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ -- --
----------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (1,824,113 and 4,311,541
shares, respectively)................................... 30,509,278 60,115,343
Net asset value of shares issued from reinvestment of
distributions (0 and 0 shares, respectively)............ -- --
Cost of shares repurchased (743,642 and 1,425,320 shares,
respectively)........................................... (12,493,159) (19,895,037)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 18,016,119 40,220,306
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS..................... 19,904,714 52,366,819
NET ASSETS
Beginning of period....................................... 65,520,301 13,153,482
----------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($136,054) AND $0, RESPECTIVELY)....... $85,425,015 $65,520,301
=========== ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM
ENDED YEAR INCEPTION
6/30/00 ENDED 3/2/98 TO
(UNAUDITED) 12/31/99 12/31/98
----------- ---------- ---------
<S> <C> <C> <C>
Net asset value, beginning of
period............................ $ 16.68 $ 12.62 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)...... (0.03) -- 0.01(4)
Net realized and unrealized gain
(loss).......................... 0.40 4.06 2.62
-------- -------- --------
TOTAL FROM INVESTMENT
OPERATIONS..................... 0.37 4.06 2.63
-------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment
income.......................... -- -- (0.01)
-------- -------- --------
TOTAL DISTRIBUTIONS............. -- -- (0.01)
-------- -------- --------
CHANGE IN NET ASSET VALUE........... 0.37 4.06 2.62
-------- -------- --------
NET ASSET VALUE, END OF PERIOD...... $ 17.05 $ 16.68 $ 12.62
======== ======== ========
Total return........................ 2.26%(2) 32.15% 26.26%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)....................... $85,425 $65,520 $13,153
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)............. 1.05%(1) 1.05% 1.05%(1)
Net investment income............. (0.36)%(1) (0.12)% 0.07%(1)
Portfolio turnover rate............. 53%(2) 40% 90%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.20%,
1.43% and 2.58% for the periods ended June 30, 2000, December 31, 1999 and
1998, respectively.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
24
<PAGE>
PHOENIX-FEDERATED U.S. GOVERNMENT BOND SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------ --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--81.8%
U.S. TREASURY BONDS--81.8%
U.S. Treasury Bonds 11.25%, 2/15/15....................... AAA $450 $ 662,344
U.S. Treasury Bonds 9.25%, 2/15/16........................ AAA 400 518,250
U.S. Treasury Bonds 8.75%, 5/15/17........................ AAA 400 502,750
U.S. Treasury Bonds 9.125%, 5/15/18....................... AAA 400 521,875
U.S. Treasury Bonds 8.875%, 2/15/19....................... AAA 400 513,750
U.S. Treasury Bonds 8.125%, 8/15/19....................... AAA 400 482,500
U.S. Treasury Bonds 8.50%, 2/15/20........................ AAA 450 563,203
U.S. Treasury Bonds 8.75%, 5/15/20........................ AAA 625 800,585
U.S. Treasury Bonds 8.75%, 8/15/20........................ AAA 500 641,406
U.S. Treasury Bonds 6%, 2/15/26........................... AAA 200 195,500
U.S. Treasury Bonds 6.125%, 8/15/29....................... AAA 275 277,990
----------
5,680,153
----------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $5,482,358).................................................... 5,680,153
----------
AGENCY MORTGAGE-BACKED SECURITIES--10.4%
Freddie Mac 6.75%, 9/15/29................................ AAA 750 717,190
----------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $723,856)...................................................... 717,190
----------
TOTAL LONG-TERM INVESTMENTS--92.2%
(Identified cost $6,206,214).................................................... 6,397,343
----------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
(000) VALUE
------ --------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--6.1%
REPURCHASE AGREEMENT--6.1%
Toronto Dominion Bank repurchase agreement 6.62%, dated
6/30/00 due 7/3/00, repurchase price $425,078
collateralized by U.S. Treasury Bonds 8.875% - 11.25%,
2/15/15 - 8/15/17, U.S. Treasury Note 6.125%, 8/15/07
and U.S. Treasury Inflationary Notes 3.375% - 3.625%,
7/15/02 - 1/15/08, market value $433,500 (b)............ $425 $ 425,000
----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $425,000)...................................................... 425,000
----------
TOTAL INVESTMENTS--98.3%
(Identified cost $6,631,214).................................................... 6,822,343(a)
Cash and receivables, less liabilities--1.7%.................................... 121,374
----------
NET ASSETS--100.0%................................................................ $6,943,717
==========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $197,794 and gross
depreciation of $6,666 for federal income tax purposes. At June 30, 2000,
the aggregate cost of securities for federal income tax purposes was
$6,631,215.
(b) The repurchase agreement is fully collateralized by U.S. Treasury
Securities based on market prices at the date of the portfolio. The
investment in the repurchase agreement is through participation in a joint
account.
See Notes to Financial Statements
25
<PAGE>
PHOENIX-FEDERATED U.S. GOVERNMENT BOND SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$6,631,214)............................................... $ 6,822,343
Cash........................................................ 3,112
Receivables
Dividends and Interest.................................... 131,231
Receivable from adviser................................... 23,911
Fund shares sold.......................................... 2,239
-------------
Total assets............................................ 6,982,836
-------------
LIABILITIES
Payables
Fund shares repurchased................................... 531
Financial agent fee....................................... 6,570
Trustees' fee............................................. 3,041
Accrued expenses............................................ 28,977
-------------
Total liabilities....................................... 39,119
-------------
NET ASSETS.................................................. $ 6,943,717
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 6,720,253
Undistributed net investment income....................... 32,261
Accumulated net realized gain............................. 74
Net unrealized appreciation............................... 191,129
-------------
NET ASSETS.................................................. $ 6,943,717
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 669,478
=============
Net asset value and offering price per share................ $10.37
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 212,179
-------------
Total investment income................................. 212,179
-------------
EXPENSES
Investment advisory fee................................... 18,378
Financial agent fee....................................... 39,226
Professional.............................................. 16,588
Printing.................................................. 8,432
Custodian................................................. 4,335
Trustees.................................................. 2,604
Miscellaneous............................................. 4,227
-------------
Total expenses.......................................... 93,790
Less expenses borne by investment adviser............... (70,812)
-------------
Net expenses............................................ 22,978
-------------
NET INVESTMENT INCOME....................................... 189,201
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 74
Net change in unrealized appreciation (depreciation) on
investments............................................. 279,165
-------------
NET GAIN ON INVESTMENTS..................................... 279,239
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 468,440
=============
</TABLE>
See Notes to Financial Statements
26
<PAGE>
PHOENIX-FEDERATED U.S. GOVERNMENT BOND SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
------------ --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 189,201 $ 14,343
Net realized gain (loss).................................. 74 --
Net change in unrealized appreciation (depreciation)...... 279,165 (88,036)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 468,440 (73,693)
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (156,967) (14,316)
Net realized gains........................................ -- --
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (156,967) (14,316)
----------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (166,562 and 515,209 shares,
respectively)........................................... 1,696,600 5,149,929
Net asset value of shares issued from reinvestment of
distributions(15,111 and 1,451 shares, respectively).... 156,967 14,316
Cost of shares repurchased (28,855 and 0 shares,
respectively)........................................... (297,559) --
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 1,556,008 5,164,245
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS..................... 1,867,481 5,076,236
NET ASSETS
Beginning of period....................................... 5,076,236 --
----------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $32,261 AND $27, RESPECTIVELY)......... $ 6,943,717 $ 5,076,236
=========== ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
----------- --------------
<S> <C> <C>
Net asset value, beginning of
period........................... $ 9.83 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)..... 0.29 0.03
Net realized and unrealized gain
(loss)......................... 0.49 (0.17)
------- ------
TOTAL FROM INVESTMENT
OPERATIONS.................... 0.78 (0.14)
------- ------
LESS DISTRIBUTIONS
Dividends from net investment
income......................... (0.24) (0.03)
------- ------
TOTAL DISTRIBUTIONS............ (0.24) (0.03)
------- ------
CHANGE IN NET ASSET VALUE.......... 0.54 (0.17)
------- ------
NET ASSET VALUE, END OF PERIOD..... $ 10.37 $ 9.83
======= ======
Total return....................... 8.00%(2) (1.47)%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)...................... $6,944 $5,076
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)............ 0.75%(1) 0.75%(1)
Net investment income............ 6.18%(1) 6.61%(1)
Portfolio turnover rate............ 1%(2) 0%(2)
</TABLE>
(1) Annualized
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 3.06% and
8.21% for the periods ended June 30, 2000 and December 31, 1999,
respectively.
See Notes to Financial Statements
27
<PAGE>
PHOENIX-GOODWIN MONEY MARKET SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE INTEREST RESET
(000) DESCRIPTION RATE DATE VALUE
------ --------------------------------------------- -------- -------- ------------
<C> <S> <C> <C> <C>
FEDERAL AGENCY SECURITIES--VARIABLE(B)--21.7%
$ 210 SBA (final maturity 1/25/21)................. 7.00% 7/1/00 $ 209,891
1,353 SBA (final maturity 10/25/22)................ 6.50 7/1/00 1,350,024
3,082 SBA (final maturity 11/25/21)................ 6.63 7/1/00 3,080,427
2,136 SBA (final maturity 2/25/23)................. 6.50 7/1/00 2,135,693
1,380 SBA (final maturity 2/25/23)................. 6.50 7/1/00 1,380,283
2,353 SBA (final maturity 3/25/24)................. 6.88 7/1/00 2,349,671
178 SBA (final maturity 5/25/21)................. 6.50 7/1/00 178,205
2,710 SBA (final maturity 9/25/23)................. 6.38 7/1/00 2,705,993
2,500 FHLB (final maturity 10/12/00)............... 6.14 7/5/00 2,500,000
2,500 FHLB (final maturity 10/12/00)............... 6.14 7/5/00 2,499,740
5,000 FHLB (final maturity 7/31/00)................ 6.23 7/5/00 5,000,215
2,500 FHLB (final maturity 7/14/00)................ 5.71 7/14/00 2,499,650
4,500 FFCC (final maturity 7/24/00)................ 6.79 7/24/00 4,500,000
2,500 FHLB (final maturity 3/1/01)................. 6.72 9/1/00 2,499,480
------------
TOTAL FEDERAL AGENCY SECURITIES--VARIABLE.................................. 32,889,272
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD
& POOR'S MATURITY
RATING DATE
----------- --------
<C> <S> <C> <C> <C> <C>
COMMERCIAL PAPER--75.0%
2,105 Asset Securitization Cooperative
Corp................................. A-1+ 6.95 7/3/00 2,104,187
2,000 Greenwich Asset Funding Corp......... A-1+ 6.80 7/3/00 1,999,244
2,000 Ford Motor Credit Co................. A-1 6.55 7/5/00 1,998,544
618 Greenwich Funding Corp............... A-1+ 6.50 7/5/00 617,554
1,070 Heinz (H.J) Co....................... A-1 6.51 7/5/00 1,069,226
4,555 Koch Industries, Inc................. A-1+ 7.00 7/5/00 4,551,457
2,500 Goldman Sachs & Co................... A-1+ 6.65 7/6/00 2,497,691
3,315 Alcoa, Inc........................... A-1 6.50 7/7/00 3,311,409
2,900 Dupont (E.I.) Denemours & Co......... A-1+ 6.52 7/7/00 2,896,849
2,500 Bavaria Universal Funding Corp....... A-1 5.97 7/10/00 2,496,269
1,000 Ford Motor Credit Co................. A-1+ 6.70 7/10/00 998,325
2,500 Lexington Parker Capital Co. LLC..... A-1 6.80 7/10/00 2,495,750
2,000 Marsh USA, Inc....................... A-1+ 6.80 7/10/00 1,996,600
2,750 Ford Motor Credit Co................. A-1 6.60 7/11/00 2,744,958
2,375 Wisconsin Electric Power Co.......... A-1+ 6.52 7/11/00 2,370,699
1,150 Associates Corporation of North
America.............................. A-1+ 6.60 7/12/00 1,147,681
1,100 SBC Communications, Inc.............. A-1+ 6.55 7/12/00 1,097,798
2,300 General Electric Capital Corp........ A-1+ 6.70 7/13/00 2,294,863
3,795 Private Export Funding Corp.......... A-1+ 6.52 7/14/00 3,786,065
2,490 Donnelley (R.R.) & Sons Co........... A-1 6.50 7/17/00 2,482,807
1,265 Honeywell International.............. A-1 6.55 7/17/00 1,261,317
2,500 Honeywell International.............. A-1 6.61 7/17/00 2,492,656
2,690 Lexington Parker Capital Co. LLC..... A-1 6.60 7/17/00 2,682,109
3,500 Exxon Imperial U.S., Inc............. A-1+ 6.70 7/19/00 3,488,275
2,188 Enterprise Funding Corp.............. A-1+ 6.30 7/20/00 2,180,725
2,500 National Rural Utility Cooperative
Finance Corp......................... A-1 6.55 7/20/00 2,491,358
2,500 Preferred Receivables Funding
Corp................................. A-1 6.00 7/20/00 2,492,083
2,393 Greenwich Asset Funding Corp......... A-1+ 6.70 7/21/00 2,384,093
2,125 SBC Communications, Inc.............. A-1+ 6.60 7/21/00 2,117,208
1,240 Wisconsin Electric Power Co.......... A-1+ 6.55 7/21/00 1,235,488
2,500 Donnelley (R.R.) & Sons Co........... A-1 6.55 7/25/00 2,489,083
1,500 General Electric Capital Corp........ A-1+ 6.58 7/25/00 1,493,420
2,500 Vermont American Corp................ A-1+ 6.60 7/25/00 2,489,000
2,500 Potomac Electric Power Co............ A-1 6.55 7/27/00 2,488,174
2,865 Donnelley (R.R.) & Sons Co........... A-1 6.62 7/28/00 2,850,775
2,739 Potomac Electric Power Co............ A-1 6.60 7/28/00 2,725,442
2,410 Special Purpose Accounts Receivable
Cooperative Corp..................... A-1 6.60 8/3/00 2,395,419
2,500 Potomac Electric Power Co............ A-1 6.62 8/4/00 2,484,369
1,000 Associates Corporation of North
America.............................. A-1+ 6.60 8/7/00 993,217
3,366 Enterprise Funding Corp.............. A-1+ 6.62 8/7/00 3,343,098
</TABLE>
See Notes to Financial Statements
28
<PAGE>
PHOENIX-GOODWIN MONEY MARKET SERIES
<TABLE>
<CAPTION>
FACE STANDARD
VALUE & POOR'S INTEREST MATURITY
(000) DESCRIPTION RATING RATE DATE VALUE
------ ------------------------------------- ----------- -------- -------- -----------
<C> <S> <C> <C> <C> <C>
COMMERCIAL PAPER--CONTINUED
$2,500 Greenwich Asset Funding Corp......... A-1+ 6.62% 8/11/00 $ 2,481,151
2,500 General Electric Capital Corp........ A-1+ 6.55 8/14/00 2,479,986
2,500 Receivables Capital Corp............. A-1+ 6.65 8/25/00 2,474,601
3,000 Preferred Receivables Funding
Corp................................. A-1 6.17 9/14/00 2,961,437
2,500 Bavaria Universal Funding Corp....... A-1 6.16 9/15/00 2,467,489
2,500 Alcoa, Inc........................... A-1 6.70 9/21/00 2,461,847
2,000 Preferred Receivables Funding
Corp................................. A-1 6.19 9/21/00 1,971,801
2,500 SBC Communications, Inc.............. A-1+ 6.30 10/10/00 2,455,813
2,500 AT&T Corp............................ A-1+ 7.27 6/14/01 2,500,000
-----------
TOTAL COMMERCIAL PAPER.......................................................... 113,789,410
-----------
MEDIUM-TERM NOTES(C)--3.2%
2,500 Pitney Bowes. Inc.................... AA 5.95 9/29/00 2,500,000
2,450 Associates Corp. of North America.... A+ 5.85 1/15/01 2,438,882
-----------
TOTAL MEDIUM-TERM NOTES......................................................... 4,938,882
-----------
LOAN PARTICIPATIONS--2.O%
3,000 International Lease Financial
Corp................................. A-1 6.62 7/5/00 3,000,000
-----------
CERTIFICATES OF DEPOSIT--1.6%
2,500 Canadian Imperial Bank of Commerce... A-1+ 6.63 8/8/00 2,500,023
-----------
TOTAL INVESTMENTS--103.5%
(Identified cost $157,117,587)................................................ 157,117,587(a)
Cash and receivables, less liabilities--(3.5%)................................ (5,272,679)
-----------
NET ASSETS--100.0%.............................................................. $151,844,908
===========
</TABLE>
(a) Federal Income Tax Information: At June 30, 2000, 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, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$157,117,587)............................................. $157,117,587
Cash........................................................ 4,823
Receivables
Interest.................................................. 746,245
Fund shares sold.......................................... 204,200
Investment securities sold................................ 162,937
Prepaid expenses............................................ 1,938
------------
Total assets............................................ 158,237,730
------------
LIABILITIES
Payables
Fund shares repurchased................................... 6,259,899
Investment advisory fee................................... 52,411
Financial agent fee....................................... 16,182
Trustees' fee............................................. 3,041
Accrued expenses............................................ 61,289
------------
Total liabilities....................................... 6,392,822
------------
NET ASSETS.................................................. $151,844,908
============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $151,844,908
------------
NET ASSETS.................................................. $151,844,908
============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 15,184,511
============
Net asset value and offering price per share................ $ 10.00
============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 5,581,116
-------------
Total investment income................................. 5,581,116
-------------
EXPENSES
Investment advisory fee................................... 365,240
Financial agent fee....................................... 106,988
Custodian................................................. 13,248
Printing.................................................. 11,832
Professional.............................................. 10,068
Trustees.................................................. 2,604
-------------
Total expenses.......................................... 509,980
Less expense borne by investment adviser................ (8,197)
-------------
Net expenses............................................ 501,783
-------------
NET INVESTMENT INCOME....................................... 5,079,333
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 5,079,333
=============
</TABLE>
See Notes to Financial Statements
30
<PAGE>
PHOENIX-GOODWIN MONEY MARKET SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
----------------- -----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss)............................................. $ 5,079,333 $ 9,827,286
---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.............. 5,079,333 9,827,286
---------------- ----------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income.................................................... (5,079,333) (9,827,286)
---------------- ----------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS................ (5,079,333) (9,827,286)
---------------- ----------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (30,356,507 and 48,073,554 shares,
respectively).......................................................... 303,565,095 480,735,538
Net asset value of shares issued from reinvestment of distributions
(507,933 and 982,729 shares, respectively)............................. 5,079,333 9,827,286
Cost of shares repurchased (39,238,353 and 45,179,003 shares,
respectively).......................................................... (392,383,532) (451,790,033)
---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS................ (83,739,104) 38,772,791
---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS.................................... (83,739,104) 38,772,791
NET ASSETS
Beginning of period...................................................... 235,584,012 196,811,221
---------------- ----------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) OF $0
AND $0, RESPECTIVELY).................................................. $ 151,844,908 $ 235,584,012
================ ================
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ----------------------------------------------------
(UNAUDITED) 1999 1998
------------------------- ------------------------- -------------------------
<S> <C> <C> <C>
Net asset value,
beginning of period.... $10.00 $10.00 $10.00
INCOME FROM INVESTMENT
OPERATIONS
Net investment income
(loss)............... 0.28 0.47 0.50
------ ------ ------
TOTAL FROM INVESTMENT
OPERATIONS......... 0.28 0.47 0.50
------ ------ ------
LESS DISTRIBUTIONS
Dividends from net
investment income.... (0.28) (0.47) (0.50)
------ ------ ------
TOTAL
DISTRIBUTIONS...... (0.28) (0.47) (0.50)
------ ------ ------
NET ASSET VALUE, END OF
PERIOD................. $10.00 $10.00 $10.00
====== ====== ======
Total return............. 2.82%(4) 4.82% 5.09%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)............ $151,845 $235,584 $196,811
RATIO TO AVERAGE NET
ASSETS OF:
Operating
expenses (1)......... 0.55%(3) 0.55% 0.55%
Net investment
income............... 5.58%(3) 4.73% 4.99%
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------------
1997 1996 1995
------------------------- ------------------------- -------------------------
<S> <C> <C> <C>
Net asset value,
beginning of period.... $10.00 $10.00 $10.00
INCOME FROM INVESTMENT
OPERATIONS
Net investment income
(loss)............... 0.50 0.50 0.56
------ ------ ------
TOTAL FROM INVESTMENT
OPERATIONS......... 0.50 0.50 0.56
------ ------ ------
LESS DISTRIBUTIONS
Dividends from net
investment income.... (0.50) (0.50) (0.56)
------ ------ ------
TOTAL
DISTRIBUTIONS...... (0.50) (0.50) (0.56)
------ ------ ------
NET ASSET VALUE, END OF
PERIOD................. $10.00 $10.00 $10.00
====== ====== ======
Total return............. 4.99% 4.98% 5.55%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)............ $126,607 $131,361 $102,943
RATIO TO AVERAGE NET
ASSETS OF:
Operating
expenses (1)......... 0.55% 0.55% 0.53%(2)
Net investment
income............... 5.07% 4.89% 5.57%
</TABLE>
(1) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 0.56% and
0.57% for the periods ended June 30, 2000 and December 31, 1999,
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, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
---------- ------------ --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--3.1%
U.S. TREASURY BONDS--3.1%
U.S. Treasury Bonds 6.25%, 5/15/30........................ Aaa $ 4,750 $ 4,986,018
------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $4,867,539)........................................................ 4,986,018
------------
AGENCY MORTGAGE-BACKED SECURITIES--0.6%
GNMA 6.50%, 10/15/23...................................... Aaa 243 233,256
GNMA 6.50%, 12/15/25...................................... Aaa 250 239,233
GNMA 6.50%, 12/15/25...................................... Aaa 154 147,143
GNMA 6.50%, 12/15/25...................................... Aaa 191 182,680
GNMA 6.50%, 1/15/26....................................... Aaa 153 146,417
GNMA 8%, 9/15/06.......................................... Aaa 4 4,233
GNMA 8%, 10/15/06......................................... Aaa 100 102,460
------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $1,084,565)........................................................ 1,055,422
------------
AGENCY NON MORTGAGE-BACKED SECURITIES--4.6%
Fannie Mae 6.625%, 9/15/09................................ Aaa 7,750 7,474,100
------------
TOTAL AGENCY NON MORTGAGE-BACKED SECURITIES
(Identified cost $7,724,680)........................................................ 7,474,100
------------
MUNICIPAL BONDS--10.8%
CALIFORNIA--1.3%
Alameda Corridor Transportation Authority Revenue Taxable
Series C 6.50%, 10/1/19................................. Aaa 750 656,415
Alameda Corridor Transportation Authority Revenue Taxable
Series C 6.60%, 10/1/29................................. Aaa 1,750 1,499,557
------------
2,155,972
------------
CONNECTICUT--1.9%
Mashantucket Western Pequot Tribe Revenue Taxable Series A
144A 6.57%, 9/1/13 (b).................................. Aaa 2,140 1,961,396
Mashantucket Western Pequot Tribe Revenue Taxable Series A
6.91%, 9/1/12........................................... Aaa 1,100 1,046,771
------------
3,008,167
------------
FLORIDA--2.1%
Tampa Solid Waste System Revenue Taxable Series A 6.46%,
10/1/09................................................. Aaa 2,250 2,071,800
University of Miami Exchangeable Revenue Taxable Series A
7.65%, 4/1/20........................................... Aaa 1,310 1,252,609
------------
3,324,409
------------
ILLINOIS--1.7%
Illinois Educational Facilities Authority-Loyola
University Revenue Taxable Series A 7.84%, 7/1/24....... Aaa 1,600 1,553,904
Illinois Educational Facilities Authority-Loyola
University Revenue Taxable Series C 7.12%, 7/1/11....... Aaa 1,330 1,282,546
------------
2,836,450
------------
MASSACHUSETTS--1.8%
Massachusetts Port Authority Revenue Taxable Series C
6.35%, 7/1/06........................................... Aa 1,500 1,414,935
Worcester Pension General Obligation Taxable 6.25%
1/1/28.................................................. Aaa 1,750 1,436,907
------------
2,851,842
------------
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
---------- ------------ --------------
<S> <C> <C> <C>
PENNSYLVANIA--1.1%
Pittsburgh Pension General Obligation Taxable Series B
6.35%, 3/1/13........................................... Aaa $ 2,000 $ 1,792,320
------------
TEXAS--0.9%
Texas State University System Revenue 6.16%, 3/15/06...... Aaa 1,495 1,403,566
------------
TOTAL MUNICIPAL BONDS
(Identified cost $18,843,284)....................................................... 17,372,726
------------
ASSET-BACKED SECURITIES--1.8%
Green Tree Financial Corp. 94-1, B2 7.85%, 4/15/19........ Baa 3,000 2,868,720
------------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $3,097,500)........................................................ 2,868,720
------------
CORPORATE BONDS--18.4%
AIRLINES--3.9%
America West Airlines 144A 9.244%, 7/2/06 (b)............. Aaa 1,200 1,200,000
CHC Helicopter Corp. 11.75%, 7/15/07(g)................... B 1,800 1,708,206
Continental Airlines, Inc. 7.461%, 4/1/15................. Aa 1,346 1,282,600
Northwest Airlines Corp. Series 2000-1 Class G 8.072%,
4/1/21.................................................. Aaa 2,000 2,030,380
------------
6,221,186
------------
BANKS (MAJOR REGIONAL)--1.4%
BNP U.S. Funding LLC Series A 144A, 7.738%,
12/31/49 (b)(d)......................................... A 2,500 2,322,570
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--0.6%
EchoStar Communications Corp. 9.375%, 2/1/09.............. B 1,000 965,000
------------
COMMUNICATIONS EQUIPMENT--1.5%
Crown Castle International Corp. 10.375%, 5/15/11......... B 2,000 1,232,500
Metromedia Fiber Network, Inc. Series B 10%, 11/15/08..... B 1,140 1,128,600
------------
2,361,100
------------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--1.7%
Park Place Entertainment Corp. 9.375%, 2/15/07............ Ba 1,250 1,250,000
Station Casinos, Inc. 144A W.I. 9.875%, 7/1/10 (b)(f)..... B 1,500 1,507,500
------------
2,757,500
------------
HOMEBUILDING--0.7%
Lennar Corp. 7.625%, 3/1/09............................... Ba 1,325 1,157,719
------------
LEISURE TIME (PRODUCTS)--0.6%
Bally Total Fitness Holding Corp. Series D 9.875%,
10/15/07................................................ B 1,150 1,046,500
------------
OIL & GAS (DRILLING & EQUIPMENT)--0.6%
R&B Falcon Corp. Class B 6.75%, 4/15/05................... Ba 1,000 905,000
------------
OIL & GAS (EXPLORATION & PRODUCTION)--0.8%
Benton Oil & Gas Co. 11.625%, 5/1/03...................... B 1,675 1,222,750
------------
PAPER & FOREST PRODUCTS--1.0%
S.D. Warren Co. PIK 14%, 12/15/06......................... NR 1,391 1,536,502
------------
SERVICES (COMMERCIAL & CONSUMER)--1.7%
ARA Services, Inc. 10.625%, 8/1/00........................ Baa 27 27,034
Service Corporation International 7.20%, 6/1/06........... Ba 1,650 907,500
</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>
SERVICES (COMMERCIAL & CONSUMER)--CONTINUED
United Rentals, Inc. Series B 9.25%, 1/15/09.............. B $ 2,000 $ 1,805,000
------------
2,739,534
------------
TELECOMMUNICATIONS (LONG DISTANCE)--3.0%
Interamericas Communications Corp. 14%, 10/27/07.......... NR 2,050 2,316,500
Level 3 Communications, Inc. 144A 10.75%,
3/15/08 (b)(g).......................................... B 1,750 1,585,266
Metromedia International Group, Inc. 10.50%, 9/30/07...... NR 795 373,755
RCN Corp. Series B 0%, 2/15/08 (d)........................ B 1,000 575,000
------------
4,850,521
------------
TELEPHONE--0.4%
Pathnet, Inc. 12.25%, 4/15/08............................. NR 1,175 663,875
------------
TEXTILES (APPAREL)--0.5%
Collins & Aikman Products Co. 11.50%, 4/15/06............. B 890 861,075
------------
TOTAL CORPORATE BONDS
(Identified cost $30,906,876)....................................................... 29,610,832
------------
NON-AGENCY MORTGAGE-BACKED SECURITIES--20.9%
CS First Boston Mortgage Securities Corp. 97-1R, 1M4
7.581%, 2/28/22 (b)(d).................................. Baa 2,115 1,997,812
CS First Boston Mortgage Securities Corp. 97-C2, A3 6.55%,
11/17/07................................................ Aaa 1,750 1,664,688
CS First Boston Mortgage Securities Corp. 97-SPCE C
7.077%, 2/20/07 (c)..................................... A+ 2,000 1,931,875
Commercial Mortgage Asset Trust 99-C1 D 7.35%, 10/17/13... Baa 500 445,937
First Chicago/Lennar Trust 97-CHL1, D 8.055%,
5/29/08 (d)............................................. BB(c) 2,000 1,672,813
G.E. Capital Mortgage Services, Inc. 96-8, 2A5 7.50%,
5/25/26................................................. AAA(c) 1,169 1,143,307
IMPAC CMB Trust 98-2, M3 7.25%, 4/25/28................... A(c) 538 521,952
LB Commercial Conduit Mortgage Trust 99-C2, A2 7.325%,
9/15/09................................................. Aaa 2,100 2,070,797
Merrill Lynch Mortgage Investors, Inc. 96-C2, C 6.96%,
11/21/28................................................ A(c) 3,607 3,394,525
Morgan Stanley Capital I 98-WF2, C 6.77%, 6/15/08......... A(c) 1,700 1,598,266
Mortgage Capital Funding, Inc. 98-MC2, B 6.549%,
5/18/08................................................. Aa 2,500 2,316,406
Norwest Asset Securities Corp. 97-7, B1 7%, 5/25/27....... A 1,933 1,813,670
Norwest Asset Securities Corp. 99-10, B3 6.25%, 4/25/14... BBB(c) 853 762,888
Norwest Asset Securities Corp. 99-5, B3 6.25%, 3/25/14.... BBB(c) 1,487 1,350,316
Residential Funding Mortgage Securities I 94-S7, M3 6.50%,
3/25/24................................................. Baa 3,903 3,510,448
Ryland Mortgage Securities Corp. III 92-A, 1A 8.257%,
3/29/30 (d)............................................. A-(c) 382 380,211
Securitized Asset Sales Inc. 95-6, B3 7%, 12/25/10........ NR 1,143 1,014,751
Structured Asset Securities Corp. 95-C4, E 8.871%,
6/25/26 (d)............................................. BBB(c) 2,000 1,968,334
Structured Asset Securities Corp. 98-C3A, 144A H 6.675%,
4/25/03 (d)............................................. Ba 2,250 2,200,317
Summit Mortgage Trust 00-1, B3 6.138%, 12/28/12........... A-(c) 2,117 1,988,971
------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $34,687,768)....................................................... 33,748,284
------------
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
---------- ------------ --------------
<S> <C> <C> <C>
FOREIGN GOVERNMENT SECURITIES--18.5%
ARGENTINA--0.7%
Republic of Argentina RegS 11.75%, 2/12/07 (f)............ B $ 1,350 $ 1,127,475
------------
BRAZIL--1.7%
Republic of Brazil 12.25%, 3/6/30......................... B 2,000 1,840,000
Republic of Brazil 8%, 4/15/14 (d)........................ B 1,231 893,542
------------
2,733,542
------------
BULGARIA--1.5%
Republic of Bulgaria FLIRB Bearer Series A 2.75%,
7/28/12 (d)............................................. B 3,000 2,210,625
Republic of Bulgaria IAB Series RPDI 7.063%, 7/28/11...... B 250 197,500
------------
2,408,125
------------
CROATIA--1.8%
Croatia Series A 7.0625%, 7/31/10 (d)..................... Baa 1,432 1,310,120
Croatia Series B 7.0625%, 7/31/06 (d)..................... Baa 1,691 1,598,373
------------
2,908,493
------------
MEXICO--6.4%
United Mexican States 11.375%, 9/15/16.................... Ba 2,250 2,578,500
United Mexican States 11.50%, 5/15/26..................... Ba 6,375 7,689,844
------------
10,268,344
------------
PERU--0.7%
Republic of Peru PDI 4.50%, 3/7/17 (d)(g)................. Ba 1,700 1,140,062
------------
PHILIPPINES--2.2%
Republic of Philippines 9.875%, 1/15/19................... Ba 4,375 3,587,500
------------
POLAND--1.3%
Poland Bearer PDI 6%, 10/27/14 (d)........................ Baa 2,345 2,092,913
------------
VENEZUELA--2.2%
Republic of Venezuela 9.25%, 9/15/27...................... B 2,000 1,317,500
Republic of Venezuela DCB Series DL 7.875%, 12/18/07...... B 2,857 2,322,337
------------
3,639,837
------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $29,685,973)....................................................... 29,906,291
------------
FOREIGN CORPORATE BONDS--14%
BERMUDA--0.4%
Flag Telecom Holdings Ltd. 144A 11.625%,
3/30/10 (b)(g).......................................... B 750 654,237
------------
BRAZIL--0.8%
Globo Communicacoes e Participacoes SA 144A 10.625%,
12/5/08 (b)............................................. B 1,500 1,275,000
------------
CANADA--1.4%
Clearnet Communications, Inc. 0%, 5/1/09.................. B 1,000 605,000
GT Group Telecom 144A 0%, 2/1/10 (b)...................... Caa 3,000 1,680,000
------------
2,285,000
------------
CHILE--1.2%
Empresa Nacional de Electricidad SA 8.50%, 4/1/09......... Baa 2,000 1,952,012
------------
MEXICO--2.7%
Grupo Iusacell SA de CV 14.25%, 12/1/06................... B 2,250 2,374,875
Maxcom Telecomunicaciones Sa de SV 144A 13.75%,
4/1/07 (b).............................................. NR 1,250 1,109,375
Vicap SA 11.375%, 5/15/07................................. Ba 1,000 892,030
------------
4,376,280
------------
</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>
NETHERLANDS--3.0%
Deutsche Telekom International Finance BV 8.25%,
6/15/30................................................. AA $ 3,000 $ 3,046,740
Netia Holdings B.V. 13.75%, 6/15/10(g).................... B 1,000 970,571
United Pan-Europe Communications NV 11.25%, 2/1/10(g)..... B 1,000 853,144
------------
4,870,455
------------
POLAND--1.0%
TPSA Finance BV 144A 7.75%, 12/10/08 (b).................. Baa 1,700 1,598,000
------------
UNITED KINGDOM--1.4%
Clondalkin Industries 144A 10.625%, 1/15/10 (b)(g)........ B 750 733,321
Royal & Sun Alliance 8.95%, 10/15/29...................... A 1,500 1,479,750
------------
2,213,071
------------
VENEZUELA--2.1%
PDVSA Finance Ltd. 7.50%, 11/15/28........................ Baa 3,250 2,398,779
PDVSA Finance Ltd. Tranche I 9.75%, 2/15/10............... Baa 1,000 978,561
------------
3,377,340
------------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $23,251,940)....................................................... 22,601,395
------------
FOREIGN CONVERTIBLE BONDS--1.7%
RUSSIA--1.7%
Lukinter Finance Lukoil Cv. RegS 3.50%, 5/6/02............ CCC-(c) 2,700 2,767,500
------------
TOTAL FOREIGN CONVERTIBLE BONDS
(Identified cost $3,310,275)........................................................ 2,767,500
------------
<CAPTION>
SHARES
------------
PREFERRED STOCKS--1.1%
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--1.1%
Nextel Communications PIK 11.125%......................... 17,986 1,744,642
------------
TOTAL PREFERRED STOCKS
(Identified cost $1,753,392)........................................................ 1,744,642
------------
COMMON STOCKS--0.6%
TELECOMMUNICATIONS (LONG DISTANCE)--0.6%
FirstCom Corp............................................. 64,050 964,753
------------
TOTAL COMMON STOCKS
(Identified cost $281,820).......................................................... 964,753
------------
MUTUAL FUNDS--2.8%
Dreyfus Strategic Municipal Fund, Inc..................... 141,100 1,128,800
Nuveen Insured Municipal Opportunity Fund, Inc............ 128,000 1,664,000
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
MUTUAL FUNDS--CONTINUED
Nuveen Municipal Value Fund, Inc.......................... 200,000 $ 1,687,500
------------
4,480,300
------------
TOTAL MUTUAL FUNDS
(Identified cost $4,394,644)........................................................ 4,480,300
------------
WARRANTS--0.0%
COMMUNICATIONS EQUIPMENT--0.0%
Loral Space & Communications, Inc. Warrants (e)........... 1,000 6,875
------------
TELEPHONE--0.0%
Pathnet, Inc. 144A Warrants (b)(e)........................ 1,000 10,000
------------
TOTAL WARRANTS
(Identified cost $0)................................................................ 16,875
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER
OF
CONTRACTS
----------
<S> <C> <C> <C>
OPTIONS--0.2%
Brazil C Bond Call Options 8/21/00 $72.125 (Par subject to call
$5,000,000)....................................................... 500 161,315
Russia Principal Loan Call Option 8/28/00 $29.125 (Par subject to
call $5,000,000).................................................. 500 127,500
------------
TOTAL OPTIONS
(Identified cost $363,183)...................................................... 288,815
------------
TOTAL LONG-TERM INVESTMENTS--99.1%
(Identified cost $164,253,439).................................................. 159,886,673
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000)
-------- -----------------------------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.5%
COMMERCIAL PAPER--4.5%
Koch Industries, Inc. 7%,
7/5/00......................... A-1+ $6,215 6,210,166
CXC, Inc. 6.7%, 7/20/00.......... A-1+ 1,000 996,464
------------
7,206,630
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $7,206,630).................................................... 7,206,630
------------
TOTAL INVESTMENTS--103.6%
(Identified cost $171,460,069).................................................. 167,093,303(a)
Cash and receivables, less liabilities--(3.6%).................................. (5,784,527)
------------
NET ASSETS--100.0%................................................................ $161,308,776
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $2,786,245 and gross
depreciation of $7,772,700 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$172,079,758.
(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, 2000,
these securities amounted to a value of $17,836,982 or 11.1% of net assets.
(c) As rated by Standard & Poors, Fitch or Duff & Phelps.
(d) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(e) Non-income producing.
(f) Par value represents Argentina Pesos.
(g) Par value represents Euro.
See Notes to Financial Statements
34
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR FIXED INCOME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$171,460,069)............................................. $ 167,093,303
Receivables
Investment securities sold................................ 7,070,591
Dividends and interest.................................... 2,731,116
Net unrealized appreciation on swap agreements............ 211,093
Fund shares sold.......................................... 52,675
Gross unrealized appreciation on forward currency
contracts............................................... 50,579
Prepaid expenses............................................ 2,066
-------------
Total assets............................................ 177,211,423
-------------
LIABILITIES
Payables
Custodian................................................. 9,058
Investment securities purchased........................... 15,645,088
Fund shares repurchased................................... 80,520
Investment advisory fee................................... 69,438
Financial agent fee....................................... 16,305
Trustees' fee............................................. 3,041
Accrued expenses............................................ 79,197
-------------
Total liabilities....................................... 15,902,647
-------------
NET ASSETS.................................................. $ 161,308,776
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 187,415,182
Undistributed net investment income....................... 614,313
Accumulated net realized loss............................. (22,608,986)
Net unrealized depreciation............................... (4,111,733)
-------------
NET ASSETS.................................................. $ 161,308,776
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 18,474,629
=============
Net asset value and offering price per share................ $ 8.73
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 7,278,774
Dividends................................................. 169,391
------------
Total investment income................................. 7,448,165
------------
EXPENSES
Investment advisory fee................................... 409,145
Financial agent fee....................................... 99,955
Printing.................................................. 12,059
Professional.............................................. 8,967
Custodian................................................. 8,060
Trustees.................................................. 2,604
Miscellaneous............................................. 5,547
------------
Total expenses.......................................... 546,337
Less expenses borne by investment adviser............... (14,520)
------------
Net expenses............................................ 531,817
------------
NET INVESTMENT INCOME....................................... 6,916,348
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (5,800,480)
Net realized loss on foreign currency transactions........ (13,376)
Net change in unrealized appreciation (depreciation) on
investments............................................. 2,030,298
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions...... 43,940
Net change in unrealized appreciation (depreciation) on
swap agreements......................................... 211,093
------------
NET LOSS ON INVESTMENTS..................................... (3,528,525)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 3,387,823
============
</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
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 6,916,348 $ 14,058,425
Net realized gain (loss).................................. (5,813,856) (8,647,622)
Net change in unrealized appreciation (depreciation)...... 2,285,331 4,220,860
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 3,387,823 9,631,663
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (6,695,192) (14,551,396)
Net realized gains........................................ -- --
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (6,695,192) (14,551,396)
------------- -------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (1,626,976 and 5,303,159
shares, respectively)................................... 14,454,318 48,313,453
Net asset value of shares issued from reinvestment of
distributions (757,702 and 1,621,827 shares,
respectively)........................................... 6,695,192 14,551,396
Cost of shares repurchased (3,293,857 and 7,942,462
shares, respectively)................................... (29,369,723) (72,472,168)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (8,220,213) (9,607,319)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (11,527,582) (14,527,052)
NET ASSETS
Beginning of period....................................... 172,836,358 187,363,410
------------- -------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $614,313 AND $393,157, RESPECTIVELY)... $ 161,308,776 $ 172,836,358
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------- ---------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................ $ 8.92 $ 9.18 $ 10.38 $ 10.34 $ 10.22 $ 8.98
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)...... 0.38 0.73 0.77 0.75 0.79 0.83(2)
Net realized and unrealized gain
(loss).......................... (0.20) (0.24) (1.17) 0.34 0.43 1.22
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS.................... 0.18 0.49 (0.40) 1.09 1.22 2.05
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment
income.......................... (0.37) (0.75) (0.74) (0.77) (0.78) (0.81)
Dividends from net realized
gains........................... -- -- (0.06) (0.28) (0.32) --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS............. (0.37) (0.75) (0.80) (1.05) (1.10) (0.81)
------- ------- ------- ------- ------- -------
CHANGE IN NET ASSET VALUE........... (0.19) (0.26) (1.20) 0.04 0.12 1.24
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD...... $ 8.73 $ 8.92 $ 9.18 $ 10.38 $ 10.34 $ 10.22
======= ======= ======= ======= ======= =======
Total return........................ 2.07%(5) 5.46% (4.02)% 10.93% 12.42% 23.54%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)....................... $161,309 $172,836 $187,363 $191,627 $145,044 $109,046
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (1)............ 0.65%(4) 0.65% 0.64% 0.65% 0.65% 0.65%(3)
Net investment income............. 8.45%(4) 7.79% 7.61% 7.25% 7.80% 8.55%
Portfolio turnover rate............. 75%(5) 125% 160% 151% 191% 147%
</TABLE>
(1) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 0.67%,
0.71%, 0.66%, 0.67% and 0.67% for the periods ended June 30, 2000, December
31, 1999, 1997, 1996 and 1995, 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-HOLLISTER VALUE EQUITY SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMMON STOCKS--91.8%
AEROSPACE/DEFENSE--3.9%
General Dynamics Corp................................................... 14,000 $ 731,500
Lockheed Martin Corp.................................................... 11,000 272,937
-----------
1,004,437
-----------
ALUMINUM--0.9%
Alcoa, Inc.............................................................. 8,000 232,000
-----------
AUTO PARTS & EQUIPMENT--1.7%
Delphi Automotive Systems Corp.......................................... 30,000 440,625
Visteon Corp. (b)....................................................... 786 9,525
-----------
450,150
-----------
AUTOMOBILES--1.0%
Ford Motor Co........................................................... 6,000 258,000
-----------
BANKS (MAJOR REGIONAL)--2.9%
Bank of New York Co., Inc. (The)........................................ 16,000 744,000
-----------
BANKS (MONEY CENTER)--3.7%
Chase Manhattan Corp. (The)............................................. 11,250 518,203
Morgan (J.P.) & Co., Inc................................................ 4,000 440,500
-----------
958,703
-----------
BEVERAGES (ALCOHOLIC)--1.7%
Anheuser-Busch Cos., Inc................................................ 6,000 448,125
-----------
BIOTECHNOLOGY--0.9%
Biogen, Inc. (b)........................................................ 3,700 238,650
-----------
COMMUNICATIONS EQUIPMENT--4.7%
L-3 Communications Holdings, Inc. (b)................................... 16,000 913,000
Motorola, Inc........................................................... 10,700 310,969
-----------
1,223,969
-----------
COMPUTERS (HARDWARE)--2.3%
Compaq Computer Corp.................................................... 10,000 255,625
International Business Machines Corp.................................... 3,000 328,687
-----------
584,312
-----------
COMPUTERS (NETWORKING)--1.6%
Cabletron Systems, Inc. (b)............................................. 16,000 404,000
-----------
DISTRIBUTORS (FOOD & HEALTH)--1.3%
Bergen Brunswig Corp. Class A........................................... 60,000 330,000
-----------
ELECTRICAL EQUIPMENT--2.4%
Manufacturers' Services Ltd. (b)........................................ 5,800 119,262
Solectron Corp. (b)..................................................... 12,100 506,688
-----------
625,950
-----------
ELECTRONICS (DEFENSE)--0.8%
Litton Industries, Inc. (b)............................................. 5,000 210,000
-----------
ENGINEERING & CONSTRUCTION--1.9%
MasTec, Inc. (b)........................................................ 12,800 488,800
-----------
ENTERTAINMENT--1.8%
Walt Disney Co. (The)................................................... 12,000 465,750
-----------
FINANCIAL (DIVERSIFIED)--5.4%
Citigroup, Inc.......................................................... 11,500 692,875
Fannie Mae.............................................................. 6,000 313,125
SLM Holding Corp........................................................ 10,000 374,375
-----------
1,380,375
-----------
HEALTH CARE (DIVERSIFIED)--0.7%
Abbott Laboratories..................................................... 4,000 178,250
-----------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
HEALTH CARE (GENERIC AND OTHER)--3.2%
Mylan Laboratories, Inc................................................. 4,000 $ 73,000
Watson Pharmaceuticals, Inc. (b)........................................ 14,000 752,500
-----------
825,500
-----------
HEALTH CARE (HOSPITAL MANAGEMENT)--2.3%
Tenet Healthcare Corp. (b).............................................. 22,000 594,000
-----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.6%
Laser Vision Centers, Inc. (b).......................................... 25,000 154,688
-----------
INSURANCE (LIFE/HEALTH)--2.1%
American General Corp................................................... 9,000 549,000
-----------
INSURANCE (MULTI-LINE)--5.6%
American International Group, Inc....................................... 6,000 705,000
CIGNA Corp.............................................................. 8,000 748,000
-----------
1,453,000
-----------
INSURANCE (PROPERTY-CASUALTY)--0.6%
Allstate Corp. (The).................................................... 7,000 155,750
-----------
IRON & STEEL--0.7%
Maverick Tube Corp (b).................................................. 6,300 183,488
-----------
MANUFACTURING (DIVERSIFIED)--10.5%
Honeywell International, Inc............................................ 13,000 437,938
Illinois Tool Works, Inc................................................ 7,000 399,000
Minnesota Mining and Manufacturing Co................................... 4,000 330,000
Tyco International Ltd.................................................. 15,000 710,625
United Technologies Corp................................................ 14,000 824,250
-----------
2,701,813
-----------
METAL FABRICATORS--3.1%
Shaw Group, Inc. (The) (b).............................................. 17,000 801,125
-----------
OFFICE EQUIPMENT & SUPPLIES--0.8%
Pitney Bowes, Inc....................................................... 5,000 200,000
-----------
OIL & GAS (DRILLING & EQUIPMENT)--4.8%
Baker Hughes, Inc....................................................... 16,000 512,000
Cal Dive International, Inc. (b)........................................ 8,000 433,500
Gulf Island Fabrication, Inc. (b)....................................... 17,000 289,000
-----------
1,234,500
-----------
OIL & GAS (EXPLORATION & PRODUCTION)--1.7%
Unocal Corp............................................................. 13,000 430,625
-----------
OIL (INTERNATIONAL INTEGRATED)--2.1%
Texaco, Inc............................................................. 10,000 532,500
-----------
POWER PRODUCERS (INDEPENDENT)--2.6%
Calpine Corp. (b)....................................................... 10,000 657,500
-----------
REITS--1.1%
LaSalle Hotel Properties................................................ 20,000 287,500
-----------
SERVICES (COMMERCIAL & CONSUMER)--2.4%
Crown Castle International Corp. (b).................................... 17,000 620,500
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--2.5%
WorldCom, Inc. (b)...................................................... 14,000 642,250
-----------
TELEPHONE--1.9%
GTE Corp................................................................ 8,000 498,000
-----------
TOBACCO--3.6%
Philip Morris Cos., Inc................................................. 24,000 637,500
</TABLE>
See Notes to Financial Statements
37
<PAGE>
PHOENIX-HOLLISTER VALUE EQUITY SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
TOBACCO--CONTINUED
UST, Inc................................................................ 20,000 $ 293,750
-----------
931,250
-----------
TOTAL COMMON STOCKS
(Identified cost $22,737,938)......................................................... 23,678,460
-----------
FOREIGN COMMON STOCKS--4.7%
COMMUNICATIONS EQUIPMENT--2.6%
Alcatel SA ADR (France)................................................. 10,000 665,000
-----------
OIL & GAS (DRILLING & EQUIPMENT)--1.2%
Precision Drilling Corp. (b)............................................ 8,000 309,000
-----------
OIL (INTERNATIONAL INTEGRATED)--0.9%
Royal Dutch Petroleum Co. NY Registered Shares (Netherlands)............
4,000 246,250
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $916,632)............................................................ 1,220,250
-----------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
UNIT INVESTMENT TRUSTS--1.3%
AMEX Financial Select Sector Depository Receipts........................ 10,000 $ 237,500
Diamonds Trust, Series I................................................ 1,000 104,375
-----------
341,875
-----------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $361,276)............................................................ 341,875
-----------
TOTAL INVESTMENTS--97.8%
(Identified cost $24,015,846)......................................................... 25,240,585(a)
Cash and receivables, less liabilities--2.2%.......................................... 572,242
-----------
NET ASSETS--100.0%...................................................................... $25,812,827
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,613,309 and gross
depreciation of $1,474,336 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$24,101,612.
(b) Non-income producing.
See Notes to Financial Statements
38
<PAGE>
PHOENIX-HOLLISTER VALUE EQUITY SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$24,015,846).............................................. $ 25,240,585
Cash........................................................ 87,128
Receivables
Investment securities sold................................ 470,384
Funds shares sold......................................... 67,373
Dividends and interest.................................... 31,693
Receivable from adviser................................... 12,022
Prepaid expenses............................................ 89
-------------
Total assets............................................ 25,909,274
-------------
LIABILITIES
Payables
Fund shares repurchased................................... 33,299
Investment advisory fee................................... 14,791
Financial agent fee....................................... 6,876
Trustees' fee............................................. 3,041
Accrued expenses............................................ 38,440
-------------
Total liabilities....................................... 96,447
-------------
NET ASSETS.................................................. $ 25,812,827
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 22,241,744
Undistributed net investment income....................... 38,930
Accumulated net realized gain............................. 2,307,414
Net unrealized appreciation............................... 1,224,739
-------------
NET ASSETS.................................................. $ 25,812,827
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 1,931,285
=============
Net asset value and offering price per share................ $ 13.37
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $126,317
Interest.................................................. 26,219
Foreign taxes withheld.................................... (1,179)
-------
Total investment income................................. 151,357
-------
EXPENSES
Investment advisory fee................................... 77,972
Financial agent fee....................................... 42,112
Printing.................................................. 12,584
Professional.............................................. 10,684
Custodian................................................. 6,435
Trustees.................................................. 2,604
Miscellaneous............................................. 4,680
-------
Total expenses.......................................... 157,071
Less expense borne by investment adviser................ (62,391)
-------
Net expenses............................................ 94,680
-------
NET INVESTMENT INCOME....................................... 56,677
-------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 2,321,410
Net change in unrealized appreciation (depreciation) on
investments............................................. (1,119,182)
-------
NET GAIN ON INVESTMENTS..................................... 1,202,228
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $1,258,905
=======
</TABLE>
See Notes to Financial Statements
39
<PAGE>
PHOENIX-HOLLISTER VALUE EQUITY SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
6/30/00 ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 56,677 $ 45,556
Net realized gain (loss).................................. 2,321,410 1,944,026
Net change in unrealized appreciation (depreciation)...... (1,119,182) 1,347,332
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 1,258,905 3,336,914
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (18,491) (44,812)
Net realized gains........................................ (891,279) (956,105)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (909,770) (1,000,917)
------------ ------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (715,961 and 1,031,543
shares, respectively)................................... 9,919,912 11,699,950
Net asset value of shares issued from reinvestment of
distributions (67,958 and 78,326 shares,
respectively)........................................... 909,770 1,000,917
Cost of shares repurchased (205,529 and 621,196 shares,
respectively)........................................... (2,836,057) (7,099,784)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 7,993,625 5,601,083
------------ ------------
NET INCREASE IN NET ASSETS................................ 8,342,760 7,937,080
NET ASSETS
Beginning of period....................................... 17,470,067 9,532,987
------------ ------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $38,930 AND $744, RESPECTIVELY)........ $ 25,812,827 $ 17,470,067
============ ============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM
ENDED YEAR INCEPTION
6/30/00 ENDED 3/2/98 TO
(UNAUDITED) 12/31/99 12/31/98
-------------- -------------- --------------
<S> <C> <C> <C>
Net asset value, beginning of period........................ $ 12.91 $ 11.03 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. 0.03 0.04 0.05
Net realized and unrealized gain (loss)................... 0.92 2.63 1.03
------------- ------------- -------------
TOTAL FROM INVESTMENT OPERATIONS........................ 0.95 2.67 1.08
------------- ------------- -------------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.01) (0.04) (0.05)
Dividends from net realized gains......................... (0.48) (0.75) --
------------- ------------- -------------
TOTAL DISTRIBUTIONS..................................... (0.49) (0.79) (0.05)
------------- ------------- -------------
CHANGE IN NET ASSET VALUE................................... 0.46 1.88 1.03
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD.............................. $ 13.37 $ 12.91 $ 11.03
============= ============= =============
Total return................................................ 7.31%(2) 24.33% 10.79%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $25,813 $17,470 $9,533
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (3).................................... 0.85%(1) 0.85% 0.85%(1)
Net investment income..................................... 0.51%(1) 0.41% 0.85%(1)
Portfolio turnover rate..................................... 90%(2) 168% 77%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.41%,
2.03% and 2.46% for the periods ended June 30, 2000, December 31, 1999 and
1998, respectively.
See Notes to Financial Statements
40
<PAGE>
PHOENIX-J.P. MORGAN RESEARCH ENHANCED INDEX SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(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 5.625%, 11/30/00 (c).................. AAA $ 240 $ 239,438
------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $239,822)............................................................ 239,438
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
------------
<S> <C> <C> <C>
COMMON STOCKS--93.7%
AEROSPACE/DEFENSE--0.3%
Boeing Co. (The)........................................................ 4,600 192,337
Goodrich (B.F) Co. (The)................................................ 4,100 139,656
Lockheed Martin Corp.................................................... 2,300 57,069
------------
389,062
------------
AIR FREIGHT--0.0%
FedEx Corp. (b)......................................................... 1,200 45,600
------------
AIRLINES--0.2%
AMR Corp. (b)........................................................... 2,200 58,162
Delta Air Lines, Inc.................................................... 2,500 126,406
Northwest Airlines Corp. (b)............................................ 400 12,175
------------
196,743
------------
ALUMINUM--0.4%
Alcoa, Inc.............................................................. 18,400 533,600
------------
AUTO PARTS & EQUIPMENT--0.3%
Dana Corp............................................................... 4,200 88,987
Delphi Automotive Systems Corp.......................................... 13,300 195,344
Goodyear Tire & Rubber Co. (The)........................................ 4,000 80,000
Visteon Corp. (b)....................................................... 3,025 36,673
------------
401,004
------------
AUTOMOBILES--1.4%
Ford Motor Co........................................................... 25,000 1,075,000
General Motors Corp..................................................... 12,300 714,169
------------
1,789,169
------------
BANKS (MAJOR REGIONAL)--1.8%
Bank One Corp........................................................... 16,600 440,937
Comerica, Inc........................................................... 2,300 103,212
Firstar Corp............................................................ 14,000 294,875
FleetBoston Financial Corp.............................................. 14,800 503,200
KeyCorp................................................................. 8,300 146,287
PNC Financial Services Group............................................ 5,300 248,437
Regions Financial Corp.................................................. 2,900 57,637
SouthTrust Corp......................................................... 3,000 67,875
Summit Bancorp.......................................................... 2,700 66,487
U.S. Bancorp............................................................ 12,100 232,925
Union Planters Corp..................................................... 1,900 53,081
Wells Fargo & Co........................................................ 400 15,500
------------
2,230,453
------------
BANKS (MONEY CENTER)--0.5%
Bank of America Corp.................................................... 3,500 150,500
First Union Corp........................................................ 19,600 486,325
------------
636,825
------------
BANKS (REGIONAL)--0.3%
Banknorth Group Inc..................................................... 2,100 32,156
First Tennessee National Corp........................................... 2,200 36,437
FirstMerit Corp......................................................... 1,400 29,925
Hibernia Corp. Class A.................................................. 2,300 25,012
Marshall & Ilsley Corp.................................................. 1,900 78,850
Mercantile Bankshares Corp.............................................. 1,000 29,812
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
BANKS (REGIONAL)--CONTINUED
National Commerce Bancorporation........................................ 900 $ 14,456
North Fork Bancorporation, Inc.......................................... 2,600 39,325
TCF Financial Corp...................................................... 1,000 25,687
------------
311,660
------------
BEVERAGES (NON-ALCOHOLIC)--0.8%
Coca-Cola Co. (The)..................................................... 17,200 987,925
------------
BIOTECHNOLOGY--0.2%
Amgen, Inc. (b)......................................................... 400 28,100
Genzyme Corp. (b)....................................................... 1,000 59,437
Human Genome Sciences, Inc. (b)......................................... 600 80,025
IDEC Pharmaceuticals Corp. (b).......................................... 500 58,656
Incyte Genomics, Inc. (b)............................................... 400 32,875
------------
259,093
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.8%
AT&T Corp.- Liberty Media Group Class A (b)............................. 18,200 441,350
Comcast Corp. Special Class A (b)....................................... 17,100 692,550
MediaOne Group, Inc. (b)................................................ 16,500 1,098,281
------------
2,232,181
------------
CHEMICALS--0.9%
Air Products & Chemicals, Inc........................................... 8,400 258,824
Dow Chemical Co. (The).................................................. 12,000 362,250
Praxair, Inc............................................................ 5,300 198,419
Rohm & Haas Co.......................................................... 7,500 258,750
------------
1,078,243
------------
CHEMICALS (DIVERSIFIED)--0.2%
PPG Industries, Inc..................................................... 5,100 225,994
------------
COMMUNICATIONS EQUIPMENT--2.5%
Corning, Inc............................................................ 1,300 350,837
Lucent Technologies, Inc. (c)........................................... 23,300 1,380,525
Motorola, Inc........................................................... 30,300 880,594
QUALCOMM, Inc. (b)...................................................... 2,500 150,000
Tellabs, Inc. (b)....................................................... 5,800 396,937
------------
3,158,893
------------
COMPUTERS (HARDWARE)--6.1%
Apple Computer, Inc. (b)................................................ 4,800 251,400
Compaq Computer Corp.................................................... 23,200 593,050
Dell Computer Corp. (b)................................................. 34,000 1,676,625
Hewlett-Packard Co...................................................... 13,200 1,648,350
International Business Machines Corp. (c)............................... 12,300 1,347,619
Sun Microsystems, Inc. (b).............................................. 22,300 2,027,906
------------
7,544,950
------------
COMPUTERS (NETWORKING)--4.0%
Cisco Systems, Inc. (c)................................................. 77,900 4,951,519
------------
COMPUTERS (PERIPHERALS)--1.3%
EMC Corp. (b)........................................................... 12,500 961,719
Lexmark International Group, Inc. Class A (b)........................... 1,800 121,050
Seagate Technology, Inc. (b)............................................ 8,600 473,000
------------
1,555,769
------------
COMPUTERS (SOFTWARE & SERVICES)--8.1%
Adobe Systems, Inc...................................................... 1,900 247,000
America Online, Inc. (b)................................................ 28,800 1,519,200
Autodesk, Inc........................................................... 500 17,344
BMC Software, Inc. (b).................................................. 3,800 138,641
Citrix Systems, Inc. (b)................................................ 2,700 51,131
Computer Associates International, Inc.................................. 8,300 424,856
Microsoft Corp. (c)..................................................... 58,400 4,672,000
</TABLE>
See Notes to Financial Statements
41
<PAGE>
PHOENIX-J.P. MORGAN RESEARCH ENHANCED INDEX SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)--CONTINUED
Network Associates, Inc. (b)............................................ 1,800 $ 36,675
Oracle Corp. (b)........................................................ 19,800 1,664,437
Siebel Systems, Inc. (b)................................................ 2,700 441,619
Symantec Corp. (b)...................................................... 900 48,544
TIBCO Software, Inc. (b)................................................ 2,500 268,086
VERITAS Software Corp. (b).............................................. 2,600 293,841
Yahoo!, Inc. (b)........................................................ 2,100 260,137
------------
10,083,511
------------
CONSUMER FINANCE--0.4%
Capital One Financial Corp.............................................. 3,200 142,800
Countrywide Credit Industries, Inc...................................... 1,000 30,312
Household International, Inc............................................ 3,300 137,156
Providian Financial Corp................................................ 2,000 180,000
------------
490,268
------------
CONTAINERS & PACKAGING (PAPER)--0.0%
Temple-Inland, Inc...................................................... 1,100 46,200
------------
ELECTRIC COMPANIES--1.6%
Allegheny Energy, Inc................................................... 1,900 52,012
Ameren Corp............................................................. 700 23,625
CMS Energy Corp......................................................... 3,000 66,375
CP&L Energy, Inc........................................................ 6,300 201,206
Cinergy Corp............................................................ 4,100 104,294
Consolidated Edison, Inc................................................ 3,700 109,612
DTE Energy Co........................................................... 3,400 103,912
Dominion Resources, Inc................................................. 3,400 145,775
Edison International.................................................... 6,000 123,000
Entergy Corp............................................................ 5,500 149,531
FPL Group, Inc.......................................................... 3,100 153,450
GPU, Inc................................................................ 2,600 70,362
Nisource................................................................ 2,500 46,562
PG&E Corp............................................................... 8,500 209,312
PPL Corp................................................................ 3,900 85,556
Pinnacle Systems, Inc................................................... 2,500 84,687
TXU Corp................................................................ 6,600 194,700
Wisconsin Energy Corp................................................... 3,200 63,400
------------
1,987,371
------------
ELECTRICAL EQUIPMENT--4.9%
Cooper Industries, Inc.................................................. 2,200 71,637
Emerson Electric Co..................................................... 2,200 132,825
General Electric Co. (c)................................................ 108,300 5,739,900
Rockwell International Corp............................................. 4,100 129,150
------------
6,073,512
------------
ELECTRONICS (COMPONENT DISTRIBUTORS)--0.0%
Grainger (W.W.), Inc.................................................... 1,400 43,137
------------
ELECTRONICS (INSTRUMENTATION)--0.3%
Agilent Technologies, Inc. (b).......................................... 5,000 368,750
------------
ELECTRONICS (SEMICONDUCTORS)--6.2%
Advanced Micro Devices, Inc. (b)........................................ 2,200 169,950
Altera Corp. (b)........................................................ 2,800 285,425
Intel Corp. (c)......................................................... 37,800 5,053,387
JDS Uniphase Corp. (b).................................................. 100 11,987
Lattice Semiconductor Corp. (b)......................................... 600 41,475
Micron Technology, Inc. (b)............................................. 4,700 413,894
National Semiconductor Corp. (b)........................................ 2,500 141,875
Texas Instruments, Inc.................................................. 23,300 1,600,419
------------
7,718,412
------------
ENTERTAINMENT--1.5%
Fox Entertainment Group, Inc. Class A (b)............................... 3,900 118,463
Time Warner, Inc........................................................ 15,800 1,200,800
Viacom, Inc. Class B (b)................................................ 4,800 327,300
Walt Disney Co. (The)................................................... 4,700 182,419
------------
1,828,982
------------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
EQUIPMENT (SEMICONDUCTORS)--0.8%
Applied Materials, Inc. (b)............................................. 11,400 $ 1,033,125
------------
FINANCIAL (DIVERSIFIED)--4.3%
Ambac Financial Group, Inc.............................................. 1,800 98,663
American Express Co..................................................... 1,100 57,338
Associates First Capital Corp. Class A.................................. 10,900 243,206
CIT Group, Inc. (The) Class A........................................... 4,800 78,000
Citigroup, Inc. (c)..................................................... 40,900 2,464,225
Fannie Mae.............................................................. 14,700 767,156
Financial Security Assurance Holdings Ltd............................... 300 22,763
Freddie Mac............................................................. 10,000 405,000
Morgan Stanley Dean Witter & Co......................................... 14,200 1,182,150
------------
5,318,501
------------
FOODS--1.0%
Bestfoods............................................................... 2,300 159,275
General Mills, Inc...................................................... 4,900 187,425
Heinz (H.J.) Co......................................................... 7,300 319,375
Kellogg Co.............................................................. 8,300 246,925
Nabisco Holdings Corp. Class A.......................................... 300 15,750
Quaker Oats Co. (The)................................................... 2,900 217,863
Ralston-Ralston Purina Group............................................ 5,200 103,675
------------
1,250,288
------------
FOOTWEAR--0.0%
NIKE, Inc. Class B...................................................... 300 11,944
------------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.0%
International Game Technology (b)....................................... 1,300 34,450
------------
HEALTH CARE (DIVERSIFIED)--3.4%
Abbott Laboratories..................................................... 17,800 793,213
American Home Products Corp............................................. 16,400 963,500
Bristol-Myers Squibb Co................................................. 29,600 1,724,200
Johnson & Johnson....................................................... 7,600 774,250
------------
4,255,163
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--6.2%
Forest Laboratories, Inc. (b)........................................... 1,000 101,000
Lilly (Eli) & Co........................................................ 16,700 1,667,913
Merck & Co., Inc........................................................ 24,000 1,839,000
Pfizer, Inc............................................................. 47,900 2,299,200
Pharmacia Corp.......................................................... 15,300 790,819
Schering-Plough Corp.................................................... 20,500 1,035,250
------------
7,733,182
------------
HEALTH CARE (GENERIC AND OTHER)--0.1%
ALZA Corp. (b).......................................................... 1,400 82,775
Watson Pharmaceuticals, Inc. (b)........................................ 1,000 53,750
------------
136,525
------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.4%
HCA-The Healthcare Co................................................... 8,600 261,225
Tenet Healthcare Corp. (b).............................................. 9,100 245,700
------------
506,925
------------
HEALTH CARE (MANAGED CARE)--0.5%
Aetna, Inc.............................................................. 3,600 231,075
UnitedHealth Group, Inc................................................. 3,300 282,975
Wellpoint Health Networks, Inc. (b)..................................... 1,500 108,656
------------
622,706
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.6%
Bard (C.R.), Inc........................................................ 400 19,250
Baxter International, Inc............................................... 300 21,094
Becton, Dickinson and Co................................................ 5,500 157,781
Boston Scientific Corp. (b)............................................. 2,300 50,456
Guidant Corp. (b)....................................................... 400 19,800
Medtronic, Inc.......................................................... 8,600 428,388
</TABLE>
See Notes to Financial Statements
42
<PAGE>
PHOENIX-J.P. MORGAN RESEARCH ENHANCED INDEX SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--CONTINUED
St. Jude Medical, Inc................................................... 1,900 $ 87,163
------------
783,932
------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--1.6%
Clorox Co. (The)........................................................ 4,700 210,619
Fort James Corp......................................................... 4,100 94,813
Kimberly-Clark Corp..................................................... 8,700 499,163
Procter & Gamble Co. (The).............................................. 20,900 1,196,525
------------
2,001,120
------------
INSURANCE (LIFE/HEALTH)--0.6%
American General Corp................................................... 400 24,400
John Hancock Financial Services, Inc. (b)............................... 5,500 130,281
Lincoln National Corp................................................... 4,900 177,013
MetLife, Inc. (b)....................................................... 14,200 299,088
Torchmark Corp.......................................................... 3,500 86,406
------------
717,188
------------
INSURANCE (MULTI-LINE)--1.5%
American International Group, Inc....................................... 9,700 1,139,750
CIGNA Corp.............................................................. 4,300 402,050
Hartford Financial Services Group, Inc. (The)........................... 5,200 290,875
------------
1,832,675
------------
INSURANCE (PROPERTY-CASUALTY)--0.5%
Allstate Corp. (The).................................................... 21,600 480,600
MBIA, Inc............................................................... 2,600 125,288
------------
605,888
------------
INSURANCE BROKERS--0.1%
Aon Corp................................................................ 3,600 111,825
------------
INVESTMENT BANKING/BROKERAGE--2.7%
AXA Financial, Inc...................................................... 7,800 265,200
Ameritrade Holding Corp. Class A (b).................................... 3,200 37,200
Bear Stearns Cos., Inc. (The)........................................... 3,300 137,363
E*TRADE Group, Inc. (b)................................................. 7,500 123,750
Edwards (A.G.), Inc..................................................... 600 23,400
Goldman Sachs Group, Inc. (The)......................................... 7,000 664,125
Lehman Brothers Holdings, Inc........................................... 2,100 198,581
Merrill Lynch & Co., Inc................................................ 8,800 1,012,000
Paine Webber Group, Inc................................................. 2,200 100,100
Schwab (Charles) Corp. (The)............................................ 19,200 645,607
TD Waterhouse Group, Inc. (b)........................................... 9,500 164,469
------------
3,371,795
------------
INVESTMENT MANAGEMENT--0.1%
Franklin Resources, Inc................................................. 3,200 97,200
------------
IRON & STEEL--0.1%
Allegheny Technologies. Inc............................................. 2,900 52,200
Nucor Corp.............................................................. 1,700 56,419
------------
108,619
------------
LEISURE TIME (PRODUCTS)--0.1%
Hasbro, Inc............................................................. 3,800 57,238
Mattel, Inc............................................................. 8,900 117,369
------------
174,607
------------
LODGING-HOTELS--0.1%
Marriott International, Inc. Class A.................................... 4,900 176,706
------------
MACHINERY (DIVERSIFIED)--0.3%
Caterpillar, Inc........................................................ 7,600 257,450
Ingersoll-Rand Co....................................................... 3,500 140,875
------------
398,325
------------
MANUFACTURING (DIVERSIFIED)--1.9%
Eaton Corp.............................................................. 1,700 113,900
Honeywell International, Inc............................................ 19,600 660,275
ITT Industries, Inc..................................................... 3,800 115,425
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
MANUFACTURING (DIVERSIFIED)--CONTINUED
Johnson Controls, Inc................................................... 1,700 $ 87,231
Parker-Hannifin Corp.................................................... 800 27,400
Tyco International Ltd.................................................. 26,400 1,250,700
United Technologies Corp................................................ 900 52,988
------------
2,307,919
------------
NATURAL GAS--0.5%
Columbia Energy Group................................................... 1,400 91,875
Dynegy, Inc. Class A.................................................... 1,800 122,963
El Paso Energy Corp..................................................... 2,800 142,625
Williams Cos., Inc. (The)............................................... 5,200 216,775
------------
574,238
------------
OIL & GAS (DRILLING & EQUIPMENT)--0.2%
Baker Hughes, Inc....................................................... 4,400 140,800
Cooper Cameron Corp. (b)................................................ 600 39,600
Global Marine, Inc. (b)................................................. 2,200 62,013
------------
242,413
------------
OIL & GAS (EXPLORATION & PRODUCTION)--0.2%
Anadarko Petroleum Corp................................................. 1,600 78,900
Apache Corp............................................................. 1,300 76,456
Devon Energy Corporation................................................ 1,000 56,188
Union Pacific Resources Group, Inc...................................... 3,600 79,200
------------
290,744
------------
OIL (DOMESTIC INTEGRATED)--0.3%
Amerada Hess Corp....................................................... 200 12,350
Conoco, Inc. Class A.................................................... 100 2,200
Conoco, Inc. Class B.................................................... 7,900 194,044
Phillips Petroleum Co................................................... 2,200 111,513
------------
320,107
------------
OIL (INTERNATIONAL INTEGRATED)--3.6%
Chevron Corp............................................................ 9,700 822,681
Exxon Mobil Corp........................................................ 41,500 3,260,344
Texaco, Inc............................................................. 7,100 378,075
------------
4,461,100
------------
PAPER & FOREST PRODUCTS--0.3%
Georgia-Pacific Group................................................... 3,500 91,875
International Paper Co.................................................. 8,500 253,406
Smurfit-Stone Container Corp. (b)....................................... 4,400 56,650
Weyerhaeuser Co......................................................... 200 8,600
------------
410,531
------------
PERSONAL CARE--0.6%
Estee Lauder Cos., Inc. (The) Class A................................... 1,700 84,077
Gillette Co. (The)...................................................... 20,400 712,725
------------
796,802
------------
PHOTOGRAPHY/IMAGING--0.4%
Eastman Kodak Co........................................................ 9,400 559,300
------------
PUBLISHING (NEWSPAPERS)--0.5%
Gannett Co., Inc........................................................ 7,300 436,631
Knight-Ridder, Inc...................................................... 2,100 111,694
New York Times Co. (The) Class A........................................ 2,000 79,000
------------
627,325
------------
RAILROADS--0.4%
Burlington Northern Santa Fe Corp....................................... 7,600 174,325
CSX Corp................................................................ 4,300 91,106
Norfolk Southern Corp................................................... 8,400 124,950
Union Pacific Corp...................................................... 4,500 167,344
------------
557,725
------------
REITS--0.2%
Starwood Hotels & Resorts Worldwide, Inc................................ 6,100 197,106
------------
</TABLE>
See Notes to Financial Statements
43
<PAGE>
PHOENIX-J.P. MORGAN RESEARCH ENHANCED INDEX SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
RESTAURANTS--0.1%
McDonald's Corp......................................................... 3,900 $ 128,456
------------
RETAIL (BUILDING SUPPLIES)--0.9%
Home Depot, Inc. (The).................................................. 16,200 808,988
Lowe's Cos., Inc........................................................ 6,400 262,800
------------
1,071,788
------------
RETAIL (COMPUTERS & ELECTRONICS)--0.1%
Circuit City Stores-Circuit City Group.................................. 4,400 146,025
------------
RETAIL (DEPARTMENT STORES)--0.4%
Federated Department Stores, Inc. (b)................................... 4,900 165,375
May Department Stores Co. (The)......................................... 8,400 201,600
Nordstrom, Inc.......................................................... 800 19,300
Penney (J.C.) Co., Inc.................................................. 4,400 81,125
------------
467,400
------------
RETAIL (FOOD CHAINS)--0.3%
Kroger Co. (The) (b).................................................... 17,900 394,919
------------
RETAIL (GENERAL MERCHANDISE)--3.2%
Sears, Roebuck & Co..................................................... 5,700 185,963
Target Corp............................................................. 9,500 551,000
Wal-Mart Stores, Inc. (c)............................................... 55,400 3,192,425
------------
3,929,388
------------
RETAIL (SPECIALTY-APPAREL)--0.7%
Gap, Inc. (The)......................................................... 18,500 578,125
Limited, Inc. (The)..................................................... 7,200 155,700
TJX Cos., Inc. (The).................................................... 8,300 155,625
------------
889,450
------------
SAVINGS & LOAN COMPANIES--0.4%
Charter One Financial, Inc.............................................. 3,000 69,000
Dime Bancorp, Inc....................................................... 2,400 37,800
Golden West Financial Corp.............................................. 2,600 106,113
GreenPoint Financial Corp............................................... 1,800 33,750
Washington Mutual, Inc.................................................. 7,900 228,113
------------
474,776
------------
SERVICES (ADVERTISING/MARKETING)--0.1%
DoubleClick, Inc. (b)................................................... 1,700 64,813
------------
SERVICES (COMMERCIAL & CONSUMER)--0.3%
Cendant Corp. (b)....................................................... 24,400 341,600
------------
SERVICES (COMPUTER SYSTEMS)--0.2%
Electronic Data Systems Corp............................................ 6,700 276,375
------------
SERVICES (DATA PROCESSING)--0.1%
Automatic Data Processing, Inc.......................................... 3,300 176,756
------------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.1%
Sprint Corp. (PCS Group) (b)............................................ 1,900 113,050
------------
TELECOMMUNICATIONS (LONG DISTANCE)--2.1%
AT&T Corp............................................................... 22,500 711,563
Allegiance Telecom, Inc. (b)............................................ 1,400 89,600
WorldCom, Inc. (c)...................................................... 40,800 1,871,700
------------
2,672,863
------------
TELEPHONE--3.4%
ALLTEL Corp............................................................. 2,000 123,875
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
TELEPHONE--CONTINUED
Bell Atlantic Corp...................................................... 9,900 $ 503,044
BellSouth Corp.......................................................... 4,900 208,863
GTE Corp................................................................ 16,700 1,039,575
SBC Communications, Inc................................................. 46,800 2,024,100
U S West, Inc........................................................... 4,200 360,150
------------
4,259,607
------------
TEXTILES (APPAREL)--0.1%
Jones Apparel Group, Inc. (b)........................................... 3,100 72,850
------------
TOBACCO--1.0%
Philip Morris Cos., Inc................................................. 45,800 1,216,563
------------
TRUCKERS--0.0%
C.H. Robinson Worldwide, Inc............................................ 400 19,800
------------
TRUCKS & PARTS--0.1%
PACCAR, Inc............................................................. 1,900 75,406
------------
TOTAL COMMON STOCKS
(Identified cost $102,611,997)........................................................ 116,588,710
------------
FOREIGN COMMON STOCKS--4.9%
ALUMINUM--0.1%
Alcan Aluminum Ltd. (Canada)............................................ 3,100 96,100
------------
COMMUNICATIONS EQUIPMENT--2.1%
Nortel Networks Corp.................................................... 38,800 2,648,100
------------
ENTERTAINMENT--0.5%
Seagram Company Ltd. (The) (Canada)..................................... 11,400 661,200
------------
FOODS--0.4%
Unilever NV (Netherlands)............................................... 10,900 468,700
------------
OIL (INTERNATIONAL INTEGRATED)--1.4%
Royal Dutch Petroleum Co. NY Registered Shares (Netherlands)............
28,600 1,760,688
------------
TELECOMMUNICATIONS (LONG DISTANCE)--0.4%
Global Crossing Ltd. (Bermuda) (b)...................................... 16,100 423,631
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $5,090,557).......................................................... 6,058,419
------------
TOTAL LONG-TERM INVESTMENTS--98.8%
(Identified cost $107,942,376)........................................................ 122,886,567
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.3%
COMMERCIAL PAPER--1.3%
Ford Motor Credit Co. 6.70%, 7/7/00....................... A-1 $ 1,575 1,573,241
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,573,241).......................................................... 1,573,241
------------
TOTAL INVESTMENTS--100.1%
(Identified cost $109,515,617)........................................................ 124,459,808(a)
Cash and receivables, less liabilities--(0.1%)........................................ (69,601)
------------
NET ASSETS--100.0%...................................................................... $124,390,207
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $25,812,430 and gross
depreciation of $11,167,040 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$109,814,418.
(b) Non-income producing.
(c) All or a portion segregated as collateral.
See Notes to Financial Statements
44
<PAGE>
PHOENIX-J.P. MORGAN RESEARCH ENHANCED INDEX SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$109,515,617)............................................. $ 124,459,808
Cash........................................................ 10,013
Receivables
Investment securities sold................................ 142,670
Dividends and interest.................................... 117,868
Fund shares sold.......................................... 50,884
Variation margin for futures contracts.................... 15,150
Prepaid expenses............................................ 687
-------------
Total assets............................................ 124,797,080
-------------
LIABILITIES
Payables
Investment securities purchased........................... 223,065
Fund shares repurchased................................... 76,205
Investment advisory fee................................... 23,234
Financial agent fee....................................... 13,976
Trustees' fee............................................. 3,041
Accrued expenses............................................ 67,352
-------------
Total liabilities....................................... 406,873
-------------
NET ASSETS.................................................. $ 124,390,207
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 108,910,680
Undistributed net investment income....................... 176,876
Accumulated net realized gain............................. 385,335
Net unrealized appreciation............................... 14,917,316
-------------
NET ASSETS.................................................. $ 124,390,207
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 8,868,864
=============
Net asset value and offering price per share................ $ 14.03
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 801,898
Interest.................................................. 62,390
Foreign taxes withheld.................................... (8,280)
-------------
Total investment income................................. 856,008
-------------
EXPENSES
Investment advisory fee................................... 277,735
Financial agent fee....................................... 83,441
Custodian................................................. 26,013
Printing.................................................. 19,959
Professional.............................................. 6,355
Trustees.................................................. 2,604
Miscellaneous............................................. 5,332
-------------
Total expenses.......................................... 421,439
Less expenses borne by investment adviser............... (82,008)
-------------
Net expenses............................................ 339,431
-------------
NET INVESTMENT INCOME....................................... 516,577
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 707,992
Net realized loss on futures contracts.................... (164,796)
Net change in unrealized appreciation (depreciation) on
investments............................................. (3,586,810)
-------------
NET LOSS ON INVESTMENTS..................................... (3,043,614)
-------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ (2,527,037)
=============
</TABLE>
See Notes to Financial Statements
45
<PAGE>
PHOENIX-J.P. MORGAN RESEARCH ENHANCED INDEX SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 516,577 $ 999,671
Net realized gain (loss).................................. 543,196 9,135,132
Net change in unrealized appreciation (depreciation)...... (3,586,810) 7,891,861
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (2,527,037) 18,026,664
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (344,478) (994,894)
Net realized gains........................................ (2,922,572) (6,542,091)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (3,267,050) (7,536,985)
------------- -------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (1,713,264 and 5,584,453
shares, respectively)................................... 24,454,625 78,731,870
Net asset value of shares issued from reinvestment of
distributions (233,918 and 517,025 shares,
respectively)........................................... 3,267,050 7,536,985
Cost of shares repurchased (2,084,303 and 2,409,378
shares, respectively)................................... (29,397,381) (34,420,459)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (1,675,706) 51,848,396
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (7,469,793) 62,338,075
NET ASSETS
Beginning of period....................................... 131,860,000 69,521,925
------------- -------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $176,876 AND $4,777, RESPECTIVELY)..... $ 124,390,207 $ 131,860,000
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
FROM
SIX MONTHS YEAR ENDED INCEPTION
ENDED DECEMBER 31, 7/15/97
6/30/00 ---------------------- TO
(UNAUDITED) 1999 1998 12/31/97
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period......... $14.64 $13.08 $10.49 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)............... 0.06 0.12 0.12 0.05
Net realized and unrealized gain (loss).... (0.29) 2.33 3.19 0.54
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS......... (0.23) 2.45 3.31 0.59
------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income....... (0.04) (0.12) (0.12) (0.05)
Dividends from net realized gains.......... (0.34) (0.77) (0.60) (0.05)
------ ------ ------ ------
TOTAL DISTRIBUTIONS...................... (0.38) (0.89) (0.72) (0.10)
------ ------ ------ ------
CHANGE IN NET ASSET VALUE.................... (0.61) 1.56 2.59 0.49
------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD............... $14.03 $14.64 $13.08 $10.49
====== ====== ====== ======
Total return................................. (1.61)%(3) 18.86% 31.68% 5.83%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)........ $124,390 $131,860 $69,522 $30,851
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(2)...................... 0.55%(1) 0.55% 0.55% 0.55%(1)
Net investment income...................... 0.83%(1) 0.95% 1.08% 1.46%(1)
Portfolio turnover rate...................... 26%(3) 45% 45% 9%(3)
</TABLE>
(1) Annualized.
(2) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 0.68%,
0.75%, 0.82% and 1.05% for the periods ended June 30, 2000, December 31,
1999, 1998 and 1997, respectively.
(3) Not annualized.
See Notes to Financial Statements
46
<PAGE>
PHOENIX-JANUS EQUITY INCOME SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMMON STOCKS--69.0%
BANKS (MAJOR REGIONAL)--0.6%
Bank of New York Co., Inc. (The)........................................ 1,450 $ 67,425
-----------
BEVERAGES (ALCOHOLIC)--1.4%
Anheuser-Busch Cos., Inc................................................ 1,925 143,773
-----------
BROADCASTING (TELEVISION, RADIO & CABLE)--9.5%
AT&T Corp.- Liberty Media Group Class A (b)............................. 11,915 288,939
Comcast Corp. Special Class A (b)....................................... 4,225 171,113
Cox Communications, Inc. Class A (b).................................... 2,985 136,004
Hispanic Broadcasting Corp. (b)......................................... 2,100 69,562
Infinity Broadcasting Corp. Class A (b)................................. 4,565 166,337
Univision Communications, Inc. Class A (b).............................. 1,575 163,013
-----------
994,968
-----------
CHEMICALS--1.9%
Du Pont (E.I.) de Nemours & Co.......................................... 1,055 46,156
Lyondell Chemical Co.................................................... 7,180 120,265
Praxair, Inc............................................................ 835 31,260
-----------
197,681
-----------
COMMUNICATIONS EQUIPMENT--1.3%
Corning, Inc............................................................ 515 138,986
-----------
COMPUTERS (NETWORKING)--2.3%
Cisco Systems, Inc. (b)................................................. 3,805 241,855
-----------
COMPUTERS (PERIPHERALS)--5.0%
EMC Corp. (b)........................................................... 6,776 521,329
-----------
COMPUTERS (SOFTWARE & SERVICES)--4.5%
Cadence Design System, Inc. (b)......................................... 6,035 122,963
Oracle Corp. (b)........................................................ 1,150 96,672
VERITAS Software Corp. (b).............................................. 952 107,591
VeriSign, Inc. (b)...................................................... 697 123,045
i2 Technologies, Inc. (b)............................................... 240 25,024
-----------
475,295
-----------
ELECTRICAL EQUIPMENT--7.1%
General Electric Co..................................................... 11,085 587,505
Symbol Technologies, Inc................................................ 2,895 161,215
-----------
748,720
-----------
ELECTRONICS (SEMICONDUCTORS)--5.7%
Advanced Micro Devices, Inc. (b)........................................ 1,435 110,854
Linear Technology Corp.................................................. 1,935 123,719
Maxim Integrated Products, Inc. (b)..................................... 1,880 127,723
Texas Instruments, Inc.................................................. 3,410 234,224
-----------
596,520
-----------
ENTERTAINMENT--3.6%
Time Warner, Inc........................................................ 1,445 109,820
Viacom, Inc. Class B (b)................................................ 3,895 265,590
-----------
375,410
-----------
FINANCIAL (DIVERSIFIED)--5.5%
American Express Co..................................................... 5,445 283,821
Associates First Capital Corp. Class A.................................. 5,265 117,475
Citigroup, Inc.......................................................... 2,930 176,533
-----------
577,829
-----------
HEALTH CARE (DIVERSIFIED)--0.6%
Allergan, Inc........................................................... 785 58,483
-----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--2.8%
Genentech, Inc. (b)..................................................... 500 86,000
Pfizer, Inc............................................................. 1,870 89,760
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--CONTINUED
Pharmacia Corp.......................................................... 2,210 $ 114,229
-----------
289,989
-----------
HOUSEHOLD FURNISHINGS & APPLIANCES--0.5%
Maytag Corp............................................................. 1,455 53,653
-----------
INSURANCE (MULTI-LINE)--1.5%
American International Group, Inc....................................... 1,345 158,038
-----------
INVESTMENT BANKING/BROKERAGE--0.6%
Schwab (Charles) Corp. (The)............................................ 1,915 64,392
-----------
LEISURE TIME (PRODUCTS)--0.2%
Harley-Davidson, Inc.................................................... 635 24,448
-----------
NATURAL GAS--3.8%
El Paso Energy Corp..................................................... 3,785 192,798
Enron Corp.............................................................. 3,180 205,110
-----------
397,908
-----------
RETAIL (BUILDING SUPPLIES)--1.3%
Home Depot, Inc. (The).................................................. 2,717 135,680
-----------
RETAIL (GENERAL MERCHANDISE)--2.1%
Wal-Mart Stores, Inc.................................................... 3,910 225,314
-----------
RETAIL (SPECIALTY-APPAREL)--0.4%
Gap, Inc. (The)......................................................... 1,390 43,438
-----------
SERVICES (ADVERTISING/MARKETING)--0.3%
DoubleClick, Inc. (b)................................................... 855 32,597
-----------
SERVICES (DATA PROCESSING)--2.6%
Automatic Data Processing, Inc.......................................... 3,640 194,968
Paychex, Inc............................................................ 2,007 84,294
-----------
279,262
-----------
SPECIALTY PRINTING--0.4%
Valassis Communications, Inc. (b)....................................... 1,065 40,603
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--2.2%
Nextel Communications, Inc. Class A (b)................................. 1,040 63,635
Sprint Corp. (PCS Group) (b)............................................ 2,050 121,975
VoiceStream Wireless Corp. (b).......................................... 402 46,751
-----------
232,361
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--1.2%
McLeodUSA, Inc. Class A (b)............................................. 6,075 125,677
-----------
TRUCKS & PARTS--0.1%
Cummins Engine Co., Inc................................................. 345 9,401
-----------
TOTAL COMMON STOCKS
(Identified cost $6,883,030).......................................................... 7,251,035
-----------
FOREIGN COMMON STOCKS--8.9%
COMMUNICATIONS EQUIPMENT--4.6%
Nokia Oyi (Finland)..................................................... 572 29,307
Nokia Oyj Sponsored ADR (Finland)....................................... 7,625 380,773
Telefonaktiebolaget LM Ericsson AB ADR (Sweden)......................... 3,850 77,000
-----------
487,080
-----------
ELECTRICAL EQUIPMENT--1.2%
Samsung Electronics Sponsored GDR (South Korea)......................... 1,380 126,098
-----------
INSURANCE (LIFE/HEALTH)--1.2%
Prudential PLC (United Kingdom)......................................... 8,626 126,409
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.4%
Vodafone AirTouch PLC ADR (United Kingdom).............................. 920 38,123
-----------
</TABLE>
See Notes to Financial Statements
47
<PAGE>
PHOENIX-JANUS EQUITY INCOME SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--0.5%
Telefonica SA Sponsored ADR (Spain) (b)................................. 795 $ 50,930
-----------
TELEPHONE--1.0%
Telefonica SA (Spain) (b)............................................... 4,914 105,986
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $977,701)............................................................ 934,626
-----------
FOREIGN PREFERRED STOCKS--0.3%
AUTOMOBILES--0.3%
Porsche AG (Germany).................................................... 11 29,894
-----------
TOTAL FOREIGN PREFERRED STOCKS
(Identified cost $30,082)............................................................. 29,894
-----------
CONVERTIBLE PREFERRED STOCKS--5.9%
BROADCASTING (TELEVISION, RADIO & CABLE)--1.8%
Comcast Corp. Cv. Pfd. 2%............................................... 1,250 137,500
Mediaone Group (PIES) Cv. Pfd. 6.25%.................................... 650 58,459
-----------
195,959
-----------
COMPUTERS (NETWORKING)--0.4%
PSINet, Inc. Cv. Pfd. 144A 7% (c)....................................... 1,220 41,328
-----------
ELECTRIC COMPANIES--2.0%
Alliant Energy Resources, Inc. Cv. Pfd. 144A 7.25% (c).................. 560 38,500
Reliant Energy, Inc. Cv. Pfd. 2%........................................ 2,355 171,032
-----------
209,532
-----------
PUBLISHING (NEWSPAPERS)--1.7%
Tribune Co. Cv. Pfd. 2%................................................. 1,535 176,909
-----------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified cost $683,465)............................................................ 623,728
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
CONVERTIBLE BONDS--3.6%
BROADCASTING (TELEVISION, RADIO & CABLE)--1.1%
Clear Channel Communications, Inc. Cv. 2.625%, 4/1/03..... BBB- $ 95 122,431
-----------
COMPUTERS (SOFTWARE & SERVICES)--1.0%
BEA Systems, Inc. Cv. 144A 4%, 12/15/06 (c)............... NR 18 27,967
BEA Systems, Inc. Cv. 4%, 12/15/06........................ NR 2 3,128
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------------ --------------
<S> <C> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)--CONTINUED
Exodus Communications, Inc. Cv. 4.75%, 7/15/08............ CCC+ $ 26 $ 37,050
i2 Technologies, Inc. Cv. 144A 5.25%, 12/15/06 (c)........ NR 21 32,051
i2 Technologies, Inc. Cv. 5.25%, 12/15/06................. NR 3 4,628
-----------
104,824
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--1.1%
Nextel Communications, Inc. Cv. 144A 5.25%,
1/15/10 (c)............................................. B 44 44,440
Nextel Communications, Inc. Cv. 4.75%, 7/1/07............. B 24 63,300
Nextel Communications, Inc. Cv. 5.25%, 1/15/10............ B 5 5,063
-----------
112,803
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--0.4%
NTL Corp. Cv. 7%, 12/15/08................................ CCC+ 26 41,600
-----------
TOTAL CONVERTIBLE BONDS
(Identified cost $446,674)............................................................ 381,658
-----------
FOREIGN CONVERTIBLE BONDS--0.8%
MEXICO--0.6%
Telefonos de Mexico SA de CV Cv. 4.25%, 6/15/04........... BB+ 45 60,131
-----------
UNITED KINGDOM--0.2%
Telewest PLC Cv. 144A 5.25%, 2/19/07 (c)(d)............... B+ 17 22,841
-----------
TOTAL FOREIGN CONVERTIBLE BONDS
(Identified cost $98,628)............................................................. 82,972
-----------
TOTAL LONG-TERM INVESTMENTS--88.5%
(Identified cost $9,119,580).......................................................... 9,303,913
-----------
SHORT-TERM OBLIGATIONS--19.0%
COMMERCIAL PAPER--19.0%
FHLMC 6.57%, 7/3/00....................................... A-1+ 2,000 1,999,270
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,999,270).......................................................... 1,999,270
-----------
TOTAL INVESTMENTS--107.5%
(Identified cost $11,118,850)......................................................... 11,303,183(a)
Cash and receivables, less liabilities--(7.5%)........................................ (789,394)
-----------
NET ASSETS--100.0%...................................................................... $10,513,789
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $707,411 and gross
depreciation of $523,078 for federal income tax purposes. At June 30, 2000,
the aggregate cost of securities for federal income tax purpose was
$11,118,850.
(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, 2000,
these securities amounted to a value of $207,127 or 1.9% of net assets.
(d) Par value represents British Pounds.
See Notes to Financial Statements
48
<PAGE>
PHOENIX-JANUS EQUITY INCOME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$11,118,850).............................................. $ 11,303,183
Cash........................................................ 29,992
Receivables
Investment securities sold................................ 38,507
Fund shares sold.......................................... 3,956
Receivable from adviser................................... 12,437
Interest and dividends.................................... 7,403
-------------
Total assets............................................ 11,395,478
-------------
LIABILITIES
Payables
Investment securities purchased........................... 839,594
Fund shares repurchased................................... 553
Financial agent fee....................................... 6,361
Trustees' fee............................................. 3,041
Accrued expenses............................................ 32,140
-------------
Total liabilities....................................... 881,689
-------------
NET ASSETS.................................................. $ 10,513,789
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 10,385,713
Undistributed net investment income....................... 13,169
Accumulated net realized loss............................. (69,426)
Net unrealized appreciation............................... 184,333
-------------
NET ASSETS.................................................. $ 10,513,789
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 986,326
=============
Net asset value and offering price per share................ $ 10.66
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 35,406
Dividends................................................. 15,715
Foreign taxes withheld.................................... (121)
-------------
Total investment income................................. 51,000
-------------
EXPENSES
Investment advisory fee................................... 26,940
Financial agent fee....................................... 40,505
Professional.............................................. 15,461
Custodian................................................. 14,178
Printing.................................................. 8,833
Trustees.................................................. 2,605
Miscellaneous............................................. 3,977
-------------
Total expenses.......................................... 112,499
Less expenses borne by investment adviser............... (80,805)
-------------
Net expenses............................................ 31,694
-------------
NET INVESTMENT INCOME....................................... 19,306
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (69,513)
Net realized loss on foreign currency..................... (1,305)
Net change in unrealized appreciation (depreciation) on
investments............................................. 68,080
-------------
NET LOSS ON INVESTMENTS..................................... (2,738)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 16,568
=============
</TABLE>
See Notes to Financial Statements
49
<PAGE>
PHOENIX-JANUS EQUITY INCOME SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
------------ --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 19,306 $ 1,731
Net realized gain (loss).................................. (70,818) 1,392
Net change in unrealized appreciation (depreciation)...... 68,080 116,253
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 16,568 119,376
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (7,868) --
Net realized gains........................................ -- --
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (7,868) --
----------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (814,430 and 217,672 shares,
respectively)........................................... 8,691,503 2,184,748
Net asset value of shares issued from reinvestment of
distributions (748 and 0 shares, respectively).......... 7,868 --
Cost of shares repurchased (46,523 and 1 shares,
respectively)........................................... (498,396) (10)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 8,200,975 2,184,738
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS..................... 8,209,675 2,304,114
NET ASSETS
Beginning of period....................................... 2,304,114 --
----------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $13,169 AND $1,731, RESPECTIVELY)...... $10,513,789 $ 2,304,114
=========== ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
----------- --------------
<S> <C> <C>
Net asset value, beginning of
period........................... $ 10.59 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)..... 0.01 0.01
Net realized and unrealized gain
(loss)......................... 0.07 0.58
------- -------
TOTAL FROM INVESTMENT
OPERATIONS.................... 0.08 0.59
------- -------
LESS DISTRIBUTIONS
Dividends from net investment
income......................... (0.008) --
------- -------
TOTAL DISTRIBUTIONS............ (0.008) --
------- -------
CHANGE IN NET ASSET VALUE.......... 0.07 0.59
------- -------
NET ASSET VALUE, END OF PERIOD..... $ 10.66 $ 10.59
======= =======
Total return....................... 0.73%(2) 5.86%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)...................... $10,514 $2,304
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)............ 1.00%(1) 1.00%(1)
Net investment income............ 0.61%(1) 1.89%(1)
Portfolio turnover rate............ 40%(2) 11%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 3.55% and
18.81% for the periods ended June 30, 2000 and December 31, 1999,
respectively.
See Notes to Financial Statements
50
<PAGE>
PHOENIX-JANUS FLEXIBLE INCOME SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--8.1%
U.S. TREASURY NOTES--8.1%
U.S. Treasury Notes 6.50%, 2/15/10........................ AAA $ 650 $ 671,107
----------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $674,775).................................................... 671,107
----------
AGENCY MORTGAGE-BACKED SECURITIES--3.7%
FNMA 7.25%, 1/15/10....................................... Aaa(d) 300 302,449
----------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $299,547).................................................... 302,449
----------
CORPORATE BONDS--61.8%
AUTOMOBILES--2.4%
DaimlerChysler NA Holding Corp. 7.75%, 5/27/03............ A+ 200 201,614
----------
BROADCASTING (TELEVISION, RADIO & CABLE)--10.4%
Cox Communications, Inc. 7%, 8/15/01...................... BBB+ 200 199,003
Fox/Liberty Networks LLC 8.875%, 8/15/07.................. BBB- 250 248,125
Galaxy Telecom L.P. 12.375%, 10/1/05...................... CC 200 173,000
Libery Media Group 7.875%, 7/15/09........................ BBB- 250 240,695
----------
860,823
----------
COMMUNICATIONS EQUIPMENT--0.5%
Lodgenet Entertainment 10.25%, 12/15/06................... B 40 38,400
----------
CONSUMER FINANCE--3.0%
Ford Motor Credit Co. 7.5%, 6/15/03....................... A 250 248,891
----------
ENTERTAINMENT--1.4%
Time Warner Inc., 8.18% 8/15/07........................... BBB 115 117,699
----------
FINANCIAL (DIVERSIFIED)--11.9%
Citigroup, Inc. 7.45%, 6/6/02............................. AA- 100 100,051
GE Global Insurance Holdings Corp. 7.50%, 6/15/10......... AA 150 148,722
GS Escrow Corp. 7.0%, 8/1/03.............................. BB+ 250 231,820
General Electric Capital Corp., 7% 3/1/02................. AAA 250 249,257
IBM Credit Corp. 7.0%, 1/28/02............................ A+ 250 249,262
----------
979,112
----------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.4%
Hard Rock Hotel, Inc. Series B 9.25%, 4/1/05.............. B- 40 36,700
----------
HEALTH CARE (HOSPITAL MANAGEMENT)--3.0%
Tenet Healthcare Corp. 7.875%, 1/15/03.................... BB+ 250 243,750
----------
HOUSEHOLD PRODUCTS (NON-DURABLE)--2.9%
Procter & Gamble Co. 6.875%, 9/15/09...................... AA 250 243,631
----------
NATURAL GAS--1.2%
Enron Corp. 7.875%, 6/15/03............................... BBB+ 100 100,682
----------
RETAIL (FOOD CHAINS)--8.7%
Kroger Co. 8.05%, 2/1/10.................................. BBB- 250 248,434
Safeway, Inc. 5.875%, 11/15/01............................ BBB 250 245,404
Stater Brothers Holdings, Inc. 10.75%, 8/15/06............ B+ 250 221,250
----------
715,088
----------
SERVICES (COMMERCIAL & CONSUMER)--2.9%
Cendant Corp., 7.75% 12/01/03............................. BBB 250 241,434
----------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--11.3%
Global Crossing Holdings Ltd. 9.625%, 5/15/08............. BB $ 150 $ 146,250
Level 3 Communications, Inc. 144A 11%, 3/15/08 (b)........ B 50 49,500
Nextlink Communications 12.5%, 4/15/06.................... B 200 209,000
Qwest Communications International, Inc. Series B 7.50%,
11/1/08................................................. BB+ 250 243,013
Viatel Inc. 11.50%, 3/15/09............................... B- 50 38,000
WorldCom, Inc. 6.125%, 8/15/01............................ A- 250 246,898
----------
932,661
----------
TELEPHONE--1.8%
US West Communications, Inc. 7.625%, 6/9/03............... A 150 149,815
----------
TOTAL CORPORATE BONDS
(Identified cost $5,216,411).................................................. 5,110,300
----------
FOREIGN CORPORATE BONDS--8.9%
UNITED KINGDOM--0.7%
Ono Finance PLC 144A 14%, 7/15/10 (b)(c)(e)............... CCC+ 60 56,078
----------
BERMUDA--0.5%
Global Crossing 9.5%, 11/15/09............................ BB 40 38,800
----------
LUXEMBOURG--3.0%
Tyco International Group SA 6.875%, 9/5/02................ A- 250 247,435
----------
NETHERLANDS--2.4%
Deutsche Telekom International Finance BV W.I. 8%,
6/15/10................................................. AA- 200 201,617
----------
CANADA--2.3%
Worldwide Fiber Inc 12%, 8/1/09........................... B+ 200 189,000
----------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $743,618).................................................... 732,930
----------
CONVERTIBLE BONDS--0.5%
COMPUTERS (NETWORKING)--0.5%
Candescent Technology Corp. 144A 8%, 5/01/03 (b).......... NR 50 38,750
----------
TOTAL CONVERTIBLE BONDS
(Identified cost $40,661)..................................................... 38,750
----------
TOTAL LONG-TERM INVESTMENTS--83.0%
(Identified cost $6,975,012).................................................. 6,855,536
----------
SHORT-TERM OBLIGATIONS--19.3%
COMMERCIAL PAPER--19.3%
FHLMC 6.57%, 7/3/00....................................... A-1+ 1,600 1,599,416
----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,599,416).................................................. 1,599,416
----------
TOTAL INVESTMENTS--102.3%
(Identified cost $8,574,428).................................................. 8,454,952(a)
Cash and receivables, less liabilities--(2.3%)................................ (193,899)
----------
NET ASSETS--100.0%.............................................................. $8,261,053
==========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $21,742 and gross
depreciation of $141,218 for federal income tax purposes. At June 30, 2000,
the aggregate cost of securities for federal income tax purpose was
$8,574,428.
(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, 2000,
these securities amounted to a value of $144,328 or 1.7% of net assets.
(c) Par value represents Euro.
(d) As rated by Moody's, Fitch or Duff & Phelps.
(e) Private placement.
See Notes to Financial Statements
51
<PAGE>
PHOENIX-JANUS FLEXIBLE INCOME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$8,574,428)............................................... $ 8,454,952
Cash........................................................ 50,958
Receivables
Interest and dividends.................................... 142,617
Fund shares sold.......................................... 24,436
Investment securities sold................................ 18,616
Receivable from adviser................................... 16,509
-------------
Total assets............................................ 8,708,088
-------------
LIABILITIES
Payables
Investment securities purchased........................... 403,501
Fund shares repurchased................................... 2,937
Financial agent fee....................................... 6,809
Trustees' fee............................................. 3,041
Accrued expenses............................................ 30,747
-------------
Total liabilities....................................... 447,035
-------------
NET ASSETS.................................................. $ 8,261,053
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 8,341,529
Undistributed net investment income....................... 99,822
Accumulated net realized loss............................. (60,984)
Net unrealized depreciation............................... (119,314)
-------------
NET ASSETS.................................................. $ 8,261,053
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 833,710
=============
Net asset value and offering price per share................ $9.91
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 253,879
-------------
Total investment income................................. 253,879
-------------
EXPENSES
Investment advisory fee................................... 27,025
Financial agent fee....................................... 39,138
Professional.............................................. 16,046
Custodian................................................. 7,617
Printing.................................................. 7,597
Trustees.................................................. 2,605
Miscellaneous............................................. 4,384
-------------
Total expenses.......................................... 104,412
Custodian fees paid indirectly.......................... (3,880)
Less expenses borne by investment adviser............... (68,439)
-------------
Net expenses............................................ 32,093
-------------
NET INVESTMENT INCOME....................................... 221,786
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (52,017)
Net realized loss on foreign currency..................... (8,967)
Net change in unrealized appreciation (depreciation) on
investments............................................. (110,114)
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions...... 232
-------------
NET LOSS ON INVESTMENTS..................................... (170,866)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 50,920
=============
</TABLE>
See Notes to Financial Statements
52
<PAGE>
PHOENIX-JANUS FLEXIBLE INCOME SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 221,786 $ 10,770
Net realized gain (loss).................................. (60,984) --
Net change in unrealized appreciation (depreciation)...... (109,882) (9,432)
------------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 50,920 1,338
------------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (121,964) (10,770)
In excess of net investment income........................ -- (214)
------------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (121,964) (10,984)
------------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (337,192 and 523,045 shares,
respectively)........................................... 3,378,302 5,230,359
Net asset value of shares issued from reinvestment of
distributions (12,318 and 1,100 shares, respectively)... 121,964 10,984
Cost of shares repurchased (39,941 and 4 shares,
respectively)........................................... (399,824) (42)
------------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 3,100,442 5,241,301
------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS..................... 3,029,398 5,231,655
NET ASSETS
Beginning of period....................................... 5,231,655 --
------------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME OF $99,822 AND $0,
RESPECTIVELY)........................................... $ 8,261,053 $ 5,231,655
============= ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
Net asset value, beginning of period........................ $ 9.98 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. 0.27 0.02
Net realized and unrealized gain (loss)................... (0.19) (0.02)
------------- -------
TOTAL FROM INVESTMENT OPERATIONS........................ 0.08 --
------------- -------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.15) (0.02)
------------- -------
TOTAL DISTRIBUTIONS..................................... (0.15) (0.02)
------------- -------
CHANGE IN NET ASSET VALUE................................... (0.07) (0.02)
------------- -------
NET ASSET VALUE, END OF PERIOD.............................. $ 9.91 $ 9.98
============= =======
Total return................................................ 0.76%(2) 0.02%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $8,261 $5,232
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses........................................ 0.95%(1)(4)(5) 0.95%(1)(3)
Net investment income..................................... 6.57%(1) 4.81%(1)
Portfolio turnover rate..................................... 85%(2) 0%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 8.18% for
the period ended December 31, 1999.
(4) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets (including custody
credits) would have been 2.98% for the period ended June 30, 2000.
(5) For the six months ended June 30, 2000, the ratio of operating expenses to
average net assets includes the effect of expense offsets for custodian
fees, if expense offsets were excluded, the ratio would have been 1.06%.
See Notes to Financial Statements
53
<PAGE>
PHOENIX-JANUS GROWTH SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
COMMON STOCKS--81.9%
BANKS (MAJOR REGIONAL)--2.2%
Bank of New York Co., Inc. (The).................................... 25,200 $ 1,171,800
-----------
BEVERAGES (ALCOHOLIC)--1.3%
Anheuser-Busch Cos., Inc............................................ 9,025 674,055
-----------
BROADCASTING (TELEVISION, RADIO & CABLE)--10.5%
AT&T Corp.- Liberty Media Group Class A (b)......................... 50,050 1,213,712
Cablevision Systems Corp. Class A (b)............................... 16,725 1,135,209
Comcast Corp. Special Class A (b)................................... 66,720 2,702,160
Univision Communications, Inc. Class A (b).......................... 4,925 509,737
-----------
5,560,818
-----------
COMMUNICATIONS EQUIPMENT--2.0%
General Motors Corp. Class H (b).................................... 11,575 1,015,706
Lucent Technologies, Inc............................................ 780 46,215
-----------
1,061,921
-----------
COMPUTERS (HARDWARE)--3.3%
Dell Computer Corp. (b)............................................. 6,225 306,970
Sun Microsystems, Inc. (b).......................................... 15,700 1,427,719
-----------
1,734,689
-----------
COMPUTERS (NETWORKING)--3.8%
Cisco Systems, Inc. (b)............................................. 31,300 1,989,506
-----------
COMPUTERS (PERIPHERALS)--4.4%
EMC Corp. (b)....................................................... 30,650 2,358,134
-----------
COMPUTERS (SOFTWARE & SERVICES)--4.3%
Microsoft Corp. (b)................................................. 16,450 1,316,000
VeriSign, Inc. (b).................................................. 5,500 970,750
-----------
2,286,750
-----------
ELECTRICAL EQUIPMENT--3.8%
General Electric Co................................................. 38,275 2,028,575
-----------
ELECTRONICS (INSTRUMENTATION)--1.2%
PE Corp.-PE Biosystems Group........................................ 9,245 609,014
-----------
ELECTRONICS (SEMICONDUCTORS)--4.9%
Linear Technology Corp.............................................. 26,750 1,710,328
Texas Instruments, Inc.............................................. 13,200 906,675
-----------
2,617,003
-----------
ENTERTAINMENT--7.5%
Time Warner, Inc.................................................... 28,100 2,135,600
Viacom, Inc. Class B (b)............................................ 26,700 1,820,606
-----------
3,956,206
-----------
EQUIPMENT (SEMICONDUCTORS)--3.2%
Applied Materials, Inc. (b)......................................... 18,800 1,703,750
-----------
FINANCIAL (DIVERSIFIED)--6.6%
American Express Co................................................. 19,950 1,039,894
Citigroup, Inc...................................................... 15,600 939,900
Fannie Mae.......................................................... 9,975 520,570
Morgan Stanley Dean Witter & Co..................................... 12,200 1,015,650
-----------
3,516,014
-----------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--2.7%
MGM Grand, Inc...................................................... 44,130 1,417,676
-----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--3.8%
Genentech, Inc. (b)................................................. 4,335 745,620
Pfizer, Inc......................................................... 17,394 834,900
Schering-Plough Corp................................................ 8,225 415,363
-----------
1,995,883
-----------
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
HOUSEHOLD PRODUCTS (NON-DURABLE)--1.6%
Colgate-Palmolive Co................................................ 14,450 $ 865,194
-----------
INVESTMENT BANKING/BROKERAGE--1.9%
Schwab (Charles) Corp. (The)........................................ 30,100 1,012,113
-----------
LODGING-HOTELS--0.8%
Carnival Corp....................................................... 20,800 405,600
-----------
NATURAL GAS--1.8%
Enron Corp.......................................................... 15,150 977,175
-----------
RETAIL (BUILDING SUPPLIES)--1.5%
Home Depot, Inc. (The).............................................. 16,437 820,823
-----------
RETAIL (GENERAL MERCHANDISE)--2.1%
Costco Wholesale Corp. (b).......................................... 11,925 393,525
Wal-Mart Stores, Inc................................................ 12,795 737,312
-----------
1,130,837
-----------
RETAIL (SPECIALTY)--1.1%
Staples, Inc. (b)................................................... 36,500 561,188
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--5.6%
Nextel Communications, Inc. Class A (b)............................. 24,810 1,518,062
Sprint Corp. (PCS Group) (b)........................................ 24,575 1,462,213
-----------
2,980,275
-----------
TOTAL COMMON STOCKS
(Identified cost $41,073,573)................................................. 43,434,999
-----------
FOREIGN COMMON STOCKS--11.3%
BROADCASTING (TELEVISION, RADIO & CABLE)--1.3%
Grupo Televisa SA GDR (Mexico) (b).................................. 9,620 663,179
-----------
COMMUNICATIONS EQUIPMENT--4.2%
Nokia Oyj ADR (Finland)............................................. 44,725 2,233,455
-----------
ELECTRONICS (SEMICONDUCTORS)--0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR
(Taiwan) (b)...................................................... 12,768 494,760
-----------
EQUIPMENT (SEMICONDUCTORS)--2.1%
ASM Lithography Holdings NV (Netherlands) (b)....................... 25,075 1,106,434
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--1.0%
Vodafone AirTouch PLC ADR (United Kingdom).......................... 12,700 526,256
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--1.8%
Telefonica SA Sponsored ADR (Spain) (b)............................. 15,225 975,352
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $6,204,517).................................................. 5,999,436
-----------
TOTAL LONG-TERM INVESTMENTS--93.2%
(Identified cost $47,278,090)................................................. 49,434,435
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
-------- ----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--6.6%
COMMERCIAL PAPER--6.6%
FHLMC 6.57%, 7/3/00....................................... A-1+ $ 3,500 3,498,722
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $3,498,722).................................................... 3,498,722
-----------
TOTAL INVESTMENTS--99.8%
(Identified cost $50,776,812)................................................... 52,933,157(a)
Cash and receivables, less liabilities--0.2%.................................... 94,247
-----------
NET ASSETS--100.0%................................................................ $53,027,404
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $4,980,207 and gross
depreciation of $2,823,862 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purpose was
$50,776,812.
(b) Non-income producing.
See Notes to Financial Statements
54
<PAGE>
PHOENIX-JANUS GROWTH SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$50,776,812).............................................. $ 52,933,157
Cash........................................................ 80,837
Receivables
Fund shares sold.......................................... 91,937
Interest and dividends.................................... 2,592
-------------
Total assets............................................ 53,108,523
-------------
LIABILITIES
Payables
Fund shares repurchased................................... 15,732
Investment advisory fee................................... 17,307
Financial agent fee....................................... 7,226
Trustees' fee............................................. 3,041
Accrued expenses............................................ 37,813
-------------
Total liabilities....................................... 81,119
-------------
NET ASSETS.................................................. $ 53,027,404
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 51,087,923
Undistributed net investment income....................... 129,225
Accumulated net realized loss............................. (346,089)
Net unrealized appreciation............................... 2,156,345
-------------
NET ASSETS.................................................. $ 53,027,404
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 4,666,798
=============
Net asset value and offering price per share................ $ 11.36
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 159,015
Interest.................................................. 148,639
Foreign taxes withheld.................................... (1,697)
-------------
Total investment income................................. 305,957
-------------
EXPENSES
Investment advisory fee................................... 143,683
Financial agent fee....................................... 44,936
Professional.............................................. 17,961
Printing.................................................. 12,414
Custodian................................................. 9,682
Trustees.................................................. 2,605
Miscellaneous............................................. 4,145
-------------
Total expenses.......................................... 235,426
Less expenses borne by investment adviser............... (66,387)
-------------
Net expenses............................................ 169,039
-------------
NET INVESTMENT INCOME....................................... 136,918
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (346,089)
Net change in unrealized appreciation (depreciation) on
investments............................................. 2,023,083
-------------
NET GAIN ON INVESTMENTS..................................... 1,676,994
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 1,813,912
=============
</TABLE>
See Notes to Financial Statements
55
<PAGE>
PHOENIX-JANUS GROWTH SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUNDITED) 12/31/99
------------ --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 136,918 $ 1,607
Net realized gain (loss).................................. (346,089) --
Net change in unrealized appreciation (depreciation)...... 2,023,083 133,262
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 1,813,912 134,869
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (9,300) --
Net realized gains........................................ -- --
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (9,300) --
----------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (5,056,311 and 308,945
shares, respectively)................................... 55,576,500 3,139,917
Net asset value of shares issued from reinvestment of
distributions (834 and 0 shares, respectively).......... 9,300 --
Cost of shares repurchased (699,280 and 12 shares,
respectively)........................................... (7,637,670) (124)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 47,948,130 3,139,793
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS..................... 49,762,742 3,274,662
NET ASSETS
Beginning of period....................................... 3,274,662 --
----------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $129,225 AND $1,607, RESPECTIVELY)..... $53,027,404 $ 3,274,662
=========== ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
------------ --------------
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.60 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. 0.03 0.01
Net realized and unrealized gain (loss)................... 0.73 0.59
----------- -----------
TOTAL FROM INVESTMENT OPERATIONS........................ 0.76 0.60
----------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.002) --
----------- -----------
TOTAL DISTRIBUTIONS..................................... (0.002) --
----------- -----------
CHANGE IN NET ASSET VALUE................................... 0.76 0.60
----------- -----------
NET ASSET VALUE, END OF PERIOD.............................. $ 11.36 $ 10.60
=========== ===========
Total return................................................ 7.22%(2) 6.00%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $53,027 $3,275
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)..................................... 1.00%(1) 1.00%(1)
Net investment income..................................... 0.81%(1) 1.61%(1)
Portfolio turnover rate..................................... 3%(2) 0%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.39% and
17.29% for the periods ended June 30, 2000 and December 31, 1999.
See Notes to Financial Statements
56
<PAGE>
PHOENIX-MORGAN STANLEY FOCUS EQUITY SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C> <C>
COMMON STOCKS--93.5%
AEROSPACE/DEFENSE--1.3%
General Dynamics Corp............................................... 1,900 $ 99,275
----------
BANKS (MAJOR REGIONAL)--2.4%
Bank of New York Co., Inc. (The).................................... 4,000 186,000
----------
BEVERAGES (ALCOHOLIC)--1.1%
Anheuser-Busch Cos., Inc............................................ 1,100 82,156
----------
BROADCASTING (TELEVISION, RADIO & CABLE)--5.8%
AMFM, Inc. (b)...................................................... 200 13,800
AT&T Corp.- Liberty Media Group Class A (b)......................... 10,898 264,276
Clear Channel Communications, Inc. (b).............................. 2,300 172,500
----------
450,576
----------
COMMUNICATIONS EQUIPMENT--4.2%
American Tower Corp. Class A (b).................................... 2,100 87,544
Lucent Technologies, Inc............................................ 1,500 88,875
Motorola, Inc....................................................... 5,300 154,031
----------
330,450
----------
COMPUTERS (HARDWARE)--2.8%
Hewlett-Packard Co.................................................. 600 74,925
Sun Microsystems, Inc. (b).......................................... 1,600 145,500
----------
220,425
----------
COMPUTERS (NETWORKING)--5.1%
Cisco Systems, Inc. (b)............................................. 6,300 400,444
----------
COMPUTERS (SOFTWARE & SERVICES)--4.7%
Microsoft Corp. (b)................................................. 2,700 216,000
Oracle Corp. (b).................................................... 1,800 151,312
----------
367,312
----------
ELECTRICAL EQUIPMENT--5.3%
General Electric Co................................................. 7,900 418,700
----------
ELECTRONICS (SEMICONDUCTORS)--11.6%
Intel Corp.......................................................... 2,600 347,587
JDS Uniphase Corp. (b).............................................. 1,000 119,875
Maxim Integrated Products, Inc. (b)................................. 3,900 264,956
Texas Instruments, Inc.............................................. 2,600 178,587
----------
911,005
----------
ENTERTAINMENT--2.6%
Time Warner, Inc.................................................... 2,700 205,200
----------
EQUIPMENT (SEMICONDUCTORS)--2.2%
Applied Materials, Inc. (b)......................................... 1,900 172,187
----------
FINANCIAL (DIVERSIFIED)--4.5%
American Express Co................................................. 1,800 93,825
Citigroup, Inc...................................................... 2,700 162,675
Fannie Mae.......................................................... 1,800 93,938
----------
350,438
----------
FOODS--1.1%
Quaker Oats Co. (The)............................................... 1,100 82,638
----------
HEALTH CARE (DIVERSIFIED)--4.2%
American Home Products Corp......................................... 3,200 188,000
Johnson & Johnson................................................... 1,400 142,625
----------
330,625
----------
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C> <C>
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--9.9%
Merck & Co., Inc.................................................... 1,100 $ 84,288
Pfizer, Inc......................................................... 10,900 523,200
Pharmacia Corp...................................................... 3,300 170,569
----------
778,057
----------
MANUFACTURING (DIVERSIFIED)--12.1%
Tyco International Ltd.............................................. 11,200 530,600
United Technologies Corp............................................ 7,100 418,013
----------
948,613
----------
RETAIL (BUILDING SUPPLIES)--4.2%
Home Depot, Inc. (The).............................................. 6,650 332,084
----------
RETAIL (FOOD CHAINS)--1.1%
Safeway, Inc. (b)................................................... 1,900 85,738
----------
RETAIL (SPECIALTY)--0.8%
Intimate Brands, Inc................................................ 3,300 65,175
----------
RETAIL (SPECIALTY-APPAREL)--0.6%
Limited, Inc. (The)................................................. 2,200 47,575
----------
SERVICES (COMMERCIAL & CONSUMER)--0.9%
Crown Castle International Corp. (b)................................ 2,000 73,000
----------
TELECOMMUNICATIONS (LONG DISTANCE)--2.6%
AT&T Corp........................................................... 2,138 67,614
Sprint Corp. (FON Group)............................................ 1,000 51,000
WorldCom, Inc. (b).................................................. 1,850 84,869
----------
203,483
----------
TELEPHONE--2.4%
GTE Corp............................................................ 3,000 186,750
----------
TOTAL COMMON STOCKS
(Identified cost $6,711,403).................................................... 7,327,906
----------
FOREIGN COMMON STOCKS--4.2%
COMMUNICATIONS EQUIPMENT--4.2%
Nortel Networks Corp. (Canada)...................................... 4,800 327,600
----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $238,049)...................................................... 327,600
----------
TOTAL LONG-TERM INVESTMENTS--97.7%
(Identified cost $6,949,452).................................................... 7,655,506
----------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
(000)
--------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.3%
REPURCHASE AGREEMENT--4.3%
State Street Bank & Trust Co. repurchase agreement, 2.00%,
dated 6/30/00 due 7/3/00, repurchase price $342,057
collateralized by U.S. Treasury Note 5.50%, 3/31/03,
market value $351,894................................... $ 342 342,000
----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $342,000).................................................... 342,000
----------
TOTAL INVESTMENTS--102.0%
(Identified cost $7,291,452).................................................. 7,997,506(a)
Cash and receivables, less liabilities--(2.0%)................................ (158,894)
----------
NET ASSETS--100.0%.............................................................. $7,838,612
==========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $1,046,061 and gross
depreciation of $360,614 for federal income tax purposes. At June 30, 2000,
the aggregate cost of securities for federal income tax purpose was
$7,312,059.
(b) Non-income producing.
See Notes to Financial Statements
57
<PAGE>
PHOENIX-MORGAN STANLEY FOCUS EQUITY SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$7,291,452)............................................... $ 7,997,506
Cash........................................................ 741
Receivables
Investment securities sold................................ 21,606
Fund shares sold.......................................... 20,342
Receivable from adviser................................... 10,329
Dividends and interest.................................... 3,612
-------------
Total assets............................................ 8,054,136
-------------
LIABILITIES
Payables
Investment securities purchased........................... 167,933
Fund shares repurchased................................... 8,000
Financial agent fee....................................... 6,379
Trustees' fee............................................. 3,041
Accrued expenses............................................ 30,171
-------------
Total liabilities....................................... 215,524
-------------
NET ASSETS.................................................. $ 7,838,612
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 7,234,293
Undistributed net investment loss......................... (10,212)
Accumulated net realized loss............................. (91,523)
Net unrealized appreciation............................... 706,054
-------------
NET ASSETS.................................................. $ 7,838,612
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 702,689
=============
Net asset value and offering price per share................ $ 11.16
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 20,248
Interest.................................................. 2,278
-------------
Total investment income................................. 22,526
-------------
EXPENSES
Investment advisory fee................................... 28,574
Financial agent fee....................................... 40,680
Professional.............................................. 13,870
Printing.................................................. 9,886
Trustees.................................................. 2,604
Custodian................................................. 5,447
Miscellaneous............................................. 6,249
-------------
Total expenses.......................................... 107,310
Less expenses borne by investment adviser............... (73,693)
-------------
Net expenses............................................ 33,617
-------------
NET INVESTMENT INCOME....................................... (11,091)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (89,966)
Net change in unrealized appreciation (depreciation) on
investments............................................. 396,146
-------------
NET GAIN ON INVESTMENTS..................................... 306,180
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 295,089
=============
</TABLE>
See Notes to Financial Statements
58
<PAGE>
PHOENIX-MORGAN STANLEY FOCUS EQUITY SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
------------ --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ (11,091) $ 879
Net realized gain (loss).................................. (89,966) 6,146
Net change in unrealized appreciation (depreciation)...... 396,146 309,908
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 295,089 316,933
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... -- --
Net realized gains........................................ (7,703) --
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (7,703) --
----------- -----------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (224,195 and 508,166 shares,
respectively)........................................... 2,475,081 5,085,418
Net asset value of shares issued from reinvestment of
distributions (705 and 0 shares, respectively).......... 7,703 --
Cost of shares repurchased (30,373 and 4 shares,
respectively)........................................... (333,862) (47)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 2,148,922 5,085,371
----------- -----------
INCREASE (DECREASE) IN NET ASSETS......................... 2,436,308 5,402,304
NET ASSETS
Beginning of period....................................... 5,402,304 --
----------- -----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($10,212) AND $879, RESPECTIVELY)...... $ 7,838,612 $ 5,402,304
=========== ===========
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 12/15/99 TO
(UNAUDITED) 12/31/99
----------- --------------
<S> <C> <C>
Net asset value, beginning of
period........................... $ 10.63 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)..... (0.02) --
Net realized and unrealized gain
(loss)......................... 0.56 0.63
------- -------
TOTAL FROM INVESTMENT
OPERATIONS.................... 0.54 0.63
------- -------
LESS DISTRIBUTIONS
Dividends from net investment
income......................... -- --
Dividends from net realized
gains.......................... (0.01) --
------- -------
TOTAL DISTRIBUTIONS............ (0.01) --
------- -------
CHANGE IN NET ASSET VALUE.......... 0.53 0.63
------- -------
NET ASSET VALUE, END OF PERIOD..... $ 11.16 $ 10.63
======= =======
Total return....................... 5.04%(2) 6.31%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)...................... $7,839 $5,402
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)............ 1.00%(1) 1.00%(1)
Net investment income............ (0.33)%(1) 0.39%(1)
Portfolio turnover rate............ 48%(2) 2%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 3.19% and
8.11% for the periods ended June 30, 2000 and December 31, 1999,
respectively.
See Notes to Financial Statements
59
<PAGE>
PHOENIX-OAKHURST BALANCED SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ---------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--1.6%
U.S. TREASURY NOTES--1.6%
U.S. Treasury Notes 6%, 8/15/00........................... AAA $ 1,700 $ 1,700,000
U.S. Treasury Notes 4.50%, 9/30/00........................ AAA 355 353,447
U.S. Treasury Notes 5.875%, 11/15/04...................... AAA 2,000 1,968,788
U.S. Treasury Notes 5.625%, 5/15/08....................... AAA 234 225,664
------------
4,247,899
------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $4,269,918).................................................... 4,247,899
------------
AGENCY MORTGAGE-BACKED SECURITIES--2.6%
GNMA 6.50%, 11/15/23...................................... AAA 1,351 1,296,332
GNMA 6.50%, 12/15/23...................................... AAA 433 415,877
GNMA 6.50%, 2/15/24....................................... AAA 1,895 1,816,359
GNMA 6.50%, 6/15/28....................................... AAA 3,606 3,422,293
------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $7,199,992).................................................... 6,950,861
------------
AGENCY NON MORTGAGE-BACKED SECURITIES--4.9%
Fannie Mae 6.50%, 8/15/04................................. Aaa(d) 449 440,292
Fannie Mae 6.625%, 9/15/09................................ AAA 9,355 9,021,962
Freddie Mac 6.625%, 9/15/09............................... AAA 4,000 3,857,600
------------
TOTAL AGENCY NON MORTGAGE-BACKED SECURITIES
(Identified cost $13,786,417)................................................... 13,319,854
------------
MUNICIPAL BONDS--6.5%
CALIFORNIA--1.8%
Alameda Corridor Transportation Authority Revenue Taxable
Series C 6.60%, 10/1/29................................. AAA 1,000 856,890
Fresno County Pension Obligation Revenue Taxable 6.21%,
8/15/06................................................. AAA 1,000 937,900
Fresno Pension Obligation Taxable 7.80%, 6/1/14........... AAA 1,000 1,011,800
Kern County Pension Obligation Revenue Taxable 7.26%,
8/15/14................................................. AAA 420 405,615
Long Beach Pension Obligation Taxable 6.87%, 9/1/06....... AAA 230 223,015
Los Angeles County Metropolitan Transportation Authority
Revenue Series C 5%, 7/1/23............................. AAA 800 723,384
San Bernardino County Pension Obligation Revenue Taxable
6.87%, 8/1/08........................................... AAA 110 105,513
Sonoma County Pension Obligation Revenue Taxable 6.625%,
6/1/13.................................................. AAA 495 454,088
Ventura County Pension Obligation Taxable 6.54%,
11/1/05................................................. AAA 260 249,738
------------
4,967,943
------------
FLORIDA--0.7%
Miami Beach Special Obligation Revenue Taxable 8.60%,
9/1/21.................................................. AAA 875 912,922
Tampa Solid Waste System Revenue Taxable Series A 6.33%,
10/1/06................................................. AAA 700 652,988
University of Miami Exchangeable Revenue Taxable Series A
7.65%, 4/1/20 (e)....................................... AAA 270 258,171
------------
1,824,081
------------
ILLINOIS--0.5%
Illinois Educational Facilities Authority-Loyola
University Revenue Taxable Series A 7.84%, 7/1/24....... AAA 1,500 1,456,785
------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ---------- --------------
<S> <C> <C> <C>
MASSACHUSETTS--0.4%
Massachusetts Port Authority Revenue Taxable Series C
6.05%, 7/1/02........................................... AA- $ 450 $ 440,001
Massachusetts Turnpike Authority Metropolitan Highway
System Revenue Series A 5%, 1/1/39...................... AAA 800 687,832
------------
1,127,833
------------
NEW JERSEY--0.4%
New Jersey Sports & Exposition Authority Revenue Taxable
Series A 6.75%, 3/1/10.................................. AAA 1,000 943,880
------------
NEW YORK--1.0%
New York City Municipal Water Finance Authority Water &
Sewer System Revenue Series B 5%, 6/15/29............... AAA 800 700,864
New York State Dormitory Authority Revenue Taxable 6.90%,
4/1/03.................................................. A 650 638,612
New York State Taxable Series C 6.35%, 3/1/07............. AAA 1,500 1,409,235
------------
2,748,711
------------
OREGON--0.2%
Multnomah County Pension Obligation Revenue Taxable 7.20%,
6/1/10.................................................. AAA(d) 100 97,329
Portland Pension Revenue Taxable Series C 7.32%, 6/1/08... Aaa(d) 555 547,352
------------
644,681
------------
PENNSYLVANIA--0.8%
Philadelphia Authority For Industrial Development Pension
Funding Retirement Systems Revenue Taxable Series A
5.79%, 4/15/09.......................................... AAA 1,100 975,799
Pittsburgh Pension Obligation Taxable Series C 6.50%,
3/1/17.................................................. AAA 1,250 1,108,338
------------
2,084,137
------------
TEXAS--0.7%
Dallas-Fort Worth International Airport Revenue Taxable
6.40%, 11/1/07.......................................... AAA 1,000 937,870
Texas State Veterans Limited Taxable Series B 6.10%,
12/1/03................................................. AA 1,000 962,670
------------
1,900,540
------------
TOTAL MUNICIPAL BONDS
(Identified cost $18,637,035)................................................... 17,698,591
------------
ASSET-BACKED SECURITIES--3.5%
AESOP Funding II LLC 97-1A, A2 6.40%, 10/20/03............ AAA 1,200 1,179,454
Advanta Equipment Receivables 98-1, A4 5.98%, 12/15/06.... AAA 490 479,587
Capita Equipment Receivables Trust 97-1, B 6.45%,
8/15/02................................................. A+ 770 759,533
Case Equipment Loan Trust 98-A, A4 5.83%, 2/15/05......... AAA 1,493 1,470,434
Discover Card Master Trust I 98-7, A 5.60%, 5/16/06....... AAA 1,200 1,139,520
Ford Credit Auto Owner Trust 99-B, A4 5.80%, 6/15/02...... AAA 500 494,941
Green Tree Financial Corp. 96-2, M1 7.60%, 4/15/27........ AA- 675 651,280
Honda Auto Lease Trust 99-A, A5 6.65%, 7/15/05............ AAA 1,330 1,320,637
</TABLE>
See Notes to Financial Statements
60
<PAGE>
PHOENIX-OAKHURST BALANCED SERIES
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ---------- --------------
<S> <C> <C> <C>
ASSET-BACKED SECURITIES--CONTINUED
Premier Auto Trust 98-3, B 6.14%, 9/8/04.................. A+ $ 500 $ 488,575
Triangle Funding Ltd. 98-2A, 3 8.13%, 10/15/04 (e)........ BBB 1,500 1,492,500
------------
9,476,461
------------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $9,622,428).................................................... 9,476,461
------------
CORPORATE BONDS--5.2%
AIRLINES--0.2%
Northwest Airlines Corp. Series 2000-1 Class G 8.072%,
4/1/21.................................................. AAA 650 659,873
------------
BANKS (MAJOR REGIONAL)--0.3%
U.S. Bank of Minnesota N.A. 6.30%, 7/15/08................ A 500 450,434
Wachovia Corp. 5.625%, 12/15/08........................... A+ 500 431,275
------------
881,709
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--0.5%
CSC Holdings, Inc. 7.625%, 7/15/18........................ BB+ 1,000 898,976
Charter Communications Holdings LLC 8.625%, 4/1/09........ B+ 450 397,688
------------
1,296,664
------------
COMPUTERS (SOFTWARE & SERVICES)--0.2%
Computer Associates International, Inc. Series B 6.375%,
4/15/05................................................. BBB+ 535 501,010
------------
ENTERTAINMENT--0.2%
Capitol Records, Inc. 144A 8.375%, 8/15/09 (c)............ BBB+ 500 512,020
------------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.8%
Isle of Capri Casinos 8.75%, 4/15/09...................... B 575 534,750
MGM Grand, Inc. 9.75%, 06/01/07........................... BB+ 100 100,500
Park Place Entertainment Corp. 9.375%, 2/15/07............ BB+ 1,000 1,000,000
Station Casinos, Inc. 144A W.I. 9.875%, 7/1/10 (c)........ B+ 500 502,500
------------
2,137,750
------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.4%
Tenet Healthcare Corp. 8%, 1/15/05........................ BB+ 1,000 965,000
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.2%
Boston Scientific Corp. 6.625%, 3/15/05................... BBB 550 518,363
------------
INSURANCE (MULTI-LINE)--0.3%
Willis Corroon Corp. 9%, 2/1/09........................... B+ 815 688,675
------------
PAPER & FOREST PRODUCTS--0.2%
Buckeye Technologies, Inc. 8.50%, 12/15/05................ BB- 700 677,250
------------
PUBLISHING (NEWSPAPERS)--0.2%
Hollinger International Publishing, Inc. 9.25%, 3/15/07... BB- 625 618,750
------------
RETAIL (FOOD CHAINS)--0.3%
Kroger Co. 7.45%, 3/1/08.................................. BBB- 1,000 957,779
------------
SERVICES (COMMERCIAL & CONSUMER)--0.2%
United Rentals, Inc. Series B 8.80%, 8/15/08.............. BB- 250 221,250
United Rentals, Inc. Series B 9.50%, 6/1/08............... BB- 250 231,250
------------
452,500
------------
TELECOMMUNICATIONS (LONG DISTANCE)--0.5%
Nextlink Communications, Inc. 10.75%, 11/15/08............ B 370 366,300
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ---------- --------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--CONTINUED
Qwest Communications International, Inc. Series B 7.50%,
11/1/08................................................. BB+ $ 1,100 $ 1,069,256
------------
1,435,556
------------
TELEPHONE--0.2%
Century Telephone Enterprises, Inc. Series F 6.30%,
1/15/08................................................. BBB+ 500 442,817
------------
TEXTILES (HOME FURNISHINGS)--0.3%
Westpoint Stevens, Inc. 7.875%, 6/15/05................... BB 1,000 840,000
------------
TRUCKERS--0.1%
Teekay Shipping Corp. 8.32%, 2/1/08....................... BB+ 230 212,750
------------
TRUCKS & PARTS--0.1%
Cummins Engine, Inc. 6.45%, 3/1/05........................ BBB+ 200 185,507
------------
TOTAL CORPORATE BONDS
(Identified cost $14,825,271)................................................... 13,983,973
------------
NON-AGENCY MORTGAGE-BACKED SECURITIES--7.1%
CS First Boston Mortgage Securities Corp. 97-C2, A3 6.55%,
11/17/07................................................ AAA 2,500 2,378,125
CS First Boston Mortgage Securities Corp. 97-C2, B 6.72%,
11/17/07................................................ Aa(d) 2,000 1,904,687
CS First Boston Mortgage Securities Corp. 98-C1, A1B
6.48%, 5/17/08.......................................... AAA 500 469,453
DLJ Commercial Mortgage Corp. 98-CF2, A1B 6.24%,
11/12/31................................................ Aaa(d) 2,500 2,293,750
DLJ Commercial Mortgage Corp. 99-CG1, A1B 6.46%,
1/10/09................................................. Aaa(d) 2,000 1,856,563
DLJ Mortgage Acceptance Corp. 96-CF1, A1B 7.58%,
2/12/06................................................. AAA 1,400 1,407,000
First Union - Lehman Brothers Commercial Mortgage 97-C1, B
7.43%, 4/18/07.......................................... Aa(d) 930 914,088
First Union Commercial Mortgage Trust 99-C1, A2 6.07%,
10/15/08................................................ AAA 2,000 1,838,906
G.E. Capital Mortgage Services, Inc. 96-8, 1M 7.25%,
5/25/26................................................. AA 238 233,823
LB Commercial Conduit Mortgage Trust 98-C4, A1B 6.21%,
10/15/08................................................ AAA 2,500 2,309,732
Lehman Large Loan 97-LLI, B 6.95%, 3/12/07................ AA+ 825 795,652
Nationslink Funding Corp. 96-1, B 7.69%, 12/20/05......... AA 450 448,664
Residential Funding Mortgage Securities I 96-S1, A11
7.10%, 1/25/26.......................................... AAA 1,000 959,063
Residential Funding Mortgage Securities I 96-S4, M1 7.25%,
2/25/26................................................. AA 947 904,481
Residential Funding Mortgage Securities I 96-S8, A4 6.75%,
3/25/11................................................. AAA 558 539,184
------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $20,212,114)................................................... 19,253,171
------------
FOREIGN GOVERNMENT SECURITIES--4.9%
CHILE--0.8%
Republic of Chile 6.875% 04/28/09......................... A- 2,250 2,082,395
------------
CROATIA--0.6%
Croatia Series A 7.0625%, 7/31/10 (e)..................... BBB- 1,098 1,004,424
Croatia Series B 7.0625%, 7/31/06 (e)..................... BBB- 634 599,440
------------
1,603,864
------------
EL SALVADOR--0.5%
Republic of El Salvador 144A 9.50%, 8/15/06 (c)........... BB+ 1,200 1,239,000
------------
MEXICO--1.4%
United Mexican States 10.375%, 2/17/09.................... BB+ 500 531,250
United Mexican States 11.375%, 9/15/16.................... BB+ 500 573,000
</TABLE>
See Notes to Financial Statements
61
<PAGE>
PHOENIX-OAKHURST BALANCED SERIES
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ---------- --------------
<S> <C> <C> <C>
MEXICO--CONTINUED
United Mexican States 11.50%, 5/15/26..................... BB+ $ 2,325 $ 2,804,531
------------
3,908,781
------------
POLAND--1.0%
Poland Bearer PDI 6%, 10/27/14 (e)........................ BBB+ 2,980 2,659,650
------------
SOUTH KOREA--0.2%
Republic of Korea 8.875%, 4/15/08......................... BBB 660 684,750
------------
URUGUAY--0.4%
Republic of Uruguay 7.25%, 5/4/09......................... BBB- 1,100 1,017,500
------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $13,092,535)................................................... 13,195,940
------------
FOREIGN CORPORATE BONDS--2.1%
BERMUDA--0.4%
Global Crossing Holding Ltd. 9.125% 11/15/06.............. BB 1,000 962,500
------------
CAYMAN ISLANDS--0.4%
Pemex Finance Ltd. 7.33%, 5/15/12......................... AAA 1,000 952,800
------------
CHILE--0.1%
Compania Sud Americana de Vapores SA RegS 7.375%,
12/8/03................................................. BBB 120 116,119
Petropower I Funding Trust 144A 7.36%, 2/15/14 (c)........ BBB 327 285,843
------------
401,962
------------
LUXEMBOURG--0.2%
Tyco International Group SA 6.375%, 6/15/05............... A- 600 566,724
------------
MEXICO--0.5%
Grupo Iusacell SA de CV 14.25%, 12/1/06................... B+ 1,250 1,318,750
------------
NETHERLANDS--0.5%
Deutsche Telekom International Finance BV W.I. 8%,
6/15/10................................................. AA- 605 609,892
HSBC Capital Funding 144A 9.547%, 12/31/49 (c)............ A- 750 780,141
------------
1,390,033
------------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $5,669,124).................................................... 5,592,769
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
----------
<S> <C> <C> <C>
COMMON STOCKS--55.8%
BANKS (MAJOR REGIONAL)--1.8%
FleetBoston Financial Corp.......................................... 38,800 1,319,200
Wells Fargo & Co.................................................... 93,500 3,623,125
------------
4,942,325
------------
BEVERAGES (NON-ALCOHOLIC)--1.8%
PepsiCo, Inc........................................................ 106,600 4,737,037
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.8%
AMFM, Inc. (b)...................................................... 30,800 2,125,200
AT&T Corp.- Liberty Media Group Class A (b)......................... 61,000 1,479,250
Clear Channel Communications, Inc. (b).............................. 16,000 1,200,000
------------
4,804,450
------------
CHEMICALS--0.7%
Air Products & Chemicals, Inc....................................... 26,400 813,450
Du Pont (E.I.) de Nemours & Co...................................... 25,300 1,106,875
------------
1,920,325
------------
CHEMICALS (SPECIALTY)--0.2%
Ecolab, Inc......................................................... 11,800 460,937
------------
COMMUNICATIONS EQUIPMENT--1.5%
ADTRAN, Inc. (b).................................................... 24,800 1,484,900
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C> <C>
COMMUNICATIONS EQUIPMENT--CONTINUED
Harris Corp......................................................... 19,300 $ 632,075
Lucent Technologies, Inc............................................ 30,500 1,807,125
------------
3,924,100
------------
COMPUTERS (HARDWARE)--0.9%
Compaq Computer Corp................................................ 99,000 2,530,687
------------
COMPUTERS (NETWORKING)--1.8%
Cisco Systems, Inc. (b)............................................. 76,800 4,881,600
------------
COMPUTERS (SOFTWARE & SERVICES)--2.7%
Affiliated Computer Services, Inc. (b).............................. 14,600 482,712
America Online, Inc. (b)............................................ 37,900 1,999,225
American Management Systems, Inc. (b)............................... 33,100 1,086,611
Microsoft Corp. (b)................................................. 47,200 3,776,000
------------
7,344,548
------------
DISTRIBUTORS (FOOD & HEALTH)--1.0%
Cardinal Health, Inc................................................ 36,850 2,726,900
------------
ELECTRIC COMPANIES--0.9%
Duke Energy Corp.................................................... 33,100 1,866,012
Edison International................................................ 32,200 660,100
------------
2,526,112
------------
ELECTRICAL EQUIPMENT--2.8%
General Electric Co................................................. 135,100 7,160,300
Vishay Intertechnology, Inc. (b).................................... 8,700 330,056
------------
7,490,356
------------
ELECTRONICS (INSTRUMENTATION)--0.7%
Waters Corp. (b).................................................... 16,000 1,997,000
------------
ELECTRONICS (SEMICONDUCTORS)--6.6%
Advanced Micro Devices, Inc. (b).................................... 44,300 3,422,175
Altera Corp. (b).................................................... 12,000 1,223,250
Fairchild Semiconductor Corp. Class A (b)........................... 28,800 1,166,400
Intel Corp.......................................................... 76,700 10,253,831
Linear Technology Corp.............................................. 16,200 1,035,787
Maxim Integrated Products, Inc. (b)................................. 12,500 849,219
------------
17,950,662
------------
ENTERTAINMENT--1.1%
Viacom, Inc. Class B (b)............................................ 42,800 2,918,425
------------
EQUIPMENT (SEMICONDUCTORS)--0.7%
Kulicke and Soffa Industries, Inc. (b).............................. 17,700 1,050,937
Teradyne, Inc. (b).................................................. 13,100 962,850
------------
2,013,787
------------
FINANCIAL (DIVERSIFIED)--4.3%
Citigroup, Inc...................................................... 97,950 5,901,487
Freddie Mac......................................................... 34,100 1,381,050
Morgan Stanley Dean Witter & Co..................................... 52,000 4,329,000
------------
11,611,537
------------
FOODS--0.4%
Dean Foods Co....................................................... 15,200 481,650
Suiza Foods Corp. (b)............................................... 9,800 478,975
------------
960,625
------------
HEALTH CARE (DIVERSIFIED)--1.7%
Abbott Laboratories................................................. 56,300 2,508,869
Bristol-Myers Squibb Co............................................. 34,200 1,992,150
------------
4,501,019
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--2.4%
Pfizer, Inc......................................................... 71,000 3,408,000
Schering-Plough Corp................................................ 60,100 3,035,050
------------
6,443,050
------------
</TABLE>
See Notes to Financial Statements
62
<PAGE>
PHOENIX-OAKHURST BALANCED SERIES
<TABLE>
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C> <C>
HEALTH CARE (GENERIC AND OTHER)--0.4%
Alpharma, Inc. Class A.............................................. 17,600 $ 1,095,600
------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.5%
HCA-The Healthcare Co............................................... 28,100 853,538
Health Management Associates, Inc. Class A (b)...................... 39,600 517,275
------------
1,370,813
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.6%
Bard (C.R.), Inc.................................................... 34,200 1,645,875
Baxter International, Inc........................................... 37,700 2,650,781
------------
4,296,656
------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--0.3%
Kimberly-Clark Corp................................................. 16,100 923,738
------------
INSURANCE (MULTI-LINE)--1.7%
American International Group, Inc................................... 39,600 4,653,000
------------
MANUFACTURING (DIVERSIFIED)--2.2%
Tyco International Ltd.............................................. 125,600 5,950,300
------------
NATURAL GAS--0.2%
El Paso Energy Corp................................................. 11,000 560,313
------------
OIL & GAS (DRILLING & EQUIPMENT)--2.0%
Baker Hughes, Inc................................................... 22,500 720,000
Diamond Offshore Drilling, Inc...................................... 15,900 558,488
Halliburton Co...................................................... 14,600 688,938
Schlumberger Ltd.................................................... 11,800 880,575
Tidewater, Inc...................................................... 25,600 921,600
Transocean Sedco Forex, Inc......................................... 32,749 1,750,025
------------
5,519,626
------------
OIL & GAS (EXPLORATION & PRODUCTION)--0.8%
Anadarko Petroleum Corp............................................. 28,000 1,380,750
Unocal Corp......................................................... 25,800 854,625
------------
2,235,375
------------
OIL (DOMESTIC INTEGRATED)--0.9%
Amerada Hess Corp................................................... 13,900 858,325
Conoco, Inc. Class A................................................ 68,300 1,502,600
------------
2,360,925
------------
OIL (INTERNATIONAL INTEGRATED)--0.9%
Chevron Corp........................................................ 10,600 899,013
Exxon Mobil Corp.................................................... 19,800 1,555,538
------------
2,454,551
------------
PAPER & FOREST PRODUCTS--0.2%
International Paper Co.............................................. 18,800 560,475
------------
RETAIL (BUILDING SUPPLIES)--0.7%
Home Depot, Inc. (The).............................................. 38,400 1,917,600
------------
RETAIL (FOOD CHAINS)--0.4%
Safeway, Inc. (b)................................................... 23,600 1,064,950
------------
RETAIL (GENERAL MERCHANDISE)--1.2%
Wal-Mart Stores, Inc................................................ 56,600 3,261,575
------------
SERVICES (COMMERCIAL & CONSUMER)--0.2%
Viad Corp........................................................... 21,800 594,050
------------
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C> <C>
SERVICES (COMPUTER SYSTEMS)--0.9%
Computer Sciences Corp. (b)......................................... 14,600 $ 1,090,438
Electronic Data Systems Corp........................................ 32,500 1,340,625
------------
2,431,063
------------
SERVICES (DATA PROCESSING)--2.0%
CheckFree Holdings Corp. (b)........................................ 22,500 1,160,156
First Data Corp..................................................... 48,600 2,411,775
Fiserv, Inc. (b).................................................... 42,100 1,820,825
------------
5,392,756
------------
TELECOMMUNICATIONS (LONG DISTANCE)--2.1%
AT&T Corp........................................................... 85,747 2,711,749
WorldCom, Inc. (b).................................................. 65,199 2,991,004
------------
5,702,753
------------
TELEPHONE--0.8%
SBC Communications, Inc............................................. 47,200 2,041,400
------------
TOTAL COMMON STOCKS
(Identified cost $108,554,148).................................................. 151,073,001
------------
FOREIGN COMMON STOCKS--0.7%
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.4%
Elan Corp. PLC Sponsored ADR (Ireland) (b).......................... 22,000 1,065,625
------------
OIL & GAS (DRILLING & EQUIPMENT)--0.3%
Petroleum Geo-Services ASA ADR (Norway) (b)......................... 50,300 858,244
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $1,453,910).................................................... 1,923,869
------------
UNIT INVESTMENT TRUSTS--1.3%
S&P 500 Depository Receipts......................................... 25,200 3,661,088
------------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $3,311,113).................................................... 3,661,088
------------
TOTAL LONG-TERM INVESTMENTS--96.2%
(Identified cost $220,634,005).................................................. 260,377,477
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
-------- ----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--3.2%
COMMERCIAL PAPER--3.2%
SBC Communications, Inc. 6.95% 7/3/00..................... A-1+ $ 3,000 2,998,842
Ford Motor Credit Co. 6.70%, 7/7/00....................... A-1 3,305 3,301,309
Ford Motor Credit Co. 6.60%, 7/11/00...................... A-1 2,300 2,295,783
------------
8,595,934
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $8,595,934).................................................... 8,595,934
------------
TOTAL INVESTMENTS--99.4%
(Identified cost $229,229,939).................................................. 268,973,411(a)
Cash and receivables, less liabilities--0.6%.................................... 1,501,255
------------
NET ASSETS--100.0%................................................................ $270,474,666
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $49,054,825 and gross
depreciation of $9,412,152 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$229,330,738.
(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, 2000,
these securities amounted to a value of $3,319,504 or 1.2% of net assets.
(d) As rated by Moodys, Fitch or Duff & Phelps.
(e) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
See Notes to Financial Statements
63
<PAGE>
PHOENIX-OAKHURST BALANCED SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$229,229,939)............................................. $ 268,973,411
Cash........................................................ 4,786
Receivables
Investment securities sold................................ 2,030,093
Interest and dividends.................................... 1,560,019
Fund shares sold.......................................... 39,432
Prepaid expenses............................................ 2,824
-------------
Total assets............................................ 272,610,565
-------------
LIABILITIES
Payables
Investment securities purchased........................... 1,671,470
Fund shares repurchased................................... 223,757
Investment advisory fee................................... 121,739
Financial agent fee....................................... 21,953
Trustees' fee............................................. 3,041
Accrued expenses............................................ 93,939
-------------
Total liabilities....................................... 2,135,899
-------------
NET ASSETS.................................................. $ 270,474,666
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 209,814,218
Undistributed net investment income....................... 709,123
Accumulated net realized gain............................. 20,207,853
Net unrealized appreciation............................... 39,743,472
-------------
NET ASSETS.................................................. $ 270,474,666
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 18,980,875
=============
Net asset value and offering price per share................ $ 14.25
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 4,144,659
Dividends................................................. 637,009
Foreign taxes withheld.................................... (3,612)
-------------
Total investment income................................. 4,778,056
-------------
EXPENSES
Investment advisory fee................................... 748,305
Financial agent fee....................................... 132,454
Custodian................................................. 15,814
Printing.................................................. 15,681
Professional.............................................. 11,897
Trustees.................................................. 2,604
Miscellaneous............................................. 5,836
-------------
Total expenses.......................................... 932,591
-------------
NET INVESTMENT INCOME....................................... 3,845,465
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 20,299,982
Net change in unrealized appreciation (depreciation) on
investments............................................. (21,325,401)
-------------
NET LOSS ON INVESTMENTS..................................... (1,025,419)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 2,820,046
=============
</TABLE>
See Notes to Financial Statements
64
<PAGE>
PHOENIX-OAKHURST BALANCED SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- ----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 3,845,465 $ 6,936,143
Net realized gain (loss).................................. 20,299,982 11,701,741
Net change in unrealized appreciation (depreciation)...... (21,325,401) 12,901,146
------------- ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 2,820,046 31,539,030
------------- ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (3,396,204) (6,933,758)
Net realized gains........................................ (3,352,463) (10,209,970)
------------- ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (6,748,667) (17,143,728)
------------- ------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (950,188 and 4,020,389
shares, respectively)................................... 13,520,655 55,944,281
Net asset value of shares issued from reinvestment of
distributions
(472,926 and 1,209,732 shares, respectively)............ 6,748,667 17,143,728
Cost of shares repurchased (2,799,539 and 5,259,610
shares, respectively)................................... (39,781,458) (73,623,531)
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (19,512,136) (535,522)
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (23,440,757) 13,859,780
NEW ASSETS
Beginning of period....................................... 293,915,423 280,055,643
------------- ------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF
$709,123 AND $259,862, RESPECTIVELY).................... $ 270,474,666 $293,915,423
============= ============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 14.44 $ 13.74 $ 12.26 $ 12.06 $ 12.30 $ 10.53
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).......... 0.20 0.34 0.33 0.38 0.36 0.40(1)
Net realized and unrealized gain
(loss).............................. (0.03) 1.22 1.94 1.73 0.89 2.02
-------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.... 0.17 1.56 2.27 2.11 1.25 2.42
-------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment
income.............................. (0.18) (0.34) (0.32) (0.40) (0.35) (0.40)
Dividends from net realized gains..... (0.18) (0.52) (0.47) (1.51) (1.14) (0.25)
-------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS................. (0.36) (0.86) (0.79) (1.91) (1.49) (0.65)
-------- ------- ------- ------- ------- -------
CHANGE IN NET ASSET VALUE............... (0.19) 0.70 1.48 0.20 (0.24) 1.77
-------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 14.25 $ 14.44 $ 13.74 $ 12.26 $ 12.06 $ 12.30
======== ======= ======= ======= ======= =======
Total return............................ 1.20%(4) 11.57% 19.01% 17.93% 10.56% 23.28%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)... $270,475 $293,915 $280,056 $231,180 $204,285 $193,302
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses.................... 0.68%(3) 0.70% 0.68% 0.71% 0.68% 0.65%(2)
Net investment income................. 2.80%(3) 2.43% 2.58% 2.92% 2.93% 3.44%
Portfolio turnover rate................. 31%(4) 61% 110% 181% 229% 223%
</TABLE>
(1) Computed using average shares outstanding.
(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
65
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
COMMON STOCKS--94.2%
AEROSPACE/DEFENSE--1.6%
Boeing Co. (The).................................................... 21,700 $ 907,331
General Dynamics Corp............................................... 8,600 449,350
Northrop Grumman Corp............................................... 5,600 371,000
------------
1,727,681
------------
AGRICULTURAL PRODUCTS--0.2%
Archer-Daniels-Midland Co........................................... 21,500 210,969
------------
ALUMINUM--0.7%
Alcoa, Inc.......................................................... 25,200 730,800
------------
AUTO PARTS & EQUIPMENT--0.2%
TRW, Inc............................................................ 3,800 164,825
Visteon Corp. (b)................................................... 4,282 51,913
------------
216,738
------------
AUTOMOBILES--1.8%
Ford Motor Co....................................................... 32,700 1,406,100
General Motors Corp................................................. 9,600 557,400
------------
1,963,500
------------
BANKS (MAJOR REGIONAL)--1.0%
FleetBoston Financial Corp.......................................... 21,400 727,600
Wells Fargo & Co.................................................... 11,200 434,000
------------
1,161,600
------------
BANKS (MONEY CENTER)--2.4%
Bank of America Corp................................................ 14,200 610,600
Chase Manhattan Corp. (The)......................................... 28,000 1,289,750
Morgan (J.P.) & Co., Inc............................................ 7,300 803,912
------------
2,704,262
------------
BANKS (REGIONAL)--0.4%
Cullen/Frost Bankers, Inc........................................... 5,200 136,825
Silicon Valley Bancshares (b)....................................... 8,200 349,525
------------
486,350
------------
BEVERAGES (ALCOHOLIC)--0.1%
Coors (Adolph) Co. Class B.......................................... 2,600 157,300
------------
BEVERAGES (NON-ALCOHOLIC)--0.3%
PepsiCo, Inc........................................................ 6,600 293,287
------------
BIOTECHNOLOGY--0.2%
Amgen, Inc. (b)..................................................... 2,500 175,625
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--0.3%
Chris-Craft Industries, Inc. (b).................................... 5,100 336,919
------------
CHEMICALS--1.1%
Dow Chemical Co. (The).............................................. 16,800 507,150
Du Pont (E.I.) de Nemours & Co...................................... 16,500 721,875
------------
1,229,025
------------
CHEMICALS (SPECIALTY)--0.2%
Lubrizol Corp. (The)................................................ 10,200 214,200
------------
COMMUNICATIONS EQUIPMENT--2.5%
ADC Telecommunications, Inc. (b).................................... 4,100 343,887
Lucent Technologies, Inc............................................ 19,900 1,179,075
Motorola, Inc....................................................... 20,100 584,156
QUALCOMM, Inc. (b).................................................. 6,300 378,000
Scientific-Atlanta, Inc............................................. 3,200 238,400
Tellabs, Inc. (b)................................................... 1,200 82,125
------------
2,805,643
------------
COMPUTERS (HARDWARE)--5.3%
Apple Computer, Inc. (b)............................................ 9,400 492,325
Compaq Computer Corp................................................ 19,700 503,581
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
COMPUTERS (HARDWARE)--CONTINUED
Dell Computer Corp. (b)............................................. 23,800 $ 1,173,637
Hewlett-Packard Co.................................................. 8,900 1,111,387
International Business Machines Corp................................ 12,200 1,336,662
NCR Corp. (b)....................................................... 3,100 120,706
Sun Microsystems, Inc. (b).......................................... 12,100 1,100,344
------------
5,838,642
------------
COMPUTERS (NETWORKING)--3.2%
Cisco Systems, Inc. (b)............................................. 54,900 3,489,581
------------
COMPUTERS (PERIPHERALS)--0.7%
EMC Corp. (b)....................................................... 10,400 800,150
------------
COMPUTERS (SOFTWARE & SERVICES)--7.5%
Adobe Systems, Inc.................................................. 3,400 442,000
America Online, Inc. (b)............................................ 19,200 1,012,800
Computer Associates International, Inc.............................. 5,945 304,310
Dendrite International, Inc. (b).................................... 6,600 219,862
Informix Corp. (b).................................................. 9,800 72,887
Microsoft Corp. (b)................................................. 43,400 3,472,000
Oracle Corp. (b).................................................... 22,200 1,866,187
VERITAS Software Corp. (b).......................................... 3,100 350,348
Yahoo!, Inc. (b).................................................... 4,400 545,050
------------
8,285,444
------------
CONSUMER FINANCE--0.5%
MBNA Corp........................................................... 11,100 301,087
PMI Group, Inc. (The)............................................... 2,800 133,000
Providian Financial Corp............................................ 1,300 117,000
------------
551,087
------------
CONTAINERS & PACKAGING (PAPER)--0.1%
Temple-Inland, Inc.................................................. 2,700 113,400
------------
DISTRIBUTORS (FOOD & HEALTH)--0.8%
Andrx Corp. (b)..................................................... 1,300 83,098
Cardinal Health, Inc................................................ 4,200 310,800
Patterson Dental Co. (b)............................................ 4,600 234,600
SUPERVALU, Inc...................................................... 12,500 238,281
------------
866,779
------------
ELECTRIC COMPANIES--3.5%
DTE Energy Co....................................................... 1,500 45,844
Duke Energy Corp.................................................... 15,500 873,812
Energy East Corp.................................................... 28,200 537,562
GPU, Inc............................................................ 16,500 446,531
Minnesota Power, Inc................................................ 7,200 139,050
PECO Energy Co...................................................... 9,200 370,875
PG&E Corp........................................................... 3,300 81,262
Public Service Enterprise Group, Inc................................ 2,400 83,100
Reliant Energy, Inc................................................. 22,000 650,375
Unicom Corp......................................................... 6,900 266,944
UtiliCorp United, Inc............................................... 16,900 335,887
------------
3,831,242
------------
ELECTRICAL EQUIPMENT--4.6%
AVX Corp............................................................ 3,400 77,987
General Electric Co................................................. 87,400 4,632,200
KEMET Corp. (b)..................................................... 3,600 90,225
Vishay Intertechnology, Inc. (b).................................... 6,750 256,078
------------
5,056,490
------------
ELECTRONICS (DEFENSE)--0.2%
Mercury Computer Systems, Inc. (b).................................. 7,800 252,037
------------
ELECTRONICS (INSTRUMENTATION)--0.4%
Trimble Navigation Ltd. (b)......................................... 9,000 439,312
------------
ELECTRONICS (SEMICONDUCTORS)--5.5%
Advanced Micro Devices, Inc. (b).................................... 2,100 162,225
</TABLE>
See Notes to Financial Statements
66
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
<TABLE>
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
ELECTRONICS (SEMICONDUCTORS)--CONTINUED
Conexant Systems, Inc. (b).......................................... 5,600 $ 272,300
Cypress Semiconductor Corp. (b)..................................... 3,100 130,975
Integrated Device Technology, Inc. (b).............................. 7,900 473,012
Intel Corp.......................................................... 27,100 3,622,931
National Semiconductor Corp. (b).................................... 5,500 312,125
Texas Instruments, Inc.............................................. 16,200 1,112,737
------------
6,086,305
------------
ENTERTAINMENT--1.0%
Time Warner, Inc.................................................... 8,500 646,000
Viacom, Inc. Class B (b)............................................ 7,253 494,564
------------
1,140,564
------------
EQUIPMENT (SEMICONDUCTORS)--1.5%
Applied Materials, Inc. (b)......................................... 11,200 1,015,000
KLA-Tencor Corp. (b)................................................ 2,200 128,837
Lam Research Corp. (b).............................................. 3,000 112,500
Teradyne, Inc. (b).................................................. 6,200 455,700
------------
1,712,037
------------
FINANCIAL (DIVERSIFIED)--5.2%
Ambac Financial Group, Inc.......................................... 4,000 219,250
Citigroup, Inc...................................................... 52,700 3,175,175
Fannie Mae.......................................................... 8,400 438,375
Morgan Stanley Dean Witter & Co..................................... 23,400 1,948,050
------------
5,780,850
------------
FOODS--1.3%
Hormel Foods Corp................................................... 17,400 292,537
Keebler Foods Co.................................................... 8,700 322,987
Kellogg Co.......................................................... 6,000 178,500
Quaker Oats Co. (The)............................................... 8,400 631,050
------------
1,425,074
------------
FOOTWEAR--0.1%
NIKE, Inc. Class B.................................................. 2,200 87,587
------------
HARDWARE & TOOLS--0.1%
Black & Decker Corp. (The).......................................... 2,200 86,488
------------
HEALTH CARE (DIVERSIFIED)--2.8%
Abbott Laboratories................................................. 6,100 271,831
Allergan, Inc....................................................... 2,600 193,700
Bristol-Myers Squibb Co............................................. 17,000 990,250
Johnson & Johnson................................................... 14,500 1,477,188
Mallinckrodt, Inc................................................... 3,100 134,656
------------
3,067,625
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--5.3%
Lilly (Eli) & Co.................................................... 12,500 1,248,438
Merck & Co., Inc.................................................... 13,300 1,019,113
Pfizer, Inc......................................................... 51,375 2,466,000
Pharmacia Corp...................................................... 5,950 307,541
Schering-Plough Corp................................................ 17,200 868,600
------------
5,909,692
------------
HEALTH CARE (GENERIC AND OTHER)--0.2%
Jones Pharma, Inc................................................... 6,200 247,613
------------
HEALTH CARE (MANAGED CARE)--1.8%
Oxford Health Plans, Inc. (b)....................................... 15,700 373,856
PacifiCare Health Systems, Inc. (b)................................. 3,100 186,581
Trigon Healthcare, Inc. (b)......................................... 7,600 391,875
UnitedHealth Group, Inc............................................. 8,400 720,300
Wellpoint Health Networks, Inc. (b)................................. 4,400 318,725
------------
1,991,337
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.8%
Bard (C.R.), Inc.................................................... 6,900 332,063
Bausch & Lomb, Inc.................................................. 3,700 286,288
Baxter International, Inc........................................... 3,500 246,094
------------
864,445
------------
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
HOUSEHOLD FURNISHINGS & APPLIANCES--0.2%
Whirlpool Corp...................................................... 4,500 $ 209,813
------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--0.6%
Kimberly-Clark Corp................................................. 12,300 705,713
------------
HOUSEWARES--0.3%
Tupperware Corp..................................................... 13,000 286,000
------------
INSURANCE (LIFE/HEALTH)--0.4%
Lincoln National Corp............................................... 11,700 422,663
------------
INSURANCE (MULTI-LINE)--0.8%
CIGNA Corp.......................................................... 6,700 626,450
Loews Corp.......................................................... 3,600 216,000
------------
842,450
------------
INSURANCE (PROPERTY-CASUALTY)--0.3%
MGIC Investment Corp................................................ 2,700 122,850
Radian Group, Inc................................................... 3,900 201,825
------------
324,675
------------
INSURANCE BROKERS--0.3%
Gallagher (Arthur J.) & Co.......................................... 7,000 294,000
------------
INVESTMENT BANKING/BROKERAGE--1.5%
AXA Financial, Inc.................................................. 12,600 428,400
Donaldson, Lufkin & Jenrette, Inc................................... 2,300 97,606
Lehman Brothers Holdings, Inc....................................... 3,100 293,144
Merrill Lynch & Co., Inc............................................ 6,200 713,000
Schwab (Charles) Corp. (The)........................................ 3,900 131,138
------------
1,663,288
------------
INVESTMENT MANAGEMENT--0.1%
Franklin Resources, Inc............................................. 2,200 66,825
------------
IRON & STEEL--0.2%
Nucor Corp.......................................................... 6,400 212,400
------------
MACHINERY (DIVERSIFIED)--0.5%
Dover Corp.......................................................... 12,600 511,088
Ingersoll-Rand Co................................................... 1,500 60,375
------------
571,463
------------
MANUFACTURING (DIVERSIFIED)--2.2%
American Standard Companies, Inc. (b)............................... 6,000 246,000
Minnesota Mining and Manufacturing Co............................... 7,900 651,750
Tyco International Ltd.............................................. 20,700 980,663
United Technologies Corp............................................ 9,300 547,538
------------
2,425,951
------------
NATURAL GAS--0.8%
Equitable Resources, Inc............................................ 9,400 453,550
Sempra Energy....................................................... 27,800 472,600
------------
926,150
------------
OIL & GAS (EXPLORATION & PRODUCTION)--1.2%
Apache Corp......................................................... 9,700 570,481
Kerr-McGee Corp..................................................... 7,600 447,925
Unocal Corp......................................................... 10,400 344,500
------------
1,362,906
------------
OIL & GAS (REFINING & MARKETING)--0.5%
Ultramar Diamond Shamrock Corp...................................... 20,200 501,213
------------
OIL (DOMESTIC INTEGRATED)--0.3%
Amerada Hess Corp................................................... 4,600 284,050
------------
OIL (INTERNATIONAL INTEGRATED)--3.2%
Chevron Corp........................................................ 9,900 839,644
Exxon Mobil Corp.................................................... 32,900 2,584,706
Texaco, Inc......................................................... 3,000 159,750
------------
3,584,100
------------
PAPER & FOREST PRODUCTS--0.6%
Georgia-Pacific Group............................................... 7,100 186,375
International Paper Co.............................................. 4,300 128,194
Westvaco Corp....................................................... 8,400 208,425
</TABLE>
See Notes to Financial Statements
67
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
<TABLE>
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
PAPER & FOREST PRODUCTS--CONTINUED
Weyerhaeuser Co..................................................... 4,200 $ 180,600
------------
703,594
------------
PERSONAL CARE--0.1%
Alberto-Culver Co. Class B.......................................... 3,400 103,913
------------
PHOTOGRAPHY/IMAGING--0.3%
Eastman Kodak Co.................................................... 5,000 297,500
------------
PUBLISHING--0.2%
Reader's Digest Association, Inc. (The) Class A..................... 4,200 166,950
------------
PUBLISHING (NEWSPAPERS)--1.6%
Dow Jones & Co., Inc................................................ 6,800 498,100
Gannett Co., Inc.................................................... 2,600 155,513
Knight-Ridder, Inc.................................................. 7,700 409,544
New York Times Co. (The) Class A.................................... 11,100 438,450
Tribune Co.......................................................... 8,000 280,000
------------
1,781,607
------------
RAILROADS--0.2%
Union Pacific Corp.................................................. 6,100 226,844
------------
RESTAURANTS--0.1%
Darden Restaurants, Inc............................................. 7,300 118,625
------------
RETAIL (BUILDING SUPPLIES)--1.0%
Home Depot, Inc. (The).............................................. 20,700 1,033,706
Lowe's Cos., Inc.................................................... 3,100 127,294
------------
1,161,000
------------
RETAIL (COMPUTERS & ELECTRONICS)--0.4%
Best Buy Co., Inc. (b).............................................. 4,500 284,625
Circuit City Stores-Circuit City Group.............................. 3,300 109,519
------------
394,144
------------
RETAIL (DEPARTMENT STORES)--0.3%
Federated Department Stores, Inc. (b)............................... 8,800 297,000
------------
RETAIL (DISCOUNTERS)--0.0%
Ross Stores, Inc.................................................... 2,200 37,538
------------
RETAIL (FOOD CHAINS)--0.4%
Albertson's, Inc.................................................... 7,500 249,375
Safeway, Inc. (b)................................................... 5,400 243,675
------------
493,050
------------
RETAIL (GENERAL MERCHANDISE)--2.0%
Sears, Roebuck & Co................................................. 7,000 228,375
Target Corp......................................................... 1,900 110,200
Wal-Mart Stores, Inc................................................ 31,900 1,838,238
------------
2,176,813
------------
RETAIL (SPECIALTY)--0.1%
Zale Corp. (b)...................................................... 2,200 80,300
------------
RETAIL (SPECIALTY-APPAREL)--0.5%
Gap, Inc. (The)..................................................... 7,400 231,250
Limited, Inc. (The)................................................. 15,400 333,025
------------
564,275
------------
SERVICES (ADVERTISING/MARKETING)--0.1%
Omnicom Group, Inc.................................................. 1,300 115,781
------------
SERVICES (COMMERCIAL & CONSUMER)--0.0%
Hertz Corp. (The) Class A........................................... 1,500 42,094
------------
SERVICES (COMPUTER SYSTEMS)--0.4%
Electronic Data Systems Corp........................................ 7,600 313,500
MarchFirst, Inc. (b)................................................ 9,800 178,850
------------
492,350
------------
<CAPTION>
SHARES VALUE
-------- --------------
<S> <C> <C> <C>
SERVICES (DATA PROCESSING)--0.8%
Concord EFS, Inc. (b)............................................... 4,500 $ 117,000
First Data Corp..................................................... 10,900 540,913
Fiserv, Inc. (b).................................................... 6,500 281,125
------------
939,038
------------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.9%
Nextel Communications, Inc. Class A (b)............................. 6,800 416,075
Sprint Corp. (PCS Group) (b)........................................ 9,600 571,200
------------
987,275
------------
TELECOMMUNICATIONS (LONG DISTANCE)--1.7%
AT&T Corp........................................................... 6,100 192,913
Sprint Corp. (FON Group)............................................ 11,400 581,400
WorldCom, Inc. (b).................................................. 24,900 1,142,288
------------
1,916,601
------------
TELEPHONE--2.6%
Bell Atlantic Corp.................................................. 15,000 762,188
BellSouth Corp...................................................... 17,900 762,988
GTE Corp............................................................ 4,100 255,225
SBC Communications, Inc............................................. 25,800 1,115,850
------------
2,896,251
------------
TEXTILES (APPAREL)--0.1%
Jones Apparel Group, Inc. (b)....................................... 3,900 91,650
------------
TOBACCO--1.0%
Philip Morris Cos., Inc............................................. 41,000 1,089,063
------------
TOTAL COMMON STOCKS
(Identified cost $89,250,611)................................................. 104,194,596
------------
FOREIGN COMMON STOCKS--2.8%
COMMUNICATIONS EQUIPMENT--1.2%
Nortel Networks Corp. (Canada)...................................... 19,200 1,310,400
------------
FOODS--0.3%
Unilever NV NY Registered Shares (Netherlands)...................... 8,500 365,500
------------
OIL (INTERNATIONAL INTEGRATED)--1.1%
Royal Dutch Petroleum Co. (Netherlands)............................. 18,800 1,157,375
------------
RAILROADS--0.2%
Canadian National Railway Co. (Canada).............................. 7,900 230,581
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $2,397,483).................................................. 3,063,856
------------
UNIT INVESTMENT TRUSTS--2.3%
S&P 500 Depository Receipts......................................... 17,500 2,542,422
------------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $2,510,999).................................................. 2,542,422
------------
TOTAL LONG-TERM INVESTMENTS--99.3%
(Identified cost $94,159,093)................................................. 109,800,874
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
-------- ----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--0.8%
COMMERCIAL PAPER--0.8%
Koch Industries, Inc. 6.89%, 7/3/00....................... A-1+ $ 860 859,671
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $859,671)...................................................... 859,671
------------
TOTAL INVESTMENTS--100.1%
(Identified cost $95,018,764)................................................... 110,660,545(a)
Cash and receivables, less liabilities--(0.1%).................................. (72,528)
------------
NET ASSETS--100.0%................................................................ $110,588,017
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $22,396,409 and gross
depreciation of $6,776,822 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purpose was
$95,040,958.
(b) Non-income producing.
See Notes to Financial Statements
68
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$95,018,764).................................... $ 110,660,545
Cash.............................................. 3,663
Receivables
Dividends and interest.......................... 83,844
Fund shares sold................................ 78,649
Prepaid expenses.................................. 393
-------------
Total assets.................................. 110,827,094
-------------
LIABILITIES
Payables
Fund shares repurchased......................... 119,127
Investment advisory fee......................... 44,043
Financial agent fee............................. 12,625
Trustees' fee................................... 3,041
Accrued expenses.................................. 60,241
-------------
Total liabilities............................. 239,077
-------------
NET ASSETS........................................ $ 110,588,017
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial
interest...................................... $ 94,616,167
Undistributed net investment income............. 128,016
Accumulated net realized gain................... 202,053
Net unrealized appreciation..................... 15,641,781
-------------
NET ASSETS........................................ $ 110,588,017
=============
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization.................. 8,153,802
=============
Net asset value and offering price per share...... $ 13.56
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 678,170
Interest.................................................. 26,002
Foreign taxes withheld.................................... (5,812)
-------------
Total investment income................................. 698,360
-------------
EXPENSES
Investment advisory fee................................... 362,461
Financial agent fee....................................... 75,043
Printing.................................................. 18,970
Custodian................................................. 17,582
Professional.............................................. 11,327
Trustees.................................................. 2,604
Miscellaneous............................................. 4,882
-------------
Total expenses.......................................... 492,869
Less expenses borne by investment adviser............... (52,699)
-------------
Net expenses............................................ 440,170
-------------
NET INVESTMENT INCOME....................................... 258,190
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 253,370
Net change in unrealized appreciation (depreciation) on
investments............................................. (40,308)
-------------
NET GAIN ON INVESTMENTS..................................... 213,062
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 471,252
=============
</TABLE>
See Notes to Financial Statements
69
<PAGE>
PHOENIX-OAKHURST GROWTH AND INCOME SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
6/30/00 ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 258,190 $ 521,527
Net realized gain (loss).................................. 253,370 1,254,390
Net change in unrealized appreciation (depreciation)...... (40,308) 10,636,397
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 471,252 12,412,314
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (130,174) (517,138)
Net realized gains........................................ -- (824,281)
In excess of net investment income........................ -- (4,389)
In excess of net realized gains........................... -- (400,735)
Tax return of capital..................................... -- (1,887,292)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (130,174) (3,633,835)
------------- -------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (2,131,909 and 5,673,992
shares, respectively)................................... 28,382,802 71,963,019
Net asset value of shares issued from reinvestment of
distributions (9,621 and 269,330 shares,
respectively)........................................... 130,174 3,633,835
Cost of shares repurchased (1,512,849 and 1,908,495
shares, respectively)................................... (20,099,781) (24,401,738)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 8,413,195 51,195,116
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 8,754,273 59,973,595
NET ASSETS
Beginning of period....................................... 101,833,744 41,860,149
------------- -------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $128,016 AND $0, RESPECTIVELY)......... $ 110,588,017 $ 101,833,744
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS FROM
ENDED YEAR INCEPTION
6/30/00 ENDED 3/2/98 TO
(UNAUDITED) 12/31/99 12/31/98
--------------- --------------- ---------------
<S> <C> <C> <C>
Net asset value, beginning of period........................ $ 13.53 $ 11.99 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).............................. 0.03 0.07 0.05
Net realized and unrealized gain (loss)................... 0.02 1.97 1.99
------------- ------------- -------------
TOTAL FROM INVESTMENT OPERATIONS........................ 0.05 2.04 2.04
------------- ------------- -------------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.02) (0.07) (0.05)
Dividends from net realized gains......................... -- (0.11) --
In excess of net realized gains........................... -- (0.05) --
Tax return of capital..................................... -- (0.27) --
------------- ------------- -------------
TOTAL DISTRIBUTIONS..................................... (0.02) (0.50) (0.05)
------------- ------------- -------------
CHANGE IN NET ASSET VALUE................................... 0.03 1.54 1.99
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD.............................. $13.56 $13.53 $11.99
============= ============= =============
Total return................................................ 0.34%(2) 17.00% 20.45%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)....................... $110,588 $101,834 $41,860
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)..................................... 0.85%(1) 0.85% 0.85%(1)
Net investment income..................................... 0.50%(1) 0.71% 1.02%(1)
Portfolio turnover rate..................................... 30%(2) 52% 81%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been
0.95%,1.01% and 1.46% for the periods ended June 30, 2000, December 31, 1999
and 1998, respectively.
See Notes to Financial Statements
70
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------------ --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--14.1%
U.S. TREASURY BONDS--2.5%
U.S. Treasury Bonds 6.125%, 11/15/27...................... AAA $ 2,300 $ 2,292,813
U.S. Treasury Bonds 5.25%, 11/15/28....................... AAA 2,835 2,508,975
U.S. Treasury Bonds 5.25%, 2/15/29........................ AAA 1,910 1,694,529
U.S. Treasury Bonds 6.125%, 8/15/29....................... AAA 4,400 4,447,838
U.S. Treasury Bonds 6.25%, 5/15/30........................ AAA 250 262,422
------------
11,206,577
------------
U.S. TREASURY NOTES--11.6%
U.S. Treasury Notes 5%, 2/28/01........................... AAA 14,000 13,868,750
U.S. Treasury Notes 6.25%, 6/30/02........................ AAA 1,250 1,245,704
U.S. Treasury Notes 5.75%, 11/30/02....................... AAA 1,630 1,605,507
U.S. Treasury Notes 5.50%, 1/31/03........................ AAA 11,960 11,709,593
U.S. Treasury Notes 5.50%, 2/28/03........................ AAA 7,000 6,849,066
U.S. Treasury Notes 4.25%, 11/15/03....................... AAA 4,000 3,752,500
U.S. Treasury Notes 4.75%, 2/15/04........................ AAA 4,250 4,040,156
U.S. Treasury Notes 5.25%, 5/15/04........................ AAA 840 810,338
U.S. Treasury Notes 4.75%, 11/15/08....................... AAA 7,775 7,060,672
U.S. Treasury Notes 6%, 8/15/09........................... AAA 160 158,700
------------
51,100,986
------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $63,985,193)......................................................... 62,307,563
------------
AGENCY NON MORTGAGE-BACKED SECURITIES--2.3%
Fannie Mae 6.625%, 9/15/09................................ AAA 5,395 5,202,938
Freddie Mac 6.625%, 9/15/09............................... AAA 5,000 4,822,000
------------
TOTAL AGENCY NON MORTGAGE-BACKED SECURITIES
(Identified cost $10,193,093)......................................................... 10,024,938
------------
MUNICIPAL BONDS--4.6%
CALIFORNIA--1.4%
Kern County Pension Obligation Revenue Taxable 7.26%,
8/15/14................................................. AAA 1,500 1,448,625
Los Angeles County Metropolitan Transportation Authority
Revenue Series C 5%, 7/1/23............................. AAA 1,400 1,265,922
Pasadena Pension Funding Revenue Taxable Series A 7.10%,
5/15/10................................................. AAA 1,500 1,449,705
San Bernardino County Pension Obligation Revenue Taxable
6.87%, 8/1/08........................................... AAA 410 393,276
Sonoma County Pension Obligation Revenue Taxable 6.625%,
6/1/13.................................................. AAA 925 848,549
Ventura County Pension Obligation Taxable 6.54%,
11/1/05................................................. AAA 975 936,517
------------
6,342,594
------------
FLORIDA--1.3%
Miami Beach Special Obligation Revenue Taxable 8.60%,
9/1/21.................................................. AAA 3,210 3,349,121
Tampa Solid Waste System Revenue Taxable Series A 6.33%,
10/1/06................................................. AAA 2,160 2,014,934
University of Miami Exchangeable Revenue Taxable Series A
7.65%, 4/1/20 (e)....................................... AAA 540 516,343
------------
5,880,398
------------
MASSACHUSETTS--0.5%
Massachusetts Port Authority Revenue Taxable Series C
6.05%, 7/1/02........................................... AA- 835 816,446
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------------ --------------
<S> <C> <C> <C>
MASSACHUSETTS--CONTINUED
Massachusetts Turnpike Authority Metropolitan Highway
System Revenue Series A 5%, 1/1/39...................... AAA $ 1,400 $ 1,203,706
------------
2,020,152
------------
NEW YORK--0.6%
New York City Municipal Water Finance Authority Water &
Sewer System Revenue Series B 5%, 6/15/29............... AAA 1,400 1,226,512
New York State Dormitory Authority Revenue Taxable 6.90%,
4/1/03.................................................. A 725 712,298
New York State Environmental Facilities Corp. Revenue
Taxable 6.70%, 3/15/08.................................. AAA 795 755,783
------------
2,694,593
------------
PENNSYLVANIA--0.3%
Philadelphia Authority For Industrial Development Pension
Funding Retirement Systems Revenue Taxable Series A
5.79%, 4/15/09.......................................... AAA 1,300 1,153,217
------------
TEXAS--0.5%
Texas Water Resources Finance Authority Revenue 6.62%,
8/15/10................................................. AAA 2,265 2,111,999
------------
TOTAL MUNICIPAL BONDS
(Identified cost $21,121,654)......................................................... 20,202,953
------------
ASSET-BACKED SECURITIES--2.7%
AESOP Funding II LLC 97-1A, A2 6.40%, 10/20/03............ AAA 2,000 1,965,758
AESOP Funding II LLC 98-1, A 6.14%, 5/20/06............... AAA 1,410 1,345,195
Capita Equipment Receivables Trust 97-1, B 6.45%,
8/15/02................................................. A+ 720 710,213
Discover Card Master Trust I 98-7, A 5.60%, 5/16/06....... AAA 2,000 1,899,200
Ford Credit Auto Owner Trust 99-B, A4 5.80%, 6/15/02...... AAA 500 494,941
Green Tree Financial Corp. 96-2, M1 7.60%, 4/15/27........ AA- 1,075 1,037,223
Honda Auto Lease Trust 99-A, A5 6.65%, 7/15/05............ AAA 2,000 1,985,920
Premier Auto Trust 98-3, B 6.14%, 9/8/04.................. A+ 500 488,575
Triangle Funding Ltd. 98-2A, 3 8.13%, 10/15/04 (e)........ BBB 2,000 1,990,000
------------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $12,101,294)......................................................... 11,917,025
------------
CORPORATE BONDS--1.9%
AIRLINES--0.2%
Northwest Airlines Corp. Series 2000-1 Class G 8.072%,
4/1/21.................................................. AAA 850 862,911
------------
BUILDING MATERIALS--0.2%
Nortek, Inc. 9.875%, 3/1/04............................... B- 700 668,500
------------
COMPUTERS (SOFTWARE & SERVICES)--0.1%
Computer Associates International, Inc. Series B 6.375%,
4/15/05................................................. BBB+ 635 594,657
------------
ENTERTAINMENT--0.3%
Capitol Records, Inc. 144A 8.375%, 8/15/09 (d)............ BBB+ 1,500 1,536,060
------------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.2%
MGM Grand, Inc. 9.75%, 06/01/07........................... BB+ 400 402,000
</TABLE>
See Notes to Financial Statements
71
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION SERIES
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------------ --------------
<S> <C> <C> <C>
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--CONTINUED
Station Casinos, Inc. 144A W.I. 9.875%, 7/1/10 (d)........ B+ $ 600 $ 603,000
------------
1,005,000
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.2%
Boston Scientific Corp. 6.625%, 3/15/05................... BBB 710 669,160
------------
INSURANCE (MULTI-LINE)--0.1%
Willis Corroon Corp. 9%, 2/1/09........................... B+ 530 447,850
------------
RETAIL (FOOD CHAINS)--0.1%
Kroger Co. 7.45%, 3/1/08.................................. BBB- 650 622,556
------------
TELECOMMUNICATIONS (LONG DISTANCE)--0.3%
Level 3 Communications, Inc. 9.125%, 5/1/08............... B 400 361,000
Nextlink Communications, Inc. 10.75%, 11/15/08............ B 900 891,000
------------
1,252,000
------------
TEXTILES (APPAREL)--0.2%
Collins & Aikman Products Co. 11.50%, 4/15/06............. B 695 672,413
------------
TRUCKS & PARTS--0.0%
Cummins Engine, Inc. 6.45%, 3/1/05........................ BBB+ 160 148,406
------------
TOTAL CORPORATE BONDS
(Identified cost $8,805,010).......................................................... 8,479,513
------------
NON-AGENCY MORTGAGE-BACKED SECURITIES--5.5%
CS First Boston Mortgage Securities Corp. 97-C2, A3 6.55%,
11/17/07................................................ AAA 4,200 3,995,250
DLJ Commercial Mortgage Corp. 99-CG1, A1B 6.46%,
1/10/09................................................. Aaa(c) 3,000 2,784,844
DLJ Commercial Mortgage Corp. 98-CF2, A1B 6.24%,
11/12/31................................................ Aaa(c) 4,150 3,807,625
First Union - Lehman Brothers Commercial Mortgage 97-C1, B
7.43%, 4/18/07.......................................... Aa(c) 850 835,457
First Union Commercial Mortgage Trust 99-C1, A2 6.07%,
10/15/08................................................ AAA 3,000 2,758,359
G.E. Capital Mortgage Services, Inc. 96-8, 1M 7.25%,
5/25/26................................................. AA 238 233,823
LB Commercial Conduit Mortgage Trust 98-C4, A1B 6.21%,
10/15/08................................................ AAA 4,000 3,695,572
LB Commercial Conduit Mortgage Trust 99-C2, A2 7.325%,
9/15/09................................................. Aaa(c) 1,840 1,814,412
Lehman Large Loan 97-LLI, B 6.95%, 3/12/07................ AA+ 645 622,055
Nationslink Funding Corp. 96-1, B 7.69%, 12/20/05......... AA 450 448,664
Residential Funding Mortgage Securities I 96-S1, A11
7.10%, 1/25/26.......................................... AAA 1,500 1,438,594
Residential Funding Mortgage Securities I 96-S4, M1 7.25%,
2/25/26................................................. AA 947 904,481
Securitized Asset Sales, Inc. 93-J, 2B 6.808%, 11/28/23... AAA(c) 854 816,006
------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $25,250,098)......................................................... 24,155,142
------------
FOREIGN GOVERNMENT SECURITIES--5.2%
BULGARIA--0.7%
Republic of Bulgaria IAB Series PDI 7.063%,
7/28/11 (e)............................................. B+ 2,000 1,587,500
Republic of Bulgaria FLIRB Bearer Series A 2.75%,
7/28/12 (e)............................................. B+ 1,810 1,333,744
------------
2,921,244
------------
CHILE--0.3%
Republic of Chile 6.875% 04/28/09......................... A- 1,650 1,527,090
------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------------ --------------
<S> <C> <C> <C>
COSTA RICA--0.4%
Republic of Costa Rica 144A 9.335%, 5/15/09 (d)........... BB $ 1,755 $ 1,781,325
------------
CROATIA--0.4%
Croatia Series B 7.0625%, 7/31/06 (e)..................... BBB- 846 799,253
Croatia Series A 7.0625%, 7/31/10 (e)..................... BBB- 955 873,413
------------
1,672,666
------------
MEXICO--1.1%
United Mexican States 10.375%, 2/17/09.................... BB+ 750 796,875
United Mexican States 11.375%, 9/15/16.................... BB+ 500 573,000
United Mexican States 11.50%, 5/15/26..................... BB+ 2,840 3,425,750
------------
4,795,625
------------
PANAMA--0.4%
Republic of Panama 8.875%, 9/30/27........................ BB+ 2,000 1,692,500
------------
PHILIPPINES--0.5%
Republic of Philippines 9.875%, 1/15/19................... BB+ 2,675 2,193,500
------------
POLAND--1.0%
Poland Bearer PDI 6%, 10/27/14 (e)........................ BBB+ 4,780 4,266,150
------------
SOUTH KOREA--0.2%
Republic of Korea 8.875%, 4/15/08......................... BBB 1,105 1,146,437
------------
TURKEY--0.2%
Republic of Turkey 12.375%, 6/15/09....................... B+ 750 796,875
------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $22,549,335)......................................................... 22,793,412
------------
FOREIGN CORPORATE BONDS--0.9%
CAYMAN ISLANDS--0.2%
Pemex Finance Ltd. 7.33%, 5/15/12......................... AAA 1,000 952,800
------------
CHILE--0.1%
Compania Sud Americana de Vapores SA RegS 7.375%,
12/8/03................................................. BBB 140 135,472
Petropower I Funding Trust 144A 7.36%, 2/15/14 (d)........ BBB 467 408,348
------------
543,820
------------
LUXEMBOURG--0.1%
Tyco International Group SA 6.375%, 6/15/05............... A- 500 472,269
------------
NETHERLANDS--0.5%
Deutsche Telekom International Finance BV W.I. 8%,
6/15/10................................................. AA- 960 967,763
HSBC Capital Funding 144A 9.547%, 12/31/49 (d)(e)......... A- 900 936,169
------------
1,903,932
------------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $3,918,507).......................................................... 3,872,821
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
------------
<S> <C> <C> <C>
COMMON STOCKS--56.0%
BANKS (MAJOR REGIONAL)--1.8%
FleetBoston Financial Corp.............................................. 63,400 2,155,600
Wells Fargo & Co........................................................ 154,600 5,990,750
------------
8,146,350
------------
BEVERAGES (NON-ALCOHOLIC)--1.6%
PepsiCo, Inc............................................................ 156,000 6,932,250
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.6%
AMFM, Inc. (b).......................................................... 40,500 2,794,500
AT&T Corp.- Liberty Media Group Class A (b)............................. 97,600 2,366,800
Clear Channel Communications, Inc. (b).................................. 27,600 2,070,000
------------
7,231,300
------------
</TABLE>
See Notes to Financial Statements
72
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
CHEMICALS--0.7%
Air Products & Chemicals, Inc........................................... 42,900 $ 1,321,856
Du Pont (E.I.) de Nemours & Co.......................................... 41,100 1,798,125
------------
3,119,981
------------
CHEMICALS (SPECIALTY)--0.2%
Ecolab, Inc............................................................. 19,100 746,094
------------
COMMUNICATIONS EQUIPMENT--1.5%
ADTRAN, Inc. (b)........................................................ 40,600 2,430,925
Harris Corp............................................................. 31,500 1,031,625
Lucent Technologies, Inc................................................ 50,100 2,968,425
------------
6,430,975
------------
COMPUTERS (HARDWARE)--0.9%
Compaq Computer Corp.................................................... 161,800 4,136,012
------------
COMPUTERS (NETWORKING)--1.8%
Cisco Systems, Inc. (b)................................................. 125,500 7,977,094
------------
COMPUTERS (SOFTWARE & SERVICES)--2.7%
Affiliated Computer Services, Inc. (b).................................. 23,700 783,581
America Online, Inc. (b)................................................ 61,400 3,238,850
American Management Systems, Inc. (b)................................... 49,700 1,631,558
Microsoft Corp. (b)..................................................... 77,100 6,168,000
------------
11,821,989
------------
DISTRIBUTORS (FOOD & HEALTH)--1.0%
Cardinal Health, Inc.................................................... 62,000 4,588,000
------------
ELECTRIC COMPANIES--0.9%
Duke Energy Corp........................................................ 53,700 3,027,337
Edison International.................................................... 52,300 1,072,150
------------
4,099,487
------------
ELECTRICAL EQUIPMENT--2.8%
General Electric Co..................................................... 229,200 12,147,600
------------
ELECTRONICS (INSTRUMENTATION)--0.9%
Waters Corp. (b)........................................................ 30,000 3,744,375
------------
ELECTRONICS (SEMICONDUCTORS)--6.6%
Advanced Micro Devices, Inc. (b)........................................ 71,300 5,507,925
Altera Corp. (b)........................................................ 18,400 1,875,650
Fairchild Semiconductor Corp. Class A (b)............................... 47,000 1,903,500
Intel Corp.............................................................. 125,200 16,737,675
Linear Technology Corp.................................................. 26,400 1,687,950
Maxim Integrated Products, Inc. (b)..................................... 19,900 1,351,956
------------
29,064,656
------------
ENTERTAINMENT--1.1%
Viacom, Inc. Class B (b)................................................ 68,680 4,683,117
------------
EQUIPMENT (SEMICONDUCTORS)--0.7%
Kulicke and Soffa Industries, Inc. (b).................................. 28,600 1,698,125
Teradyne, Inc. (b)...................................................... 21,400 1,572,900
------------
3,271,025
------------
FINANCIAL (DIVERSIFIED)--4.4%
Citigroup, Inc.......................................................... 161,375 9,722,844
Freddie Mac............................................................. 59,800 2,421,900
Morgan Stanley Dean Witter & Co......................................... 85,600 7,126,200
------------
19,270,944
------------
FOODS--0.4%
Dean Foods Co........................................................... 25,200 798,525
Suiza Foods Corp. (b)................................................... 16,300 796,662
------------
1,595,187
------------
HEALTH CARE (DIVERSIFIED)--1.8%
Abbott Laboratories..................................................... 93,300 4,157,681
Bristol-Myers Squibb Co................................................. 61,100 3,559,075
------------
7,716,756
------------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--2.5%
Pfizer, Inc............................................................. 117,500 $ 5,640,000
Schering-Plough Corp.................................................... 102,400 5,171,200
------------
10,811,200
------------
HEALTH CARE (GENERIC AND OTHER)--0.4%
Alpharma, Inc. Class A.................................................. 29,000 1,805,250
------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.5%
HCA-The Healthcare Co................................................... 45,500 1,382,062
Health Management Associates, Inc. Class A (b).......................... 64,200 838,612
------------
2,220,674
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.6%
Bard (C.R.), Inc........................................................ 56,400 2,714,250
Baxter International, Inc............................................... 61,800 4,345,312
------------
7,059,562
------------
HOUSEHOLD PRODUCTS (NON-DURABLE)--0.3%
Kimberly-Clark Corp..................................................... 26,100 1,497,487
------------
INSURANCE (MULTI-LINE)--1.7%
American International Group, Inc....................................... 64,562 7,586,035
------------
MANUFACTURING (DIVERSIFIED)--2.2%
Tyco International Ltd.................................................. 205,300 9,726,088
------------
NATURAL GAS--0.2%
El Paso Energy Corp..................................................... 17,900 911,781
------------
OIL & GAS (DRILLING & EQUIPMENT)--1.9%
Baker Hughes, Inc....................................................... 36,700 1,174,400
Diamond Offshore Drilling, Inc.......................................... 26,000 913,250
Halliburton Co.......................................................... 30,400 1,434,500
Schlumberger Ltd........................................................ 20,300 1,514,888
Tidewater, Inc.......................................................... 41,800 1,504,800
Transocean Sedco Forex, Inc............................................. 34,743 1,856,579
------------
8,398,417
------------
OIL & GAS (EXPLORATION & PRODUCTION)--1.1%
Anadarko Petroleum Corp................................................. 67,000 3,303,938
Unocal Corp............................................................. 42,200 1,397,875
------------
4,701,813
------------
OIL (DOMESTIC INTEGRATED)--0.9%
Amerada Hess Corp....................................................... 22,600 1,395,550
Conoco, Inc. Class A.................................................... 116,000 2,552,000
------------
3,947,550
------------
OIL (INTERNATIONAL INTEGRATED)--0.9%
Chevron Corp............................................................ 17,300 1,467,256
Exxon Mobil Corp........................................................ 32,200 2,529,713
------------
3,996,969
------------
PAPER & FOREST PRODUCTS--0.2%
International Paper Co.................................................. 30,500 909,281
------------
RETAIL (BUILDING SUPPLIES)--0.7%
Home Depot, Inc. (The).................................................. 62,200 3,106,113
------------
RETAIL (FOOD CHAINS)--0.4%
Safeway, Inc. (b)....................................................... 38,500 1,737,313
------------
RETAIL (GENERAL MERCHANDISE)--1.2%
Wal-Mart Stores, Inc.................................................... 91,800 5,289,975
------------
SERVICES (COMMERCIAL & CONSUMER)--0.2%
Viad Corp............................................................... 35,600 970,100
------------
SERVICES (COMPUTER SYSTEMS)--0.9%
Computer Sciences Corp. (b)............................................. 23,800 1,777,563
Electronic Data Systems Corp............................................ 53,600 2,211,000
------------
3,988,563
------------
</TABLE>
See Notes to Financial Statements
73
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION SERIES
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
SERVICES (DATA PROCESSING)--2.0%
CheckFree Holdings Corp. (b)............................................ 36,800 $ 1,897,500
First Data Corp......................................................... 80,100 3,974,963
Fiserv, Inc. (b)........................................................ 68,300 2,953,975
------------
8,826,438
------------
TELECOMMUNICATIONS (LONG DISTANCE)--2.0%
AT&T Corp............................................................... 128,160 4,053,060
WorldCom, Inc. (b)...................................................... 107,100 4,913,213
------------
8,966,273
------------
TELEPHONE--0.8%
SBC Communications, Inc................................................. 82,400 3,563,800
------------
TOTAL COMMON STOCKS
(Identified cost $181,198,829)........................................................ 246,743,874
------------
FOREIGN COMMON STOCKS--0.7%
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.4%
Elan Corp. PLC Sponsored ADR (Ireland) (b).............................. 35,900 1,738,906
------------
OIL & GAS (DRILLING & EQUIPMENT)--0.3%
Petroleum Geo-Services ASA ADR (Norway) (b)............................. 82,200 1,402,538
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $2,479,973).......................................................... 3,141,444
------------
UNIT INVESTMENT TRUSTS--1.3%
S&P 500 Depository Receipts............................................. 41,600 6,043,700
------------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $5,465,925).......................................................... 6,043,700
------------
TOTAL LONG-TERM INVESTMENTS--95.2%
(Identified cost $357,068,911)........................................................ 419,682,385
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------------ --------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.1%
COMMERCIAL PAPER--4.1%
SBC Communications, Inc. 6.95% 7/3/00..................... A-1+ $ 2,520 $ 2,519,027
Ford Motor Credit Co. 6.55% 7/5/00........................ A-1 2,800 2,797,962
Ford Motor Credit Co. 6.70%, 7/7/00....................... A-1 1,500 1,498,325
Marsh USA, Inc.. 6.80%, 7/10/00........................... A-1+ 3,500 3,494,050
Kimberly-Clark Corp. 6.52%, 7/14/00....................... A-1+ 2,500 2,494,114
Dupont (E.I) de Neumours & Co. 6.50%, 7/20/00............. A-1+ 3,680 3,667,376
General Electric Capital Corp. 6.55%, 8/14/00............. A-1+ 1,500 1,488,065
------------
17,958,919
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $17,958,845)......................................................... 17,958,919
------------
TOTAL INVESTMENTS--99.3%
(Identified cost $375,027,756)........................................................ 437,641,304(a)
Cash and receivables, less liabilities--0.7%.......................................... 2,956,560
------------
NET ASSETS--100.0%...................................................................... $440,597,864
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $75,745,707 and gross
depreciation of $13,801,044 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$375,696,641.
(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, 2000,
these securities amounted to a value of $3,483,577 or 0.8% of net assets.
(e) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
See Notes to Financial Statements
74
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$375,027,756)............................................. $ 437,641,304
Cash........................................................ 13,725
Receivables
Interest and dividends.................................... 3,332,179
Investment securities sold................................ 2,617,698
Fund shares sold.......................................... 20,680
Prepaid expenses............................................ 4,814
-------------
Total assets............................................ 443,630,400
-------------
LIABILITIES
Payables
Investment securities purchased........................... 2,482,673
Fund shares repurchased................................... 189,866
Investment advisory fee................................... 209,900
Financial agent fee....................................... 28,254
Trustees' fee............................................. 3,041
Accrued expenses............................................ 118,802
-------------
Total liabilities....................................... 3,032,536
-------------
NET ASSETS.................................................. $ 440,597,864
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 348,812,940
Undistributed net investment income....................... 1,184,620
Accumulated net realized gain............................. 27,986,756
Net unrealized appreciation............................... 62,613,548
-------------
NET ASSETS.................................................. $ 440,597,864
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 27,571,116
=============
Net asset value and offering price per share................ $ 15.98
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 6,370,139
Dividends................................................. 1,044,322
Foreign taxes withheld.................................... (6,439)
-------------
Total investment income................................. 7,408,022
-------------
EXPENSES
Investment advisory fee................................... 1,289,812
Financial agent fee....................................... 178,890
Custodian................................................. 31,512
Printing.................................................. 21,481
Professional.............................................. 8,990
Trustees.................................................. 2,604
Miscellaneous............................................. 6,247
-------------
Total expenses.......................................... 1,539,536
-------------
NET INVESTMENT INCOME....................................... 5,868,486
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 28,665,676
Net change in unrealized appreciation (depreciation) on
investments............................................. (29,844,243)
-------------
NET LOSS ON INVESTMENTS..................................... (1,178,567)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 4,689,919
=============
</TABLE>
See Notes to Financial Statements
75
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
------------ ----------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 5,868,486 $ 10,450,240
Net realized gain (loss).................................. 28,665,676 25,038,426
Net change in unrealized appreciation (depreciation)...... (29,844,243) 14,475,995
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 4,689,919 49,964,661
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (5,194,651) (10,436,738)
Net realized gains........................................ (5,621,102) (23,588,155)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (10,815,753) (34,024,893)
------------ ------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (821,570 and 2,823,884
shares, respectively)................................... 13,155,758 44,863,751
Net asset value of shares issued from reinvestment of
distributions(676,343 and 2,122,394 shares,
respectively)........................................... 10,815,753 34,024,893
Cost of shares repurchased (3,384,467 and 6,225,713
shares, respectively)................................... (53,956,330) (99,016,572)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ (29,984,819) (20,127,928)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS..................... (36,110,653) (4,188,160)
NET ASSETS
Beginning of period....................................... 476,708,517 480,896,677
------------ ------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $1,184,620 AND $510,785,
RESPECTIVELY)........................................... $440,597,864 $476,708,517
============ ============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 --------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------- ---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................... $ 16.18 $ 15.65 $ 14.12 $ 13.65 $ 13.63 $ 12.68
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)..... 0.22 0.36 0.29 0.32 0.32 0.45
Net realized and unrealized gain
(loss)......................... (0.02) 1.36 2.57 2.46 0.91 1.84
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS................... 0.20 1.72 2.86 2.78 1.23 2.29
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment
income......................... (0.19) (0.36) (0.28) (0.33) (0.31) (0.45)
Dividends from net realized
gains.......................... (0.21) (0.83) (1.05) (1.98) (0.90) (0.89)
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS............ (0.40) (1.19) (1.33) (2.31) (1.21) (1.34)
------- ------- ------- ------- ------- -------
CHANGE IN NET ASSET VALUE.......... (0.20) 0.53 1.53 0.47 0.02 0.95
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD..... $ 15.98 $ 16.18 $ 15.65 $ 14.12 $ 13.65 $ 13.63
======= ======= ======= ======= ======= =======
Total return....................... 1.22%(3) 11.26% 20.79% 20.73% 9.05% 18.22%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands)...................... $440,598 $476,709 $480,897 $429,002 $374,244 $353,838
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses............... 0.69%(2) 0.70% 0.68% 0.71% 0.70% 0.67%(1)
Net investment income............ 2.63%(2) 2.21% 1.97% 2.09% 2.26% 3.28%
Portfolio turnover rate............ 30%(3) 65% 139% 368% 287% 170%
</TABLE>
(1) 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.
(2) Annualized.
(3) Not annualized.
See Notes to Financial Statements
76
<PAGE>
PHOENIX-SCHAFER MID-CAP VALUE SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMMON STOCKS--78.1%
AIR FREIGHT--2.8%
FedEx Corp. (b)......................................................... 7,000 $ 266,000
----------
AUTO PARTS & EQUIPMENT--5.2%
Borg-Warner Automotive, Inc............................................. 7,500 263,437
Dana Corp............................................................... 11,300 239,419
----------
502,856
----------
BANKS (MAJOR REGIONAL)--4.5%
Mellon Financial Corp................................................... 8,100 295,144
Summit Bancorp.......................................................... 5,600 137,900
----------
433,044
----------
BANKS (MONEY CENTER)--3.8%
Bank of America Corp.................................................... 3,200 137,600
Chase Manhattan Corp. (The)............................................. 4,950 228,009
----------
365,609
----------
BUILDING MATERIALS--3.3%
Lafarge Corp............................................................ 11,900 249,900
Owens Corning........................................................... 6,800 62,900
----------
312,800
----------
COMPUTERS (SOFTWARE & SERVICES)--3.6%
Cadence Design System, Inc. (b)......................................... 16,900 344,337
----------
CONSTRUCTION (CEMENT & AGGREGATES)--2.9%
Southdown, Inc.......................................................... 4,800 277,200
----------
ELECTRICAL EQUIPMENT--3.7%
Harman International Industries, Inc.................................... 5,900 359,900
----------
ELECTRONICS (COMPONENT DISTRIBUTORS)--7.1%
Arrow Electronics, Inc. (b)............................................. 12,900 399,900
Avnet, Inc.............................................................. 4,700 278,475
----------
678,375
----------
HEALTH CARE (GENERIC AND OTHER)--9.6%
ALZA Corp. (b).......................................................... 6,600 390,225
ICN Pharmaceuticals, Inc................................................ 11,500 319,844
Mylan Laboratories, Inc................................................. 11,700 213,525
----------
923,594
----------
HEALTH CARE (SPECIALIZED SERVICES)--2.5%
Omnicare, Inc........................................................... 26,900 243,781
----------
HOUSEHOLD FURNISHINGS & APPLIANCES--3.5%
Maytag Corp............................................................. 9,200 339,250
----------
INSURANCE (PROPERTY-CASUALTY)--3.1%
Chubb Corp. (The)....................................................... 4,900 301,350
----------
INVESTMENT BANKING/BROKERAGE--7.4%
Merrill Lynch & Co., Inc................................................ 3,800 437,000
Paine Webber Group, Inc................................................. 6,100 277,550
----------
714,550
----------
IRON & STEEL--3.7%
Cleveland-Cliffs, Inc................................................... 5,800 149,712
UCAR International, Inc. (b)............................................ 15,400 201,163
----------
350,875
----------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
MANUFACTURING (SPECIALIZED)--2.8%
Diebold, Inc............................................................ 9,700 $ 270,388
----------
RAILROADS--1.8%
Burlington Northern Santa Fe Corp....................................... 7,400 169,738
----------
RETAIL (DISCOUNTERS)--2.8%
Family Dollar Stores, Inc............................................... 13,600 266,050
----------
RETAIL (SPECIALTY)--1.5%
Office Depot, Inc. (b).................................................. 22,500 140,625
----------
TELEPHONE--2.5%
GTE Corp................................................................ 3,800 236,550
----------
TOTAL COMMON STOCKS
(Identified cost $7,712,958).......................................................... 7,496,872
----------
FOREIGN COMMON STOCKS--17.7%
AIRLINES--1.7%
Koninklijke Luchtvaart Maatschappij NV (KLM) (Netherlands)..............
6,003 159,455
----------
COMMUNICATIONS EQUIPMENT--2.5%
ECI Telecom Ltd. (Israel)............................................... 6,800 243,100
----------
ELECTRICAL EQUIPMENT--3.9%
Koninklijke (Royal) Philips Electronics NV NY Registered Shares
(Netherlands)......................................................... 8,000 380,000
----------
INSURANCE (PROPERTY-CASUALTY)--2.9%
PartnerRe Ltd. (Bermuda)................................................ 7,800 276,412
----------
MACHINERY (DIVERSIFIED)--2.1%
CNH Global NV (Netherlands)............................................. 21,900 202,575
----------
OIL & GAS (DRILLING & EQUIPMENT)--2.4%
Petroleum Geo-Services Sponsored ADR (Norway) (b)....................... 13,500 230,344
----------
RAILROADS--2.2%
Canadian National Railway Co. (Canada).................................. 7,200 210,150
----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $1,687,913).......................................................... 1,702,036
----------
TOTAL LONG-TERM INVESTMENTS--95.8%
(Identified cost $9,400,871).......................................................... 9,198,908
----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.4%
COMMERCIAL PAPER--4.4%
FHLB Discount Notes 6.45%, 7/3/00......................... A-1+ $ 125 124,955
Preferred Receivables Funding Corp. 6.90%, 7/6/00......... A-1 300 299,713
----------
424,668
----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $424,668)............................................................ 424,668
----------
TOTAL INVESTMENTS--100.2%
(Identified cost $9,825,539).......................................................... 9,623,576(a)
Cash and receivables, less liabilities--(0.2%)........................................ (22,676)
----------
NET ASSETS--100.0%...................................................................... $9,600,900
==========
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $1,489,691 and gross
depreciation of $1,691,654 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$9,825,539.
(b) Non-income producing.
See Notes to Financial Statements
77
<PAGE>
PHOENIX-SCHAFER MID-CAP VALUE SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$9,825,539)............................................... $ 9,623,576
Cash........................................................ 3,277
Receivables
Dividends and interest.................................... 17,692
Receivable from adviser................................... 3,885
Fund shares sold.......................................... 253
Prepaid expenses............................................ 79
-----------
Total assets............................................ 9,648,762
-----------
LIABILITIES
Payables
Fund shares repurchased................................... 617
Financial agent fee....................................... 6,134
Trustees' fee............................................. 3,041
Accrued expenses............................................ 38,070
-----------
Total liabilities......................................... 47,862
-----------
NET ASSETS.................................................. $ 9,600,900
===========
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $11,515,181
Undistributed net investment income....................... 13,280
Accumulated net realized loss............................. (1,725,598)
Net unrealized depreciation............................... (201,963)
-----------
NET ASSETS.................................................. $ 9,600,900
===========
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 1,265,186
===========
Net asset value and offering price per share................ $ 7.59
===========
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends................................................. $ 75,791
Interest.................................................. 6,391
Foreign taxes withheld.................................... (2,820)
----------
Total investment income................................. 79,362
----------
EXPENSES
Investment advisory fee................................... 48,707
Financial agent fee....................................... 37,427
Professional.............................................. 10,654
Printing.................................................. 8,830
Custodian................................................. 3,127
Trustees.................................................. 2,604
Miscellaneous............................................. 3,341
----------
Total expenses.......................................... 114,690
Less expenses borne by investment adviser............... (59,024)
----------
Net expenses............................................ 55,666
----------
NET INVESTMENT INCOME....................................... 23,696
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities........................... (563,603)
Net change in unrealized appreciation (depreciation) on
investments............................................. 333,517
----------
NET LOSS ON INVESTMENTS..................................... (230,086)
----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ (206,390)
==========
</TABLE>
See Notes to Financial Statements
78
<PAGE>
PHOENIX-SCHAFER MID-CAP VALUE SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ 23,696 $ 120,660
Net realized gain (loss).................................. (563,603) (820,431)
Net change in unrealized appreciation (depreciation)...... 333,517 (263,023)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. (206,390) (962,794)
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... (12,653) (118,423)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (12,653) (118,423)
------------- -------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (477,037 and 729,302 shares,
respectively)........................................... 3,652,195 5,967,581
Net asset value of shares issued from reinvestment of
distributions (1,648 and 15,212 shares, respectively)... 12,653 118,423
Cost of shares repurchased (318,070 and 533,510 shares,
respectively)........................................... (2,480,296) (4,264,988)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 1,184,552 1,821,016
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 965,509 739,799
NET ASSETS
Beginning of period....................................... 8,635,391 7,895,592
------------- -------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $13,280 AND $2,237, RESPECTIVELY)...... $ 9,600,900 $ 8,635,391
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 YEAR ENDED 3/2/98 TO
(UNAUDITED) 12/31/99 12/31/98
---------------- ---------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period.............. $ 7.82 $ 8.84 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).................... 0.02 0.11 0.03(4)
Net realized and unrealized gain (loss)......... (0.24) (1.02) (1.16)
------------- ------------- -------------
TOTAL FROM INVESTMENT OPERATIONS.............. (0.22) (0.91) (1.13)
------------- ------------- -------------
LESS DISTRIBUTIONS
Dividends from net investment income............ (0.01) (0.11) (0.03)
------------- ------------- -------------
TOTAL DISTRIBUTIONS........................... (0.01) (0.11) (0.03)
------------- ------------- -------------
CHANGE IN NET ASSET VALUE......................... (0.23) (1.02) (1.16)
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD.................... $ 7.59 $ 7.82 $8.84
============= ============= =============
Total return...................................... (2.81)%(2) (10.28)% (11.37)%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)............. $9,601 $8,635 $7,896
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)........................... 1.20%(1) 1.20% 1.20%(1)
Net investment income........................... 0.51%(1) 1.40% 0.52%(1)
Portfolio turnover rate........................... 6%(2) 29% 21%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 2.47%,
2.58% and 2.77% for the periods ended June 30, 2000, December 31, 1999 and
1998, respectively.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
79
<PAGE>
PHOENIX-SENECA MID-CAP GROWTH SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMMON STOCKS--92.6%
BIOTECHNOLOGY--0.5%
MedImmune, Inc. (b)..................................................... 3,380 $ 250,120
-----------
BROADCASTING (TELEVISION, RADIO & CABLE)--2.4%
EchoStar Communications Corp. (b)....................................... 35,760 1,183,991
-----------
COMMUNICATIONS EQUIPMENT--10.1%
Aspect Communications Corp. (b)......................................... 35,050 1,377,903
Scientific-Atlanta, Inc................................................. 20,740 1,545,130
Spectrasite Holdings, Inc. (b).......................................... 46,390 1,316,316
Tut Systems, Inc. (b)................................................... 11,830 678,746
-----------
4,918,095
-----------
COMPUTERS (HARDWARE)--10.7%
Alteon Websystems, Inc. (b)............................................. 15,980 1,598,999
Copper Mountain Networks, Inc. (b)...................................... 19,530 1,721,081
Extreme Networks, Inc. (b).............................................. 18,020 1,901,110
-----------
5,221,190
-----------
COMPUTERS (SOFTWARE & SERVICES)--4.2%
Mercury Interactive Corp. (b)........................................... 18,220 1,762,785
Network Associates, Inc. (b)............................................ 13,700 279,137
-----------
2,041,922
-----------
CONSUMER FINANCE--2.4%
Capital One Financial Corp.............................................. 26,220 1,170,067
-----------
ELECTRICAL EQUIPMENT--3.8%
SPX Corp................................................................ 15,400 1,862,438
-----------
ELECTRONICS (INSTRUMENTATION)--7.5%
Credence Systems Corp. (b).............................................. 32,320 1,783,660
PerkinElmer, Inc........................................................ 28,570 1,889,191
-----------
3,672,851
-----------
ELECTRONICS (SEMICONDUCTORS)--9.5%
Fairchild Semiconductor Corp. Class A (b)............................... 37,040 1,500,120
International Rectifier Corp. (b)....................................... 29,670 1,661,520
LSI Logic Corp. (b)..................................................... 26,630 1,441,349
-----------
4,602,989
-----------
HEALTH CARE (DIVERSIFIED)--2.5%
Allergan, Inc........................................................... 16,300 1,214,350
-----------
HEALTH CARE (HOSPITAL MANAGEMENT)--3.3%
Tenet Healthcare Corp. (b).............................................. 59,860 1,616,220
-----------
INSURANCE (PROPERTY-CASUALTY)--3.0%
MGIC Investment Corp.................................................... 32,490 1,478,295
-----------
MANUFACTURING (SPECIALIZED)--6.4%
Avery Dennison Corp..................................................... 20,140 1,351,898
Millipore Corp.......................................................... 23,320 1,757,745
-----------
3,109,643
-----------
NATURAL GAS--2.7%
Dynegy, Inc. Class A.................................................... 19,120 1,306,135
-----------
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
OIL & GAS (DRILLING & EQUIPMENT)--8.5%
Nabors Industries, Inc. (b)............................................. 37,540 $ 1,560,256
Santa Fe International Corp............................................. 34,060 1,189,971
Weatherford International, Inc. (b)..................................... 35,340 1,406,974
-----------
4,157,201
-----------
OIL & GAS (REFINING & MARKETING)--2.6%
Valero Energy Corp...................................................... 39,250 1,246,188
-----------
RETAIL (SPECIALTY)--1.7%
Bed Bath & Beyond, Inc. (b)............................................. 23,240 842,450
-----------
SERVICES (COMMERCIAL & CONSUMER)--6.1%
Convergys Corp. (b)..................................................... 35,170 1,824,444
Crown Castle International Corp. (b).................................... 31,530 1,150,845
-----------
2,975,289
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--4.7%
Nextel Partners, Inc. Class A (b)....................................... 33,280 1,083,680
Powerwave Technologies, Inc. (b)........................................ 26,730 1,176,120
-----------
2,259,800
-----------
TOTAL COMMON STOCKS
(Identified cost $39,291,037)......................................................... 45,129,234
-----------
FOREIGN COMMON STOCKS--4.1%
COMMUNICATIONS EQUIPMENT--1.4%
NDS Group PLC ADR (United Kingdom) (b).................................. 11,360 692,960
-----------
ELECTRONICS (SEMICONDUCTORS)--2.7%
Chartered Semiconductor Manufacturing Ltd. ADR (Singapore) (b)..........
14,480 1,303,200
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $1,580,698).......................................................... 1,996,160
-----------
TOTAL LONG-TERM INVESTMENTS--96.7%
(Identified cost $40,871,735)......................................................... 47,125,394
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--7.5%
COMMERCIAL PAPER--7.5%
Koch Industries, Inc. 6.89%, 7/3/00....................... A-1+ $ 960 959,633
Greenwich Funding Corp.6.85%, 07/05/00.................... A-1+ 1,305 1,304,007
Albertson's, Inc. 6.60%, 7/6/00........................... A-1 1,410 1,408,707
-----------
3,672,347
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $3,672,347).......................................................... 3,672,347
-----------
TOTAL INVESTMENTS--104.2%
(Identified cost $44,544,082)......................................................... 50,797,741(a)
Cash and receivables, less liabilities--(4.2%)........................................ (2,061,077)
-----------
NET ASSETS--100.0%...................................................................... $48,736,664
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $8,072,397 and gross
depreciation of $1,818,738 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purpose was
$44,544,082.
(b) Non-income producing.
See Notes to Financial Statements
80
<PAGE>
PHOENIX-SENECA MID-CAP GROWTH SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$44,544,082).................................... $ 50,797,741
Cash.............................................. 2,087
Receivables
Investment securities sold...................... 370,582
Fund shares sold................................ 114,190
Interest and dividends.......................... 3,672
Prepaid expenses.................................. 74
-------------
Total assets.................................. 51,288,346
-------------
LIABILITIES
Payables
Investment securities purchased................. 2,463,876
Fund shares repurchased......................... 16,388
Investment advisory fee......................... 18,629
Financial agent fee............................. 8,085
Trustees' fee................................... 3,041
Accrued expenses.................................. 41,663
-------------
Total liabilities............................. 2,551,682
-------------
NET ASSETS........................................ $ 48,736,664
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial
interest...................................... $ 37,347,220
Undistributed net investment loss............... (51,224)
Accumulated net realized gain................... 5,187,009
Net unrealized appreciation..................... 6,253,659
-------------
NET ASSETS........................................ $ 48,736,664
=============
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization.................. 2,349,706
=============
Net asset value and offering price per share...... $ 20.74
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 109,514
Dividends................................................. 30,715
-------------
Total investment income................................. 140,229
-------------
EXPENSES
Investment advisory fee................................... 145,869
Financial agent fee....................................... 47,677
Professional.............................................. 13,209
Printing.................................................. 11,439
Custodian................................................. 7,552
Trustees.................................................. 2,604
Miscellaneous............................................. 4,031
-------------
Total expenses.......................................... 232,381
Less expense borne by investment adviser................ (40,928)
-------------
Net expenses............................................ 191,453
-------------
NET INVESTMENT LOSS......................................... (51,224)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 5,216,603
Net change in unrealized appreciation (depreciation) on
investments............................................. 715,564
-------------
NET GAIN ON INVESTMENTS..................................... 5,932,167
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 5,880,943
=============
</TABLE>
See Notes to Financial Statements
81
<PAGE>
PHOENIX-SENECA MID-CAP GROWTH SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ (51,224) $ (37,026)
Net realized gain (loss).................................. 5,216,603 2,130,838
Net change in unrealized appreciation (depreciation)...... 715,564 4,123,355
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 5,880,943 6,217,167
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains........................................ (1,433,341) (517,468)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (1,433,341) (517,468)
------------- -------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (1,648,683 and 937,074
shares, respectively)................................... 33,252,252 12,531,550
Net asset value of shares issued from reinvestment of
distributions (69,893 and 30,619 shares,
respectively)........................................... 1,433,341 517,469
Cost of shares repurchased (633,710 and 352,061 shares,
respectively)........................................... (12,253,408) (4,788,985)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 22,432,185 8,260,034
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 26,879,787 13,959,733
NET ASSETS
Beginning of period....................................... 21,856,877 7,897,144
------------- -------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($51,224) AND $0, RESPECTIVELY)........ $ 48,736,664 $ 21,856,877
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FROM INCEPTION
6/30/00 YEAR ENDED 3/2/98 TO
(UNAUDITED) 12/31/99 12/31/98
-------------- ------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period.............. $ 17.28 $ 12.16 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss).................... (0.02) --(4) 0.01(4)
Net realized and unrealized gain (loss)......... 4.11 5.54 2.16
----------- ---------- -------------
TOTAL FROM INVESTMENT OPERATIONS.............. 4.09 5.54 2.17
----------- ---------- -------------
LESS DISTRIBUTIONS
Dividends from net investment income............ -- -- (0.01)
Dividents from net realized gains............... (0.63) (0.42) --
----------- ---------- -------------
TOTAL DISTRIBUTIONS........................... (0.63) (0.42) (0.01)
----------- ---------- -------------
CHANGE IN NET ASSET VALUE......................... 3.46 5.12 2.16
----------- ---------- -------------
NET ASSET VALUE, END OF PERIOD.................... $20.74 $17.28 $ 12.16
=========== ========== =============
Total return...................................... 23.72%(2) 45.62% 21.75%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)............. $48,737 $21,857 $7,897
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (3).......................... 1.05%(1) 1.05% 1.05%(1)
Net investment income (loss).................... (0.28)%(1) (0.33)% 0.15%(1)
Portfolio turnover rate........................... 76%(2) 169% 127%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.27%
2.04% and 2.82% for the periods ended June 30, 2000, December 31, 1999 and
1998, respectively.
(4) Computed using average shares outstanding.
See Notes to Financial Statements
82
<PAGE>
PHOENIX-SENECA STRATEGIC THEME SERIES
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
COMMON STOCKS--85.9%
BIOTECHNOLOGY--0.8%
MedImmune, Inc. (b)..................................................... 24,480 $ 1,811,520
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--5.2%
AMFM, Inc. (b).......................................................... 95,000 6,555,000
EchoStar Communications Corp. (b)....................................... 183,600 6,078,881
------------
12,633,881
------------
COMMUNICATIONS EQUIPMENT--9.4%
Corning, Inc............................................................ 48,220 13,013,372
General Motors Corp. Class H (b)........................................ 86,000 7,546,500
Scientific-Atlanta, Inc................................................. 33,390 2,487,555
------------
23,047,427
------------
COMPUTERS (HARDWARE)--15.0%
Alteon Websystems, Inc. (b)............................................. 72,820 7,286,551
Copper Mountain Networks, Inc. (b)...................................... 76,000 6,697,500
Extreme Networks, Inc. (b).............................................. 102,930 10,859,115
Sun Microsystems, Inc. (b).............................................. 130,000 11,821,875
------------
36,665,041
------------
COMPUTERS (SOFTWARE & SERVICES)--2.4%
Mercury Interactive Corp. (b)........................................... 61,550 5,954,962
------------
ELECTRONICS (INSTRUMENTATION)--0.5%
PE Corp.-PE Biosystems Group............................................ 20,000 1,317,500
------------
ELECTRONICS (SEMICONDUCTORS)--15.5%
Analog Devices, Inc. (b)................................................ 114,000 8,664,000
Fairchild Semiconductor Corp. Class A (b)............................... 221,000 8,950,500
Intel Corp.............................................................. 83,900 11,216,381
LSI Logic Corp. (b)..................................................... 166,440 9,008,565
------------
37,839,446
------------
ENTERTAINMENT--2.4%
Viacom, Inc. Class B (b)................................................ 87,000 5,932,312
------------
EQUIPMENT (SEMICONDUCTORS)--8.4%
Applied Materials, Inc. (b)............................................. 141,800 12,850,625
Teradyne, Inc. (b)...................................................... 105,200 7,732,200
------------
20,582,825
------------
FINANCIAL (DIVERSIFIED)--5.4%
Citigroup, Inc.......................................................... 93,430 5,629,158
Morgan Stanley Dean Witter & Co......................................... 92,200 7,675,650
------------
13,304,808
------------
OIL & GAS (DRILLING & EQUIPMENT)--14.1%
Halliburton Co.......................................................... 164,580 7,766,119
<CAPTION>
SHARES VALUE
------------ --------------
<S> <C> <C> <C>
OIL & GAS (DRILLING & EQUIPMENT)--CONTINUED
Nabors Industries, Inc. (b)............................................. 225,000 $ 9,351,563
Rowan Companies, Inc. (b)............................................... 245,000 7,441,875
Santa Fe International Corp............................................. 200,000 6,987,500
Weatherford International, Inc. (b)..................................... 75,000 2,985,938
------------
34,532,995
------------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--6.8%
Nextel Communications, Inc. Class A (b)................................. 129,840 7,944,585
Sprint Corp. (PCS Group) (b)............................................ 144,000 8,568,000
------------
16,512,585
------------
TOTAL COMMON STOCKS
(Identified cost $139,952,459)........................................................ 210,135,302
------------
FOREIGN COMMON STOCKS--9.7%
COMMUNICATIONS EQUIPMENT--9.7%
Nokia Oyj Sponsored ADR (Finland)....................................... 230,080 11,489,620
Nortel Networks Corp. (Canada).......................................... 180,000 12,285,000
------------
23,774,620
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $9,312,687).......................................................... 23,774,620
------------
TOTAL LONG-TERM INVESTMENTS--95.6%
(Identified cost $149,265,146)........................................................ 233,909,922
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
------------ ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--5.5%
COMMERCIAL PAPER--5.5%
Asset Securitization Cooperative Corp. 6.95% 7/3/00....... A-1+ $ 1,410 1,409,456
SBC Communications, Inc. 6.95% 7/3/00..................... A-1+ 4,385 4,383,307
General Electric 6.70%, 7/5/00............................ A-1+ 3,460 3,457,424
Private Export Funding Corp. 6.52%, 7/14/00............... A-1+ 2,285 2,279,620
Honeywell International 6.61%, 7/17/00.................... A-1 1,500 1,495,593
General Electric 6.60%, 7/18/00........................... A-1+ 365 363,863
------------
13,389,263
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $13,389,263)......................................................... 13,389,263
------------
TOTAL INVESTMENTS--101.1%
(Identified cost $162,654,409)........................................................ 247,299,185(a)
Cash and receivables, less liabilities--(1.1%)........................................ (2,761,134)
------------
NET ASSETS--100.0%...................................................................... $244,538,051
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $85,403,858 and gross
depreciation of $759,082 for federal income tax purposes. At June 30, 2000,
the aggregate cost of securities for federal income tax purpose was
$162,654,409.
(b) Non-income producing.
See Notes to Financial Statements
83
<PAGE>
PHOENIX-SENECA STRATEGIC THEME SERIES
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value (Identified cost
$162,654,409)............................................. $ 247,299,185
Receivables
Investment securities sold................................ 4,765,767
Fund shares sold.......................................... 252,142
Dividends and interest.................................... 9,369
Prepaid expenses............................................ 728
-------------
Total assets............................................ 252,327,191
-------------
LIABILITIES
Payables
Custodian................................................. 1,007
Investment securities purchased........................... 7,482,219
Fund shares repurchased................................... 56,896
Investment advisory fee................................... 148,771
Financial agent fee....................................... 19,672
Trustees' fee............................................. 3,041
Accrued expenses............................................ 77,534
-------------
Total liabilities....................................... 7,789,140
-------------
NET ASSETS.................................................. $ 244,538,051
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest.......... $ 162,212,224
Undistributed net investment loss......................... (404,394)
Accumulated net realized loss............................. (1,914,555)
Net unrealized appreciation............................... 84,644,776
-------------
NET ASSETS.................................................. $ 244,538,051
=============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization................................... 10,468,031
=============
Net asset value and offering price per share................ $ 23.36
=============
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest.................................................. $ 406,037
Dividends................................................. 197,494
Foreign taxes withheld.................................... (8,135)
-------------
Total investment income................................. 595,396
-------------
EXPENSES
Investment advisory fee................................... 814,314
Financial agent fee....................................... 118,288
Custodian................................................. 26,192
Printing.................................................. 20,387
Professional.............................................. 13,146
Trustees.................................................. 2,604
Miscellaneous............................................. 4,859
-------------
Total expenses.......................................... 999,790
-------------
NET INVESTMENT LOSS......................................... (404,394)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities........................... 2,414,578
Net change in unrealized appreciation (depreciation) on
investments............................................. 26,869,185
-------------
NET GAIN ON INVESTMENTS..................................... 29,283,763
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ 28,879,369
=============
</TABLE>
See Notes to Financial Statements
84
<PAGE>
PHOENIX-SENECA STRATEGIC THEME SERIES
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
(UNAUDITED) 12/31/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss).............................. $ (404,394) $ (202,770)
Net realized gain (loss).................................. 2,414,578 13,199,048
Net change in unrealized appreciation (depreciation)...... 26,869,185 42,719,485
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.............................................. 28,879,369 55,715,763
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income..................................... -- --
Net realized gains........................................ -- (17,567,336)
In excess of net realized gains........................... -- (4,126,364)
Tax return of capital..................................... -- (3,466,970)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ -- (25,160,670)
------------- -------------
FROM SHARE TRANSACTIONS
Proceeds from sales of shares (2,640,866 and 4,545,105
shares, respectively)................................... 59,363,677 81,164,325
Net asset value of shares issued from reinvestment of
distributions (0 and 1,301,555 shares, respectively).... -- 25,160,670
Cost of shares repurchased (950,325 and 1,945,704 shares,
respectively)........................................... (21,055,725) (34,627,074)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS............................................ 38,307,952 71,697,921
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS..................... 67,187,321 102,253,014
NET ASSETS
Beginning of period....................................... 177,350,730 75,097,716
------------- -------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($404,394) AND
$0, RESPECTIVELY)....................................... $ 244,538,051 $ 177,350,730
============= =============
</TABLE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, FROM INCEPTION
6/30/00 ---------------------------------- 1/29/96 TO
(UNAUDITED) 1999 1998 1997 12/31/96
----------- ---------- -------- -------- --------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 20.21 $ 15.40 $ 11.32 $ 10.98 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)............... (0.04) -- 0.01 0.05 0.04
Net realized and unrealized gain (loss).... 3.19 8.19 5.03 1.82 0.99
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS......... 3.15 8.19 5.04 1.87 1.03
------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income....... -- -- (0.01) (0.05) (0.04)
Dividends from net realized gains.......... -- (2.36) (0.95) (1.16) --
In excess of net realized gains............ -- (0.55) -- (0.31) --
Tax return of capital...................... -- (0.47) -- (0.01) (0.01)
------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS...................... -- (3.38) (0.96) (1.53) (0.05)
------- ------- ------- ------- -------
CHANGE IN NET ASSET VALUE.................... 3.15 4.81 4.08 0.34 0.98
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD............... $ 23.36 $ 20.21 $ 15.40 $ 11.32 $ 10.98
======= ======= ======= ======= =======
Total return................................. 15.62%(2) 54.98% 44.69% 17.16% 10.33%(2)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)........ $244,538 $177,351 $75,098 $47,620 $25,972
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3)...................... 0.92%(1) 0.97% 0.99% 1.00% 1.00%(1)
Net investment income (loss)............... (0.37)%(1) (0.18)% (0.01)% 0.42% 0.64%(1)
Portfolio turnover rate...................... 38%(2) 150% 364% 642% 391%(2)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.14%, and
1.28% for the periods ended December 31, 1997 and 1996, respectively.
See Notes to Financial Statements
85
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
(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 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, PHL Variable Universal Life Account, Phoenix Life and Annuity
Variable Universal Life Account, and Phoenix Home Life Separate Accounts B, C
and D.
The Fund is comprised of 21 Series each having a distinct investment
objective. The Phoenix-Aberdeen International Series seeks 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-Bankers Trust Dow 30 Series seeks to track the total return of the
Dow Jones Industrial Average-SM- before fund expenses. The Phoenix-Duff &
Phelps Real Estate Securities 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 Capital Growth Series seeks to
achieve intermediate and long-term growth of capital, with income as a
secondary consideration. 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-Federated U.S. Government Bond Series pursues total
return by investing primarily in debt obligations of the U.S. government, its
agencies and instrumentalities. 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-Hollister Value Equity Series seeks to achieve long-term capital
appreciation, with income as a secondary consideration, by investing in a
diversified portfolio of common stocks which meet certain quantitative
standards that indicate above average financial soundness and intrinsic
value. The Phoenix-J.P. Morgan 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-Janus Equity Income Series seeks current income and long-term growth
of capital. The Phoenix-Janus Flexible Income Series seeks to obtain maximum
total return, consistent with preservation of capital. The Phoenix-Janus
Growth Series seeks long-term growth of capital in a manner consistent with
the preservation of capital. The Phoenix-Morgan Stanley Focus Equity
Series seeks capital appreciation by investing primarily in equity
securities. The Phoenix-Oakhurst Balanced Series seeks to provide reasonable
income, long-term growth and conservation of capital. The Phoenix-Oakhurst
Growth and Income Series seeks dividend growth, current income and capital
appreciation by investing in common stocks. The Phoenix-Oakhurst Strategic
Allocation Series seeks a high total return over an extended period of time,
consistent with prudent investment risk, by investing in three market
segments: stocks, bonds and money market instruments. The Phoenix-Schafer
Mid-Cap Value Series seeks long-term capital appreciation with current income
as the secondary investment objective by investing in common stocks of
established companies having strong financial position and a low stock market
valuation at the time of purchase. 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. The Phoenix-Seneca 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.
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 accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses. Actual results could differ from those estimates.
A. SECURITY VALUATION
Equity securities are valued at the last sale price, or if there had been no
sale that day, at the last bid price. Debt securities are valued on the basis
of broker quotations or valuations provided by a pricing service which
utilizes information with respect to recent sales, market transactions in
comparable securities, quotations from dealers, and various relationships
between securities in determining value. Short-term investments having a
remaining maturity of 60 days or less are valued at amortized cost which
approximates market. All other securities and assets are valued at their fair
value as determined in good faith by or under the direction of the Trustees.
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
86
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 2000
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.
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-Aberdeen International Series, Phoenix-Hollister Value Equity
Series, Phoenix-Oakhurst Balanced Series, Phoenix-Oakhurst Growth and Income
Series, Phoenix-Oakhurst Strategic Allocation Series, Phoenix-Seneca Mid-Cap
Growth Series, Phoenix-Aberdeen New Asia Series, Phoenix-Federated U.S.
Government Bond Series and Phoenix-Morgan Stanley Focus Equity 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
87
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 2000
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.
L. SWAP AGREEMENTS
The Fund may invest in swap agreements for the purpose of hedging against
changes in interest rates or foreign currencies. Swap agreements involve the
exchange by the Series with another party of their respective commitments to
pay or receive interest, (e.g., an exchange of floating rate payments for
fixed rate payments) with respect to a notional amount of principal. Swaps
are marked to market daily based upon quotations from market makers and the
change, if any, is recorded as an unrealized gain or loss in the Statement of
Operations. Net payments of interest are recorded as interest income.
Entering into these agreements involves, to varying degrees, elements of
credit and market risk in excess of the amounts recognized on the Statement
of Assets and Liabilities. Such risks involve the possibility that there will
be no liquid market for these agreements, that the counterparty to the
agreement may default on its obligation to perform and that there may be
unfavorable changes in the fluctuation of interest and/or exchange rates.
NOTE 3--INVESTMENT ADVISORY FEES AND RELATED PARTY TRANSACTIONS
The Advisers to the Fund are Phoenix Investment Counsel, Inc. ("PIC"),
Phoenix Variable Advisors, Inc. ("PVA"), Phoenix-Aberdeen International
Advisors, LLC ("PAIA"), and Duff & Phelps Investment Management Co. ("DPIM").
As a compensation for their 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 OVER
SERIES ADVISER $250 MILLION $250 MILLION $500 MILLION
------ ------------- -------------- ------------- -----------------
<S> <C> <C> <C> <C>
Phoenix-Aberdeen International.................... PIC 0.75% 0.70% 0.65%
Phoenix-Aberdeen New Asia......................... PAIA 1.00 1.00 1.00
Phoenix-Bankers Trust Dow 30...................... PVA 0.35 0.35 0.35
Phoenix-Engemann Capital Growth................... PIC 0.70 0.65 0.60
Phoenix-Engemann Nifty Fifty...................... PIC 0.90 0.85 0.80
Phoenix-Federated U.S. Government Bond............ PVA 0.60 0.60 0.60
Phoenix-Goodwin Money Market...................... PIC 0.40 0.35 0.30
Phoenix-Goodwin Multi-Sector Fixed Income......... PIC 0.50 0.45 0.40
Phoenix-Hollister Value Equity.................... PIC 0.70 0.65 0.60
Phoenix-J.P. Morgan Research Enhanced Index....... PVA 0.45 0.45 0.45
Phoenix-Janus Equity Income....................... PVA 0.85 0.85 0.85
Phoenix-Janus Flexible Income..................... PVA 0.80 0.80 0.80
Phoenix-Janus Growth.............................. PVA 0.85 0.85 0.85
Phoenix-Morgan Stanley Focus Equity............... PVA 0.85 0.85 0.85
Phoenix-Oakhurst Balanced......................... PIC 0.55 0.50 0.45
Phoenix-Oakhurst Growth and Income................ PIC 0.70 0.65 0.60
Phoenix-Oakhurst Strategic Allocation............. PIC 0.60 0.55 0.50
Phoenix-Schafer Mid-Cap Value..................... PVA 1.05 1.05 1.05
Phoenix-Seneca Mid-Cap Growth..................... PIC 0.80 0.80 0.80
Phoenix-Seneca Strategic Theme.................... PIC 0.75 0.70 0.65
<CAPTION>
RATE FOR FIRST RATE FOR NEXT RATE FOR OVER
$1 BILLION $1 BILLION $2 BILLION
-------------- ------------- -----------------
<S> <C> <C> <C> <C>
Phoenix-Duff & Phelps Real Estate Securities...... DPIM 0.75 0.70 0.65
</TABLE>
88
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 2000
Effective November 22, 1999 PVA was appointed Adviser to the Phoenix-Schafer
Mid-Cap Value Series and Phoenix-J.P. Morgan Research Enhanced Index Series.
Pursuant to a subadvisory agreement with the Fund, certain advisers delegate
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 the respective adviser.
<TABLE>
<CAPTION>
SERIES SUBADVISER
------ ----------
<S> <C>
Phoenix-Aberdeen International Aberdeen Fund Managers, Inc. ("Aberdeen")
Phoenix-Bankers Trust Dow 30 Bankers Trust Company ("Bankers Trust")
Phoenix-Engemann Capital Growth Roger Engemann & Associates ("Engemann")
Phoenix-Engemann Nifty Fifty Roger Engemann & Associates ("Engemann")
Phoenix-Federated U.S. Government Bond Federated Investment Management Company ("Federated")
Phoenix-J.P. Morgan Research Enhanced Index J.P. Morgan Investments Management, Inc. ("J.P. Morgan")
Phoenix-Janus Equity Income Janus Capital Corporation ("Janus")
Phoenix-Janus Flexible Income Janus Capital Corporation ("Janus")
Phoenix-Janus Growth Janus Capital Corporation ("Janus")
Phoenix-Morgan Stanley Focus Equity Morgan Stanley Asset Management ("MSAM")
Phoenix-Schafer Mid-Cap Value Schafer Capital Management, Inc. ("Schafer")
Phoenix-Seneca Mid-Cap Growth Seneca Capital Management, LLC ("Seneca")
Phoenix-Seneca Strategic Theme Seneca Capital Management, LLC ("Seneca")
</TABLE>
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%.
Pursuant to subadvisory agreements with the Fund, the subadvisors are paid
monthly fees as follows. 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, 0.45% of such values between
$250,000,000 and $500,000,000, and 0.40% of such values in excess of
$500,000,000. Engemann is also paid a monthly fee at the annual rate of 0.10%
of the average aggregate daily net assets values of the Phoenix-Engemann
Capital Growth Series up to $3 billion and 0.30% of such values in excess of
$3 billion. Seneca is paid a 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 and 0.10% of the average aggregate daily net assets values of the
Phoenix-Seneca Strategic Theme Series up to $201 million, 0.375% for next
$799 million, 0.35% for next $1 billion, and 0.325% of such values in excess
of $2 billion. 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-J.P. Morgan
Research Enhanced Index Series up to $100 million and 0.20% of such value in
excess of $100 million. Bankers Trust is paid a monthly fee at the annual
rate of 0.10% of the average aggregate daily net assets of the
Phoenix-Bankers Trust Dow 30 Series, subject to a $100,000 annual minimum.
Federated is paid a monthly fee at the annual rate of 0.30% of the average
aggregate daily assets of the Phoenix-Federated U.S. Government Bond Series
up to $25 million, 0.25% on the next $25 million and 0.20% on the next $50
million. The fee is negotiable on amounts over $50 billion. Janus is paid a
monthly fee at the annual rate of 0.55% of the average aggregate daily assets
of each of (calculated separately, not in the aggregate) the Phoenix-Janus
Equity Income Series, the Phoenix-Janus Flexible Income Series and the
Phoenix-Janus Growth Series up to $100 million, 0.50% of such values between
$100 million and $500 million, and 0.45% of such values in excess of $500
million. MSAM is paid a monthly fee at the annual rate of 0.55% of the
average aggregate daily assets of the Phoenix-Morgan Stanley Focus Equity
Series up to $150 million, 0.45% of such value between $150 million and $300
million, and 0.40% of such value in excess of $300 million. 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.
The investment adviser for the Phoenix-Duff & Phelps Real Estate Securities
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-Aberdeen New
Asia, Phoenix-Duff & Phelps Real Estate, Phoenix-J.P. Morgan Research
Enhanced Index, Phoenix-Seneca Mid-Cap Growth, and Phoenix-Seneca Strategic
Theme Series) pays a
89
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 2000
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-Aberdeen New Asia,
Phoenix-Duff & Phelps Real Estate, Phoenix-J.P. Morgan Research Enhanced
Index, Phoenix-Seneca Mid-Cap Growth, and Phoenix-Seneca Strategic Theme
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 PHL
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.
For the six months ended June 30, 2000, the Fund paid PXP Securities Corp., a
wholly owned subsidiary of Phoenix, brokerage commissions of $76,517 in
connection with portfolio transactions effected by it.
At June 30, 2000, Phoenix and affiliates held shares in The Phoenix Edge
Series Fund which had the following aggregate value:
<TABLE>
<S> <C>
Phoenix-Aberdeen New Asia Series................. $1,336,493
Phoenix-Bankers Trust Dow 30 Series.............. 4,637,821
Phoenix-Federated US Government Bond Series...... 5,284,400
Phoenix-Janus Equity Income Series............... 2,119,206
Phoenix-Janus Flexible Income Series............. 5,006,667
Phoenix-Morgan Stanley Focus Equity Series....... 5,548,235
Phoenix-Schafer Mid-Cap Value Series............. 1,501,217
</TABLE>
The Adviser voluntarily contributed capital to the Phoenix-Engemann Capital
Growth Series in the amount of $1,142,985 as disclosed in the statement of
changes. This contribution offset losses realized on the sale of certain
securities by the Series. The Adviser received no shares of beneficial
interest or other consideration in exchange for this contribution which
increased the net asset value of the Series.
NOTE 4--PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities during the six months ended June 30, 2000
(excluding U.S. Government securities, short-term securities, options written
and forward currency contracts) aggregated to the following amounts:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------- --------------
<S> <C> <C>
Phoenix-Aberdeen International
Series............................... $ 97,142,155 $ 108,904,758
Phoenix-Aberdeen New Asia Series....... 6,385,360 6,011,367
Phoenix-Bankers Trust Dow 30 Series.... 14,500,220 6,472,810
Phoenix-Duff & Phelps Real Estate
Securities Series.................... 1,726,295 3,786,774
Phoenix-Engemann Capital Growth
Series............................... 945,850,445 1,111,256,010
Phoenix-Engemann Nifty Fifty Series.... 55,630,961 37,915,883
Phoenix-Goodwin Multi-Sector Fixed
Income Series........................ 89,036,259 75,630,897
Phoenix-Hollister Value Equity
Series............................... 26,647,780 19,405,710
Phoenix-J.P. Morgan Research Enhanced
Index Series......................... 32,542,783 34,984,460
Phoenix-Janus Equity Income Series..... 9,561,116 2,199,921
Phoenix-Janus Flexible Income Series... 8,491,185 3,763,087
Phoenix-Janus Growth Series............ 46,641,201 818,251
Phoenix-Morgan Stanley Focus Equity
Series............................... 5,318,462 3,135,224
Phoenix-Oakhurst Balanced Series....... 82,169,248 103,082,973
Phoenix-Oakhurst Growth and Income
Series............................... 38,583,315 31,553,941
Phoenix-Oakhurst Strategic Allocation
Series............................... 117,991,456 145,455,982
Phoenix-Schafer Mid-Cap Value Series... 1,300,155 523,962
Phoenix-Seneca Mid-Cap Growth Series... 45,990,355 25,591,722
Phoenix-Seneca Strategic Theme
Series............................... 115,424,741 78,091,741
</TABLE>
There were no purchases or sales of such securities in the Phoenix-Goodwin
Money Market Series.
Purchases and sales of long-term U.S. Government securities during the six
months ended June 30, 2000 aggregated to the following amounts:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------- --------------
<S> <C> <C>
Phoenix-Federated U.S. Government
Bond Series........................ $ 1,483,589 $ 60,332
Phoenix-Goodwin Multi-Sector Fixed
Income Series...................... 32,627,971 49,982,809
Phoenix-J.P. Morgan Research Enhanced
Index Series....................... 19,919 --
Phoenix-Janus Flexible Income
Series............................. 1,519,898 625,875
Phoenix-Oakhurst Balanced Series..... 4,490,111 14,041,917
Phoenix-Oakhurst Strategic Allocation
Series............................. 12,184,398 30,673,608
</TABLE>
90
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 2000
At June 30, 2000, the following Series have entered into futures contracts as
follows:
<TABLE>
<CAPTION>
VALUE OF NET
NUMBER CONTRACTS MARKET UNREALIZED
OF WHEN VALUE OF APPRECIATION
CONTRACTS OPENED CONTRACTS (DEPRECIATION)
--------- ---------- ---------- --------------
<S> <C> <C> <C> <C>
Phoenix-J.P. Morgan Research Enhanced
Index Series
Standard & Poor's 500 Index............ 1 $ 373,850 $ 367,025 $ (6,825)
Standard & Poor's 500 Index............ 1 373,862 367,025 (6,837)
Standard & Poor's 500 Index............ 2 733,650 734,050 400
Standard & Poor's 500 Index............ 1 374,413 367,025 (7,388)
Standard & Poor's 500 Index............ 1 373,250 367,025 (6,225)
--- ---------- ---------- --------
6 $2,229,025 $2,202,150 $(26,875)
=== ========== ========== ========
Phoenix-Bankers Trust Dow 30 Series
Dow Jones Industrial Average Index..... 1 $ 107,380 $ 105,500 $ (1,880)
--- ---------- ---------- --------
1 $ 107,380 $ 105,500 $ (1,880)
=== ========== ========== ========
</TABLE>
At June 30, 2000, the Phoenix-Goodwin Multi-Sector Fixed Income Series had
the following swap agreements outstanding:
<TABLE>
<CAPTION>
UNREALIZED
APPRECIATION
NOTIONAL AMOUNT (DEPRECIATION)
--------------------- --------------
<C> <S> <C>
1,000,000 Agreement with Morgan Stanley Dean Witter terminating on
February 1, 2010 to receive interest at 13.20% in exchange
for payment of 11.25% on EUR 1,000,000 $ 99,000
1,750,000 Agreement with Morgan Stanley Dean Witter terminating on
March 15, 2008 to receive interest at 12.82% in exchange for
payment of 10.75% on EUR 1,750,000 89,218
750,000 Agreement with Morgan Stanley Dean Witter terminating on
March 30, 2005 to receive interest at 13.95% in exchange for
payment of 11.625% on EUR 750,000 22,875
--------
$211,093
========
</TABLE>
NOTE 5--FORWARD CURRENCY CONTRACTS
As of June 30, 2000, Phoenix-Goodwin Multi-Sector Fixed Income Series had
entered into the following forward currency contract which contractually
obligate the Series to deliver currencies at specified dates:
<TABLE>
<CAPTION>
NET
UNREALIZED
SETTLEMENT APPRECIATION
CONTRACTS TO DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
-------------------- ---------------- ----------- ----------- --------------
<S> <C> <C> <C> <C>
EUR (4,933,000) US$ (4,767,745) 06/07/01 $(4,717,166) $50,579
</TABLE>
EUR = Euro
US$ = U.S. Dollar
NOTE 6--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 7--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.
91
<PAGE>
THE PHOENIX EDGE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 2000
NOTE 8--CAPITAL LOSS CARRYOVERS
The following Series have capital loss carryovers which may be used to offset
future capital gains.
<TABLE>
<CAPTION>
PHOENIX-DUFF &
PHOENIX- PHOENIX-GOODWIN PHELPS REAL
ENGEMANN NIFTY MULTI-SECTOR FIXED PHOENIX-ABERDEEN ESTATE SECURITIES
FIFTY SERIES INCOME SERIES NEW ASIA SERIES SERIES
---------------- ------------------ ------------------ -----------------
<S> <C> <C> <C> <C>
EXPIRATION DATE
2006......................................... $ 30,157 $ 566,989 $2,631,182 $ 113,500
2007......................................... 590,466 15,302,813 -- 1,937,971
-------- ----------- ---------- ----------
Total........................................ $620,623 $15,869,802 $2,631,182 $2,051,471
======== =========== ========== ==========
<CAPTION>
PHOENIX-SCHAFER
MID-CAP VALUE
SERIES
----------------
<S> <C>
EXPIRATION DATE
2006......................................... $ 285,733
2007......................................... 715,167
----------
Total........................................ $1,000,900
==========
</TABLE>
The following Series utilized losses deferred in prior years against 1999
capital gains as follows:
<TABLE>
<CAPTION>
SERIES
------
<S> <C>
Phoenix-Aberdeen New Asia................................... $218,888
Phoenix-Hollister Value Equity.............................. 104,908
Phoenix-Oakhurst Growth and Income.......................... 349,419
Phoenix-Seneca Mid-Cap Growth............................... 164,133
</TABLE>
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 year ended December 31, 1999, the following
Series deferred post-October losses as follows:
<TABLE>
<S> <C>
Phoenix-Aberdeen International
Series............................... $ 82,444
Phoenix-Duff & Phelps Real Estate
Securities Series.................... 1,356,700
Phoenix-Engemann Nifty Fifty Series.... 72,456
Phoenix-Goodwin Multi-Sector Fixed
Income Series........................ 783,822
Phoenix-Hollister Value Equity
Series............................... 8,076
Phoenix-Schafer Mid-Cap Value Series... 161,095
Phoenix-Seneca Mid-Cap Growth Series... 19,622
Phoenix-Seneca Strategic Theme
Series............................... 4,329,135
</TABLE>
For the year ended December 31, 1999, prior year capital losses deferred were
utilized as follows:
<TABLE>
<S> <C>
Phoenix-Aberdeen New Asia Series....... $ 496,277
Phoenix-Goodwin Multi-Sector Fixed
Income Series........................ 5,850,283
Phoenix-Schafer Mid-Cap Value Series... 55,831
</TABLE>
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.
92
<PAGE>
THE PHOENIX EDGE SERIES FUND
101 Munson Street
Greenfield, Massachusetts 01301
BOARD OF TRUSTEES
Frank M. Ellmer, CPA
John Fabian
Eunice Groark
John R. Mallin
Timothy P. Shriver
Simon Y. Tan
OFFICERS
Simon Y. Tan, President
Michael E. Haylon, Executive Vice President
Michael Gilotti, Executive Vice President
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
Ron K. Jacks, Vice President
Christopher J. Kelleher, Vice President
Richard D. Little, Vice President
James E. Mair, Vice President
Chester S. Sokolosky, Vice President
Julie L. Sapia, Vice President
Michael Schatt, Vice President
John S. Tilson, Vice President
Nancy G. Curtiss, Treasurer
Heather N. Leonard, Assistant Treasurer
Jacqueline M. Porter, Assistant Treasurer
Edwin L. Kerr, Secretary
INVESTMENT ADVISERS
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
Duff & Phelps Investment Management Co.
55 East Monroe Street Suite 3600
Chicago, Illinois 60603
Phoenix-Aberdeen International Advisors, LLC
One American Row
Hartford, Connecticut 06102-5056
Phoenix Variable Advisors, Inc.
One American Row
Hartford, Connecticut 06102-5056
CUSTODIANS
The Chase Manhattan Bank
1 Chase Manhattan Plaza
Floor 13B
New York, New York 10081
Brown Brothers Harriman & Co.
40 Water Street
Boston, Massachusetts 02109
State Street Bank and Trust Company
1 Heritage Drive, P2N
North Quincy, Massachusetts 02171
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
<PAGE>
Phoenix Home Life Mutual Insurance Company -----------------
101 Munson Street | PRSRT STD |
P.O. Box 942 | U.S. Postage |
Greenfield, MA 01302-0942 | P A I D |
| Andrew |
| Associates |
-----------------
Phoenix Home Life Mutual Insurance Company
http://www.phl.com
[LOGO] PHOENIX
WEALTH MANAGEMENT-TM-
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