PHOENIX
SEMIANNUAL REPORT
OCTOBER 31, 1995
Phoenix Strategic
Equity Series Fund
Semiannual Report
Phoenix Equity Opportunities Fund
Phoenix Strategic Theme Fund
Phoenix Small Cap Fund
[logo] Phoenix Duff & Phelps
<PAGE>
PHOENIX EQUITY OPPORTUNITIES FUND SERIES
MARKET AND PORTFOLIO REVIEW
Phoenix Equity Opportunities Fund performed well over this reporting period.
For the six months ended October 31, 1995, Class A shares returned 16.89% and
Class B shares returned 16.51%. This compares favorably with the 14.48% gain
of the Standard & Poor's 500 Composite Stock Index for the same period. All
of these figures assume reinvestment of any distributions but exclude the
effect of sales charges.
The Fund's significant exposure to stocks related to our Hybrid Network
theme contributed meaningfully to the performance results. The accelerating
revenue, operating profit and order rate environment for Bay Networks, Cisco
Systems and 3Com produced strong absolute returns from each of our holdings.
Our broad exposure to our 21st Century Medicine theme also contributed
positively to the portfolio.
While the Fund's exposure to technology has ranged between 20% to 40% of the
portfolio over the last six months, the composition of the holdings has
shifted. During the early summer months, holdings in Scientific Atlanta and
General Instruments were eliminated and semiconductor exposure was reduced
substantially. Holdings were shifted into our Hybrid Network theme, along
with increased exposure to Internet related companies, including Netcom and
Sun Microsystems. We believe that the airline industry's long-term
profitability is beginning to improve and we have consequently raised our
exposure in UAL Corporation.
We would like to caution shareholders that the equity returns seen in 1995
are unusually high and expectations for 1996 performance should not be based
on 1995 results. It is our belief that next year will be a highly selective
market and double-digit returns will be more difficult to attain.
INVESTMENTS AT OCTOBER 31, 1995
(Unaudited)
SHARES VALUE
COMMON STOCKS--97.0%
Airlines--6.5%
Delta Airlines, Inc. 65,000 $ 4,265,625
UAL Corp. (b) 50,000 8,793,750
13,059,375
Banks--2.9%
TCF Financial Corp. 100,000 5,875,000
Building & Materials--2.5%
Continental Homes Holding Corp. 250,000 5,125,000
Computer Software & Services--11.7%
Bay Networks, Inc. (b) 100,000 6,625,000
Computervision Corp. (b) 250,000 2,937,500
Dialogic Corp. (b) 100,000 2,900,000
Expert Software, Inc. (b) 15,000 311,250
Fore Systems, Inc. (b) 70,000 3,710,000
NETCOM On-Line Communication
Services, Inc. (b) 125,000 7,281,250
23,765,000
Diversified Financial Services--4.5%
Federal National Mortgage Assoc. (b) 60,000 6,292,500
MGIC Investment Corp. 50,000 2,843,750
9,136,250
Electronics--0.5%
Alliance Semiconductor (b) 30,000 922,500
Healthcare--Drugs--10.7%
Biochem Pharmaceutical, Inc. (b) 170,000 $ 6,502,500
Biogen, Inc. (b) 35,000 2,143,750
Chiron Corp. (b) 25,000 2,275,000
Genzyme Corp. (b) 50,000 2,912,500
Merck & Co., Inc. 100,000 5,750,000
Pfizer, Inc. 35,000 2,008,125
21,591,875
Hospital Management & Services--5.7%
Healthsouth Corp. (b) 100,000 2,612,500
PhyCor, Inc. (b) 90,000 3,307,500
United Dental Care, Inc. (b) 12,000 366,000
United Healthcare Corp. (b) 100,000 5,312,500
11,598,500
Lodging & Restaurants--2.5%
Boston Chicken, Inc. (b) 150,000 5,071,875
Medical Products & Supplies--7.5%
MediSense, Inc. (b) 100,000 2,137,500
Medtronic, Inc. 100,000 5,775,000
Ostex International, Inc. (b) 100,000 2,000,000
St. Jude Medical, Inc. 100,000 5,325,000
15,237,500
Office & Business Equipment--3.9%
Sun Microsystems, Inc. (b) 100,000 7,800,000
1
<PAGE>
Phoenix Equity Opportunities Fund Series
SHARES VALUE
Oil Service & Equipment--2.8%
Global Marine, Inc. (b) 250,000 $ 1,625,000
Sonat Offshore Drilling, Inc. (b) 125,000 3,968,750
5,593,750
Publishing, Broadcasting, Printing & Cable--16.0%
American Radio Systems Corp. (b) 120,000 2,700,000
Clear Channel Communications, Inc.
(b) 60,000 4,920,000
Evergreen Media Corp. (b) 200,000 5,450,000
Lin Television Corporation 125,000 3,578,125
New World Communications Group,
Inc. (b) 115,000 1,897,500
Scholastic Corp. (b) 50,000 3,087,500
SFX Broadcasting, Inc. (b) 100,000 2,700,000
Silver King Communications (b) 75,000 2,193,750
Sinclair Broadcasting Group, Inc. (b) 100,000 2,075,000
Tele-Communications, Inc. (b) 225,000 3,825,000
32,426,875
Retail--1.3%
Staples, Inc. (b) 100,000 2,662,500
Textile & Apparel--5.6%
Nine West Group, Inc. (b) 100,000 4,450,000
Oakley, Inc. (b) 60,000 2,070,000
Tommy Hilfiger Corp. (b) 125,000 4,765,625
11,285,625
Telecommunications Equipment--12.4%
3Com Corp. (b) 80,000 3,760,000
ADC Telecommunications, Inc. (b) 125,000 5,000,000
California Amplifier, Inc. (b) 175,000 4,725,000
Cascade Communications Corp. (b) 50,000 3,562,500
Cisco Systems, Inc. (b) 60,000 4,650,000
Premisys Communications, Inc. (b) 15,000 1,342,500
Renaissance Communications
Corporation (b) 90,000 2,013,750
25,053,750
TOTAL COMMON STOCKS
(Identified cost $172,717,330) $196,205,375
TOTAL LONG-TERM INVESTMENTS--97.0%
(Identified cost $172,717,330) 196,205,375
NUMBER
OF
CONTRACTS
OPTIONS--2.5%
Mid Cap 400 Dec. 200 Puts (b)
500 65,625
Nasdaq 100 Index Put Option
Dec. 590 (b) 1,000 1,600,000
Russell 2000 Index Put Option
March 315 (b) 1,300 2,486,250
S&P 500 March Puts 575 (b) 800 920,000
S&P Mid Cap Dec. 195 Puts (b) 1,000 84,375
TOTAL OPTIONS
(Identified cost $5,676,300) 5,156,250
STANDARD PAR
& POOR'S VALUE
RATING (000)
SHORT-TERM OBLIGATIONS--1.9%
Commercial Paper--1.9%
Mobil Corp. 5.85%,
11-1-95 A-1+ $ 3,905 3,905,000
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $3,905,000) 3,905,000
TOTAL INVESTMENTS--101.4%
(Identified cost $182,298,630) 205,266,625(a)
Cash & receivables, less liabilities--(1.4%) (2,920,507)
NET ASSETS--100.0% $202,346,118
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $27,746,379 and gross
depreciation of $4,778,384 for income tax purposes. At October 31, 1995, the
aggregate cost of securities for federal income tax purposes was
$182,298,630.
(b) Non-income producing.
See Notes to Financial Statements
2
<PAGE>
Phoenix Equity Opportunities Fund Series
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $182,298,630) $205,266,625
Cash 1,037
Receivables
Fund shares sold 12,313,176
Dividends and interest 54,908
Total assets 217,635,746
Liabilities
Payables
Investment securities purchased 14,410,248
Fund shares repurchased 630,582
Investment advisory fee 120,554
Distribution fee 43,649
Financial agent fee 5,167
Transfer agent fee 26,699
Trustees' fee 7,836
Accrued expenses 44,893
Total liabilities 15,289,628
Net Assets $202,346,118
Net Assets Consist of:
Capital paid in on shares of beneficial interest $158,085,713
Accumulated net investment loss (571,567)
Accumulated net realized gains 21,863,977
Net unrealized appreciation 22,967,995
Net Assets $202,346,118
Class A
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$201,377,962) 23,287,438
Net asset value per share $8.65
Offering price per share $8.65/(1-4.75%) $9.08
Class B)
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$968,156) 112,439
Net asset value and offering price per share $8.61
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 1995
(Unaudited)
Investment Income
Dividends $ 451,406
Interest 249,734
Total investment income 701,140
Expenses
Investment advisory fee 693,148
Distribution fee--Class A 246,653
Distribution fee--Class B 3,599
Financial agent fee 29,706
Transfer agent 142,326
Registration 42,574
Professional 32,329
Printing 32,971
Custodian 16,810
Trustees 14,643
Miscellaneous 17,948
Total expenses 1,272,707
Net investment loss (571,567)
Net Realized and Unrealized Gain (Loss) on
Investments
Net realized gain on securities 21,185,702
Net realized loss on options (3,950,892)
Net unrealized appreciation on investments 13,425,137
Net gain on investments 30,659,947
Net increase in net assets resulting from operations $30,088,380
See Notes to Financial Statements
3
<PAGE>
Phoenix Equity Opportunities Fund Series
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
October 31, Year
1995 Ended
(Unaudited) April 30, 1995
<S> <C> <C>
From Operations
Net investment income (loss) $ (571,567) $ 1,073,425
Net realized gain 17,234,810 5,576,553
Net unrealized appreciation 13,425,137 8,679,660
Increase in net assets resulting from operations 30,088,380 15,329,638
From Distributions to Shareholders
Net investment income--Class A -- (1,177,310)
Net realized gains--Class A -- (11,595,466)
Net realized gains--Class B -- (15,203)
Decrease in net assets from distributions to shareholders -- (12,787,979)
From Share Transactions
Class A
Proceeds from sales of shares (907,699 and 6,338,878 shares,
respectively) 7,246,528 46,125,947
Net asset value of shares issued from reinvestment of
distributions (0 and 1,311,412 shares, respectively) -- 8,942,271
Cost of shares repurchased (1,910,473 and 8,806,706 shares,
respectively) (15,533,216) (63,971,908)
Total (8,286,688) (8,903,690)
Class B
Proceeds from sales of shares (61,915 and 115,217 shares,
respectively) 517,490 831,977
Net asset value of shares issued from reinvestment of
distributions (0 and 2,209, respectively) -- 15,023
Cost of shares repurchased (20,528 and 46,374 shares,
respectively) (164,224) (330,625)
Total 353,266 516,375
Decrease in net assets from share transactions (7,933,422) (8,387,315)
Net increase (decrease) in net assets 22,154,958 (5,845,656)
Net Assets
Beginning of period 180,191,160 186,036,816
End of period (including accumulated net investment loss of
($571,567) and
undistributed net investment income of $0, respectively) $202,346,118 $180,191,160
</TABLE>
See Notes to Financial Statements
4
<PAGE>
Phoenix Equity Opportunities Fund Series
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
Six Months
Ended
10/31/95 Year Ended April 30,
(Unaudited) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.40 $ 7.31 $ 9.64 $ 8.59 $ 8.36 $ 7.61
Income from investment operations
Net investment income (loss) (0.02)((4)) 0.04 0.05 0.06 0.11 0.17
Net realized and unrealized gain 1.27 0.58 0.57 1.34 0.71 0.74
Total from investment operations 1.25 0.62 0.62 1.40 0.82 0.91
Less distributions
Dividends from net investment income -- (0.05) (0.05) (0.06) (0.12) (0.16)
Distributions from net realized
gains -- (0.48) (2.90) (0.29) (0.47) --
Total distributions -- (0.53) (2.95) (0.35) (0.59) (0.16)
Change in net asset value 1.25 0.09 (2.33) 1.05 0.23 0.75
Net asset value, end of period $ 8.65 $ 7.40 $ 7.31 $ 9.64 $ 8.59 $ 8.36
Total return((1)) 16.89%((3)) 9.16% 4.99% 16.50% 10.30% 12.16%
Ratios/supplemental data:
Net assets, end of period (thousands) $201,378 $179,666 $186,037 $215,570 $204,792 $213,147
Ratio of average net assets of:
Expenses 1.29%((2)) 1.32% 1.26% 1.35% 1.36% 1.41%
Net investment income (loss) (0.58)%((2)) 0.60% 0.57% 0.67% 1.29% 2.19%
Portfolio turnover 288%((2)) 358% 167% 31% 73% 95%
</TABLE>
Class B
Six
Months From
Ended Inception
10/31/95 7/19/94 to
(Unaudited) 4/30/95
Net asset value, beginning of period $ 7.39 $ 7.28
Income from investment operations
Net investment income (loss) (0.04)(
(4)) 0.00
Net realized and unrealized gain 1.26 0.59
Total from investment operations 1.22 0.59
Less distributions
Dividends from net investment income -- --
Distributions from net realized
gains -- (0.48)
Total distributions -- (0.48)
Change in net asset value 1.22 0.11
Net asset value, end of period $ 8.61 $ 7.39
Total return((1)) 16.51%((3)) 8.69%((3))
Ratios/supplemental data:
Net assets, end of period (thousands) $ 968 $ 525
Ratio of average net assets of:
Expenses 2.04%((2)) 2.15%((2))
Net investment income (loss) (0.98)%((2)) (0.06)%((2))
Portfolio turnover 288%((2)) 358%
((1)) Maximum sales charge is not reflected in total return calculation.
((2)) Annualized.
((3)) Not annualized.
((4)) Computed using the average number of shares outstanding during the
period.
See Notes to Financial Statements
5
<PAGE>
PHOENIX STRATEGIC THEME FUND SERIES
MARKET AND PORTFOLIO REVIEW
Phoenix Strategic Theme Fund, one of our newest equity offerings, seeks
long-term appreciation of capital by investing in securities benefiting from
key trends in the U.S. and abroad. We select stocks for their potential to
capitalize on key investment themes that arise from social, economic and
lifestyle changes. Phoenix identifies strategic themes with life cycles of
five years or more, and more focused tactical themes of two to three years.
Our research focuses on discovering themes early, before they attract
widespread investor attention. We scrutinize companies for quality
management, earnings growth, and theme potential.
Because the Fund was launched on October 16, 1995--very near the end of
this six-month reporting period--this commentary covers only two weeks of
portfolio activity. During this period, we began building the portfolio to
reflect a number of the compelling investment themes we have identified,
including the Internet Connection, 21st Century Medicine, Farming for Yield,
Hybrid Network and Move to Outsourcing. These themes are represented by such
stocks as America On-Line, Genzyme, Potash, Bay Networks and Alternative
Resources.
The Fund performed solidly during its initial two weeks. From its
inception on October 16, 1995 through October 31, 1995, Class A and B shares
returned 0.10%. This compares favorably to the -0.46% return of its
benchmark, the S&P 500 Index. All of these figures assume reinvestment of any
distributions but exclude the effect of sales charges.
Outlook
As the end of 1995 approaches, the economy appears to show signs of further
slowing. Accordingly, we will continue to look for companies with exceptional
growth potential. We also expect to see increased market volatility in 1996,
which may provide opportunities to add to portfolio holdings at attractive
prices. Finally, we are increasing holdings in smaller cap issues, given our
view that the small cap market will assume leadership in 1996.
[pie chart]
Deregulating Financial Services 7.6%
Farming for Yield 11.9%
Move to Outsourcing 5.8%
Special Situations 7.9%
21st Century Medicine 15.5%
Casual Consumer 6.8%
Short-term Obligations and Cash 44.5%
6
<PAGE>
Phoenix Strategic Theme Fund Series
INVESTMENTS AT OCTOBER 31, 1995
(Unaudited)
SHARES VALUE
COMMON STOCKS--52.4%
Agricultural Operations--2.0%
Pioneer Hi Bred International, Inc. 5,000 $ 248,125
Chemicals--Basic--1.7%
Monsanto Co. 2,000 209,500
Chemicals--Fertilizer--4.9%
Arcadian Corp. 10,000 206,250
Mississippi Chemical Corp. 17,000 410,125
616,375
Chemicals--Specialty--2.2%
Cytec Industries, Inc. (b) 5,000 273,750
Commercial Services--Miscellaneous--3.8%
Olsten Corp. 2,500 96,250
Paychex, Inc. 5,000 216,875
Robert Half International, Inc. (b) 4,500 164,250
477,375
Commercial Services--Security/Safety--1.1%
ADT Ltd. (b) 10,300 144,200
Computer--Integrated Systems--2.3%
Medic Computer Systems, Inc. (b) 5,400 287,550
Computer--Local Networks--1.5%
3Com Corp. (b) 4,000 188,000
Computer--Peripheral Equipment--1.1%
Bolt Beranek & Newman, Inc. (b) 4,400 135,850
Computer--Services--6.3%
Ceridian Corp. (b) 2,200 95,700
DST Systems, Inc. (b) 12,000 252,000
HBO & Co. (b) 6,300 445,725
793,425
Cosmetics/Personal Care--1.4%
General Nutrition Companies, Inc. (b) 7,000 174,125
Finance--Investment Bankers--4.2%
Donaldson Lufkin & Jenrette (b) 13,000 386,750
The Charles Schwab Corp. 5,900 134,963
521,713
Financial Services--Miscellaneous--2.3%
First Data Systems Corp. 2,300 152,088
SunAmerica, Inc. 2,200 136,950
289,038
Food--Flour & Grain--2.2%
IMC Global, Inc. 4,000 $ 280,000
Insurance--Diversified--1.1%
Travelers Group, Inc. (b) 2,800 141,400
Insurance--Property/Casualty/Title--1.2%
Allstate Corp. 4,000 147,000
Medical--Biomed/Genetics--4.8%
Amgen, Inc. (b) 6,000 288,000
Biogen, Inc. (b) 5,000 306,250
594,250
Medical--Generic Drugs--2.4%
Watson Pharmaceuticals, Inc. (b) 6,800 304,300
Medical--Nursing Homes--1.2%
Manor Care, Inc. 4,500 147,375
Medical--Output/Home Care--1.3%
PhyCor, Inc. (b) 4,500 165,375
Retail--Miscellaneous/Diversified--1.1%
Barnes & Noble, Inc. (b) 3,600 131,400
Retail/Wholesale Office Supply--2.3%
Office Depot, Inc. (b) 5,000 143,125
Staples, Inc. (b) 5,500 146,437
289,562
TOTAL COMMON STOCKS
(Identified cost $6,611,536) 6,559,688
FOREIGN COMMON STOCKS--3.1%
Leisure--Products--2.0%
De Rigo S.P.A. ADR (Italy) (b) 12,000 247,500
Chemicals--Fertilizer--1.1%
Potash Corp. of Saskatchewan, Inc.
(Canada) 2,000 139,250
TOTAL FOREIGN COMMON STOCKS
(Identified cost $325,712) 386,750
TOTAL LONG-TERM INVESTMENTS--55.5%
(Identified cost $6,937,248) 6,946,438
See Notes to Financial Statements
7
<PAGE>
Phoenix Strategic Theme Fund Series
STANDARD
& PAR
POOR'S VALUE
RATING (000) VALUE
SHORT-TERM OBLIGATIONS--54.1%
Commercial Paper--2.8%
Bellsouth
Telecommunications, Inc.
5.75%, 11-9-95 A-1+ $ 355 $ 354,546
Federal Agency Securities--51.3%
U.S. Treasury Bills 4.90%, 11-2-95 6,410 6,409,128
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $6,763,674) 6,763,674
TOTAL INVESTMENTS--109.6%
(Identified cost $13,700,922) 13,710,112(a)
Cash & receivables, less liabilities--(9.6%) (1,205,920)
NET ASSETS--100.0% $12,504,192
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $178,030 and gross
depreciation of $168,840 for income tax purposes. At October 31, 1995, the
aggregate cost of securities for federal income tax purposes was
$13,700,922.
(b) Non-income producing.
See Notes to Financial Statements
8
<PAGE>
Phoenix Strategic Theme Fund Series
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $13,700,922) $13,710,112
Cash 4,095
Receivables
Fund shares sold 194,712
Receivable from adviser 2,912
Dividends and interest 1,794
Prepaid expenses 42,391
Total assets 13,956,016
Liabilities
Payables
Investment securities purchased 1,444,444
Distribution fee 1,250
Financial agent fee 135
Transfer agent fee 1,481
Trustees' fee 677
Accrued expenses 3,837
Total liabilities 1,451,824
Net Assets $12,504,192
Net Assets Consist of:
Capital paid in on shares of beneficial interest $12,480,689
Undistributed net investment income 14,470
Accumulated net realized losses (157)
Net unrealized appreciation 9,190
Net Assets $12,504,192
Class A
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$11,871,510) 1,185,632
Net asset value per share $10.01
Offering price per share
$10.01/(1-4.75%) $10.51
Class B)
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$632,682) 63,215
Net asset value and offering price per share $10.01
STATEMENT OF OPERATIONS
FROM INCEPTION OCTOBER 16, 1995 TO
OCTOBER 31, 1995
(Unaudited)
Investment Income
Interest $19,101
Dividends 1,794
Total investment income 20,895
Expenses
Investment advisory fee 3,376
Distribution fee--Class A 1,084
Distribution fee--Class B 166
Financial agent fee 135
Registration 2,529
Transfer agent 1,480
Professional 1,427
Printing 726
Trustees 677
Custodian 484
Miscellaneous 630
Total expenses 12,714
Less expenses borne by investment adviser (6,289)
Net expenses 6,425
Net investment income 14,470
Net Realized and Unrealized Gain (Loss) on
Investments
Net realized loss on securities (157)
Net unrealized appreciation on investments 9,190
Net gain on investments 9,033
Net increase in net assets resulting from operations $23,503
See Notes to Financial Statements
9
<PAGE>
Phoenix Strategic Theme Fund Series
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From
Inception
10/16/95 to
10/31/95
(Unaudited)
<S> <C>
From Operations
Net investment income $ 14,470
Net realized loss (157)
Net unrealized appreciation 9,190
Increase in net assets resulting from operations 23,503
From Share Transactions
Class A
Proceeds from sales of shares (1,185,632 shares) 11,849,997
Net asset value of shares issued from reinvestment of distributions
(0 shares) --
Cost of shares repurchased (0 shares) --
Total 11,849,997
Class B
Proceeds from sales of shares (69,022 shares) 688,471
Net asset value of shares issued from reinvestment of distributions
(0 shares) --
Cost of shares repurchased (5,807 shares) (57,779)
Total 630,692
Increase in net assets from share transactions 12,480,689
Net increase in net assets 12,504,192
Net Assets
Beginning of period 0
End of period (including undistributed net investment income of $14,470) $12,504,192
</TABLE>
See Notes to Financial Statements
10
<PAGE>
Phoenix Strategic Theme Fund Series
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
Class A Class B
From Inception From Inception
10/16/95 to 10/16/95 to
10/31/95 10/31/95
(Unaudited) (Unaudited)
Net asset value, beginning of period $ 10.00 $ 10.00
Income from investment operations
Net investment income 0.01((4)) 0.01((4))
Net realized and unrealized gain 0.00 0.00
Total from investment operations 0.01 0.01
Less distributions
Dividends from net investment income -- --
Distributions from net realized
gains -- --
Total distributions -- --
Change in net asset value 0.01 0.01
Net asset value, end of period $ 10.01 $ 10.01
Total return( (1)) 0.10%((3)) 0.10%((3))
Ratios/supplemental data:
Net assets, end of period (thousands) $11,872 $ 633
Ratio of average net assets of:
Expenses 1.40%((2)) 2.15%((2))
Net investment income 3.25%((2)) 2.39%((2))
Portfolio turnover 0% 0%
((1)) Maximum sales charge is not reflected in total return calculation.
((2)) Annualized.
((3)) Not annualized.
((4)) Computed using the average number of shares outstanding during the
period.
See Notes to Financial Statements
11
<PAGE>
PHOENIX SMALL CAP FUND SERIES
MARKET AND PORTFOLIO REVIEW
Phoenix Small Cap Fund, one of our newest equity offerings, seeks long-term
capital appreciation by investing primarily in common stocks of companies
with $500 million or less capitalization. Our research focuses on discovering
small companies early in their life cycles, when growth potential is most
promising. We select many of the stocks for their ability to capitalize on
key investment themes--trends arising from social, economic, and lifestyle
changes. When evaluating a company's growth rates, we also look for strong
balance sheets, high return on equity and solid company management.
Because the Fund was launched on October 16, 1995--very near the end of
this six-month reporting period--this commentary covers only two weeks of
portfolio activity. As we expected, small cap stocks outperformed over the
summer, but lost ground during September and October. This provided the
opportunity to begin building the portfolio at relatively attractive prices.
We selected stocks that represent a number of the compelling investment
themes we are currently focusing on including, the Internet Connection, 21st
Century Medicine, Move to Outsourcing, Farming for Yield, and Need For
Security. Over time, we expect to build the portfolio's holdings up to
approximately 100 stocks that will be diversified across Phoenix's favored
themes. Because the economy appears to be slowing further as the year winds
down, we will continue to look for small companies with exceptional growth
potential.
The Fund performed solidly during its initial two weeks. From its
inception on October 16, 1995 through October 31, 1995, Class A and B shares
returned 2.80%. This compares favorably to the -1.88% return of its
benchmark, the Russell 2000 Index. All of these figures assume reinvestment
of any distributions but exclude the effect of sales charges.
Outlook
We believe that small cap stocks are moderately priced in relation to stocks
of larger companies, and therefore offer one of the most attractive
opportunities in the equity markets. In our view, investors will begin to
refocus on smaller companies in an attempt to identify greater relative
growth opportunities, particularly as the current bull market matures.
[pie chart]
Special Situations 2.2%
21st Century Medicine 14.5%
Casual Consumer 1.7%
Educational Renaissance 6.0%
Farming for Yield 3.7%
Short-term Obligations and Cash 20.7%
Hybrid Network 5.9%
Internet Connection 15.0%
Move to Outsourcing 12.5%
Need for Security 6.5%
Quest for Clean Water 6.6%
Shift to Digital 4.7%
12
<PAGE>
Phoenix Small Cap Fund Series
INVESTMENTS AT OCTOBER 31, 1995
(Unaudited)
SHARES VALUE
COMMON STOCKS--77.7%
Agricultural Operations--1.7%
Dekalb Genetics Corp. Class B 3,000 $ 128,250
Chemicals--Fertilizer--2.0%
Mississippi Chemical Corp. 6,000 144,750
Commercial Services--Miscellaneous--8.9%
Alternative Resources Corp. (b) 4,000 124,000
American Oncology Resources (b) 3,000 105,000
Clintrials Research, Inc. (b) 5,000 101,250
CMG Information Services, Inc. (b) 4,000 139,000
Employee Solutions, Inc. (b) 5,000 76,875
On Assignment, Inc. (b) 4,000 108,000
654,125
Commercial Services--Schools--7.1%
Apollo Group, Inc. Class A (b) 5,200 136,500
Devry, Inc. (b) 3,200 71,200
ITT Educational Services, Inc. (b) 3,200 75,200
National Education Corp. (b) 20,000 162,500
Youth Services International, Inc.
(b) 6,000 76,500
521,900
Commercial Services--Security/Safety--5.5%
Checkpoint Systems, Inc. (b) 5,000 144,375
ITI Technologies, Inc. (b) 6,000 151,500
Lo-Jack Corporation (b) 7,000 108,500
404,375
Computer--Graphics--0.9%
Trident Microsystems, Inc. (b) 2,300 69,575
Computer--Integrated Systems--2.1%
Imnet Systems, Inc. (b) 6,000 152,250
Computer--Local Networks--2.4%
NETCOM On-Line Communications
Services, Inc (b) 3,000 174,750
Computer--Optical Recognition--2.2%
Robotic Vision Systems, Inc. (b) 7,000 160,125
Computer--Peripheral Equipment--2.6%
Bolt Beranek & Newman, Inc. (b) 2,200 67,925
Security Dynamics Technologies,
Inc. (b) 4,000 126,000
193,925
Computer--Services--9.9%
Cycare Systems, Inc. (b) 4,000 124,000
Enterprise Systems, Inc. (b) 7,000 163,625
National Data Corp. 6,000 159,000
Technology Solutions Co. (b) 6,000 99,000
UUNET Technologies, Inc. (b) 3,000 182,250
727,875
Computer--Software--8.6%
Cooper & Chyan Technology (b) 10,000 $ 141,250
HPR, Inc. (b) 5,000 130,000
Netmanage, Inc. (b) 7,000 142,625
Premenos Technology Corp. (b) 3,000 117,750
Spyglass, Inc. (b) 2,000 99,500
631,125
Electric--Laser System/Component--2.1%
Coherent, Inc. (b) 2,000 56,500
Cyberoptics Corp. (b) 3,000 99,000
155,500
Electric--Scientific Instrument--1.5%
Dionex Corp. (b) 2,000 108,000
Electric--Semiconductor Manufacturer--1.6%
ESS Technology, Inc. (b) 4,000 120,000
Financial Services--Miscellaneous--1.7%
Checkfree Corp. (b) 6,000 126,750
Media--Periodicals--1.0%
Mecklermedia Corp. (b) 6,000 70,500
Medical--Biomed/Genetics--3.1%
Cephalon, Inc. (b) 4,000 120,000
Liposome Company, Inc. (b) 7,000 107,625
227,625
Medical--Output/Home Care--1.5%
MedPartners, Inc. (b) 4,000 112,000
Medical--Products--4.2%
Cygnus, Inc. (b) 11,000 180,125
Quintiles Transnational Corp. (b) 2,000 128,500
308,625
Pollution Control--Equipment--3.6%
Ionics, Inc. (b) 2,000 81,500
Osmonics, Inc. (b) 2,700 45,900
U.S. Filter Corp. (b) 6,000 139,500
266,900
Pollution Control--Services--1.5%
Tetra Tech, Inc. (b) 5,000 108,750
Telecommunications--Equipment--2.0%
Teltrend, Inc. (b) 5,000 147,500
TOTAL COMMON STOCKS
(Identified cost $5,533,838) 5,715,175
See Notes to Financial Statements
13
<PAGE>
Phoenix Small Cap Fund Series
SHARES VALUE
FOREIGN COMMON STOCKS--1.7%
Leisure--Products--1.7%
De Rigo S.P.A. ADR (Italy) (b) 6,000 $ 123,750
TOTAL FOREIGN COMMON STOCKS
(Identified cost $96,000) 123,750
TOTAL LONG-TERM
INVESTMENTS--79.4%
(Identified cost $5,629,838) 5,838,925
PAR
VALUE
(000) VALUE
SHORT-TERM OBLIGATIONS--27.6%
Federal Agency Securities--27.6%
U.S. Treasury Bills 4.89%, 11-2-95 $ 95 $ 94,987
U.S. Treasury Bills 4.90%, 11-2-95 1,940 1,939,736
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $2,034,723) 2,034,723
TOTAL INVESTMENTS--107.0%
(Identified cost $7,664,561) 7,873,648(a)
Cash & receivables less liabilities--(7.0%) (516,864)
NET ASSETS--100.0% $7,356,784
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $363,366 and gross
depreciation of $154,279 for income tax purposes. At October 31, 1995, the
aggregate cost of securities for federal income tax purposes was $7,664,561.
(b) Non-income producing.
See Notes to Financial Statements
14
<PAGE>
Phoenix Small Cap Fund Series
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $7,664,561) $7,873,648
Cash 86,565
Receivables
Fund shares sold 327,045
Investment securities sold 33,339
Dividends 480
Receivable from adviser 4,927
Prepaid expenses 42,747
Total assets 8,368,751
Liabilities
Payables
Investment securities purchased 1,005,137
Distribution fee 698
Financial agent fee 75
Transfer agent fee 1,481
Trustees' fee 677
Accrued expenses 3,899
Total liabilities 1,011,967
Net Assets $7,356,784
Net Assets Consist of:
Capital paid in on shares of beneficial interest $7,160,944
Undistributed net investment income 5,954
Accumulated net realized losses (19,201)
Net unrealized appreciation 209,087
Net Assets $7,356,784
Class A
Shares of beneficial interest outstanding, $.0001 par
value, unlimited authorization (Net Assets $6,956,169) 676,426
Net asset value per share $10.28
Offering price per share $10.28/(1-4.75%) $10.79
Class B)
Shares of beneficial interest outstanding, $.0001 par
value, unlimited authorization (Net Assets $400,615) 38,969
Net asset value and offering price per share $10.28
STATEMENT OF OPERATIONS
FROM INCEPTION OCTOBER 16, 1995 TO
OCTOBER 31, 1995
(Unaudited)
Investment Income
Interest $ 9,280
Dividends 480
Total investment income 9,760
Expenses
Investment advisory fee 1,864
Distribution fee--Class A 596
Distribution fee--Class B 102
Financial agent fee 75
Registration 2,535
Transfer agent 1,481
Professional 1,427
Printing 726
Trustees 677
Custodian 484
Miscellaneous 630
Total expenses 10,597
Less expenses borne by investment adviser (6,791)
Net expenses 3,806
Net investment income 5,954
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (19,201)
Net unrealized appreciation on investments 209,087
Net gain on investments 189,886
Net increase in net assets resulting from operations $195,840
See Notes to Financial Statements
15
<PAGE>
Phoenix Small Cap Fund Series
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From
Inception
10/16/95 to
10/31/95
(Unaudited)
<S> <C>
From Operations
Net investment income $ 5,954
Net realized loss (19,201)
Net unrealized appreciation 209,087
Increase in net assets resulting from operations 195,840
From Share Transactions
Class A
Proceeds from sales of shares (676,426 shares) 6,770,176
Net asset value of shares issued from reinvestment of distributions
(0 shares) --
Cost of shares repurchased (0 shares) --
Total 6,770,176
Class B
Proceeds from sales of shares (38,969 shares) 390,768
Net asset value of shares issued from reinvestment of distributions
(0 shares) --
Cost of shares repurchased (0 shares) --
Total 390,768
Increase in net assets from share transactions 7,160,944
Net increase in net assets 7,356,784
Net Assets
Beginning of period 0
End of period (including undistributed net investment income of $5,954) $7,356,784
</TABLE>
See Notes to Financial Statements
16
<PAGE>
Phoenix Small Cap Fund Series
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
Class A Class B
From From
Inception Inception
10/16/95 to 10/16/95 to
10/31/95 10/31/95
(Unaudited) (Unaudited)
Net asset value, beginning of period $10.00 $ 10.00
Income from investment operations
Net investment income 0.01((4)) 0.01((4))
Net realized and unrealized gains 0.27 0.27
Total from investment operations 0.28 0.28
Less distributions
Dividends from net investment income -- --
Distributions from net realized
gains -- --
Total distributions -- --
Change in net asset value 0.28 0.28
Net asset value, end of period $10.28 $ 10.28
Total return( (1)) 2.80%((3)) 2.80%((3))
Ratios/supplemental data:
Net assets, end of period (thousands) $6,956 $ 401
Ratio of average net assets of:
Expenses 1.50%((2)) 2.25%((2))
Net investment income 2.43%((2)) 1.53%((2))
Portfolio turnover 14%((2)) 14%((2))
((1)) Maximum sales charge is not reflected in total return calculation.
((2)) Annualized.
((3)) Not annualized.
((4)) Computed using the average number of shares outstanding during the
period.
See Notes to Financial Statements
17
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
October 31, 1995 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix Strategic Equity Series Fund (the "Fund") is organized as a
Massachusetts business trust and is registered under the Investment Company
Act of 1940, as amended, as a diversified open-end management investment
company. Each Series offers both Class A and Class B shares. Class A shares
are sold with a front-end sales charge of up to 4.75%. Class B shares are
sold with a contingent deferred sales charge which declines from 5% to zero
depending on the period of time the shares are held. Both classes of shares
have identical voting, dividend, liquidation and other rights and the same
terms and conditions, except that each class bears different distribution
expenses and has exclusive voting rights with respect to its distribution
plan. Income and expenses of each Series are borne pro rata by the holders of
both classes of shares, except that each class bears distribution expenses
unique to that class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
A. Security valuation:
Securities listed or traded on a national securities exchange are valued at
the last sale price, or if there had been no sale of the security on that
day, at the mean between the last bid and asked prices. Securities traded in
the over-the-counter market are valued at the mean between the last bid and
asked prices; and if no active market exists, at the bid price. Short-term
investments having a remaining maturity of less than sixty days are valued at
amortized cost which approximates market. All other securities and assets are
valued at their fair value as determined in good faith by or under the
direction of the Trustees.
B. Security transactions and related income:
Security transactions are recorded on the trade date. Dividend income is
recorded on the ex-dividend date or, in the case of certain foreign
securities, as soon as the Fund is notified. Interest income is recorded on
the accrual basis. Realized gains and losses 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 in the Fund to comply with the requirements of the Internal
Revenue Code (the "Code") applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders. In
addition, 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. 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, 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 date of settlement. 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. 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.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Fund, the Advisers, Phoenix
Investment Counsel, Inc. ("PIC") and National Securities and Research
Corporation ("NSR"), indirect wholly-owned subsidiaries of Phoenix Home Life
Mutual Insurance Company ("PHL"), are entitled to a fee based
18
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
October 31, 1995 (Unaudited) (Continued)
upon the following annual rates as a percentage of the average daily net
assets of each Series:
1st $1-2 $2+
Series Adviser $1 Billion Billion Billion
Equity Opportunities
Series NSR 0.70% 0.65% 0.60%
Strategic Theme Series PIC 0.75% 0.70% 0.65%
Small Cap Series PIC 0.75% 0.70% 0.65%
The Adviser has agreed to assume expenses and reduce the advisory fee for
the benefit of the Strategic Theme and Small Cap Series to the extent that
other operating expenses (excluding investment advisory fees, distribution
fees, interest, taxes, brokerage fees and commissions and extraordinary
expenses) exceed 0.50% and 0.40%, respectively, of the average daily net
assets of each Series.
As Distributor of the Fund's shares, Phoenix Equity Planning Corp.
("PEPCO"), an indirect wholly-owned subsidiary of PHL, has advised the Fund
that it received selling commissions of $8,553 for Class A shares and
deferred sales charges of $4,463 for Class B shares for the period ended
October 31, 1995. In addition, each Series pays PEPCO a distribution fee at
an annual rate of 0.25% for Class A shares and 1.00% for Class B shares of
the average daily net assets of each Series. The Distribution Plan for Class
A shares provides for fees to be paid up to a maximum on an annual basis of
0.30%; the Distributor has voluntarily agreed to limit the fee to 0.25%. The
Distributor has advised the Fund that of the total amount expensed for the
period ended October 31, 1995, $142,359 was earned by the Distributor and
$109,841 was earned by unaffiliated participants.
As Financial Agent of the Fund, PEPCO receives a fee at an annual rate of
0.03% of the average daily net assets of the Fund for bookkeeping,
administration and pricing services. PEPCO serves as the Fund's Transfer
Agent with State Street Bank and Trust Company as sub-transfer agent. For the
period ended October 31, 1995, transfer agent fees were $145,287 of which
PEPCO retained $57,504 which is net of the fees paid to State Street.
At October 31, 1995, PHL and its affiliates held shares of the Fund as
follows:
Aggregate
Shares Net Asset Value
Equity Opportunities Series--Class A 99 $ 856
--Class B 14,995 129,110
Strategic Theme Series--Class A 990,000 9,909,900
--Class B 10,000 100,100
Small Cap Series--Class A 490,000 5,037,200
--Class B 10,000 102,800
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities (excluding short-term securities, options
written, futures, and forward currency contracts) for the period ended
October 31, 1995, aggregated the following:
Purchases Sales
Equity Opportunities Series $274,362,626 $291,956,145
Strategic Theme Series 6,937,248 --
Small Cap Series 5,682,248 33,339
There were no purchases or sales of long-term U.S. Government securities.
4. CAPITAL LOSS CARRYOVERS
Under current tax law, capital losses realized after October 31, 1994 may be
deferred and treated as occurring on the first day of the following fiscal
year. For the year ended April 30, 1995, the Equity Opportunities Fund Series
elected to defer $317,988 in losses occurring between November 1, 1994 and
April 30, 1995.
This report is authorized for use by other than shareholders only when
accompanied or preceded by the delivery of a current prospectus showing the
sales charge and other material information.
19
<PAGE>
Phoenix Strategic Equity Series Fund
101 Munson Street
Greenfield, Massachusetts 01301
Trustees
C. Duane Blinn
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Leroy Keith, Jr.
Philip R. McLoughlin
James M. Oates
Philip R. Reynolds
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
Officers
Philip R. McLoughlin, President
Martin J. Gavin, Executive Vice President
Michael E. Haylon, Executive Vice President
Michael K. Arends, Vice President
James M. Dolan, Vice President
William R. Moyer, Vice President
William J. Newman, Vice President
Leonard J. Saltiel, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Investment Adviser--Phoenix Equity
Opportunities Fund Series
National Securities & Research Corporation
56 Prospect Street
Hartford, Connecticut 06115-0480
Investment Adviser--Phoenix Strategic Theme
Fund Series and Phoenix Small Cap Fund Series
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
Principal Underwriter
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
Transfer Agent
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
Legal Counsel
Dechert, Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005-1208
20
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
Phoenix Strategic Equity Series Fund
P.O. Box 2200
Enfield, CT 06083-2200
[logo] Phoenix Duff & Phelps
PEP 679 (23/95)
Bulk Rate Mail
U.S. Postage
PAID
Springfield, MA
Permit No. 444
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<PAID-IN-CAPITAL-COMMON> 12481
<SHARES-COMMON-STOCK> 1186
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