April 30, 1996
Phoenix Strategic
Equity Series Fund
Annual Report
ANNUAL
REPORT
Phoenix
Phoenix Equity Opportunities Fund
Phoenix Strategic Theme Fund
Phoenix Small Cap Fund
[Phoenix
Duff & Phelps logo]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
PHOENIX EQUITY OPPORTUNITIES SERIES
MARKET AND PORTFOLIO REVIEW
Phoenix Equity Opportunities Fund posted strong results over the last fiscal
year. For the twelve months ended April 30, 1996, Class A shares returned
32.86% and Class B shares returned 31.92%. These results outdistanced its
benchmark, the Standard & Poor's 500 Composite Stock Index, which returned
30.28% during the same period. All of these figures assume reinvestment of
any distributions but exclude the effect of sales charges.
During this reporting period, the Fund's focus on high-growth companies
with strong thematic appeal proved to be a winning strategy in this market
environment. Our 21st Century Medicine theme, which focuses on leading
companies offering compelling solutions to health care needs, contributed
positively to the Fund's overall performance. Our portfolio holdings related
to Energy Technology, a theme which identifies companies within the oil
services sector that provide productivity-enhancing solutions to exploration
and production companies, also provided outstanding results. In the volatile
technology sector, we focused on a number of strong performing themes, most
notably, The Hybrid Network. This theme concentrates on computer networking
and telecommunications equipment companies, which provide the hardware,
software and services needed to help merge voice, data and video
communications onto one network.
In the coming months, we anticipate a volatile market in which stock
selection will be paramount. Our equity holdings will remain focused on those
areas where growth is most prevalent and will place particular emphasis on
companies that can thrive in any economic environment. We believe our
thematic investment style will continue to identify attractive investment
opportunities and we will be using market weakness to add selectively to
existing positions.
[Description of Line Chart]
Phoenix Equity Opportunities
Fund -- Class A S&P 500 Stock Index*
4/30/86 $ 9,522 $10,000
4/30/87 10,562 12,624
4/30/88 10,380 11,798
4/30/89 12,510 14,476
4/30/90 13,396 15,986
4/30/91 15,024 18,805
4/30/92 16,571 21,431
4/30/93 19,306 23,411
4/30/94 20,269 24,663
4/30/95 22,126 28,972
4/30/96 29,397 37,744
Average Annual Total Returns for the Period Ending 4/30/96
<TABLE>
<CAPTION>
From Inception
7/19/94 to
1 Year 5 Year 10 Year 4/30/96
- ------------------------------ --------- --------- ---------- --------------
<S> <C> <C> <C> <C>
Class A with 4.75% sales
charge 26.53% 13.25% 11.39% --
- ------------------------------ ------- ------- -------- ------------
Class A at net asset value 32.86% 14.37% 11.93% --
- ------------------------------ ------- ------- -------- ------------
Class B with CDSC 26.92% -- -- 20.29%
- ------------------------------ ------- ------- -------- ------------
Class B at net asset value 31.92% -- -- 22.21%
- ------------------------------ ------- ------- -------- ------------
S&P 500 Stock Index 30.28% 14.95% 14.20% 25.70%
- ------------------------------ ------- ------- -------- ------------
</TABLE>
This chart assumes an initial gross investment of $10,000 made on 4/30/86 for
Class A shares. The total return for Class A shares reflects the maximum
sales charge of 4.75% on the initial investment and assumes reinvestment of
dividends and capital gains. Class B share performance will be greater or
less than that shown based on differences in inception date, fees and sales
charges. The total return (since inception 7/19/94) for Class B shares
reflects the 5% contingent deferred sales charge (CDSC), which is applicable
on all shares redeemed during the 1st year after purchase and 4% for all
shares redeemed during the 2nd year after purchase (scaled down to 3%--3rd
year; 2%--4th and 5th year and 0% thereafter). Returns indicate past
performance, which is not predictive of future performance. Investment return
and net asset value will fluctuate, so that your shares, when redeemed, may
be worth more or less than the original cost.
*The S&P 500 Stock Index is an unmanaged but commonly used measure of common
stock total return performance. The S&P 500's performance does not reflect
sales charges.
1
<PAGE>
Phoenix Equity Opportunities Series
- --------------------------------------------------------------------------------
INVESTMENTS AT APRIL 30, 1996
SHARES VALUE
-------- ---------------
COMMON STOCKS--88.3%
Airlines--1.7%
Continental Airlines, Inc. Class B (b) 65,000 $ 3,688,750
-------------
Banks--3.3%
TCF Financial Corp. 200,000 7,075,000
-------------
Chemical--1.0%
Dow Chemical Co. 25,000 2,221,875
-------------
Computer Software & Services--16.6%
Arbor Software Corp. (b) 30,000 2,310,000
BMC Software, Inc. (b) 80,000 4,870,000
Computer Associates International, Inc. 65,000 4,769,375
Electronics For Imaging (b) 100,000 6,100,000
HBO & Co. 20,000 2,375,000
Microsoft Corp. (b) 30,000 3,401,250
Netscape Communications Corp. (b) 40,000 2,440,000
Prism Solutions, Inc. (b) 50,000 1,631,250
Security Dynamics Technologies,
Inc. (b) 30,000 2,535,000
UUNET Technologies, Inc. (b) 25,000 1,434,375
Xylan Corp. (b) 60,000 3,843,750
-------------
35,710,000
-------------
Cosmetics & Soaps--2.1%
Avon Products, Inc. 50,000 4,443,750
-------------
Electronics--2.1%
Intel Corp. 65,000 4,403,750
-------------
Entertainment, Leisure & Gaming--5.4%
Bally Entertainment Corp. (b) 75,000 1,565,625
Circus Circus Enterprises, Inc. (b) 130,000 4,777,500
Mirage Resorts, Inc. (b) 100,000 5,237,500
-------------
11,580,625
-------------
Healthcare--Diversified--1.9%
Genome Therapeutics Corp. (b) 70,000 691,250
Nexstar Pharmaceuticals, Inc. (b) 135,000 3,307,500
-------------
3,998,750
-------------
Healthcare--Drugs--3.6%
Biochem Pharmaceutical, Inc. (b) 75,000 3,412,500
Centocor, Inc. (b) 110,000 4,400,000
-------------
7,812,500
-------------
Hospital Management & Services--3.9%
Healthsouth Corp. (b) 100,000 3,712,500
PhyCor, Inc. (b) 95,000 4,678,750
-------------
8,391,250
-------------
Insurance--1.5%
Ace Ltd. 75,000 3,300,000
-------------
SHARES VALUE
------ -------------
Lodging & Restaurants--2.9%
Hilton Hotels Corp. 50,000 $ 5,275,000
Rainforest Cafe, Inc. (b) 25,000 925,000
-------------
6,200,000
-------------
Machinery--0.9%
Deere & Co. 50,000 1,943,750
-------------
Medical Products & Supplies--6.2%
Caremark International, Inc. 160,000 4,420,000
Myriad Genetics, Inc. (b) 45,000 1,482,187
Omnicare, Inc. 35,000 2,100,000
Orthologic Corp. (b) 25,000 871,875
Henry Schein, Inc. (b) 112,000 4,004,000
Ventritex, Inc. (b) 25,000 392,188
-------------
13,270,250
-------------
Metals & Mining--2.6%
Echo Bay Mines Ltd. 85,000 1,115,625
Hemlo Gold Mines, Inc. 100,000 1,300,000
Newmont Mining Corp. 55,000 3,183,125
-------------
5,598,750
-------------
Natural Gas--4.0%
Enron Oil & Gas Co. 120,000 3,180,000
Louisiana Land & Exploration Co. 100,000 5,412,500
-------------
8,592,500
-------------
Office & Business Equipment--1.7%
IDX Systems, Inc. (b) 100,000 3,675,000
-------------
Oil--2.7%
Noble Affiliates, Inc. 45,000 1,580,625
Union Pacific Resources Group 155,000 4,262,500
-------------
5,843,125
-------------
Oil Service & Equipment--4.8%
Global Marine, Inc. (b) 200,000 2,275,000
Noble Drilling Corp. (b) 200,000 3,000,000
Tidewater, Inc. 120,000 5,100,000
-------------
10,375,000
-------------
Pollution Control--2.4%
Raychem Corp. 65,000 5,061,875
-------------
Professional Services--2.6%
HFS, Inc. (b) 110,000 5,651,250
-------------
Publishing, Broadcasting, Printing & Cable--1.8%
American Radio Systems Corp. (b) 55,000 1,856,250
Clear Channel Communications, Inc. (b) 30,000 2,032,500
-------------
3,888,750
-------------
2 See Notes to Financial Statements
<PAGE>
Phoenix Equity Opportunities Series
- --------------------------------------------------------------------------------
SHARES VALUE
-------- ---------------
Retail--1.9%
Cost Plus, Inc. (b) 50,000 $ 1,187,500
TJX Companies, Inc. 100,000 2,950,000
-------------
4,137,500
-------------
Telecommunications Equipment--10.7%
Cascade Communications Corp. (b) 20,000 2,005,000
Cisco Systems, Inc. (b) 100,000 5,187,500
MFS Communications Co., Inc. (b) 100,946 3,501,565
Newbridge Networks Corp. (b) 80,000 5,150,000
P-COM, Inc. (b) 75,000 1,856,250
Premiere Technologies, Inc. (b) 15,000 566,250
Westell Technologies, Inc. (b) 65,000 4,671,875
-------------
22,938,440
-------------
TOTAL COMMON STOCKS
(Identified cost $153,519,572) 189,802,440
-------------
FOREIGN COMMON STOCKS--6.4%
Building & Materials--0.5%
Ton Yi Industrial Corp. (Taiwan) (b) 712,000 1,025,280
-------------
Computer Software & Services--1.4%
Business Objects SA-SP ADR
(France) (b) 18,000 1,557,000
CBT Group PLC ADR (Ireland) (b) 20,000 1,480,000
-------------
3,037,000
-------------
Metals & Mining--0.5%
Pohang Iron & Steel Company Ltd.
ADR (South Korea) 40,000 1,100,000
-------------
Textile & Apparel--2.5%
Fila Holding SPA ADR (Italy) 80,000 5,460,000
-------------
Truckers & Marine--1.0%
Evergreen Marine Corp. (Taiwan) (b) 534,000 993,240
Yang Ming Marine Transport (Taiwan) 723,000 1,033,890
-------------
2,027,130
-------------
SHARES VALUE
------ -------------
Utility-Electric--0.5%
Korea Electric Power Corp. ADR
(South Korea) 40,000 $ 1,110,000
-------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $11,621,461) 13,759,410
-------------
CONVERTIBLE PREFERRED STOCKS--1.1%
Telecommunications Equipment--1.1%
MFS Communications Cv. Pfd. 8% 40,000 2,360,000
-------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified cost $1,900,125) 2,360,000
-------------
TOTAL LONG-TERM INVESTMENTS--95.8%
(Identified cost $167,041,158) 205,921,850
-------------
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000)
---------- --------
SHORT-TERM OBLIGATIONS--3.6%
Commercial Paper--3.6%
Anheuser-Busch Cos., Inc.
5.35%, 5-1-96 A-1+ $ 4,085 4,085,000
Campbell Soup Co. 5.28%,
5-24-96 A-1+ 1,000 996,626
Gannett Co. 5.27%,
5-17-96 A-1 2,695 2,688,688
-----------
7,770,314
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $7,770,314) 7,770,314
-----------
TOTAL INVESTMENTS--99.4%
(Identified cost $174,811,472) 213,692,164(a)
Cash and receivables, less liabilities--0.6% 1,255,503
-----------
NET ASSETS--100.0% $214,947,667
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $40,027,743 and gross
depreciation of $1,171,709 for income tax purposes. At April 30, 1996,
the aggregate cost of securities for federal income tax purposes was
$174,836,130.
(b) Non-income producing.
ADR-American Depository Receipt
See Notes to Financial Statements 3
<PAGE>
Phoenix Equity Opportunities Series
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1996
Assets
Investment securities at value
(Identified cost $174,811,472) $213,692,164
Foreign currency at value (Identified cost $20,962) 20,935
Cash 3,186
Receivables
Investment securities sold 2,038,755
Fund shares sold 48,290
Dividends and interest 45,975
-----------
Total assets 215,849,305
-----------
Liabilities
Payables
Investment securities purchased 434,600
Fund shares repurchased 197,643
Investment advisory fee 117,950
Distribution fee 42,905
Transfer agent fee 32,376
Financial agent fee 5,055
Trustees' fee 4,789
Accrued expenses 66,320
-----------
Total liabilities 901,638
-----------
Net Assets $214,947,667
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest $165,249,438
Accumulated net realized gain 10,817,564
Net unrealized appreciation 38,880,665
-----------
Net Assets $214,947,667
===========
Class A
Shares of beneficial interest outstanding, $.0001 par
value, unlimited authorization (Net Assets
$213,600,150) 24,245,033
Net asset value per share $8.81
Offering price per share
$8.81/(1-4.75%) $9.25
Class B
Shares of beneficial interest outstanding, $.0001 par
value, unlimited authorization (Net Assets
$1,347,517) 154,274
Net asset value and offering price per share $8.73
STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1996
Investment Income
Dividends $ 925,602
Interest 502,725
-----------
Total investment income 1,428,327
-----------
Expenses
Investment advisory fee 1,394,239
Distribution fee--Class A 495,613
Distribution fee--Class B 9,319
Financial agent fee 59,753
Transfer agent 305,174
Printing 63,162
Professional 50,345
Registration 48,226
Custodian 35,529
Trustees 21,093
Miscellaneous 16,831
-----------
Total expenses 2,499,284
-----------
Net investment loss (1,070,957)
-----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 34,656,690
Net realized loss on foreign currency transactions (3,958)
Net realized loss on options (6,745,863)
Net change in unrealized appreciation (depreciation)
on investments 29,337,807
-----------
Net gain on investments 57,244,676
-----------
Net increase in net assets resulting from operations $56,173,719
===========
See Notes to Financial Statements
4
<PAGE>
Phoenix Equity Opportunities Series
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Year
Ended Ended
April 30, April 30,
1996 1995
----------- -------------
<S> <C> <C>
From Operations
Net investment income (loss) $ (1,070,957) $ 1,073,425
Net realized gain 27,906,869 5,576,553
Net change in unrealized appreciation (depreciation) 29,337,807 8,679,660
--------- -----------
Increase in net assets resulting from operations 56,173,719 15,329,638
--------- -----------
From Distributions to Shareholders
Net investment income--Class A -- (1,177,310)
Net realized gains--Class A (20,539,261) (11,595,466)
Net realized gains--Class B (108,254) (15,203)
--------- -----------
Decrease in net assets from distributions to shareholders (20,647,515) (12,787,979)
--------- -----------
From Share Transactions
Class A
Proceeds from sales of shares (3,092,252 and 6,338,878 shares, respectively) 24,946,255 46,125,947
Net asset value of shares issued from reinvestment of distributions (1,944,177
and 1,311,412 shares, respectively) 14,853,511 8,942,271
Cost of shares repurchased (5,081,608 and 8,806,706 shares, respectively) (41,255,024) (63,971,908)
--------- -----------
Total (1,455,258) (8,903,690)
--------- -----------
Class B
Proceeds from sales of shares (129,377 and 115,217 shares, respectively) 1,068,242 831,977
Net asset value of shares issued from reinvestment of distributions (13,074 and
2,209, respectively) 99,234 15,023
Cost of shares repurchased (59,229 and 46,374 shares, respectively) (481,915) (330,625)
--------- -----------
Total 685,561 516,375
--------- -----------
Decrease in net assets from share transactions (769,697) (8,387,315)
--------- -----------
Net increase (decrease) in net assets 34,756,507 (5,845,656)
Net Assets
Beginning of period 180,191,160 186,036,816
--------- -----------
End of period (including undistributed net investment income of $0 and $0,
respectively) $214,947,667 $180,191,160
========= ===========
</TABLE>
See Notes to Financial Statements
5
<PAGE>
Phoenix Equity Opportunities Series
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
----------------------------------------------------------------------
Year Ended April 30,
1996 1995 1994 1993 1992
------------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $7.40 $7.31 $9.64 $8.59 $8.36
Income from investment operations
Net investment income (loss) (0.04)(4) 0.04 0.05 0.06 0.11
Net realized and unrealized gain 2.34 0.58 0.57 1.34 0.71
----------- -------- -------- -------- ----------
Total from investment operations 2.30 0.62 0.62 1.40 0.82
----------- -------- -------- -------- ----------
Less distributions
Dividends from net investment
income -- (0.05) (0.05) (0.06) (0.12)
Distributions from net realized
gains (0.89) (0.48) (2.90) (0.29) (0.47)
----------- -------- -------- -------- ----------
Total distributions (0.89) (0.53) (2.95) (0.35) (0.59)
----------- -------- -------- -------- ----------
Change in net asset value 1.41 0.09 (2.33) 1.05 0.23
----------- -------- -------- -------- ----------
Net asset value, end of period $8.81 $7.40 $7.31 $9.64 $8.59
=========== ======== ======== ======== ==========
Total return (1) 32.86% 9.16% 4.99% 16.50% 10.30%
Ratios/supplemental data:
Net assets, end of period
(thousands) $213,600 $179,666 $186,037 $215,570 $204,792
Ratio of average net assets of:
Expenses 1.25 % 1.32% 1.26% 1.35% 1.36%
Net investment income (loss) (0.53)% 0.60% 0.57% 0.67% 1.29%
Portfolio turnover 302 % 358% 167% 31% 73%
Average commission rate paid $0.0600 N/A N/A N/A N/A
</TABLE>
Class B
----------------------------
From
Year Inception
Ended 7/19/94 to
4/30/96 4/30/95
------------- ------------
Net asset value, beginning of
period $7.39 $7.28
Income from investment operations
Net investment income (loss) (0.10)(4) 0.00
Net realized and unrealized gain 2.33 0.59
----------- ----------
Total from investment operations 2.23 0.59
----------- ----------
Less distributions
Dividends from net investment
income -- --
Distributions from net realized
gains (0.89) (0.48)
----------- ----------
Total distributions (0.89) (0.48)
----------- ----------
Change in net asset value 1.34 0.11
----------- ----------
Net asset value, end of period $8.73 $7.39
=========== ==========
Total return (1) 31.92% 8.69%(3)
Ratios/supplemental data:
Net assets, end of period
(thousands) $1,348 $525
Ratio of average net assets of:
Expenses 2.06 % 2.15 %(2)
Net investment income (loss) (0.06)%(2)
(1.18)% (2)
Portfolio turnover 302 % 358 %
Average commission rate paid $0.0600 N/A
(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
6
<PAGE>
PHOENIX STRATEGIC THEME SERIES
MARKET AND PORTFOLIO REVIEW
Phoenix Strategic Theme Fund posted outstanding results over this latest
reporting period. Since the Fund's October 16, 1995 inception through April
30, 1996, Class A shares returned 23.89% and Class B shares returned 23.41%.
These results significantly outpaced its benchmark, the Standard & Poor's 500
Composite Stock Index, which returned 13.56% during the same period. All of
these figures assume reinvestment of any distributions but exclude the effect
of sales charges.
During this reporting cycle, the Fund's holdings were focused on a number
of compelling investment themes which produced strong results. Our 21st
Century Medicine theme, which identifies companies that offer innovative
solutions to pressing health care problems, performed solidly during the
period. With the growing trend by corporate America to increase productivity
and concentrate on core businesses, our Move to Outsourcing theme also
contributed positively to the Fund's performance. Lastly, in the technology
area, portfolio holdings related to our Hybrid Network and Internet
Connection themes produced strong returns, despite the significant volatility
within this sector.
Over the last few months, we lowered the average market capitalization of
the portfolio to capture the better relative growth prospects found in the
small- and mid-cap areas of the market. In our view, valuations for many
smaller companies had become more compelling and we anticipated that investor
demand would increase for these securities. This strategy has proved to be
rewarding as small caps have shown dramatic strength relative to their
large-cap counterparts. If the small-cap market continues to rise at this
brisk pace, we may consider taking some profits in this area in the near
future.
Looking ahead, we expect further volatility in the equity markets and
continued rotation in market leadership. Our outlook has become modestly more
cautious as interest rates have risen and we anticipate this may provide more
competition for stocks over the balance of the year. Nonetheless, we believe
many promising growth opportunities still exist and will focus on those
companies and themes that should work well in any market environment.
[Description of Pie Chart]
Short-term
Obligations and
Cash
8.8%
America's
Educational
Crisis
1.6%
The Age of
Assisted
Living
3.3%
Quest for
Clean Water
3.7%
Environmental
Crisis
Recycled
4.4%
Retail
Revival
4.9%
Special
Situations
5.2%
Need for
Security
5.4%
Software
Solutions
5.8%
Digital
Sky Way
5.9%
Move to
Outsourcing
6.1%
Internet
Connection
7.2%
Healthcare
Productivity
7.7%
Energy
Technology
8.6%
Hybrid
Network
9.6%
21st Century
Medicine
11.8%
7
<PAGE>
Phoenix Strategic Theme Series
- --------------------------------------------------------------------------------
Mountain ST
- ----- Phoenix Strategic
Theme Series -- Class A
10/16/95 $ 9,525
4/30/96 11,798
==== Phoenix Strategic
Theme Series -- Class B
10/16/95 10,000
4/30/96 11,841
+++++ S&P 500 Stock Index*
10/16/95 $10,000
4.30/96 11,356
==== $11,841 (Class B)
- ----- $11,799 (Class A)
+++++ $11,356
Total Return for Period Ending 4/30/96
From Inception
10/16/95 to
4/30/96
- ------------------------------ --------------
Class A with 4.75% sales
charge 17.99%
- ------------------------------ ------------
Class A at net asset value 23.89%
- ------------------------------ ------------
Class B with CDSC 18.41%
- ------------------------------ ------------
Class B at net asset value 23.41%
- ------------------------------ ------------
S&P 500 Stock Index* 13.56%
- ------------------------------ ------------
This chart assumes an initial gross investment of $10,000 made on 10/16/95
(inception of the Fund) for Class A and Class B shares. The total return for
Class A shares reflects the maximum sales charge of 4.75% on the initial
investment and assumes reinvestment of dividends and capital gains. The total
return for Class B shares reflects the 5% contingent deferred sales charge
(CDSC), which is applicable on all shares redeemed during the 1st year after
purchase and 4% for all shares redeemed during the 2nd year after purchase
(scaled down to 3%--3rd year; 2%--4th and 5th year and 0% thereafter).
Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate, so that
your shares, when redeemed, may be worth more or less than the original cost.
* The S&P 500 Stock Index is an unmanaged but commonly used measure of stock
return performance. The S&P 500's performance does not reflect sales
charges.
8
<PAGE>
Phoenix Strategic Theme Series
- --------------------------------------------------------------------------------
INVESTMENTS AT APRIL 30, 1996
SHARES VALUE
-------- ---------------
COMMON STOCKS--91.2%
Commercial--Leasing Companies--0.4%
Mitcham Industries, Inc. (b) 25,000 $ 184,375
-------------
Commercial Services--Miscellaneous--6.3%
Accustaff, Inc. (b) 22,000 654,500
APAC Teleservices (b) 6,000 465,000
Corestaff, Inc. (b) 16,500 639,375
Manpower, Inc. 17,000 629,000
Olsten Corp. 15,000 455,625
-------------
2,843,500
-------------
Commercial Services--Schools--1.6%
Apollo Group, Inc. Class A (b) 6,000 264,000
National Education Corp. (b) 30,000 446,250
-------------
710,250
-------------
Commercial Services--Security/Safety--5.4%
ADT Ltd. (b) 40,000 680,000
Corrections Corporation of America (b) 15,000 956,250
Wackenhut Corrections Corporation (b) 15,000 802,500
-------------
2,438,750
-------------
Computer--Integrated Systems--2.1%
Medic Computer Systems, Inc. (b) 10,000 935,000
-------------
Computer--Local Networks--4.2%
FORE Systems, Inc. (b) 5,000 395,000
Shiva Corp. (b) 8,000 478,000
Xylan Corp. (b) 16,200 1,037,813
-------------
1,910,813
-------------
Computer--Peripheral Equipment--0.9%
U.S. Robotics Corporation (b) 2,500 391,250
-------------
Computer--Services--5.0%
America Online, Inc. (b) 10,000 640,000
HBO & Co. 5,000 593,750
Shared Medical Systems Corp. 15,000 1,027,500
-------------
2,261,250
-------------
Computer--Software--10.7%
Baan Company N.V. (b) 11,000 660,000
Clarify, Inc. (b) 22,000 877,250
Documentum, Inc. (b) 15,000 690,000
Gensym Corporation (b) 20,000 412,500
Hummingbird Comm. Ltd. (b) 15,000 626,250
Intuit, Inc. (b) 10,000 520,000
Netscape Communications Corp. (b) 7,000 427,000
Raptor Systems, Inc. (b) 20,000 660,000
-------------
4,873,000
-------------
Electric--Laser System/Component--2.4%
Coherent, Inc. (b) 20,000 1,072,500
-------------
SHARES VALUE
------ -------------
Electric--Military Systems--2.0%
General Motors Corp. Class H 15,000 $ 916,875
-------------
Electric--Scientific Instrument--2.5%
Dionex Corp. (b) 18,000 659,250
Input/Output, Inc. (b) 14,000 486,500
-------------
1,145,750
-------------
Electric--Semiconductor Manufacturing--1.3%
Flextronics International, Ltd. (b) 15,000 581,250
-------------
Financial Services--Miscellaneous--2.0%
Medaphis Corp. (b) 20,000 922,500
-------------
Leisure--Services--1.3%
Penske Motorsports, Inc. (b) 20,000 605,000
-------------
Media--Cable TV--1.5%
EchoStar Communications
Corporation (b) 20,000 670,000
-------------
Media--Radio/TV--0.7%
United Video Satellite Group, Inc. (b) 15,000 341,250
-------------
Medical--Biomed/Genetics--0.8%
Gilead Sciences, Inc. (b) 12,000 366,000
-------------
Medical/Dental--Supplies--1.9%
Target Therapeutics, Inc. (b) 16,000 868,000
-------------
Medical--Ethical Drugs--3.6%
Alza Corp. Class A (b) 17,000 484,500
Dura Pharmaceuticals, Inc. (b) 10,000 535,000
Fuisz Technologies, Ltd. (b) 25,000 637,500
-------------
1,657,000
-------------
Medical Instruments--2.7%
Lumisys, Inc. (b) 20,000 590,000
U.S. Surgical Corp. 17,000 629,000
-------------
1,219,000
-------------
Medical--Output/Home Care--6.0%
American HomePatient, Inc. (b) 13,000 549,250
Apria Healthcare Group, Inc. (b) 12,000 408,000
Caremark International, Inc. 30,000 828,750
Housecall Medical Resources, Inc. (b) 23,000 500,250
Pediatric Services of America (b) 18,000 454,500
-------------
2,740,750
-------------
Oil & Gas--Drilling--5.0%
Diamond Offshore Drilling (b) 20,000 995,000
ENSCO International, Inc. (b) 20,000 600,000
Sonat Offshore Drilling 12,000 658,500
-------------
2,253,500
-------------
See Notes to Financial Statements
9
<PAGE>
Phoenix Strategic Theme Series
- --------------------------------------------------------------------------------
SHARES VALUE
-------- ---------------
Oil & Gas--Field Services--2.2%
Halliburton Co. 8,000 $ 459,000
Schlumberger Ltd. 6,000 529,500
-------------
988,500
-------------
Pollution Control--Equipment--3.0%
Culligan Water Technologies, Inc. (b) 19,300 651,375
GTS Duratek, Inc. (b) 20,000 346,250
Ionics, Inc. (b) 8,000 384,000
-------------
1,381,625
-------------
Pollution Control--Services--3.7%
Sanfil, Inc. (b) 15,000 650,625
Superior Services, Inc. (b) 17,000 238,000
U.S.A. Waste Services, Inc. (b) 15,000 390,000
United Waste Systems, Inc. (b) 7,000 385,000
-------------
1,663,625
-------------
Retail--Apparel/Shoe--1.4%
Ross Stores, Inc. 18,000 621,000
-------------
Retail--Miscellaneous/Diversified--1.0%
Petsmart, Inc. (b) 10,000 443,750
-------------
Retail--Restaurants--0.6%
Planet Hollywood International, Inc. (b) 10,000 253,750
-------------
Retail--Supermarkets--0.9%
Whole Foods Market, Inc. (b) 20,000 407,500
-------------
Retail/Wholesale--Building Products--1.1%
Eagle Hardware & Garden, Inc. (b) 50,000 506,250
-------------
SHARES VALUE
------ -------------
Telecommunications--Equipment--5.4%
Cascade Communications Corp. (b) 8,000 $ 802,000
Lucent Technologies, Inc. (b) 6,500 228,312
Newbridge Networks Corp. (b) 16,000 1,030,000
Tellabs, Inc. (b) 7,000 386,750
-------------
2,447,062
-------------
Telecommunications--Services--1.6%
Panamsat Corporation 22,000 731,500
-------------
TOTAL COMMON STOCKS
(Identified cost $34,718,320) 41,352,125
-------------
TOTAL LONG-TERM INVESTMENTS--91.2%
(Identified cost $34,718,320) 41,352,125
-------------
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000)
---------- --------
SHORT-TERM OBLIGATIONS--3.8%
Commercial Paper--3.8%
Anheuser-Busch Cos., Inc.
5.32%, 5-1-96 A-1+ $1,140 1,140,000
Preferred Receivables Funding
Corp. 5.25%, 5-2-96 A-1 260 259,962
Schering Corp. 5.30%,
5-2-96 A-1+ 300 299,956
-----------
1,699,918
----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,699,918) 1,699,918
-----------
TOTAL INVESTMENTS--95.0%
(Identified cost $36,418,238) 43,052,043(a)
Cash and receivables, less liabilities--5.0% 2,261,107
-----------
NET ASSETS--100.0% $45,313,150
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $6,888,107 and gross
depreciation of $254,302 for income tax purposes. At April 30, 1996, the
aggregate cost of securities for federal income tax purposes was
$36,418,238.
(b) Non-income producing.
See Notes to Financial Statements
10
<PAGE>
Phoenix Strategic Theme Series
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1996
Assets
Investment securities at value
(Identified cost $36,418,238) $43,052,043
Cash 448,477
Receivables
Investment securities sold 643,750
Fund shares sold 1,883,796
Receivable from adviser 13,766
Dividends and interest 2,000
Prepaid expenses 20,349
------------
Total assets 46,064,181
------------
Liabilities
Payables
Investment securities purchased 666,563
Fund shares repurchased 6,759
Distribution fee 13,992
Transfer agent fee 4,786
Trustees' fee 3,192
Financial agent fee 945
Accrued expenses 54,794
------------
Total liabilities 751,031
------------
Net Assets $45,313,150
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $39,055,482
Accumulated net realized loss (376,137)
Net unrealized appreciation 6,633,805
------------
Net Assets $45,313,150
============
Class A
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$33,393,147) 2,699,375
Net asset value per share $12.37
Offering price per share
$12.37/(1-4.75%) $12.99
Class B
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$11,920,003) 966,629
Net asset value and offering price per share $12.33
STATEMENT OF OPERATIONS
FROM INCEPTION OCTOBER 16, 1995 TO
APRIL 30, 1996
Investment Income
Dividends $ 30,199
Interest 136,861
------------
Total investment income 167,060
------------
Expenses
Investment advisory fee 98,507
Distribution fee--Class A 26,550
Distribution fee--Class B 25,143
Financial agent fee 3,940
Registration 43,311
Transfer agent 31,979
Printing 20,898
Professional 17,465
Custodian 12,195
Trustees 9,012
Miscellaneous 2,742
------------
Total expenses 291,742
Less expenses borne by investment adviser (89,005)
------------
Net expenses 202,737
------------
Net investment loss (35,677)
------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (376,137)
Net change in unrealized appreciation
(depreciation) on investments 6,633,805
------------
Net gain on investments 6,257,668
------------
Net increase in net assets resulting from
operations $6,221,991
============
See Notes to Financial Statements
11
<PAGE>
Phoenix Strategic Theme Series
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
From
Inception
10/16/95 to
4/30/96
------------
From Operations
Net investment loss $ (35,677)
Net realized loss (376,137)
Net change in unrealized appreciation (depreciation) 6,633,805
----------
Increase in net assets resulting from operations 6,221,991
----------
From Distributions to Shareholders
Tax return of capital--Class A (25,935)
Tax return of capital--Class B (1,782)
----------
Decrease in net assets from distributions to shareholders (27,717)
----------
From Share Transactions
Class A
Proceeds from sales of shares (2,760,919 shares) 29,305,894
Net asset value of shares issued from reinvestment of
distributions (2,423 shares) 25,417
Cost of shares repurchased (63,967 shares) (743,134)
----------
Total 28,588,177
----------
Class B
Proceeds from sales of shares (992,960 shares) 10,820,691
Net asset value of shares issued from reinvestment of
distributions (161 shares) 1,682
Cost of shares repurchased (26,492 shares) (291,674)
----------
Total 10,530,699
----------
Increase in net assets from share transactions 39,118,876
----------
Net increase in net assets 45,313,150
Net Assets
Beginning of period 0
----------
End of period (including undistributed net investment
income of $0) $45,313,150
==========
See Notes to Financial Statements
12
<PAGE>
Phoenix Strategic Theme 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
4/30/96 4/30/96
----------------- ------------------
Net asset value, beginning of period $10.00 $10.00
Income from investment operations
Net investment income (loss) (0.00)(1)(5) (0.06)(1)(5)
Net realized and unrealized gain 2.39 2.40
--------------- -----------------
Total from investment operations 2.39 2.34
--------------- -----------------
Less distributions
Dividends from net investment income -- --
Distributions from net realized
gains -- --
Tax return of capital (0.02) (0.01)
--------------- -----------------
Total distributions (0.02) (0.01)
--------------- -----------------
Change in net asset value 2.37 2.33
--------------- -----------------
Net asset value, end of period $12.37 $12.33
=============== =================
Total return (2) 23.89% (4) 23.41% (4)
Ratios/supplemental data:
Net assets, end of period (thousands) $33,393 $11,920
Ratio of average net assets of:
Expenses 1.40% (3) 2.16% (3)
Net investment income (loss) (0.09)%(3) (1.06)%(3)
Portfolio turnover 175% (4) 175% (4)
Average commission rate paid $0.0663 $0.0663
(1) Includes reimbursement of operating expenses by investment adviser of
$0.04 and $0.04, respectively.
(2) Maximum sales charge is not reflected in total return calculation.
(3) Annualized
(4) Not annualized
(5) Computed using average shares outstanding.
See Notes to Financial Statements
13
<PAGE>
PHOENIX SMALL CAP SERIES
MARKET AND PORTFOLIO REVIEW
Aided by the recent rally in small-cap stocks, Phoenix Small Cap Fund
produced stellar returns during this latest reporting period. Since the
Fund's inception on October 16, 1995 through April 30, 1996, Class A shares
returned 67.48% and Class B shares returned 66.80%. These results
significantly outperformed its benchmark, the Russell 2000 Small Cap Index,
which returned 16.20% during the same period. All of these figures assume
reinvestment of any distributions but exclude the effect of sales charges.
During this reporting cycle, we incorporated a number of Phoenix
investment themes into the portfolio with outstanding results. Within the
health care and energy sectors, our 21st Century Medicine and Energy
Technology themes produced strong returns for the Fund. Our technology
holdings, especially those related to our Hybrid Network and Internet
Connection themes also contributed positively to performance. Some of our
biggest individual gainers for the period included Parexel International,
Seacor Holdings, Lernout & Hauspie, MRV Communications, Systemsoft and
Learning Tree.
Our outlook for the small-cap market remains positive. We believe that the
performance of small-cap stocks have lagged relative to large company stocks
and still offer good growth potential. As this bull market matures, we expect
that small stocks should continue to lead the way.
Looking ahead, our stock selection will remain focused on companies that
can capitalize on timely investment themes. A few of our themes that we
believe have strong growth potential in this environment include America's
Educational Crisis, Software Solutions and 21st Century Medicine. Although
our initial efforts have met with very good success, we must stress that
small stock investing is a long-term endeavor and that investors should be
prepared to accept the short-term volatility that is inevitable in this
segment of the market.
[Description of Pie Chart]
Short-term
Obligations and
Cash 8.0%
America's
Educational
Crisis
4.0%
Genomic
Revolution
3.0%
Quest for
Clean Water
3.2%
The Age
of Lasers 4.2%
Special
Situations
7.3%
Need for
Security
3.8%
Software
Solutions
13.7%
Digital
Sky Way 6.7%
Move to
Outsourcing 5.4%
Internet
Connection 5.0%
Healthcare
Productivity
9.9%
Energy
Technology
9.5%
Hybrid
Network
13.8%
21st Century
Medicine
2.5%
14
<PAGE>
Phoenix Small Cap Series
- --------------------------------------------------------------------------------
[Description of Mountain Chart]
Phoenix Small
Cap Series -- Class A
9,525
15,950
Phoenix Small
Cap Series -- Class B
10,000
16,180
Russell 2000 Benchmark
10,000
11,620
$16,180 (Class B)
$15,950 (Class A)
$11,620
Total Return for Period Ending 4/30/96
From Inception
10/16/95 to
4/30/96
- ----------------------------------- --------------
Class A with 4.75% sales charge 59.50%
- ----------------------------------- ------------
Class A at net asset value 67.48%
- ----------------------------------- ------------
Class B with CDSC 61.80%
- ----------------------------------- ------------
Class B at net asset value 66.80%
- ----------------------------------- ------------
Russell 2000 Benchmark* 16.20%
- ----------------------------------- ------------
This chart assumes an initial gross investment of $10,000 made on 10/16/95
(inception of the Fund) for Class A and Class B shares. The total return for
Class A shares reflects the maximum sales charge of 4.75% on the initial
investment and assumes reinvestment of dividends and capital gains. The total
return for Class B shares reflects the 5% contingent deferred sales charge
(CDSC), which is applicable on all shares redeemed during the 1st year after
purchase and 4% for all shares redeemed during the 2nd year after purchase
(scaled down to 3%--3rd year; 2%--4th and 5th year and 0% thereafter).
Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate, so that
your shares, when redeemed, may be worth more or less than the original cost.
* The Russell 2000 Benchmark is a commonly used, unmanaged indicator of stock
market performance for small cap companies. The index does not reflect
sales charges.
15
<PAGE>
Phoenix Small Cap Series
- --------------------------------------------------------------------------------
INVESTMENTS AT APRIL 30, 1996
SHARES VALUE
------ ------------
COMMON STOCKS--90.5%
Agricultural Operations--0.9%
Delta & Pine Land Co. 30,000 $ 1,338,750
----------
Commercial Services--Miscellaneous--6.1%
Clintrials Research, Inc. (b) 65,000 2,730,000
Corestaff, Inc. (b) 37,500 1,453,125
Employee Solutions, Inc. (b) 60,000 2,325,000
Robert Half International, Inc. (b) 40,000 2,300,000
----------
8,808,125
----------
Commercial Services--Schools--5.5%
Apollo Group, Inc. Class A (b) 15,000 660,000
ITT Educational Services, Inc. (b) 45,000 1,395,000
Learning Tree International (b) 50,000 1,250,000
National Education Corp. (b) 125,000 1,859,375
Nobel Education Dynamics (b) 30,000 532,500
Youth Services International, Inc. (b) 61,000 2,150,250
----------
7,847,125
----------
Commercial Services--Security/Safety--2.3%
Checkpoint Systems, Inc. (b) 60,000 1,792,500
Childrens Comprehensive Services,
Inc. (b) 33,500 477,375
Wackenhut Corrections Corporation (b) 20,000 1,070,000
----------
3,339,875
----------
Computer--Graphics--0.7%
Trident Microsystems, Inc. (b) 60,000 1,050,000
----------
Computer--Integrated Systems--2.3%
Medic Computer Systems, Inc. (b) 36,000 3,366,000
----------
Computer--Local Networks--1.2%
Shiva Corp. (b) 30,000 1,792,500
----------
Computer--Services--1.1%
Technology Solutions Co. (b) 60,000 1,620,000
----------
Computer--Software--22.8%
Accent Software International Ltd. (b) 50,000 2,200,000
Astea International, Inc. (b) 65,000 1,917,500
Citrix Systems, Inc. (b) 30,000 2,340,000
Cybercash, Inc. (b) 50,000 1,725,000
Epic Design Technology, Inc. (b) 58,000 1,986,500
HNC Software, Inc. (b) 55,000 2,048,750
HPR, Inc. (b) 30,000 1,290,000
Hummingbird Comm. Ltd. (b) 30,000 1,252,500
McAfee Associates, Inc. (b) 32,000 1,960,000
Mecon, Inc. (b) 78,000 2,184,000
Natural Microsystems Corp. (b) 45,000 1,698,750
Prism Solutions, Inc (b) 76,000 2,479,500
Red Brick Systems, Inc. (b) 35,000 2,073,750
Remedy Corp. (b) 27,000 2,119,500
Systemsoft Corporation (b) 100,000 2,787,500
SHARES VALUE
---- ----------
Computer--Software--continued
Transportation System Architects, Inc.
(b) 29,500 $ 1,578,250
Vantive Corporation (b) 30,000 1,087,500
----------
32,729,000
----------
Electric--Laser System/Component--2.6%
Coherent, Inc. (b) 70,000 3,753,750
----------
Electric--Military Systems--0.9%
Stanford Telecommunications, Inc. (b) 30,000 1,260,000
----------
Electric--Scientific Instrument--0.8%
Dionex Corp. (b) 30,000 1,098,750
----------
Electric--Semiconductor Manufacturer--5.6%
ESS Technology, Inc. (b) 123,000 2,782,875
Triquint Semiconductor, Inc. (b) 115,000 2,386,250
Vitesse Semiconductor Corp. (b) 95,000 2,838,125
----------
8,007,250
----------
Leisure Services--1.1%
Penske Motorsports, Inc. (b) 50,000 1,512,500
----------
Machinery--Farm--0.8%
Lindsay Manufacturing Co. 30,000 1,125,000
----------
Media--Cable TV--1.1%
EchoStar Communications Corp. (b) 46,000 1,541,000
----------
Media--Radio/TV--1.1%
United Video Satellite Group, Inc. (b) 72,000 1,638,000
----------
Medical--Biomed/Genetics--5.0%
Human Genome Sciences, Inc. (b) 55,000 2,186,250
Incyte Pharmaceuticals, Inc. (b) 58,000 1,863,250
Pharmaceutical Product Development, Inc.
(b) 26,000 1,098,500
Vical, Inc. (b) 139,000 2,093,688
----------
7,241,688
----------
Medical--Instruments--0.4%
Iridex Corporation (b) 35,000 525,000
----------
Medical--Output/Home Care--0.4%
Renal Care Group, Inc. (b) 16,800 579,600
----------
Medical--Products--3.2%
Capstone Pharmacy Services (b) 75,000 745,313
MediSense, Inc. (b) 8,000 360,000
Parexel International Corp. (b) 60,000 2,955,000
Quintiles Transnational Corp. (b) 8,000 586,000
----------
4,646,313
----------
Oil & Gas--Drilling--3.1%
Arethusa (Off-Shore), Ltd. (b) 27,000 1,215,000
Atwood Oceanics, Inc. (b) 38,000 1,619,750
Falcon Drilling Company, Inc. (b) 60,000 1,612,500
----------
4,447,250
----------
See Notes to Financial Statements
16
<PAGE>
Phoenix Small Cap Series
- -------------------------------------------------------------------------
SHARES VALUE
-------- ---------------
Oil & Gas--Field Services--2.4%
Dawson Production Services, Inc. (b) 71,500 $ 1,018,875
Pride Petroleum Services, Inc. (b) 90,000 1,473,750
Stolt Comex Seaway S.A. (b) 75,000 1,012,500
-------------
3,505,125
-------------
Oil & Gas--Machinery/Equipment--1.3%
Energy Ventures, Inc. (b) 61,900 1,857,000
-------------
Oil & Gas--U.S. Exploration & Production--1.7%
Chesapeake Energy Corp. (b) 19,200 1,358,400
Stone Energy Corp. (b) 60,000 1,080,000
-------------
2,438,400
-------------
Pollution Control--Equipment--1.3%
Culligan Water Technologies, Inc. (b) 30,600 1,032,750
U.S. Filter Corp. (b) 25,000 768,750
-------------
1,801,500
-------------
Retail--Apparel/Shoe--1.2%
Buckle, Inc. (b) 60,000 1,755,000
-------------
Telecommunications--Equipment--9.0%
Aspect Telecommunications Corp. (b) 23,000 1,322,500
Galileo Electro-Optics Corp. (b) 70,000 1,767,500
Global Telecommunications Ltd. (b) 43,000 2,246,750
MRV Communications, Inc. (b) 62,500 2,593,750
Pairgain Technologies, Inc. (b) 10,000 955,000
Teltrend, Inc. (b) 25,000 1,234,375
Westell Technologies, Inc. (b) 38,000 2,731,250
-------------
12,851,125
-------------
Telecommunications--Services--2.1%
Orion Network Systems, Inc. (b) 75,000 1,040,625
Panamsat Corp. (b) 60,000 1,995,000
-------------
3,035,625
-------------
Transportation--Equipment Manufacturing--1.5%
Avondale Industries, Inc. (b) 110,000 2,103,750
-------------
Transportation--Ship--1.0%
Seacor Holdings, Inc. (b) 35,000 1,443,750
-------------
TOTAL COMMON STOCKS
(Identified cost $104,466,743) 130,058,751
-------------
FOREIGN COMMON STOCKS--1.5%
Computer Software & Services--1.1%
Business Objects SA-SP ADR
(France) (b) 14,900 1,288,850
Planning Sciences International ADR
(United Kingdom) (b) 10,500 252,000
-------------
1,540,850
-------------
Pollution Control--0.4%
Memtec Ltd. ADR (Australia) 20,000 $ 547,500
-------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $1,702,755) 2,088,350
-------------
TOTAL LONG-TERM INVESTMENTS--92.0%
(Identified cost $106,169,498) 132,147,101
-------------
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000)
---------- --------
SHORT-TERM OBLIGATIONS--7.7%
Commercial Paper--7.0%
Anheuser-Busch Cos., Inc.
5.32%, 5-1-96 A-1+ $4,100 4,100,000
Shell Oil Co. 5.27%,
5-1-96 A-1+ 675 675,000
H.J. Heinz Co. 5.32%,
5-2-96 A-1+ 1,000 999,853
Schering Corp. 5.30%, 5-2-96 A-1+ 330 329,951
Gannett Co. 5.28%, 5-3-96 A-1+ 1,465 1,464,570
Bellsouth Telecommuni-
cations, Inc. 5.25%,
5-6-96 A-1+ 260 259,810
Emerson Electric Co. 5.26%,
5-6-96 A-1+ 1,195 1,194,127
Campbell Soup Co. 5.30%,
5-14-96 A-1+ 1,000 998,086
-----------
10,021,397
-----------
Federal Agency Securities--0.7%
Federal Farm Credit Bank 5.17%, 5-17-96 1,000 997,702
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $11,019,099) 11,019,099
-----------
TOTAL INVESTMENTS--99.7%
(Identified cost $117,188,597) 143,166,200(a)
Cash and receivables, less liabilities--0.3% 373,468
-----------
NET ASSETS--100.0% $143,539,668
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $26,388,362 and gross
depreciation of $623,878 for income tax purposes. At April 30, 1996, the
aggregate cost of securities for federal income tax purposes was
$117,401,716.
(b) Non-income producing.
ADR-American Depository Receipt
See Notes to Financial Statements
17
<PAGE>
Phoenix Small Cap Series
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1996
Assets
Investment securities at value
(Identified cost $117,188,597) $143,166,200
Cash 3,606
Receivables
Fund shares sold 9,443,165
Investment securities sold 3,032,464
Prepaid expenses 20,519
-----------
Total assets 155,665,954
-----------
Liabilities
Payables
Investment securities purchased 11,939,568
Fund shares repurchased 23,047
Distribution fee 40,897
Transfer agent fee 13,976
Investment advisory fee 13,286
Trustees' fee 3,178
Financial agent fee 2,584
Accrued expenses 89,750
-----------
Total liabilities 12,126,286
-----------
Net Assets $143,539,668
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest $117,269,725
Accumulated net realized gain 292,340
Net unrealized appreciation 25,977,603
-----------
Net Assets $143,539,668
===========
Class A
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$98,371,502) 5,877,279
Net asset value per share $16.74
Offering price per share
$16.74/(1-4.75%) $17.57
Class B
Shares of beneficial interest outstanding, $.0001
par value, unlimited authorization (Net Assets
$45,168,166) 2,707,543
Net asset value and offering price per share $16.68
STATEMENT OF OPERATIONS
FROM INCEPTION OCTOBER 16, 1995 TO
APRIL 30, 1996
Investment Income
Dividends $ 11,903
Interest 231,990
-----------
Total investment income 243,893
-----------
Expenses
Investment advisory fee 196,972
Distribution fee--Class A 49,601
Distribution fee--Class B 64,227
Financial agent fee 7,879
Registration 72,668
Transfer agent 55,491
Printing 27,232
Professional 18,359
Custodian 15,293
Trustees 8,998
Miscellaneous 4,218
-----------
Total expenses 520,938
Less expenses borne by investment adviser (78,823)
-----------
Net expenses 442,115
-----------
Net investment loss (198,222)
-----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 478,693
Net change in unrealized appreciation
(depreciation) on investments 25,977,603
-----------
Net gain on investments 26,456,296
-----------
Net increase in net assets resulting from
operations $26,258,074
===========
See Notes to Financial Statements
18
<PAGE>
Phoenix Small Cap Series
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
10/16/95 to
4/30/96
--------------
<S> <C>
From Operations
Net investment loss $ (198,222)
Net realized gain 478,693
Net change in unrealized appreciation (depreciation) 25,977,603
------------
Increase in net assets resulting from operations 26,258,074
------------
From Distributions to Shareholders
In excess of net investment income--Class A (12,168)
------------
Decrease in net assets from distributions to shareholders (12,168)
------------
From Share Transactions
Class A
Proceeds from sales of shares (6,072,940 shares) 81,698,360
Net asset value of shares issued from reinvestment of distributions (928
shares) 11,748
Cost of shares repurchased (196,589 shares) (2,715,491)
------------
Total 78,994,617
------------
Class B
Proceeds from sales of shares (2,768,695 shares) 39,161,690
Net asset value of shares issued from reinvestment of distributions (0 shares) --
Cost of shares repurchased (61,152 shares) (862,545)
------------
Total 38,299,145
------------
Increase in net assets from share transactions 117,293,762
------------
Net increase in net assets 143,539,668
Net Assets
Beginning of period 0
------------
End of period (including undistributed net investment income of $0) $143,539,668
============
</TABLE>
See Notes to Financial Statements
19
<PAGE>
Phoenix Small Cap 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
4/30/96 4/30/96
--------------- ----------------
Net asset value, beginning of period $10.00 $10.00
Income from investment operations
Net investment income (loss) (0.04)(1)(5) (0.09)(1)(5)
Net realized and unrealized gain 6.79 6.77
------------- ---------------
Total from investment operations 6.75 6.68
------------- ---------------
Less distributions
Dividends from net investment
income -- --
In excess of net investment income (0.01) --
------------- ---------------
Total distributions (0.01) --
------------- ---------------
Change in net asset value 6.74 6.68
------------- ---------------
Net asset value, end of period $16.74 $16.68
============= ===============
Total return (2) 67.48% (4) 66.80% (4)
Ratios/supplemental data:
Net assets, end of period
(thousands) $98,372 $45,168
Ratio of average net assets of:
Expenses 1.50% (3) 2.26% (3)
Net investment income (loss) (0.53)%(3) (1.44)%(3)
Portfolio turnover 103% (4) 103% (4)
Average commission rate paid $0.0657 $0.0657
(1) Includes reimbursement of operating expenses by investment advisor of
$0.02 and $0.02, respectively.
(2) Maximum sales charge is not reflected in total return calculation.
(3) Annualized
(4) Not annualized
(5) Computed using average shares outstanding.
See Notes to Financial Statements
20
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 1996
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 has distinct investment objectives. The Equity Opportunities Series
seeks to achieve long-term growth of capital from investment in a diversified
group of stocks or securities convertible into stocks. The Strategic Theme
Series seeks long-term appreciation of capital through investing in securities
of companies that the adviser believes are particularly well positioned to
benefit from cultural, demographic, regulatory, social or technological changes
worldwide. The Small Cap Series seeks long-term growth of capital by investing
in a diversified portfolio of securities, primarily common stock, of relatively
small companies which the adviser believes have long-term investment potential.
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. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, revenues and
expenses. Actual results could differ from those estimates.
A. Security valuation:
Equity securities traded on an exchange or quoted on the over-the-counter
market are valued at the last sale price, or if there had been no sale that
day, at the last bid price, except for the Equity Opportunities Series which
uses the mean if there had been no sale. Short-term investments having a
remaining maturity of less than 61 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 Series 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 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.
21
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 1996 (Continued)
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.
G. Options:
Each Series may purchase put or call options on securities and securities
indices and foreign currencies for the purpose of hedging against changes in
the market value of the underlying securities or foreign currencies. The
Series pays a premium which is included in the Series' Schedule of
Investments and subsequently marked to market to reflect the current value of
the option. The risk associated with purchasing put and call options is
limited to the premium paid.
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 majority-owned subsidiaries of Phoenix Home
Life Mutual Insurance Company ("PHL"), are entitled to a fee based 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 0.40% and 0.50%, respectively, of the average daily net
assets of each Series.
As Distributor of the Fund's shares, Phoenix Equity Planning Corp.
("PEPCO"), an indirect majority-owned subsidiary of PHL, has advised the Fund
that it retained net selling commissions of $201,865 for Class A shares and
deferred sales charges of $4,675 for Class B shares for the period ended
April 30, 1996. 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 April 30, 1996, $337,972 was earned by the Distributor and
$332,481 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 April 30, 1996, transfer agent fees were $392,644 of which PEPCO
retained $130,428 which is net of the fees paid to State Street.
At April 30, 1996, PHL and its affiliates held shares of the Fund as
follows:
Aggregate
Shares Net Asset Value
------ ----------------
Equity Opportunities Series--Class A 111 $ 978
--Class B 16,746 146,190
Strategic Theme Series--Class A 991,510 12,264,979
--Class B 10,009 123,406
Small Cap Series--Class A 490,232 8,206,487
--Class B 10,000 166,800
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities (excluding short-term secuities,
options written, futures, and forward currency contracts) for the
period ended April 30, 1996, aggregated the following:
Purchases Sales
----------- -------------
Equity Opportunities Series $580,972,506 $617,713,174
Strategic Theme Series 73,951,729 38,857,591
Small Cap Series 158,188,621 52,498,198
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, 1995 may be
deferred and treated as occurring on the first day of the following fiscal
year. For the year ended April 30, 1996, the Strategic Theme Series elected
to defer $375,980 in losses occurring between November 1, 1995 and April 30,
1996. In addition, the Equity Opportunities Series was able to utilize losses
deferred in the prior year against current year capital gains in the amount
of $327,805.
22
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 1996 (Continued)
5. RECLASS OF CAPITAL ACCOUNTS
In accordance with accounting pronouncements, the Series of the Fund have
recorded several reclassifications in the capital accounts. These
reclassifications have no impact on the net asset value of the Series and are
designed generally to present undistributed income and realized gains on a
tax basis which is considered to be more informative to the shareholder. As
of April 30, 1996, the Series recorded the following reclassifications to
increase (decrease) the accounts listed below:
Accumulated Capital paid
Undistributed net realized in on shares
net investment gains of beneficial
income (losses) interest
-------------- ------------- ---------------
Equity Opportunities
Series $1,070,957 $(1,070,957) $ --
Strategic Theme Series 35,677 -- (35,677)
Small Cap Series 210,390 (186,353) (24,037)
6. SUBSEQUENT EVENT
As of June 14, 1996, the Small Cap Series will be closed for sales to new
investors. The close is the result of management's strategy to keep the fund
at an optimum size for small-cap investing.
TAX INFORMATION NOTICE (Unaudited)
For federal income tax purposes, 12.1% and 2.2% of the ordinary income
dividends paid by the Equity Opportunities Series and the Small Cap Series,
respectively, qualify for the dividends received deduction of corporate
shareholders.
For the fiscal year ended April 30, 1996, the Equity Opportunities Series
distributed $72,857 of long-term capital gain dividends.
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.
23
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP [Price Waterhouse logo]
To the Trustees and Shareholders of
Phoenix Strategic Equity Series Fund
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments (except for bond ratings), and the
related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of the Phoenix Equity Opportunities Series, the Phoenix Strategic
Theme Series and the Phoenix Small Cap Series (constituting separate series
of the Phoenix Strategic Equity Series Fund, hereafter referred to as the
"Fund") at April 30, 1996, and the results of each of their operations, the
changes in each of their net assets and the financial highlights for each of
the periods indicated, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our audits,
which included confirmation of securities at April 30, 1996 by correspondence
with the custodian and brokers, and the application of alternative auditing
procedures where confirmations from brokers were not received, provide a
reasonable basis for the opinion expressed above.
/s/ Price Waterhouse LLP
Boston, Massachusetts
June 14, 1996
24
<PAGE>
Phoenix Strategic Equity Series Fund
101 Munson Street
Greenfield, Massachusetts 01301
Trustees
C. Duane Blinn
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
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
William J. Newman, Senior Vice President
Michael K. Arends, Vice President
James M. Dolan, Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Investment Adviser--Phoenix Equity
Opportunities Fund
National Securities & Research Corporation
56 Prospect Street
Hartford, Connecticut 06115-0480
Investment Adviser--Phoenix Strategic Theme
Fund and Phoenix Small Cap Fund
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
Independent Accountants
Price Waterhouse LLP
160 Federal Street
Boston, Massachusetts 02110
25
<PAGE>
Phoenix Strategic Equity Series Fund
P.O. Box 2200
Enfield, CT 06083-2200
Bulk Rate Mail
U.S. Postage
PAID
Springfield, MA
Permit No. 444
[Phoenix
Duff & Phelps logo]
PDP 744 (6/96) [Dalbar Honor's Commitment to Investors logo]
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<NET-CHANGE-IN-ASSETS> 33393
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