PHOENIX
SEMIANNUAL REPORT
OCTOBER 31, 1996
Phoenix Strategic
Equity Series Fund
Semiannual Report
Phoenix Equity Opportunities Fund
Phoenix Strategic Theme Fund
Phoenix Small Cap Fund
[LOGOTYPE] PHOENIX
DUFF & PHELPS
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
PHOENIX EQUITY OPPORTUNITIES SERIES
MARKET AND PORTFOLIO REVIEW
Phoenix Equity Opportunities Fund posted disappointing results over this
latest reporting cycle. For the six months ended October 31, 1996, the Fund's
class A shares returned -1.48% and class B shares returned -1.72%. These
results lagged the Standard & Poor's 500 Composite Index, which returned
9.14% over the same period. All of these figures assume reinvestment of any
distributions, but exclude the effect of sales charges. Despite this recent
setback, the Fund still maintains its solid long-term performance record.
The Fund's aggressive investment profile during July's market selloff
contributed significantly to the underperformance over this latest fiscal
reporting period. Overall, the portfolio's exposure to the technology, health
care and consumer cyclical sectors hindered results, while our strong stock
selection in the energy and consumer staples groups enhanced returns. Our
more recent shift to larger-cap stocks also boosted portfolio performance, as
blue-chip companies led the market in September and October. Individual
stocks which performed exceptionally well for the Fund over this period
included Hershey, Fila, Microsoft and Noble Drilling.
Moving forward, we continue to find excellent investment opportunities in
this extended bull market. Given this current environment of moderate
economic growth and benign inflation, we are focusing on such themes as
Hybrid Network (technology), 21st Century Medicine (health care) and Energy
Technology (energy). With the recent relative underperformance of small-cap
stocks, we are also scouring this segment of the market for high-growth
companies selling at attractive valuations. As of October 31, 1996, the
Fund's asset allocation mix was 87% equities and 13% cash equivalents.
1
<PAGE>
Phoenix Equity Opportunities Series
INVESTMENTS AT OCTOBER 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
--------- --------------
<S> <C> <C>
COMMON STOCKS--84.9%
Advertising--1.4%
Universal Outdoor Holdings, Inc. (b) 100,000 $ 2,937,500
-----------
Banks--4.5%
BankAmerica Corp. 25,000 2,287,500
TFC Financial Corp. 175,000 6,781,250
-----------
9,068,750
-----------
Beverages--1.9%
Northland Cranberries Class A (b) 204,200 3,930,850
-----------
Computer Software & Services--9.8%
Cybermedia, Inc. (b) 40,000 890,000
Forte Software, Inc. (b) 50,000 1,887,500
Gateway 2000, Inc. (b) 75,000 3,529,688
Microsoft Corp. (b) 35,000 4,803,750
Peerless Systems Corp. (b) 100,000 1,062,500
Raptor Systems, Inc. (b) 75,000 1,584,375
Rational Software Corp. (b) 50,000 1,918,750
Siebel Systems, Inc. (b) 25,000 1,362,500
Visigenic Software, Inc. (b) 200,000 2,800,000
-----------
19,839,063
-----------
Diversified Financial Services--1.0%
Hambrecht & Quist Group (b) 100,000 1,987,500
-----------
Electrical Equipment--2.2%
SCI Systems, Inc. (b) 90,000 4,477,500
-----------
Electronics--3.3%
C-Cube Microsystems, Inc. (b) 30,000 1,162,500
Intel Corp. 50,000 5,493,750
-----------
6,656,250
-----------
Entertainment, Leisure & Gaming--2.8%
Coach USA, Inc. (b) 50,000 1,362,500
International Game Technology (b) 200,000 4,225,000
-----------
5,587,500
-----------
Food--3.6%
Hershey Food Corp. (b) 150,000 7,256,250
-----------
Healthcare--Drugs--3.0%
Dura Pharmaceuticals, Inc. (b) 175,000 6,037,500
-----------
Hospital Management & Services--3.6%
HEALTHSOUTH Corp. (b) 100,000 3,750,000
PhyCor, Inc. (b) 117,500 3,642,500
-----------
7,392,500
-----------
Medical Products & Supplies--8.5%
Abbott Laboratories 100,000 5,062,500
Henry Schein, Inc. (b) 180,000 7,155,000
Integ, Inc. (b) 100,000 925,000
Omnicare, Inc. 150,000 4,087,500
-----------
17,230,000
-----------
Office & Business Equipment--10.2%
Compaq Computer Corp. (b) 100,000 6,962,500
IDX Systems, Inc. (b) 87,200 2,572,400
International Business Machines Corp. 60,000 7,740,000
Seagate Technology, Inc. (b) 50,000 3,337,500
-----------
20,612,400
-----------
Oil Service & Equipment--8.8%
Global Marine, Inc. (b) 200,000 3,675,000
Noble Drilling Corp. (b) 250,000 4,656,250
Reading & Bates Corp. (b) 108,000 3,105,000
Schlumberger Ltd. 21,000 2,081,625
Tidewater, Inc. 100,000 4,375,000
-----------
17,892,875
-----------
Professional Services--2.2%
HFS, Inc. (b) 60,000 4,395,000
-----------
Retail--6.4%
Proffitt's, Inc. (b) 50,000 2,018,750
TJX Companies, Inc. 100,000 4,000,000
West Marine, Inc. (b) 120,000 4,230,000
Williams-Sonoma, Inc. (b) 100,000 2,750,000
-----------
12,998,750
-----------
Telecommunications Equipment--11.7%
Ascend Communications, Inc. (b) 50,000 3,268,750
Fore Systems, Inc. (b) 50,000 1,987,500
Lucent Technologies, Inc. (b) 125,000 5,875,000
Tellabs, Inc. (b) 75,000 6,384,375
U.S. Robotics Corp. (b) 100,000 6,287,500
-----------
23,803,125
-----------
TOTAL COMMON STOCKS
(Identified cost $148,804,242) 172,103,313
-----------
FOREIGN COMMON STOCKS--2.2%
Building & Materials--0.1%
Ton Yi Industrial Corp. (Taiwan) (b) 113,920 137,843
-----------
Computer Software & Services--2.1%
CBT Group PLC ADR (Ireland) (b) 80,000 4,400,000
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $4,067,610) 4,537,843
-----------
TOTAL LONG-TERM INVESTMENTS--87.1%
(Identified cost $152,871,852) 176,641,156
-----------
</TABLE>
See Notes to Financial Statements
2
<PAGE>
Phoenix Equity Opportunities Series
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ---------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--7.7%
Commercial Paper--7.7%
Ciesco L.P. 5.62%,
11-1-96 A-1+ $ 410 $ 410,000
Corporate Receivables
Corp. 5.70%, 11-1-96 A-1 5,960 5,960,000
CXC, Inc. 5.70%, 11-1-96 A-1+ 5,000 5,000,000
Albertson's, Inc. 5.23%,
11-4-96 A-1 3,140 3,138,631
Corporate Asset Funding
Co. 5.25%, 11-22-96 A-1+ 1,044 1,040,803
------------
15,549,434
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $15,549,434) 15,549,434
------------
TOTAL INVESTMENTS--94.8%
(Identified cost $168,421,286) 192,190,590(a)
Cash and receivables, less liabilities--5.2% 10,581,997
------------
NET ASSETS--100.0% $202,772,587
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $26,363,775 and gross
depreciation of $2,594,471 for income tax purposes. At October 31, 1996,
the aggregate cost of securities for federal income tax purposes was
$168,421,286.
(b) Non-income producing.
ADR-American Depository Receipt
See Notes to Financial Statements
3
<PAGE>
Phoenix Equity Opportunities Series
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1996
(Unaudited)
<TABLE>
<S> <C>
Assets
Investment securities at value
(Identified cost $168,421,286) $192,190,590
Cash 3,375
Receivables
Investment securities sold 10,533,953
Fund shares sold 643,239
Dividends and interest 43,750
------------
Total assets 203,414,907
------------
Liabilities
Payables
Fund shares repurchased 352,833
Investment advisory fee 123,536
Distribution fee 45,213
Transfer agent fee 40,954
Trustees' fee 9,353
Financial agent fee 5,294
Accrued expenses 65,137
------------
Total liabilities 642,320
------------
Net Assets $202,772,587
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $156,122,819
Undistributed net investment loss (416,588)
Accumulated net realized gain 23,297,052
Net unrealized appreciation 23,769,304
------------
Net Assets $202,772,587
============
Class A
Shares of beneficial interest outstanding, $0.0001 par
value, unlimited authorization (Net Assets
$201,071,789) 23,155,316
Net asset value per share $8.68
Offering price per share
$8.68/(1-4.75%) $9.11
Class B
Shares of beneficial interest outstanding, $0.0001 par
value, unlimited authorization (Net Assets
$1,700,798) 198,303
Net asset value and offering price per share $8.58
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 1996
(Unaudited)
<TABLE>
<S> <C>
Investment Income
Dividend $ 351,112
Interest 508,294
-----------
Total investment income 859,406
-----------
Expenses
Investment advisory fee 731,032
Distribution fee--Class A 259,137
Distribution fee--Class B 7,783
Financial agent fee 31,330
Transfer agent 152,694
Registration 26,677
Printing 21,182
Professional 19,775
Trustees 10,804
Custodian 10,487
Miscellaneous 5,093
-----------
Total expenses 1,275,994
-----------
Net investment loss (416,588)
-----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 13,999,616
Net realized loss on foreign currency transactions (10,353)
Net realized loss on options (1,509,775)
Net change in unrealized appreciation (depreciation)
on investments (15,111,361)
-----------
Net loss on investments (2,631,873)
-----------
Net decrease in net assets resulting from operations $ (3,048,461)
===========
</TABLE>
4
See Notes to Financial Statements
<PAGE>
Phoenix Equity Opportunities Series
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
October 31, Year
1996 Ended
(Unaudited) April 30, 1996
------------ ---------------
<S> <C> <C>
From Operations
Net investment loss $ (416,588) $ (1,070,957)
Net realized gain 12,479,488 27,906,869
Net change in unrealized appreciation (depreciation) (15,111,361) 29,337,807
------------ ------------
Increase (decrease) in net assets resulting from operations (3,048,461) 56,173,719
------------ ------------
From Distributions to Shareholders
Net realized gains--Class A -- (20,539,261)
Net realized gains--Class B -- (108,254)
------------ ------------
Decrease in net assets from distributions to shareholders -- (20,647,515)
------------ ------------
From Share Transactions
Class A
Proceeds from sales of shares (972,853 and 3,092,252 shares,
respectively) 8,588,506 24,946,255
Net asset value of shares issued from reinvestment of
distributions (0 and 1,944,177 shares, respectively) -- 14,853,511
Cost of shares repurchased (2,062,570 and 5,081,608 shares,
respectively) (18,107,197) (41,255,024)
------------ ------------
Total (9,518,691) (1,455,258)
------------ ------------
Class B
Proceeds from sales of shares (56,624 and 129,377 shares,
respectively) 497,660 1,068,242
Net asset value of shares issued from reinvestment of
distributions (0 and 13,074, respectively) -- 99,234
Cost of shares repurchased (12,595 and 59,229 shares,
respectively) (105,588) (481,915)
------------ ------------
Total 392,072 685,561
------------ ------------
Decrease in net assets from share transactions (9,126,619) (769,697)
------------ ------------
Net increase (decrease) in net assets (12,175,080) 34,756,507
Net Assets
Beginning of period 214,947,667 180,191,160
------------ ------------
End of period (including undistributed net investment loss of
($416,588) and $0, respectively) $202,772,587 $214,947,667
============ ============
</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
-----------------------------------------------------------------------------
Six Months
Ended
10/31/96 Year Ended April 30,
(Unaudited) 1996 1995 1994 1993 1992
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $8.81 $7.40 $7.31 $9.64 $8.59 $8.36
Income from investment
operations
Net investment income
(loss) (0.02)(4) (0.04)(4) 0.04 0.05 0.06 0.11
Net realized and
unrealized gain (loss) (0.11) 2.34 0.58 0.57 1.34 0.71
-------- -------- -------- -------- -------- --------
Total from investment
operations (0.13) 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 (0.13) 1.41 0.09 (2.33) 1.05 0.23
-------- -------- -------- -------- -------- --------
Net asset value, end of
period $8.68 $8.81 $7.40 $7.31 $9.64 $8.59
======== ======== ======== ======== ======== ========
Total return (1) -1.48%(3) 32.86% 9.16% 4.99% 16.50% 10.30%
Ratios/supplemental data:
Net assets, end of period
(thousands) $201,072 $213,600 $179,666 $186,037 $215,570 $204,792
Ratio to average net
assets of:
Expenses 1.22%(2) 1.25% 1.32% 1.26% 1.35% 1.36%
Net investment income
(loss) (0.39)%(2) (0.53)% 0.60% 0.57% 0.67% 1.29%
Portfolio turnover 129% (3) 302% 358% 167% 31% 73%
Average commission rate
paid (5) $0.0473 $0.0600 N/A N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
Class B
-------------------------------------------------
Six Months From
Ended Year Inception
10/31/96 Ended 7/19/94 to
(Unaudited) 4/30/96 4/30/95
--------------- --------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period $8.73 $7.39 $7.28
Income from investment operations
Net investment income (loss) (0.05)(4) (0.10)(4) 0.00
Net realized and unrealized gain (loss) (0.10) 2.33 0.59
--------------- --------------- ----------------
Total from investment operations (0.15) 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 (0.15) 1.34 0.11
--------------- --------------- ----------------
Net asset value, end of period $8.58 $8.73 $7.39
=============== =============== ================
Total return (1) -1.72%(3) 31.92% 8.69%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 1,701 $ 1,348 $525
Ratio to average net assets of:
Expenses 1.97%(2) 2.06% 2.15%(2)
Net investment income (loss) (1.17)%(2) (1.18)% (0.06)%(2)
Portfolio turnover 129%(3) 302% 358%
Average commission rate paid (5) $0.0473 $0.0600 N/A
</TABLE>
(1) Maximum sales charge is not reflected in total return calculation.
(2) Annualized
(3) Not annualized
(4) Computed using average shares outstanding.
(5) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for securities
trades on which commissions are charged. This rate generally does not
reflect mark-ups, mark-downs, or spreads on shares traded on a principal
basis.
See Notes to Financial Statements
6
<PAGE>
PHOENIX STRATEGIC THEME SERIES
MARKET AND PORTFOLIO REVIEW
After outperforming the market in its prior fiscal reporting period,
Phoenix Strategic Theme Fund lagged the Standard & Poor's 500 Composite Stock
Index over this latest reporting cycle. For the six months ended October 31,
1996, the Fund's class A shares returned -0.24% and class B shares returned
- -0.57%. During the same period, the S&P 500 Index returned 9.14%. All of
these figures assume reinvestment of any distributions, but exclude the
effect of sales charges.
Fund performance over the last six months was hindered because of
continued market sector rotation and weakness in some of our technology,
health care and consumer cyclical holdings. Our underweighting in large-cap
stocks also held back results as these non-theme related blue-chip companies
led the market for much of this reporting period. Positive contributors
included our strong stock selection in the energy sector over the second half
of this reporting cycle as well as our tactical strategy of raising the
portfolio's cash holdings during the market selloff in July.
Despite the extended rally in the U.S. equity markets, thematically, we
continue to identify a number of areas that should provide significant
long-term growth in this environment. Our Software Solutions theme focuses on
companies that increase organizational efficiency by providing products and
services to manage the proliferation of new technology and solve increasingly
complex user problems. Move to Outsourcing is another high conviction theme
that we developed in response to the growing trend of U.S. corporations to
outsource non-core business functions as a means of increasing productivity
and profitability. Lastly, we continue to emphasize our Energy Technology
theme which represents energy service companies that provide productivity
enhancing solutions to exploration and production companies.
Moving forward, we believe our key investment themes will serve us well in
this environment, given their ability to capture change and identify strong
earnings growth in a timely manner. As of October 31, 1996, the Fund's asset
allocation mix was 85% equities and 15% cash equivalents.
[tabular representation of pie chart]
Software Solutions 8.2%
Clean Energy Demand 4.7%
Real Assets Return 4.6%
Quest for Clean Water 4.5%
Move to Outsourcing 4.2%
Hybrid Network 3.7%
Deregulating Media 3.0%
America's Educational Crisis 3.3%
Wireless Wave 2.5%
Environmental Crises Recycled 1.6%
Special Situations 5.3%
Short-Term Obligations and Equivalents 14.9%
Energy Technology 20.1%
21st Century Medicine 10.4%
Deregulating Financial Services 9.0%
7
<PAGE>
Phoenix Strategic Theme Series
INVESTMENTS AT OCTOBER 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------
<S> <C> <C>
COMMON STOCKS--85.1%
Banks--Money Center--3.8%
Bankers Trust New York Corp.
Citicorp
30,000 $2,535,000
15,000 1,485,000
-----------
Commercial Services--Miscellaneous--0.7% 4,020,000
Snyder Communications, Inc. (b) -----------
35,400 690,300
Commercial Services--Schools--2.5% -----------
Apollo Group, Inc. Class A (b) 11,200 308,000
Devry, Inc. (b) 20,000 997,500
Education Management Corp. (b) 25,000 409,375
ITT Educational Services, Inc. (b) 25,000 909,375
-----------
2,624,250
Commercial Services--Security/Safety--1.1% -----------
Diebold, Inc.
20,000 1,150,000
Computer--Local Networks--1.0% -----------
Cisco Systems, Inc. (b) 17,000 1,051,875
Computer--Peripheral Equipment--2.1% -----------
Security Dynamics Technologies, Inc. (b) 26,500 2,153,125
-----------
Computer--Services--3.4%
Fiserv, Inc. (b) 25,000 959,375
Microsoft Corp. (b) 7,000 960,750
National Data Corp. 40,000 1,645,000
-----------
3,565,125
Computer--Software--8.0% -----------
BMC Software, Inc. (b) 15,000 1,245,000
Cambridge Technology, Inc. (b) 38,000 1,254,000
CBT Group PLC-Sponsored ADR (b) 15,000 825,000
Citrix Systems, Inc. (b) 30,000 1,657,500
McAfee Associates, Inc. (b) 31,500 1,433,250
Peoplesoft, Inc. (b) 12,000 1,077,000
Technology Modeling Associates, Inc. (b) 82,500 881,718
-----------
8,373,468
Electric--Semiconductor Manufacturing--1.8% -----------
Benchmark Electronics, Inc. (b)
30,000 888,750
DSP Communications, Inc. (b) 25,000 950,000
-----------
Electrical--Connectors--1.6% 1,838,750
-----------
Intel Corp.
15,000 1,648,125
Finance--Equity REITS--4.6% -----------
Avalon Properties, Inc.
40,000 925,000
Crescent Real Estate Equities, Inc. 30,000 1,252,500
Equity Residential Properties Trust 25,000 918,750
Irvine Apartment Communities, Inc. 36,000 828,000
Security Capital Pacific Trust 40,000 900,000
-----------
Finance--Investment Bankers--2.0% 4,824,250
Merrill Lynch & Co., Inc. -----------
30,000 2,107,500
Finance--Savings & Loan--1.1% -----------
Greenpoint Financial Corp.
25,000 1,162,500
Financial Services--Miscellaneous--1.1% -----------
SunAmerica, Inc.
30,000 1,125,000
Insurance--Multi Line--1.0% -----------
MGIC Investment Corp.
15,000 1,029,375
Leisure--Services--0.3% Dover Downs (b) -----------
15,000 301,875
Media--Radio/TV--3.0% Cox Radio, Inc. Class A (b) -----------
25,000 453,125
Jacor Communications, Inc. Class A (b) 25,000 700,000
SFX Broadcasting, Inc. Class A (b) 20,000 860,000
Univision Communications, Inc.
Class A (b) 32,700 1,103,625
-----------
Medical--Biomed/Genetics--1.4% 3,116,750
Biogen, Inc. (b) -----------
Medical--Ethical Drugs--6.2% 20,000 1,490,000
Dura Pharmaceuticals, Inc. (b) -----------
46,000 1,587,000
Medicis Pharmaceuticals Corp.
Class A (b) 30,000 1,507,500
Merck & Co., Inc. 20,000 1,482,500
Pfizer, Inc. 12,000 993,000
Jones Medical Industries, Inc. 20,000 870,000
-----------
Medical--Instruments--1.4% 6,440,000
U.S. Surgical -----------
Medical--Products--1.4% 35,000 1,465,625
Boston Scientific Corp. (b) -----------
Metal--Steel Pipe & Tube--1.5% 27,000 1,468,125
Maverick Tube Corp. (b) -----------
100,000 1,575,000
-----------
Oil & Gas--Canadian Exploration & Production--1.5%
Flores & Rucks, Inc. (b) 33,000 1,559,250
-----------
Oil & Gas--Drilling--5.2%
Diamond Offshore Drilling (b) 30,000 1,826,250
Marine Drilling Company, Inc. (b) 70,000 971,250
Rowan Companies, Inc. (b) 50,000 1,118,750
Transocean Offshore, Inc. 24,000 1,518,000
-----------
5,434,250
-----------
See Notes to Financial Statements
8
<PAGE>
Phoenix Strategic Theme Series
SHARES VALUE
--------- ------
Oil & Gas--Field Services--5.7%
Halliburton Co. 18,000 $ 1,019,250
Oceaneering International, Inc. (b) 50,000 900,000
Schlumberger Ltd. 11,000 1,090,375
Tidewater, Inc. 35,000 1,531,250
Western Atlas, Inc. (b) 20,000 1,387,500
-----------
5,928,375
-----------
Oil & Gas--Machinery/Equipment--5.1%
Camco International, Inc. 40,000 1,550,000
Energy Ventures, Inc. (b) 25,000 1,100,000
Smith International, Inc. (b) 45,000 1,710,000
Varco International, Inc. (b) 50,000 987,500
-----------
5,347,500
-----------
Oil & Gas--Refining/Marketing--1.1%
Tosco Corp. 20,000 1,122,500
-----------
Oil & Gas--U.S. Exploration & Production--4.7%
Anadarko Petroleum Corp. 16,000 1,018,000
Pogo Producing Co. 25,000 1,109,375
Sonat, Inc. 31,000 1,526,750
The Houston Exploration Co. (b) 75,000 1,284,375
-----------
4,938,500
-----------
Pollution Control--Equipment--3.4%
Culligan Water Technologies, Inc. (b) 25,000 937,500
Ionics, Inc. (b) 20,000 920,000
U.S. Filter Corp. (b) 50,000 1,725,000
-----------
3,582,500
-----------
Pollution Control--Services--2.6%
Tetra Tech, Inc. (b) 50,000 1,112,500
U.S.A. Waste Services, Inc. (b) 30,000 960,000
United Waste Systems, Inc. (b) 20,000 687,500
-----------
2,760,000
-----------
Retail--Food--0.5%
Wild Oats Markets, Inc. (b) 25,000 531,250
-----------
Retail/Wholesale--Computers--0.9%
Tech Data Corp. (b) 35,000 901,250
-----------
Telecommunications--Equipment--2.7%
Lucent Technologies, Inc. 35,000 1,645,000
Tellabs, Inc. (b) 14,000 1,191,750
-----------
2,836,750
-----------
Tobacco--0.7%
Consolidated Cigar Holdings, Inc.
Class A (b) 25,000 681,250
-----------
TOTAL COMMON STOCKS
(Identified cost $83,063,863) 88,844,393
-----------
TOTAL LONG-TERM INVESTMENTS--85.1%
(Identified cost $83,063,863) 88,844,393
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ---------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--20.4%
Commercial Paper--15.3%
Ciesco L.P. 5.62%, 11-1-96 A-1 $2,380 2,380,000
Southwestern Bell Telephone
Co. 5.24%, 11-1-96 A-1+ 2,110 2,110,000
Marsh & McLennan Cos., Inc.
5.27%, 11-4-96 A-1+ 2,500 2,498,902
Emerson Electric Co. 5.22%,
11-7-96 A-1+ 770 769,330
Kellogg Co. 5.24%,
11-12-96 A-1+ 2,005 2,001,790
Coca-Cola Co. 5.23%,
11-13-96 A-1+ 1,835 1,831,801
Receivables Capital Corp.
5.26%, 11-13-96 A-1 1,190 1,187,913
AlliedSignal, Inc. 5.24%,
11-14-96 A-1 1,167 1,164,792
Vermont American Corp.
5.22%, 11-21-96 A-1+ 2,000 1,994,200
-----------
15,938,728
-----------
Federal Agency Securities--5.1%
Federal National Mortgage Assn.
5.18%, 11-5-96 3,500 3,497,986
Federal Home Loan Banks
5.18%, 11-8-96 1,825 1,823,162
-----------
5,321,148
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $21,259,876) 21,259,876
-----------
TOTAL INVESTMENTS--105.5%
(Identified cost $104,323,739) 110,104,269(a)
Cash and receivables, less liabilities--(5.5%) (5,752,500)
-----------
NET ASSETS--100.0% $104,351,769
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $6,938,113 and gross
depreciation of $1,363,989 for income tax purposes. At October 31, 1996,
the aggregate cost of securities for federal income tax purposes was
$104,530,145.
(b) Non-income producing.
ADR--American Depository Receipt
See Notes to Financial Statements
9
<PAGE>
Phoenix Strategic Theme Series
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1996
(Unaudited)
<TABLE>
<S> <C>
Assets
Investment securities at value
(Identified cost $104,323,739) $110,104,269
Cash 46,502
Receivables
Investment securities sold 4,744,919
Fund shares sold 1,015,664
Dividends and interest 49,347
-----------
Total assets 115,960,701
-----------
Liabilities
Payables
Investment securities purchased 11,306,163
Fund shares repurchased 139,689
Investment advisory fee 63,112
Distribution fee 43,183
Transfer agent fee 17,421
Trustees' fee 4,856
Financial agent fee 2,564
Accrued expenses 31,944
-----------
Total liabilities 11,608,932
-----------
Net Assets $104,351,769
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest $ 98,616,628
Undistributed net investment income 41,649
Accumulated net realized loss (87,038)
Net unrealized appreciation 5,780,530
-----------
Net Assets $104,351,769
===========
Class A
Shares of beneficial interest outstanding, $0.0001 par
value, unlimited authorization (Net Assets
$68,636,184) 5,561,046
Net asset value per share $12.34
Offering price per share
$12.34/(1-4.75%) $12.96
Class B
Shares of beneficial interest outstanding, $0.0001 par
value, unlimited authorization (Net Assets
$35,715,585) 2,913,820
Net asset value and offering price per share $12.26
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 1996
(Unaudited)
<TABLE>
<S> <C>
Investment Income
Dividends $ 187,402
Interest 474,898
--------
Total investment income 662,300
--------
Expenses
Investment advisory fee 284,570
Distribution fee--Class A 65,976
Distribution fee--Class B 116,832
Financial agent fee 11,422
Transfer agent 59,571
Registration 29,176
Custodian 10,000
Professional 9,128
Trustees 7,904
Printing 3,725
Miscellaneous 22,347
--------
Total expenses 620,651
--------
Net investment income 41,649
--------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 289,099
Net change in unrealized appreciation (depreciation)
on investments (853,275)
--------
Net loss on investments (564,176)
--------
Net decrease in net assets resulting from operations $(522,527)
========
See Notes to Financial Statements
</TABLE>
10
<PAGE>
Phoenix Strategic Theme Series
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended From Inception
October 31, 1996 October 16, 1995 to
(Unaudited) April 30, 1996
---------------- --------------------
From Operations
<S> <C> <C>
Net investment income (loss) $ 41,649 $ (35,677)
Net realized gain (loss) 289,099 (376,137)
Net change in unrealized appreciation
(depreciation) (853,275) 6,633,805
----------- -----------
Increase (decrease) in net assets resulting from
operations (522,527) 6,221,991
----------- -----------
From Distributions to Shareholders
Net investment income--Class A -- (25,935)
Net investment income--Class B -- (1,782)
----------- -----------
Decrease in net assets from distributions to
shareholders -- (27,717)
----------- -----------
From Share Transactions
Class A
Proceeds from sales of shares (3,559,518 and
2,760,919 shares, respectively) 44,299,722 29,305,894
Net asset value of shares issued from
reinvestment of distributions (0 and 2,423
shares, respectively) -- 25,417
Cost of shares repurchased (697,847 and 63,967
shares, respectively) (8,691,906) (743,134)
----------- -----------
Total 35,607,816 28,588,177
----------- -----------
Class B
Proceeds from sales of shares (2,011,970 and
992,960 shares, respectively) 24,766,240 10,820,691
Net asset value of shares issued from
reinvestment of distributions (0 and 161 shares,
respectively) -- 1,682
Cost of shares repurchased (64,779 and 26,492
shares, respectively) (812,910) (291,674)
----------- -----------
Total 23,953,330 10,530,699
----------- -----------
Increase in net assets from share transactions 59,561,146 39,118,876
----------- -----------
Net increase in net assets 59,038,619 45,313,150
Net Assets
Beginning of period 45,313,150 0
----------- -----------
End of period (including undistributed net
investment income of $41,649 and $0,
respectively) $104,351,769 $45,313,150
=========== ===========
See Notes to Financial Statements
</TABLE>
11
<PAGE>
Phoenix Strategic Theme Series
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A Class B
----------------------------- ------------------------------
Six Months Six Months
Ended From Inception Ended From Inception
10/31/96 10/16/95 to 10/31/96 10/16/95 to
(Unaudited) 4/30/96 (Unaudited) 4/30/96
------------- --------------- ------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.37 $10.00 $12.33 $10.00
Income from investment operations
Net investment income (loss) 0.02(5) (0.00)(1)(5) (0.02)(5) (0.06)(1)(5)
Net realized and unrealized gain (loss) (0.05) 2.39 (0.05) 2.40
----------- ----------- ----------- -----------
Total from investment operations (0.03) 2.39 (0.07) 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 (0.03) 2.37 (0.07) 2.33
----------- ----------- ----------- -----------
Net asset value, end of period $12.34 $12.37 $12.26 $12.33
=========== =========== =========== ===========
Total return (2) -0.24%(4) 23.89%(4) -0.57%(4) 23.41%(4)
Ratios/supplemental data:
Net assets, end of period (thousands) $68,636 $33,393 $35,716 $11,920
Ratio of average net assets of:
Expenses 1.40%(3) 1.40%(3) 2.15%(3) 2.16%(3)
Net investment income (loss) 0.34%(3) (0.09)%(3) (0.40)%(3) (1.06)%(3)
Portfolio turnover 217%(4) 175%(4) 217%(4) 175%(4)
Average commission rate paid (6) $0.0572 $0.0663 $0.0572 $0.0663
</TABLE>
(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.
(6) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for securities
trades on which commissions are charged. This rate generally does not
reflect mark-ups, mark-downs, or spreads on shares traded on a principal
basis.
See Notes to Financial Statements
12
<PAGE>
PHOENIX SMALL CAP SERIES
MARKET AND PORTFOLIO REVIEW
After producing impressive gains in its prior fiscal reporting period,
Phoenix Small Cap Fund trailed slightly behind the market during this latest
reporting cycle. For the six months ended October 31, 1996, the Fund's class
A shares returned -1.67% and class B shares returned -2.04%. Over this same
period, the Russell 2000 Small Cap Index earned -1.53%. All of these figures
assume reinvestment of any distributions, but exclude the effect of sales
charges.
During this reporting period, small-cap stocks significantly lagged their
large-cap counterparts. More specifically, the Standard & Poor's 500
Composite Stock Index, a market benchmark for large U.S. stocks, has
outperformed the Russell 2000 Small-Cap Index by 1067 basis points, 10.67%,
over the last six months. The bulk of the negative performance occurred in
June and July when small company stocks were hit especially hard in the
market selloff.
The Fund's exposure to the technology, health care and consumer cyclical
sectors hindered performance over this latest reporting cycle, while our
holdings in the energy, basic materials, and financial groups boosted overall
results. Some of our best individual performers during this period included
such companies as Trico Marine Services, Black Box, Parexel International and
Triquint Semiconductor.
Moving forward, we believe that the recent relative underperformance of
small-cap stocks has provided a number of attractive investment opportunities
in this segment of the market. The portfolio is currently positioned in such
compelling themes as Software Solutions (technology), 21st Century Medicine
(health care) and Move to Outsourcing (professional services). As of October
31, 1996, the Fund's asset allocation mix was 83% equities and 17% cash
equivalents.
[tabular representation of pie chart]
Clean Energy Demand 7.1%
Wireless Wave 6.3%
America's Educational Crisis 5.7%
Era of New Materials 5.0%
21st Century Medicine 3.3%
Need for Security 3.1%
Healthcare Productivity 3.0%
Quest for Clean Water 3.0%
Deregulating Media 2.0%
Special Situations 8.3%
Short-Term Obligations and Equivalents 17.1%
Energy Technology 18.0%
Software Solutions 11.0%
Move to Outsourcing 7.1%
13
<PAGE>
Phoenix Small Cap Series
INVESTMENTS AT OCTOBER 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ---------------
<S> <C> <C>
COMMON STOCKS--81.9%
Commercial--Leasing Companies--1.3%
Leasing Solutions, Inc. (b) 65,000 2,047,500
Winthrop Resources Corp. 51,000 1,428,000
-----------
3,475,500
-----------
Commercial Services--Miscellaneous--2.3%
Clintrials Research, Inc. (b) 90,000 3,341,250
Metro Networks, Inc. (b) 150,000 3,037,500
-----------
6,378,750
-----------
Commercial Services--Schools--5.6%
Computer Learning Centers (b) 50,000 1,337,500
ITT Educational Services, Inc. (b) 115,000 4,183,125
Learning Tree International (b) 90,000 3,802,500
National Education Corp. (b) 275,000 4,468,750
Strayer Education, Inc. 90,000 1,732,500
-----------
15,524,375
-----------
Commercial Services--Security/Safety--3.1%
Correctional Services Corp. (b) 100,000 1,193,750
ITI Technologies, Inc. (b) 100,000 2,875,000
Ultrak, Inc. (b) 165,000 4,351,875
-----------
8,420,625
-----------
Computer--Local Networks--0.6%
Vanstar Corp. (b) 70,000 1,662,500
-----------
Computer--Memory Devices--1.1%
Veritas Software Corp. (b) 58,500 2,954,250
-----------
Computer--Peripheral Equipment--1.8%
Security Dynamics Technologies, Inc. (b) 59,000 4,793,750
-----------
Computer--Services--2.9%
Analysts International Corp. 117,000 2,925,000
Technology Solutions Co. (b) 130,000 5,053,750
-----------
7,978,750
-----------
Computer--Software--10.0%
Aurum Software, Inc. (b) 18,000 571,500
Check Point Software Technologies
Ltd. (b) 25,200 693,000
Citrix Systems, Inc. (b) 85,000 4,696,250
Clarify, Inc. (b) 28,000 1,351,000
Cognos, Inc. (b) 14,000 439,250
Manugistics Group, Inc. (b) 14,600 627,800
Rational Software Corp. (b) 41,000 1,573,375
Remedy Corp. (b) 60,000 2,925,000
Scopus Technology, Inc. (b) 45,000 1,732,500
Select Software Tools Sponsored
ADR (b) 25,000 550,000
Siebel Systems, Inc. (b) 30,000 1,635,000
Systemsoft Corporation (b) 100,000 2,825,000
Transportation System Architects, Inc. Class
A (b) 120,000 4,980,000
Vantive Corporation (b) 85,000 2,805,000
-----------
27,404,675
-----------
Electric--Military Systems--0.4%
Stanford Telecommunications, Inc. (b) 35,900 1,023,150
-----------
Electric--Miscellaneous Components--2.4%
Renaissance Solutions, Inc (b) 160,000 6,440,000
-----------
Electric--Semiconductor Manufacturer--4.9%
Anadigics, Inc. (b) 110,000 3,465,000
DSP Communications, Inc. (b) 70,000 2,660,000
Triquint Semiconductor, Inc. (b) 129,700 2,253,538
Vitesse Semiconductor Corp. (b) 162,000 5,163,750
-----------
13,542,288
-----------
Machinery--Farm--1.2%
Lindsay Manufacturing Co. 75,000 3,225,000
-----------
Media--Radio/TV--1.3%
Jacor Communications, Inc. Class A (b) 85,000 2,380,000
SFX Broadcasting, Inc. Class A (b) 30,000 1,290,000
-----------
3,670,000
-----------
Medical--Biomed/Genetics--1.7%
Guilford Pharmaceuticals, Inc. (b) 50,000 1,437,500
Incyte Pharmaceuticals, Inc. (b) 31,000 1,255,500
Sangstat Medical Corp. (b) 58,000 1,522,500
Transkaryotis Therapies, Inc. (b) 25,000 365,625
-----------
4,581,125
-----------
Medical--Dental Supplies--1.7%
Applied Analtyical Industries, Inc. (b) 20,900 454,575
Cardiothoracic Systems, Inc. (b) 75,000 1,425,000
Target Therapeutics, Inc. (b) 78,000 2,886,000
-----------
4,765,575
-----------
Medical--Ethical Drugs--0.5%
Theragenics Corp. (b) 85,000 1,445,000
-----------
Medical--Instruments--0.5%
Heartport, Inc. (b) 53,000 1,397,875
-----------
Medical--Products--2.2%
Capstone Pharmacy Services (b) 100,000 1,168,750
Parexel International Corp. (b) 100,000 4,900,000
-----------
6,068,750
-----------
Oil & Gas--Drilling--6.6%
Atwood Oceanics, Inc. (b) 91,000 5,050,500
Cliffs Drilling Co. (b) 42,000 1,800,750
Falcon Drilling Company, Inc. (b) 125,000 4,421,875
Rowan Companies, Inc. (b) 300,000 6,712,500
-----------
17,985,625
-----------
Oil & Gas--Field Services--4.1%
Global Industries Ltd. (b) 162,000 2,916,000
Pride Petroleum Services, Inc. (b) 125,000 2,187,500
Trico Marine Services, Inc. (b) 175,000 6,168,750
-----------
11,272,250
-----------
See Notes to Financial Statements
14
<PAGE>
Phoenix Small Cap Series
SHARES VALUE
--------- ---------------
Oil & Gas--Machinery/Equipment--2.7%
Energy Ventures, Inc. (b) 100,000 $ 4,400,000
Varco International, Inc. (b) 150,000 2,962,500
-----------
7,362,500
-----------
Oil & Gas--U.S. Exploration & Production--9.5%
Belden & Blake Corp. (b) 120,000 3,180,000
Forcenergy, Inc. (b) 133,600 3,657,300
Lomak Petroleum, Inc. 85,000 1,391,875
Newfield Exploration Co. (b) 89,000 4,205,250
Nuevo Energy Co. (b) 135,000 6,733,125
Stone Energy Corp. (b) 248,000 5,208,000
Swift Energy Co. (b) 65,000 1,592,500
-----------
25,968,050
-----------
Oil & Gas--U.S. Integrated--0.6%
KCS Energy, Inc. 37,000 1,595,625
-----------
Pollution Control--Equipment--0.8%
Culligan Water Technologies, Inc. (b) 60,000 2,250,000
-----------
Real Estate Operations--0.5%
Pacific Gateway Exchange, Inc. (b) 46,000 1,426,000
-----------
Retail--Mail Order & Direct--1.7%
Black Box Corp. (b) 135,000 4,556,250
-----------
Retail/Wholesale--Building Products--0.9%
Central Garden & Pet Company (b) 104,000 2,457,000
-----------
Retail/Wholesale--Computers--0.2%
XLConnect Solutions, Inc. (b) 20,000 585,000
-----------
Steel--Specialty Alloys--4.6%
Oregon Metallurgical Corp. (b) 125,000 3,937,500
RMI Titanium Co. (b) 195,000 4,704,375
Titanium Metals Corporation (b) 125,000 3,843,750
-----------
12,485,625
-----------
Telecommunications--Equipment--2.6%
Advanced Fibre Communications (b) 21,300 1,216,762
Brightpoint, Inc. (b) 60,000 1,500,000
Celeritek, Inc. (b) 95,000 1,211,250
Galileo Corp. (b) 60,000 1,320,000
Verilink Corp. (b) 50,000 1,800,000
-----------
7,048,012
-----------
Transportation--Ship--1.6%
Seacor Holdings, Inc. (b) 82,000 4,428,000
-----------
TOTAL COMMON STOCKS
(Identified cost $189,239,370) 224,171,875
-----------
FOREIGN COMMON STOCKS--1.0%
Pollution Control--Equipment--1.0%
Memtec Ltd. Sponsored ADR (Australia) 80,000 2,730,000
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $2,147,515) 2,730,000
-----------
TOTAL LONG-TERM INVESTMENTS--82.9%
(Identified cost $191,386,885) 226,901,875
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ---------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--17.3%
Commercial Paper--13.9%
Ciesco L.P. 5.62%, 11-1-96 A-1+ $4,620 $ 4,620,000
First Deposit Funding Trust
5.28%, 11-1-96 A-1 985 985,000
Southwestern Bell Telephone
Co. 5.24%, 11-1-96 A-1+ 2,000 2,000,000
Pfizer, Inc. 5.22%, 11-4-96 A-1+ 3,400 3,398,521
AlliedSignal, Inc. 5.25%,
11-5-96 A-1 3,000 2,998,250
Emerson Electric Co. 5.22%,
11-7-96 A-1+ 1,870 1,868,373
Heinz (H.J.) Co. 5.30%,
11-12-96 A-1 825 823,664
Kellogg Co. 5.23%, 11-12-96 A-1+ 3,500 3,494,407
Coca-Cola Co. 5.23%,
11-13-96 A-1+ 6,020 6,009,505
Preferred Receivables Funding
Corp. 5.27%, 11-14-96 A-1 141 140,732
E.I. DuPont de Nemours & Co.
5.24%, 11-15-96 A-1+ 3,000 2,993,887
Vermont American Corp. 5.22%,
11-21-96 A-1+ 5,375 5,359,412
E.I. DuPont de Nemours & Co.
5.23%, 11-25-96 A-1+ 2,375 2,366,719
Preferred Receivables Funding
Corp. 5.27%, 12-3-96 A-1 1,025 1,020,198
-----------
38,078,668
-----------
Federal Agency Securities--3.4%
Federal National Mortgage Assn.
5.18%, 11-5-96 5,300 5,296,950
Federal Home Loan Banks
5.18%, 11-8-96 3,175 3,171,802
Federal National Mortgage Assn.
5.18%, 11-14-96 960 958,204
-----------
9,426,956
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $47,505,624) 47,505,624
-----------
TOTAL INVESTMENTS--100.2%
(Identified cost $238,892,509) 274,407,499(a)
Cash and receivables, less liabilities--(0.2%) (628,083)
-----------
NET ASSETS--100.0% $273,779,416
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $39,911,421 and gross
depreciation of $4,585,831 for income tax purposes. At October 31, 1996,
the aggregate cost of securities for federal income tax purposes was
$239,081,909.
(b) Non-income producing.
ADR-American Depository Receipt
See Notes to Financial Statements
15
<PAGE>
Phoenix Small Cap Series
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1996
(Unaudited)
<TABLE>
<S> <C>
Assets
Investment securities at value
(Identified cost $238,892,509) $274,407,499
Cash 1,773
Receivables
Investment securities sold 1,876,946
Fund shares sold 7,558,531
Dividends and interest 10,530
-----------
Total assets 283,855,279
-----------
Liabilities
Payables
Investment securities purchased 6,426,724
Fund shares repurchased 3,317,348
Investment advisory fee 181,496
Distribution fee 125,354
Financial agent fee 7,260
Transfer agent fee 3,484
Trustees' fee 1,844
Accrued expenses 12,353
-----------
Total liabilities 10,075,863
-----------
Net Assets $273,779,416
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest $259,356,524
Undistributed net investment loss (610,443)
Accumulated net realized loss (20,481,655)
Net unrealized appreciation 35,514,990
-----------
Net Assets $273,779,416
===========
Class A
Shares of beneficial interest outstanding, $0.0001
par value, unlimited authorization
(Net Assets $175,335,449) 10,654,032
Net asset value per share $16.46
Offering price per share
$16.46/(1-4.75%) $17.28
Class B
Shares of beneficial interest outstanding, $0.0001
par value, unlimited authorization
(Net Assets $98,443,967) 6,024,439
Net asset value and offering price per share $16.34
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 1996
(Unaudited)
<TABLE>
<S> <C>
Investment Income
Dividends $ 48,830
Interest 1,302,321
-----------
Total investment income 1,351,151
-----------
Expenses
Investment advisory fee 960,695
Distribution fee--Class A 207,779
Distribution fee--Class B 449,812
Financial agent fee 38,428
Transfer agent 201,067
Registration 38,064
Printing 13,476
Custodian 11,083
Professional 9,618
Trustees 7,906
Miscellaneous 23,666
-----------
Total expenses 1,961,594
-----------
Net investment loss (610,443)
-----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (20,773,995)
Net change in unrealized appreciation (depreciation)
on investments 9,537,387
-----------
Net loss on investments (11,236,608)
-----------
Net decrease in net assets resulting from operations $(11,847,051)
===========
See Notes to Financial Statements
</TABLE>
16
<PAGE>
Phoenix Small Cap Series
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended From Inception
October 31, 1996 October 16, 1995 to
(Unaudited) April 30, 1996
---------------- --------------------
<S> <C> <C>
From Operations
Net investment loss $ (610,443) $ (198,222)
Net realized gain (loss) (20,773,995) 478,693
Net change in unrealized appreciation
(depreciation) 9,537,387 25,977,603
----------- -----------
Increase (decrease) in net assets resulting from
operations (11,847,051) 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 (8,434,861 and
6,072,940 shares, respectively) 143,855,151 81,698,360
Net asset value of shares issued from
reinvestment of distributions (0 and 928 shares,
respectively) -- 11,748
Cost of shares repurchased (3,658,108 and 196,589
shares, respectively) (59,271,537) (2,715,491)
----------- -----------
Total 84,583,614 78,994,617
----------- -----------
Class B
Proceeds from sales of shares (3,696,117 and
2,768,695 shares, respectively) 63,585,782 39,161,690
Net asset value of shares issued from
reinvestment of distributions (0 and 0 shares,
respectively) -- --
Cost of shares repurchased (379,221 and 61,152
shares, respectively) (6,082,597) (862,545)
----------- -----------
Total 57,503,185 38,299,145
----------- -----------
Increase in net assets from share transactions 142,086,799 117,293,762
----------- -----------
Net increase in net assets 130,239,748 143,539,668
Net Assets
Beginning of period 143,539,668 0
----------- -----------
End of period (including undistributed net
investment loss of ($610,443) and $0,
respectively) $273,779,416 $143,539,668
=========== ===========
See Notes To Financial Statements
</TABLE>
17
<PAGE>
Phoenix Small Cap Series
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A Class B
------------------------------
Six Months Six Months
Ended From Inception Ended From Inception
10/31/96 10/16/95 to 10/31/96 10/16/95 to
(Unaudited) 4/30/96 (Unaudited) 4/30/96
------------- --------------- ------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $16.74 $10.00 $16.68 $10.00
Income from investment operations
Net investment income (loss) (0.02)(5) (0.04)(1)(5) (0.08)(5) (0.09)(1)(5)
Net realized and unrealized gain (loss) (0.26) 6.79 (0.26) 6.77
-------- -------- -------- --------
Total from investment operations (0.28) 6.75 (0.34) 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 (0.28) 6.74 (0.34) 6.68
-------- -------- -------- --------
Net asset value, end of period $16.46 $16.74 $16.34 $16.68
======== ======== ======== ========
Total return (2) -1.67%(4) 67.48%(4) -2.04%(4) 66.80%(4)
Ratios/supplemental data:
Net assets, end of period (thousands) $175,335 $98,372 $98,444 $45,168
Ratio to average net assets of:
Expenses 1.27%(3) 1.50%(3) 2.02%(3) 2.26%(3)
Net investment income (loss) (0.22)%(3) (0.53)%(3) (0.96)%(3) (1.44)%(3)
Portfolio turnover 123%(4) 103%(4) 123%(4) 103%(4)
Average commission rate paid (6) $0.0538 $0.0657 $0.0538 $0.0657
</TABLE>
(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.
(6) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for securities
trades on which commissions are charged. This rate generally does not
reflect mark-ups, mark-downs, or spreads on shares traded on a principal
basis.
See Notes to Financial Statements
18
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
October 31, 1996 (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 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 are valued at the last sale price, or if there had been
no sale that day, at the last bid price. Short-term investments having a
remaining maturity of 60 days or less are valued at amortized cost which
approximates market. All other securities and assets are valued at their fair
value as determined in good faith by or under the direction of the Trustees.
B. Security transactions and related income:
Security transactions are recorded on the trade date. 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 and other assets and liabilities are valued using the
foreign currency exchange rate effective at the end of the reporting period.
Cost of investments is translated at the currency exchange rate effective at
the trade date. The gain or loss resulting from a change in currency exchange
rates between the trade and settlement dates of a portfolio transaction, is
treated as a gain or loss on foreign currency. Likewise, the gain or loss
resulting from a change in currency exchange rates, between the date income
is accrued and paid, is treated as a gain or loss on foreign currency. The
Fund does not separate that portion of the results of operations arising from
changes in exchange rates and that portion arising from changes in the market
prices of securities.
19
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
October 31, 1996 (Unaudited) (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:
<TABLE>
<CAPTION>
1st $1-2 $2+
Series Adviser $1 Billion Billion Billion
----------------------------- --------- ------------- --------- ----------
<S> <C> <C> <C> <C>
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%
</TABLE>
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 $325,554 for Class A shares and
deferred sales charges of $88,669 for Class B shares for the six months ended
October 31, 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
six months ended October 31, 1996, $709,153 was earned by the Distributor and
$398,166 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
six months ended October 31, 1996, transfer agent fees were $413,332 of which
PEPCO retained $194,638 which is net of the fees paid to State Street.
At October 31, 1996, PHL and its affiliates held shares of the Fund as
follows:
<TABLE>
<CAPTION>
Aggregate
Shares Net Asset Value
--------- ----------------
<S> <C> <C>
Equity Opportunities Series--Class A 111 $ 961
--Class B 16,746 143,678
Strategic Theme Series--Class A 991,510 12,235,234
--Class B 10,009 122,705
Small Cap Series--Class A 243,391 4,006,219
--Class B 10,000 163,400
</TABLE>
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities (excluding short-term secu-
ities, options written, futures, and forward currency contracts) for the six
months ended October 31, 1996, aggregated the following:
<TABLE>
<CAPTION>
Purchases Sales
--------------- ---------------
<S> <C> <C>
Equity Opportunities Series $245,731,419 $273,845,067
Strategic Theme Series 175,084,338 127,028,399
Small Cap Series 353,324,485 247,333,370
</TABLE>
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 deferred
losses of $375,980.
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.
20
<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
Michael E. Haylon, Executive Vice President
David R. Pepin, Executive Vice President
William J. Newman, Senior Vice President
Michael K. Arends, 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
<PAGE>
Bulk Rate Mail
U.S. Postage
PAID
Springfield, MA
Permit No. 444
Phoenix Strategic Equity Series Fund
P.O. Box 2200
Enfield, CT 06083-2200
[LOGOTYPE] PHOENIX
DUFF & PHELPS [DALBAR LOGO]
PDP 679 (12/96)
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<NAME> PHOENIX EQUITY OPPORTUNITIES FUND CLASS A
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</TABLE>
<TABLE> <S> <C>
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<NAME> PHOENIX EQUITY OPPORTUNITIES FUND CLASS B
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<PER-SHARE-NAV-BEGIN> 8.73
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 021
<NAME> PHOENIX STRATEGIC THEME FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-START> MAY-01-1996
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<EXPENSES-NET> (621)
<NET-INVESTMENT-INCOME> 41
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<APPREC-INCREASE-CURRENT> (853)
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<NET-CHANGE-IN-ASSETS> 35243
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<PER-SHARE-NAV-END> 12.34
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</TABLE>
<TABLE> <S> <C>
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<NUMBER> 022
<NAME> PHOENIX STRATEGIC THEME FUND CLASS B
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<S> <C>
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<NET-CHANGE-IN-ASSETS> 23796
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> PHOENIX SMALL CAP FUND CLASS A
<MULTIPLIER> 1000
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<PERIOD-START> MAY-01-1996
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<OVERDISTRIBUTION-NII> (611)
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<OVERDISTRIBUTION-GAINS> (20482)
<ACCUM-APPREC-OR-DEPREC> 35515
<NET-ASSETS> 273779
<DIVIDEND-INCOME> 49
<INTEREST-INCOME> 1302
<OTHER-INCOME> 0
<EXPENSES-NET> (1961)
<NET-INVESTMENT-INCOME> (610)
<REALIZED-GAINS-CURRENT> (20774)
<APPREC-INCREASE-CURRENT> 9537
<NET-CHANGE-FROM-OPS> (11847)
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<DISTRIBUTIONS-OF-INCOME> 0
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<OVERDISTRIB-NII-PRIOR> 0
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