[Front Cover]
Phoenix Funds
Phoenix Multi-Portfolio
Fund
Semi-Annual Report
May 31, 1995
Tax-Exempt Bond Portfolio
Capital Appreciation Portfolio
International Portfolio
Real Estate Securities Portfolio
[Phoenix double-diamond logo] Phoenix Investments
[Back Cover]
Phoenix Multi-Portfolio Fund
P.O. Box 2200
Enfield, CT 06083-2200
[Phoenix double-diamond logo] Phoenix Investments
PEP 490a (7/95)
Bulk Rate Mail
U.S. Postage
PAID
Springfield, MA
Permit No. 444
<PAGE>
PHOENIX TAX-EXEMPT BOND PORTFOLIO
MARKET AND PORTFOLIO REVIEW
Fund Description
The Phoenix Tax-Exempt Bond Portfolio invests in high quality municipal
securities and seeks to maximize both tax-exempt yield and after-tax total
return. The Fund is well-diversified geographically and stresses regions of
the country with the most promising economic prospects.
Investment Environment
While Washington's recent tax reform proposals have created some uncertainty
in the tax-exempt sector, this market has shown significant improvement since
yearend. Evidence of slowing economic growth and declining long-term
interest rates have helped to strengthen the market. Also, market technicals
have improved. Supply of new issues during the first quarter of 1995 was down
almost 50% from the first quarter of 1994. At the same time, investors were
increasing demand for higher quality assets after the huge losses that
followed the credit debacle in Orange County, California.
Portfolio Review
The Fund turned in a strong performance over this reporting period. For the
six months ended May 31, 1995, Class A shares provided a total return of
14.13% and Class B shares returned 13.82%. As measured by the Lehman Brothers
Municipal Bond Index, an unmanaged, commonly used measure of long-term
municipal bond performance, the market returned 13.05% in the same period.
All of these figures assume reinvestment of any distributions, but exclude
the effect of sales charges.
Several factors contributed to the Fund's strong results. First, we have
continued to stress higher credit quality for the portfolio's assets, which
has helped the Fund to benefit from the renewed focus on quality in the
marketplace. We also increased exposure to quality California issues
subsequent to the Orange County crisis. This market segment rebounded smartly
when investors sought the relative safety of quality issues. Finally, our
focus on call-protected issues was a winning strategy as long-term interest
rates declined.
Outlook
While the economy has slowed significantly during this six-month period, it
still appears to be fundamentally healthy. The Fund is currently emphasizing
the midwest and southeast regions of the country, which are still showing the
best mix of economic and fiscal health. Since many individual states and
municipalities continue to experience fiscal problems, credit selection
remains key to the Fund's success in the months ahead.
Overall, our outlook for the tax-exempt market is positive. As noted above,
we expect this sector to benefit from a limited supply of new issues in 1995.
Moreover, significant tax reform is not anticipated before the 1996
elections, if at all. Thus, we remain optimistic about the strong prospects
for long-term rewards in the municipal market.
1
<PAGE>
INVESTMENTS AT MAY 31, 1995
(Unaudited)
STANDARD
& PAR
POOR'S VALUE
RATING (000) VALUE
------ ------ -------------
MUNICIPAL TAX-EXEMPT BONDS--98.0%
Alabama--0.6%
Alabama Housing Finance
Authority 6.50%, '17 Aaa(b) $ 970 $ 986,791
-----------
Alaska--0.8%
Valdez Marine Terminal Revenue
7%, '25 AA- 1,125 1,198,372
-----------
Arizona--1.2%
Arizona Power Authority 5.25%,
'17 AAA 750 703,080
Pima County 6.75%, '15 AAA 540 577,886
Pima County Prerefunded 6.75%,
'15 AAA 460 514,013
-----------
1,794,979
-----------
Arkansas--1.6%
Drew County 7.90%, '11 Aaa(b) 503 543,860
Jacksonville Housing 7.90%, '11 Aaa(b) 750 820,140
Lonoke County Residential
Housing 7.90%, '11 Aaa(b) 715 783,691
Stuttgart Revenue 7.90%, '11 Aaa(b) 358 379,861
-----------
2,527,552
-----------
California--4.9%
California HFA Mortgage 7.75%,
'17 AA- 345 362,336
Pittsburgh Redevelopment
Series A 4.625%, '21 AAA 1,650 1,369,186
University of California Series
C 5.125%, '18 AAA 6,330 5,817,776
-----------
7,549,298
-----------
Colorado--1.4%
Colorado HFA Home Mortgage 6%,
'19 AA 2,280 2,206,037
-----------
Florida--6.2%
Florida State Board of Education
Capital Outlay 5.125%, '22 AA 1,040 943,540
Florida State Div. Bd. Revenue,
2000-A 4.90%, '13 AAA 3,000 2,749,800
Hillsborough County Utility 0%,
'03 AAA 2,500 1,659,225
Jacksonville Electric 5.30%, '08 AA 1,500 1,493,745
Martin County Ind. Cogeneration
7.875%, '25 BBB- 1,500 1,646,370
Reedy Creek Utility Series 1 5%,
'14 AAA 1,000 919,520
-----------
9,412,200
-----------
Georgia--2.6%
Fulton County Water and Sewer
6.375%, '14 AAA 1,000 1,083,820
Fulton de Kalb Hospital 5.50%,
'07 AAA 1,000 1,012,590
Georgia (continued)
Georgia Electric Authority
Series Z, 5.50%, '20 AAA $ 2,000 $ 1,960,420
-----------
4,056,830
-----------
Hawaii--0.3%
Hawaii General Obligation
5.125%, '08 AA 500 487,300
-----------
Illinois--8.0%
Chicago Board of Education 6%,
'20 AAA 500 506,470
Chicago City Gas Supply 10.25%,
'15 AA- 710 733,359
Chicago O'Hare International
Airport 8.85%, '18 BB 910 1,023,686
Chicago O'Hare International
Airport Series C Revenue
5%, '18 AAA 2,200 1,954,414
Chicago PCR (Peoples Light &
Gas) 7.50%, '15 AA- 1,000 1,107,230
Chicago Water Revenue 6%, '19 A+ 1,375 1,373,735
Du Page Water 5.25%, '14 AA 1,000 933,860
Illinois Development Finance
Authority 7.60%, '13 AA 2,000 2,231,700
Illinois Housing Development
Authority Residual Series A 7%,
'17 A+ 890 918,258
Metro Pier & Exposition (0%,
'97) 6.50%, '07 AAA 1,500 1,401,120
-----------
12,183,832
-----------
Indiana--2.8%
Indianapolis Public Imp. 0%, '03 A(b) 2,500 1,688,400
Indianapolis Public Imp. 0%, '05 Aa(b) 1,765 1,049,275
Petersburg PC (Indianapolis
Power & Light) 9.625%, '12 AA- 1,500 1,546,440
-----------
4,284,115
-----------
Kentucky--2.3%
Greater Kentucky Housing
Assistance 7.125%, '24 AAA 1,000 1,047,970
Kentucky Turnpike Authority 0%,
'10 AAA 3,300 1,445,037
Perry County Solid Waste
Disposal Revenue 7%, '24 NR 1,000 1,012,780
-----------
3,505,787
-----------
Louisiana--2.2%
Louisiana Housing Finance Agency
6.55%, '26 Aaa(b) 1,000 1,007,400
St. Charles Parish Revenue
7.50%, '21 AAA 1,250 1,381,688
St. Charles Parish Waste
Disposal Series A 7%, '22 AAA 500 534,010
St. Mary Public Authority
7.625%, '12 Aaa(b) 254 272,902
St. Tammany Public Authority 7%,
'02 Aaa(b) 232 244,815
-----------
3,440,815
-----------
See Notes to Financial Statements
2
<PAGE>
Maryland--0.4%
Baltimore General Obligation 7%,
'09 AAA $ 500 $ 577,905
-----------
Massachusetts--6.1%
Massachusetts Bay Transportation
Authority 5.80%, '11 A+ 2,000 2,038,360
Massachusetts Bay Transportation
Authority Series B 6.20%, '16 A+ 1,000 1,052,740
Massachusetts Indl. Fin. Agency
0%, '05 A- 1,100 605,869
Massachusetts Port Authority 6%,
'13 AA- 650 669,461
Massachusetts State Health &
Education Revenue 3.10%, '13 AAA 6,000 4,924,200
-----------
9,290,630
-----------
Michigan--2.2%
Monroe County Pollution Control
10.50%, '16 BBB 500 528,625
Western Townships Sewage
Authority 8.20%, '18 BBB+ 1,500 1,664,490
Western Townships Sewage
Authority 6.50%, '19 AAA 1,200 1,243,584
-----------
3,436,699
-----------
Minnesota--1.0%
Southern Minnesota Power Agency
Series A 4.75%, '16 A+ 1,500 1,305,405
-----------
Mississippi--1.0%
Lowndes County Waste Disposal
6.80%, '22 A 1,450 1,606,441
-----------
Nebraska--1.0%
Nebraska Higher Education 6.70%,
'02 A(b) 1,500 1,602,585
-----------
Nevada--0.9%
Clark County School District
Series A 0%, '03 AAA 2,000 1,320,900
-----------
New Hampshire--0.6%
New Hampshire Higher Education
and Exeter Hospital 6%, '23 A 1,000 963,140
-----------
New Jersey--2.5%
Atlantic City Improvement
Authority 8.875%, '10 NR 1,000 1,142,760
Camden County Municipal Utility
0%, '11 AAA 3,000 1,224,000
New Jersey Economic Development
Authority
Series A 5.875%, '11 AAA 1,500 1,534,215
-----------
3,900,975
-----------
New York--6.4%
Erie County Water Authority 0%,
'17 AAA $ 550 $ 109,714
New York City Indl. Dev. Agency
6%, '15 A 1,700 1,668,992
New York City University
Dormitory 6.375%, '08 BBB 1,000 1,029,560
Niagara Falls 5.25%, '15 AAA 1,500 1,407,075
Triborough Bridge & Tunnel
6.625%, '12 A+ 750 828,735
Triborough Bridge & Tunnel
4.75%, '14 A+ 2,250 1,971,360
Triborough Bridge & Tunnel 5%,
'15 A+ 1,000 906,920
Triborough Bridge & Tunnel
4.75%, '19 A+ 2,125 1,815,685
------------
9,738,041
------------
North Carolina--1.0%
North Carolina Municipal Power
6%, '09 AAA 1,385 1,455,580
------------
Pennsylvania--17.2%
Pennsylvania Economic
Development 9.25%, '22 NR 6,000 6,208,680
Pennsylvania Economic
Development Series D 7.05%, '10 BBB- 5,000 5,178,800
Pennsylvania Finance Authority
6.60%, '09 A 4,000 4,229,160
Pennsylvania Financial
Development 6.75%, '07 NR 3,000 3,011,430
Pennsylvania Financial
Development 6.40%, '09 NR 5,000 4,824,650
Philadelphia Water 5%, '16 AAA 2,500 2,264,100
Pittsburgh G.O. Series
C 0%, '04 AAA 1,025 640,820
------------
26,357,640
------------
South Carolina--3.0%
Piedmont Municipal Power Agency
7.25%, '22 A- 3,000 3,098,010
South Carolina Public Service
Authority 6%, '31 A+ 1,500 1,499,550
------------
4,597,560
------------
Texas--6.6%
Alliance Airport Authority 7%,
'11 BB+ 1,100 1,155,561
Austin Convention Center 8.25%,
'14 AAA 1,000 1,162,220
Brazos River Authority 7.75%,
'15 A 750 806,805
Brazos River Authority 7.625%,
'19 A 1,000 1,076,930
Colorado River Water District
8.25%, '15 A 540 632,048
See Notes to Financial Statements
3
<PAGE>
Texas (continued)
Harris County Toll Road
Multimode 8.125%, '17 AAA $ 700 $ 784,434
Sabine River Authority (PCR)
7.75%, '16 BBB 1,500 1,563,720
San Antonio Electric & Gas 5%,
'12 AA 2,000 1,852,140
Texas Water Resources Finance
Agency 7.625%, '08 A 1,000 1,075,550
-------------
10,109,408
-------------
Utah--1.6%
Intermountain Power Agency
Series B 7%, '21 AA 1,250 1,332,613
Intermountain Power Agency
Series B 7.50%, '21 AA 1,000 1,074,960
-------------
2,407,573
-------------
Virginia--2.7%
Pittsylvania County Revenue
Series A 7.30%, '04 NR 1,000 1,034,740
Pittsylvania County Revenue
Series A 7.45%, '09 NR 3,000 3,095,700
-------------
4,130,440
-------------
Washington--0.7%
Washington State General
Obligation 4.875%, '02 AA 1,000 997,150
-------------
West Virginia--0.7%
West Virginia Housing
Development Fund 6.625%, '20 AA 1,000 1,000,130
-------------
Wisconsin--2.6%
Wisconsin Clean Water Revenue
6.875%, '11 AA 750 849,000
Wisconsin General Obligation
Series 5 4.85%, '06 AA 1,500 1,407,630
Wisconsin Housing & Development
Authority 7.375%, '17 A+ 405 413,213
Wisconsin Housing & Development
Authority
Series A 6.85%, '12 A 1,300 1,349,543
-------------
4,019,386
-------------
Wyoming--0.5%
Wyoming Community Development
Authority
7.875%, '18 AA $ 740 $ 775,224
-------------
Other Territories--4.4%
Guam Airport Authority 6.60%,
'10 BBB 1,000 1,023,420
Puerto Rico Commonwealth
Aqueduct & Sewer
7.875%, '17 A 500 548,520
Puerto Rico Commonwealth Highway
Revenue Series V 6.625%, '12 A 2,400 2,531,496
Puerto Rico Electric Power
5.90%, '06 A- 1,160 1,197,120
Puerto Rico Public Buildings
5.75%, '16 A 1,400 1,369,634
-------------
6,670,190
-------------
TOTAL MUNICIPAL TAX-EXEMPT BONDS
(Identified cost $143,253,756) 149,896,910
-------------
SHORT-TERM OBLIGATIONS--0.2%
Federal Agency Securities--0.2%
Federal Home Loan Mortgage 6.10%, 6-1-95 370 370,000
-------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $370,000) 370,000
-------------
TOTAL INVESTMENTS--98.2%
(Identified cost $143,623,756) 150,266,910(a)
Cash and receivables, less liabilities--1.8% 2,738,882
-------------
NET ASSETS--100.0% $153,005,792
=============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $8,525,191 and gross
depreciation of $1,791,559 for income tax purposes. At May 31, 1995 the
aggregate cost of securities for federal income tax purposes was
$143,533,278.
(b) Moody's rating.
See Notes to Financial Statements
4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $143,623,756) $150,266,910
Receivables
Fund shares sold 181,325
Interest 2,910,418
-------------
Total assets 153,358,653
-------------
Liabilities
Payables
Custodian 1,737
Dividend distributions 145,125
Fund shares repurchased 42,776
Investment advisory fee 57,712
Distribution fee 33,387
Transfer agent fee 19,058
Trustees' fee 3,827
Financial agent fee 3,847
Accrued expenses 45,392
-------------
Total liabilities 352,861
-------------
Net Assets $153,005,792
=============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $146,708,518
Distributions in excess of net investment income (161,715)
Accumulated net realized losses (184,165)
Net unrealized appreciation 6,643,154
-------------
Net Assets $153,005,792
=============
Class A
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$150,754,997) 13,518,818
Net asset value per share $11.15
Offering price per share
$11.15/(1-4.75%) $11.71
Class B
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$2,250,795) 201,080
Net asset value and offering price per share $11.19
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1995
(Unaudited)
Investment Income
Interest $ 4,803,760
-----------
Total investment income 4,803,760
-----------
Expenses
Investment advisory fee 331,164
Distribution fee--Class A 181,892
Distribution fee--Class B 8,353
Financial agent fee 22,078
Transfer agent 104,947
Printing 29,334
Professional 25,033
Registration 22,371
Trustees 10,288
Custodian 8,795
Miscellaneous 2,500
-----------
Total expenses 746,755
-----------
Net investment income 4,057,005
-----------
Net Realized and Unrealized Gain (Loss)
on Investments
Net realized gain on securities 254,245
Net unrealized appreciation on
investments 15,247,960
-----------
Net gain on investments 15,502,205
-----------
Net increase in net assets resulting from
operations $19,559,210
===========
See Notes to Financial Statements
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months
Ended Year
May 31, Ended
1995 November 30,
(Unaudited) 1994
----------- --------------
From Operations
Net investment income $ 4,057,005 $ 9,043,251
Net realized gains 254,245 761,335
Net unrealized appreciation
(depreciation) 15,247,960 (21,990,258)
------------ -------------
Increase (decrease) in net assets
resulting from operations 19,559,210 (12,185,672)
------------ -------------
From Distributions to Shareholders
Net investment income--Class A (4,152,680) (9,567,249)
Net investment income--Class B (40,466) (25,546)
Net realized gains--Class A (610,813) --
Net realized gains--Class B (5,682) --
------------ -------------
Decrease in net assets from distributions
to shareholders (4,809,641) (9,592,795)
------------ -------------
From Share Transactions
Class A
Proceeds from sales of shares (646,924
and 2,018,969 shares, respectively) 6,926,286 22,461,848
Net asset value of shares issued from
reinvestment of distributions (259,326
and 509,004 shares, respectively) 2,752,844 5,572,067
Cost of shares repurchased (1,429,356 and
3,280,044 shares, respectively) (15,131,938) (35,987,636)
------------ -------------
Total (5,452,808) (7,953,721)
------------ -------------
Class B
Proceeds from sales of shares (91,874 and
111,801 shares, respectively) 984,300 1,214,042
Net asset value of shares issued from
reinvestment of distributions (2,711 and
1,531 shares, respectively) 28,989 16,245
Cost of shares repurchased (6,837 and 0
shares, respectively) (74,289) --
------------ -------------
Total 939,000 1,230,287
------------ -------------
Decrease in net assets from share
transactions (4,513,808) (6,723,434)
------------ -------------
Net increase (decrease) in net assets 10,235,761 (28,501,901)
Net Assets
Beginning of period 142,770,031 171,271,932
------------ -------------
End of period (including distributions in
excess of net investment income of
($161,715) and ($25,574), respectively) $153,005,792 $142,770,031
============ =============
See Notes to Financial Statements
6
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------------------------------------
Six Months
Ended
5/31/95 Year Ended November 30,
(Unaudited) 1994 1993 1992 1991 1990
------------ ---------- ------------ ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $10.09 $11.58 $11.10 $ 10.66 $10.37 $ 10.68
Income from
investment
operations
Net investment
income 0.29 0.65 0.60((1)) 0.66((1)) 0.65((1)) 0.65((1))
Net realized
and unrealized
gain (loss) 1.11 (1.49) 0.76 0.57 0.29 --
---------- -------- ---------- -------- -------- ----------
Total from
investment
operations 1.40 (0.84) 1.36 1.23 0.94 0.65
---------- -------- ---------- -------- -------- ----------
Less
distributions
Dividends from
net investment
income (0.30) (0.65) (0.60) (0.66) (0.65) (0.65)
Dividends from
net realized
gains (0.04) -- (0.28) (0.13) -- (0.31)
---------- -------- ---------- -------- -------- ----------
Total
distributions (0.34) (0.65) (0.88) (0.79) (0.65) (0.96)
---------- -------- ---------- -------- -------- ----------
Change in net
asset value 1.06 (1.49) 0.48 0.44 0.29 (0.31)
---------- -------- ---------- -------- -------- ----------
Net asset value,
end of period $11.15 $10.09 $11.58 $ 11.10 $10.66 $ 10.37
========== ======== ========== ======== ======== ==========
Total
return((2)) 14.13%((4)) -7.55% 12.79% 11.92% 9.32% 6.49%
Ratios/supplemental
data:
Net assets, end
of period
(thousands) $150,755 $141,623 $171,272 $35,625 $27,093 $20,240
Ratio to average
net assets of:
Operating
expenses 1.00%((3)) 0.96% 0.75% 0.78% 0.94% 1.00%
Net investment
income 5.51%((3)) 5.65% 5.33% 5.92% 6.17% 6.29%
Portfolio
turnover 32%((3)) 54% 62% 145% 99% 130%
</TABLE>
<TABLE>
<CAPTION>
Class B
-------------------------------
Six Months From
Ended Inception
5/31/95 3/16/94
(Unaudited) to 11/30/94
------------- --------------
<S> <C> <C>
Net asset value,
beginning of
period $ 10.12 $11.21
Income from
investment
operations
Net investment
income 0.26 0.39
Net realized
and unrealized
gain (loss) 1.12 (1.09)
----------- -------------
Total from
investment
operations 1.38 (0.70)
----------- -------------
Less
distributions
Dividends from
net investment
income (0.27) (0.39)
Dividends from
net realized
gains (0.04) --
----------- -------------
Total
distributions (0.31) (0.39)
----------- -------------
Change in net
asset value 1.07 (1.09)
----------- -------------
Net asset value,
end of period $ 11.19 $10.12
=========== =============
Total
return((2)) 13.82%((4)) -6.42%((4))
Ratios/supplemental
data:
Net assets, end
of period
(thousands) $ 2,251 $1,147
Ratio to average
net assets of:
Operating
expenses 1.66%((3)) 1.54%((3))
Net investment
income 4.77%((3)) 5.07%((3))
Portfolio
turnover 32%((3)) 54%
</TABLE>
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.03, $0.04, $0.02 and $0.02, respectively.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
See Notes to Financial Statements
7
<PAGE>
PHOENIX CAPITAL APPRECIATION PORTFOLIO
Fund Description
The Phoenix Capital Appreciation Portfolio invests primarily in the common
stocks of companies with the potential to provide long-term appreciation of
capital.
Investment Environment
During this six-month reporting period, the stock market has advanced
strongly, with the technology and financial services sectors leading the way.
Propelled by falling interest rates and increasing investor confidence that
the Federal Reserve Board may have successfully guided the economy to a "soft
landing," we saw a combination of interest-sensitive sectors and technology
and capital goods stocks outperform most other groups. Consumer-oriented
groups continued to show weakness.
Portfolio Review
Phoenix Capital Appreciation Portfolio posted solidly positive gains over
this reporting period, but could not keep pace with the strong gains of the
broad market. For the six months ended May 31, 1995, the Class A shares
provided a total return of 9.98% and Class B shares returned 9.59%. According
to the Standard and Poor's 500 Composite Stock Index, a commonly used,
unmanaged measure of stock performance, the market returned 19.16% in the
same period. All of these figures assume reinvestment of any distributions,
but exclude the effect of sales charges.
Several factors early in this reporting period held performance back. First,
holdings in smaller and mid-sized companies did not perform as well as larger
issues earlier in the year. For the balance of the year, however, we believe
smaller issues will show better relative performance. Higher cash reserves at
the start of the year also hurt performance slightly; however, we brought
cash levels down significantly during the period. Finally, underweighting in
the financial services sector coming into 1995 was a negative factor, but our
moves to increase holdings benefited the portfolio over the remainder of this
period.
On the positive side, several factors worked well for the portfolio during
this reporting period. Increased exposure to health care and pharmaceutical
stocks helped performance. Also, while consumer-oriented holdings have
produced good results, we have begun to reduce these holdings and increase
weightings in the capital goods sector, which we believe has good earnings
potential in the months ahead. Technology stocks have maintained their
leadership in a dramatic fashion over the past six months and have been
strong contributors to the portfolio. Currently, the portfolio is
overweighted in the technology sector, which we expect will continue to
provide market leadership despite the potential for increased volatility
moving forward. While we are disappointed with the portfolio's results for
this most recent six-month period, we believe the steps we have taken in 1995
position the Fund to continue to provide the potential for attractive
long-term returns.
8
<PAGE>
INVESTMENTS AT MAY 31, 1995
(Unaudited)
SHARES VALUE
-------- -------------
COMMON STOCKS--80.6%
Aerospace & Defense--2.1%
Boeing Company 155,000 $ 9,125,625
------------
Bank--3.2%
Citicorp 185,000 9,897,500
Great Western Financial Corp. 200,000 4,375,000
------------
14,272,500
------------
Chemical--2.6%
Dow Chemical Co. 65,000 4,769,375
Du Pont (E.I.) de Nemours & Co. 100,000 6,787,500
------------
11,556,875
------------
Chemical--Specialty--1.6%
Morton International, Inc. 220,000 6,985,000
------------
Computer Software & Services--3.5%
HBO & Co. 125,000 6,062,500
Microsoft Corp. (b) 89,000 7,537,187
Oak Technology, Inc. (b) 65,000 1,868,750
------------
15,468,437
------------
Conglomerates--2.3%
ITT Corp. 90,000 10,068,750
------------
Diversified Financial Services--6.7%
Dean Witter Discover & Co. 240,000 11,430,000
Federal National Mortgage Assoc. 110,000 10,230,000
Student Loan Marketing Assoc. 165,000 7,837,500
------------
29,497,500
------------
Electrical Equipment--4.4%
General Electric Co. 180,000 10,440,000
Honeywell, Inc. 225,000 8,915,625
------------
19,355,625
------------
Electronics--6.3%
Analog Devices, Inc. (b) 180,000 5,602,500
Applied Materials, Inc. (b) 60,000 4,620,000
Cypress Semiconductors Co. (b) 150,000 4,856,250
Intel Corp. 54,000 6,061,500
National Semiconductor Corp. (b) 275,000 6,875,000
------------
28,015,250
------------
Entertainment, Leisure & Gaming--2.9%
Viacom, Inc. Class B (b) 175,000 8,159,375
Walt Disney Co. 80,000 4,450,000
------------
12,609,375
------------
Food--1.4%
Ralston Purina Co. 125,000 6,281,250
------------
Health Care--Diversified--1.0%
American Home Products Corp. 58,000 4,270,250
------------
Health Care--Drugs--3.6%
Lilly (Eli) & Co. 120,000 8,955,000
Merck & Co., Inc. 150,000 7,068,750
------------
16,023,750
------------
Hospital Management & Services--2.3%
Columbia/HCA Healthcare Corp. 250,800 10,251,450
------------
Insurance--5.0%
Aetna Life & Casualty Co. 180,000 $ 10,732,500
American International Group, Inc. (b) 100,000 11,375,000
------------
22,107,500
------------
Medical Products & Supplies--6.3%
Baxter International, Inc. 250,000 8,718,750
Boston Scientific Corp. (b) 155,000 4,456,250
Johnson & Johnson 70,000 4,637,500
Medtronic, Inc. 60,000 4,515,000
St. Jude Medical, Inc. 118,500 5,362,125
------------
27,689,625
------------
Miscellaneous--1.2%
Eastman Kodak Co. 90,000 5,433,750
------------
Natural Gas--2.0%
Apache Corp. 302,700 8,778,300
------------
Oil Service & Equipment--3.5%
BJ Services Co. (b) 295,000 7,522,500
Schlumberger Ltd. 125,000 8,125,000
------------
15,647,500
------------
Paper, Packaging & Forest Products--1.1%
Bowater, Inc. 125,000 4,906,250
------------
Pollution Control--3.1%
Browning-Ferris Industries, Inc. 200,000 7,125,000
WMX Technologies, Inc. 235,000 6,403,750
------------
13,528,750
------------
Professional Services--1.6%
First Data Systems Corp. 125,000 7,218,750
------------
Retail--3.8%
Federated Department Stores, Inc. (b) 80,000 1,840,000
Home Depot, Inc. 81,800 3,404,925
Staples, Inc. (b) 200,000 5,650,000
Wal-Mart Stores, Inc. 226,000 5,650,000
------------
16,544,925
------------
Retail--Food--1.1%
Safeway, Inc. (b) 130,000 4,745,000
------------
Telecommunications Equipment--5.7%
Bay Networks, Inc. (b) 110,000 4,015,000
Cisco Systems, Inc. (b) 172,000 7,525,000
Northern Telecom Ltd. 130,000 4,988,750
Stratacom, Inc. (b) 120,000 4,590,000
U.S. Robotics Corporation (b) 50,500 4,216,750
------------
25,335,500
------------
Tobacco--1.2%
Philip Morris Companies, Inc. 70,000 5,101,250
------------
Utility--Telephone--1.1%
MCI Communications Corp. 250,000 5,062,500
------------
TOTAL COMMON STOCKS
(Identified cost $324,448,997) 355,881,237
------------
See Notes to Financial Statements
9
<PAGE>
SHARES VALUE
------ -----------
FOREIGN COMMON STOCKS--7.5%
Computer Software & Services--2.7%
Cap Gemini Sogeti (France) (b) 160,000 $ 5,633,600
Standard Application Software
AG-Vorzug (Germany) 5,245 6,143,311
-----------
11,776,911
-----------
Oil--2.4%
Royal Dutch Petroleum Co. ADR
(Netherlands) 85,000 10,773,750
-----------
Telecommunications Equipment--2.0%
Ericsson L.M. Telephone Co.
Class B ADR (Sweden) 120,000 8,812,500
-----------
Utility--Telephone--0.4%
DDI Corp. (Japan) 270 1,792,722
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $25,840,661) 33,155,883
-----------
TOTAL LONG-TERM INVESTMENTS--88.1%
(Identified cost $350,289,658) 389,037,120
-----------
STANDARD PAR
&POOR'S VALUE
RATING (000)
-------- -----
SHORT-TERM OBLIGATIONS--8.9%
Commercial Paper--7.0%
Albertson's, Inc. 5.95%, 6-1-95 A-1 $ 840 840,000
E.I. du Pont de Nemours 5.95%, 10,189,885
6-7-95 A-1+ 10,200
STANDARD PAR
&POOR'S VALUE
RATING (000) VALUE
--------- ------ -------------
AT&T 5.94%, 6-8-95 A-1 $8,990 $ 8,979,617
Abbott Laboratories 5.94%,
6-9-95 A-1+ 5,080 5,073,294
Pfizer, Inc. 5.93%, 6-9-95 A-1+ 3,235 3,230,737
Exxon Imperial U.S., Inc.
5.93%, 6-12-95 A-1+ 1,008 1,006,174
First Deposit Funding
Trust 5.94%, 8-22-95 A-1+ 1,420 1,400,361
------------
30,720,068
------------
Federal Agency Securities--1.6%
Federal National Mortgage Assn.
5.89%, 6-2-95 7,265 7,263,811
Federal National Mortgage Assn.
5.90%, 6-12-95 25 24,955
7,288,766
------------
U.S. Treasury Bills--0.3%
U.S. Treasury Bills 5.73%, 6-15-95 1,320 1,317,059
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $39,326,319) 39,325,893
------------
TOTAL INVESTMENTS--97.0%
(Identified cost $389,615,977) 428,363,013(a)
Cash & receivables, less liabilities--3.0% 13,287,973
------------
NET ASSETS--100.0% $441,650,986
============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $42,663,473 and gross
depreciation of $4,081,626 for federal income tax purposes. At May 31,
1995 the aggregate cost of securities for federal income tax purposes was
$389,781,166.
(b) Non-income producing.
ADR--American Depository Receipt
See Notes to Financial Statements
10
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $389,615,977) $428,363,013
Cash 3,931
Receivables
Investment securities sold 21,054,104
Fund shares sold 1,226,034
Dividends and interest 1,011,919
-------------
Total assets 451,659,001
-------------
Liabilities
Payables
Investment securities purchased 8,588,385
Fund shares repurchased 910,537
Investment advisory fee 282,111
Transfer agent fee 112,909
Distribution fee 97,491
Financial agent fee 11,284
Trustees' fee 3,600
Accrued expenses 1,698
-------------
Total liabilities 10,008,015
-------------
Net Assets $441,650,986
=============
Net Assets Consist of:
Capital paid in on shares of beneficial
interest $389,795,811
Undistributed net investment income 1,372,089
Accumulated net realized gains 11,736,050
Net unrealized appreciation 38,747,036
-------------
Net Assets $441,650,986
=============
Class A
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization
(Net Assets $435,863,284) 22,927,314
Net asset value per share $19.01
Offering price per share
$19.01/(1-4.75%) $19.96
Class B
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization
(Net Assets $5,787,702) 306,440
Net asset value and offering price per
share $18.89
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1995
(Unaudited)
Investment Income
Dividends $ 2,678,160
Interest 1,741,237
-----------
Total investment income 4,419,397
-----------
Expenses
Investment advisory fee 1,592,870
Distribution fee--Class A 526,864
Distribution fee--Class B 16,371
Financial agent fee 63,715
Transfer agent 672,567
Professional 55,117
Custodian 38,372
Printing 35,486
Registration 34,258
Trustees 10,032
Miscellaneous 10,338
-----------
Total expenses 3,055,990
-----------
Net investment income 1,363,407
-----------
Net Realized and Unrealized Gain (Loss)
on Investments
Net realized gain on securities 14,400,027
Net realized loss on foreign currency
transactions (870,055)
Net unrealized appreciation on investments 26,103,885
-----------
Net gain on investments 39,633,857
-----------
Net increase in net assets resulting from
operations $40,997,264
===========
See Notes to Financial Statements
11
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months
Ended Year
May 31, Ended
1995 November 30,
(Unaudited) 1994
----------- ----------------
From Operations
Net investment income $ 1,363,407 $ 2,568,972
Net realized gains 13,529,972 14,113,601
Net unrealized appreciation
(depreciation) 26,103,885 (12,913,800)
------------ -------------
Increase in net assets resulting from
operations 40,997,264 3,768,773
------------ -------------
From Distributions to Shareholders
Net investment income--Class A (1,205,285) (2,337,637)
Net investment income--Class B (4,435) --
Net realized gains--Class A (15,673,370) (18,023,297)
Net realized gains--Class B (66,407) --
------------ -------------
Decrease in net assets from distributions
to shareholders (16,949,497) (20,360,934)
------------ -------------
From Share Transactions
Class A
Proceeds from sales of shares (3,205,476
and 8,619,664 shares, respectively) 57,059,962 159,272,884
Net asset value of shares issued from
reinvestment of distributions (929,931
and 1,035,428 shares, respectively) 15,929,720 18,886,223
Cost of shares repurchased (4,495,538 and
9,145,060 shares, respectively) (80,625,562) (167,859,596)
------------ -------------
Total (7,635,880) 10,299,511
------------ -------------
Class B
Proceeds from sales of shares (228,349
and 89,426 shares, respectively) 4,079,457 1,634,651
Net asset value of shares issued from
reinvestment of distributions (3,948 and
0 shares, respectively) 67,434 --
Cost of shares repurchased (10,387 and
4,896 shares, respectively) (187,625) (89,532)
------------ -------------
Total 3,959,266 1,545,119
------------ -------------
(Decrease) increase in net assets from
share transactions (3,676,614) 11,844,630
------------ -------------
Net increase (decrease) in net assets 20,371,153 (4,747,531)
Net Assets
Beginning of period 421,279,833 426,027,364
------------ -------------
End of period (including undistributed
net investment income of $1,372,089 and
$1,218,402, respectively) $441,650,986 $ 421,279,833
============ =============
See Notes to Financial Statements
12
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------------------------------------
Six Months
Ended
5/31/95 Year Ended November 30,
(Unaudited) 1994 1993 1992 1991 1990
----------- ----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $18.03 $18.70 $17.95 $16.61 $11.95 $10.29
Income from
investment
operations
Net investment
income (loss) 0.06 0.11 0.11 0.15 0.19 0.18((1))
Net realized
and unrealized
gain 1.65 0.10 1.44 2.41 4.64 1.59
--------- --------- --------- --------- --------- -----------
Total from
investment
operations 1.71 0.21 1.55 2.56 4.83 1.77
--------- --------- --------- --------- --------- -----------
Less
distributions
Dividends from
net investment
income (0.05) (0.10) (0.13) (0.21) (0.17) (0.11)
Dividends from
net realized
gains (0.68) (0.78) (0.67) (1.01) -- --
--------- --------- --------- --------- --------- -----------
Total
distributions (0.73) (0.88) (0.80) (1.22) (0.17) (0.11)
--------- --------- --------- --------- --------- -----------
Change in net
asset value 0.98 (0.67) 0.75 1.34 4.66 1.66
--------- --------- --------- --------- --------- -----------
Net asset value,
end of period $19.01 $18.03 $18.70 $17.95 $16.61 $11.95
========= ========= ========= ========= ========= ===========
Total
return((2)) 9.98%((4)) 1.03% 8.94% 16.44% 40.78% 17.26%
Ratios/supplemental
data:
Net assets, end
of period
(thousands) $435,863 $419,760 $426,027 $234,472 $119,870 $15,840
Ratio to average
net assets of:
Operating
expenses 1.43%((3)) 1.36% 1.34% 1.40% 1.24% 1.50%
Net investment
income 0.65%((3)) 0.59% 0.64% 0.93% 1.94% 2.22%
Portfolio
turnover 194%((3)) 227% 174% 287% 458% 454%
</TABLE>
<TABLE>
<CAPTION>
Class B
-------------------------------
Six Months From
Ended Inception
5/31/95 7/18/94 to
(Unaudited) 11/30/94
------------- --------------
<S> <C> <C>
Net asset value,
beginning of
period $17.97 $17.68
Income from
investment
operations
Net investment
income (loss) -- ((5)) (0.01)
Net realized
and unrealized
gain 1.65 0.30
----------- -------------
Total from
investment
operations 1.65 0.29
----------- -------------
Less
distributions
Dividends from
net investment
income (0.05) --
Dividends from
net realized
gains (0.68) --
----------- -------------
Total
distributions (0.73) --
----------- -------------
Change in net
asset value 0.92 0.29
----------- -------------
Net asset value,
end of period $18.89 $17.97
=========== =============
Total
return((2)) 9.59%((4)) 1.64 %((4))
Ratios/supplemental
data:
Net assets, end
of period
(thousands) $5,788 $1,519
Ratio to average
net assets of:
Operating
expenses 2.23%((3)) 2.05 %((3))
Net investment
income (0.05)%((3)) (0.23)%((3))
Portfolio
turnover 194% ((3)) 227%
</TABLE>
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.01.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
((5)) Net investment income calculation based on average shares outstanding.
See Notes to Financial Statements
13
<PAGE>
PHOENIX INTERNATIONAL PORTFOLIO
MARKET AND PORTFOLIO REVIEW
Fund Description
The Phoenix International Portfolio invests primarily in quality companies
with strong management and solid growth prospects. We stress markets and
stocks where relative earnings growth is strongest. We will sell a stock that
no longer looks attractive relative to the growth and valuation of its market
or peer group, that appears to have reached the top of its relative valuation
range, or that provides an earnings disappointment. This disciplined approach
allows the Fund to continually emphasize securities that have the potential
to provide stronger growth over the long term.
World Markets
The last six months have seen widely divergent performance from world equity
markets and currencies. The Mexican peso crisis in December, high interest
rates in non-core European markets and the sharp decline of the U.S. dollar
in the first calendar quarter put tremendous pressure on equities. More
recently, markets have rallied strongly on the back of the booming U.S. stock
and bond markets. Interest rates on long-term bonds have fallen 80 to 100
basis points throughout most of Europe, helping to boost stocks. Asia and
Latin America also rallied when fears of rising U.S. interest rates faded.
While 1994 earnings growth in Europe was above expectations,
economically-sensitive sectors are already anticipating slower economic
growth ahead. Most of Asia had earnings consistent with expectations, except
for Hong Kong, where weak real estate activity and retail demand have pulled
the market down. Japan has been one of the biggest disappointments, with the
sharp appreciation of the yen worrying both corporations and consumers alike.
Companies that have moved production offshore or been exposed to strong U.S.
and Asian demand reported better-than-expected profits. However, those
companies with significant exposure to the domestic economy are still
suffering. Over this six-month reporting period, Japan and Latin America were
among the worst performing markets. The best performers were Switzerland,
Netherlands, Belgium, Finland, and Denmark.
Portfolio Review
For the six months ended May 31, 1995, Class A shares produced a total return
of -0.41% and Class B shares returned -0.83%. As measured by the Morgan
Stanley Capital International EAFE Index, the market gained 5.25% in the same
period.* All of these figures assume reinvestment of any distributions, but
exclude the effect of sales charges.
The portfolio's underperformance stemmed primarily from its U.S.
dollar-denominated cash position and exposure to weaker mid-capitalization
European stocks in the early part of the year. Also, the Fund's
underweighting in Japan hurt the portfolio when the yen strengthened early in
the year. The Fund's holdings in Scandinavia, Switzerland, and Southeast Asia
helped to offset these negative factors, particularly in the second half of
this period. In addition, European holdings have recently shown improved
performance. Finally, with the sharp drop in the Japanese market, the
underweighting here is now benefiting the portfolio.
Outlook
The outlook for European economies is positive, with growth anticipated
between 2.5% and 3% this year. There are few signs of inflationary pressures
in Europe, and bond yields have fallen over the last few months. The main
driver of economic growth has come from industrial companies where
restructuring, strong exports and the start of recovery in Europe has led to
a sharp pick up in activity and a rebound in corporate profits. While the
consumer climate remains quite weak, we expect improvement later in 1995 and
have added to our positions in consumer and domestic demand stocks. We
continue to hold our positions in companies that should benefit from
outsourcing, productivity enhancement and capital investments as Europe works
to improve its global competitiveness.
Strong growth in Asia continues, with the region expected to grow at a pace
of 5% to 8% in 1995. Despite fears of a currency collapse similar to
Mexico's, Asian governments responded quickly, raising interest rates to
protect their currencies and slow overheating economies. We expect to further
increase our overweight position in the region on any market weakness and
look forward to renewed growth in 1996.
Latin America remains difficult. If Mexico stabilizes and does not cause
similar problems for the governments of Brazil and Argentina, there is every
reason to remain sanguine about the long-term outlook. However, we expect
slow economic growth and poor corporate profits in 1995 and will wait to add
to positions until the situation improves.
The Fund has increased holdings in Europe and the Pacific Basin, particularly
in financial stocks that are expected to benefit from lower interest rates.
We plan to increase exposure to the United Kingdom in hopes that the upcoming
election spurs the government to create a "feel good" environment for
consumers. We also expect to maintain an underweighting in Japan until it
becomes evident that a serious effort is being made to resolve fundamental
problems in the financial system.
* The Morgan Stanley Capital International EAFE Index is an unmanaged,
commonly used measure of foreign stock performance. This index is an
aggregate of 15 individual country indexes in Europe, Australia and the Far
East.
14
<PAGE>
INVESTMENTS AT MAY 31, 1995
(Unaudited)
SHARES VALUE
-------- -------------
COMMON STOCKS--83.7%
Argentina--0.8%
Quilmes (Beverages) 54,000 $ 1,134,000
-------------
Australia--1.1%
News Corp. (Publishing & Broadcasting) 313,000 1,662,665
-------------
Austria--0.5%
Flughaven Wien (Business & Public
Services) 16,000 793,945
-------------
Belgium--1.0%
Kriedietbank NV (Banks) 6,200 1,495,309
-------------
Chile--1.2%
Compania de Telefonos de Chile
(Utility-Telephone) 19,100 1,690,350
-------------
Denmark--1.0%
Unidanmark (Banks) 30,800 1,495,904
-------------
Finland--3.1%
Benefon OY (Electronics) 41,700 1,540,059
Nokia AB (Telecommunications Equipment) 19,600 909,355
Valmet (Machinery) 85,500 1,934,077
-------------
4,383,491
-------------
France--7.8%
Carrefour Supermarche (Retail-Food) 1,400 690,889
Castorama Dubois (Retail) 9,100 1,453,598
Christian Dior SA (Retail) 7,700 723,419
Legrand (Electrical Equipment) 998 1,507,832
LVMH (Beverages) 10,000 1,897,117
Moulinex (Household Furniture &
Appliances) 50,000 1,256,362
Total Compagnie Francaise des Petroles
(Oil) 34,000 2,104,010
Valeo (Auto & Truck Parts) 31,500 1,744,613
-------------
11,377,840
-------------
Germany--5.9%
Buderus AG (Building & Materials) 2,850 1,456,263
Fresenius (Medical Technology) 1,950 1,186,837
Moebel Walther AG (Household Furnishing
& Appliances) 3,230 1,609,285
Standard Application Software
AG-Vorzug (Computer Software
& Services) 3,000 3,513,800
Wella AG (Cosmetics & Soaps) 1,000 785,563
-------------
8,551,748
-------------
Hong Kong--5.5%
Cheung Kong Holdings (Property
Development) 327,000 1,610,692
First Pacific Company Ltd.
(Conglomerates) 2,340,000 2,193,277
Hutchison Whampoa (Conglomerates) 334,000 1,688,352
JCG Holdings Ltd. (Financial Services) 2,032,000 1,484,266
Sun Hung Kai Properties Ltd. (Property
Development) 150,000 1,085,973
-------------
8,062,560
-------------
Indonesia--4.5%
Astra International (Auto & Truck Parts) 534,000 $ 959,383
Indonesia Satellite (Indostat) ADR
(Utility-Telephone) 26,000 1,027,000
Matahari Putra Prima (Retail) 339,000 643,306
PT Indostat (Utility-Telephone) 140,000 548,636
Semen Gresik (Building & Materials) 260,000 1,401,347
Sempoerna (Tobacco) 150,000 1,074,590
Wicaksana Overseas International
(International Trade) (b) 360,000 970,163
-------------
6,624,425
-------------
Italy--0.7%
SIP (Utility-Telephone) 405,000 1,062,247
-------------
Japan--8.1%
Hoya (Machinery & Engineering) 24,000 683,346
Kyocera Corp. (Electronics) 13,000 987,567
Mitsui Marine & Fire Insurance
(Insurance) 150,000 1,047,349
Murata Manufacturing (Electronics) 41,000 1,564,584
Nippon Denwa Shisetsu (Machinery &
Engineering) 19,600 157,463
Nippon Steel (Metals & Mining) 186,000 668,035
Nippon Telephone & Telegraph
(Utility-Telephone) 80 661,608
Omron Corp. (Electrical & Electronics) 50,000 933,339
Oriental Construction Co. (Construction) 70,000 1,331,486
Rohm Co. (Electronics) 25,000 1,140,092
Sankyo Co. (Health Care-Diversified) 30,400 703,951
Shohkoh Fund & Co. (Financial Services) 8,500 1,315,536
SMC Corp. (Machinery) 12,000 640,814
-------------
11,835,170
-------------
Korea--2.0%
Korea Electric Power Corp.
(Utilities-Electrical) 40,090 1,502,397
Samsung Electronics (Electronics) 28,300 1,471,600
-------------
2,973,997
-------------
Malaysia--1.4%
Commerce Asset Holding Bhd (Banks) 210,000 1,133,109
Technology Resources Industries
(Utility-Telephone) 269,000 878,514
-------------
2,011,623
-------------
Netherlands--6.7%
Ahrend Group NV (Office & Business
Equipment) 13,000 1,568,640
Getronics (Computer Software & Services) 18,000 777,813
Hagemeyer N.V. (International Trade) 46,304 2,003,806
IHC Caland (Oil Service & Equipment) (b) 60,000 1,603,386
Randstad Holdings N.V. (Professional
Services) 4,180 259,319
Sphinx Kon CVA (Building & Materials) 58,458 2,064,440
VNU (Publishing & Broadcasting) 12,500 1,483,827
-------------
9,761,231
-------------
See Notes to Financial Statements
15
<PAGE>
Norway--2.4%
Petroleum Geo-Services ADR (Oil Service
& Equipment) (b) 75,000 $ 2,062,500
Unistorebrand (Insurance) (b) 378,000 1,499,785
-------------
3,562,285
-------------
Peru--1.1%
CPT (Utility-Telephone) 953,541 1,633,866
-------------
Singapore--2.4%
City Developments Ltd. (Property
Development) 232,000 1,548,220
United Overseas Bank Ltd. (Banks) 200,400 1,998,823
-------------
3,547,043
-------------
Spain--3.2%
Banco Central Hispanoamericano, SA
(Banks) 64,000 1,460,816
Centros Comer Continente SA (Retail) 73,500 1,791,496
Repsol SA (Oil) 45,000 1,452,664
-------------
4,704,976
-------------
Sweden--4.0%
Allgon AB (Telecommunications Equipment) 71,000 1,402,455
Astra AB (Health Care-Drugs) 51,500 1,509,835
Autoliv AB (Auto & Truck Parts) 40,000 1,948,043
Hennes & Mauritz (Retail) 17,500 1,013,187
-------------
5,873,520
-------------
Switzerland--5.6%
Brown Boveri & Cie (Electrical
Equipment) 11,100 2,224,754
Roche Holdings (Health Care-
Diversified) 320 1,969,336
Sandoz AG (Health Care-Diversified) 2,300 1,540,557
Winterthur Insurance Co. (Insurance) 3,900 2,408,480
-------------
8,143,127
-------------
Thailand--2.5%
Bangkok Bank Company Ltd. (Banks) 145,000 1,586,356
Industrial Finance Corporation of Thai
(Financial Services) 310,000 885,564
PTT Exploration & Production (Oil) 111,000 1,169,406
-------------
3,641,326
-------------
United Kingdom--11.2%
Allied Irish Banks plc (Banks) 325,000 1,538,767
BSR International (Electronics) 1,010,000 1,588,656
Carlton Communications (Publishing &
Broadcasting) 134,000 2,014,045
United Kingdom--continued
Chubb Security plc (Business & Public
Services) 320,000 $ 1,677,788
Glaxo Welcome plc (Health Care-Drugs) 123,000 1,420,734
Granada Group (Entertainment, Leisure &
Gaming) 157,000 1,469,225
Lonrho plc (Conglomerates) 535,000 1,283,524
Next plc (Retail) 275,000 1,470,249
Smithkline Beecham plc (Health Care-
Diversified) 46,000 1,817,000
Takare (Hospital Management & Services) 604,000 2,015,253
-------------
16,295,241
-------------
TOTAL COMMON STOCKS
(Identified cost $110,758,935) 122,317,889
-------------
STANDARD
& PAR
POOR'S VALUE
RATING (000)
-------- --------
SHORT-TERM OBLIGATIONS--14.1%
Commercial Paper--8.3%
GTE North, Inc. 5.94%, 6-1-95 A-1+ $ 3,175 3,175,000
Emerson Electric Co. 5.95%,
6-6-95 A-1+ 2,500 2,497,934
BellSouth Telecommunications,
Inc. 5.93%, 6-8-95 A-1+ 5,680 5,673,451
E.I. du Pont de Nemours
5.93%, 6-23-95 A-1+ 735 732,336
-------------
12,078,721
-------------
Federal Agency Securities--5.8%
Federal Home Loan Mortgage 6.10%,
6-1-95 2,365 2,365,000
Federal National Mortgage Assn. 5.89%,
6-2-95 6,175 6,173,990
-------------
8,538,990
-------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $20,617,711) 20,617,711
-------------
TOTAL INVESTMENTS--97.8%
(Identified cost $131,376,646) 142,935,600(a)
Cash and receivables, less liabilities--2.2% 3,165,826
-------------
NET ASSETS--100.0% $146,101,426
=============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $12,895,050 and gross
depreciation of $1,364,085 for federal income tax purposes. At May 31,
1995 the aggregate cost of securities for federal income tax purposes was
$131,404,635.
(b) Non-income producing.
ADR--American Depository Receipt.
See Notes to Financial Statements
16
<PAGE>
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Common Stocks
(Unaudited)
Auto & Trucks 3.8%
Banks 8.8
Beverages 2.5
Building & Materials 4.0
Business & Public Services 2.0
Computer Software & Services 3.5
Conglomerates 4.2
Construction 1.1
Cosmetics & Soaps 0.6
Electrical Equipment & Electronics 10.6
Entertainment, Leisure & Gaming 1.2
Financial Services 3.0
Health Care 7.3
Hospital Management & Services 1.6
Household Furnishing & Appliances 2.3
Insurance 4.0
International Trade 2.4
Machinery & Engineering 2.8
Medical Technology 1.0
Metals & Mining 0.6
Office & Business Equipment 1.3
Oil, Oil Service & Equipment 6.9
Professional Services 0.2
Property Development 3.5
Publishing, Broadcasting, Printing & Cable 4.2
Retail 6.4
Telecommunications Equipment 1.9
Tobacco 0.9
Utilities 7.4
------
100.0%
======
See Notes to Financial Statements
17
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $131,376,646) $142,935,600
Foreign currency at value
(Identified cost $3,286,994) 3,268,745
Cash 3,078
Receivables
Investment securities sold 12,191,929
Fund shares sold 407,812
Dividends and interest 445,402
Tax reclaim 18,197
-------------
Total assets 159,270,763
-------------
Liabilities
Payables
Investment securities purchased 11,792,799
Fund shares repurchased 366,872
Investment advisory fee 93,947
Transfer agent fee 40,555
Distribution fee 33,030
Financial agent fee 3,758
Trustees' fee 3,262
Accrued expenses 70,136
Net unrealized depreciation on forward
currency contracts 764,978
-------------
Total liabilities 13,169,337
-------------
Net Assets $146,101,426
=============
Net Assets Consist of:
Capital paid in on shares of beneficial
interest $143,527,629
Undistributed net investment income 376,337
Accumulated net realized losses (8,564,193)
Net unrealized appreciation 10,761,653
-------------
Net Assets $146,101,426
=============
Class A
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization
(Net Assets $143,347,461) 12,283,280
Net asset value per share $11.67
Offering price per share
$11.67/(1-4.75%) $12.25
Class B
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization
(Net Assets $2,753,965) 237,587
Net asset value and offering price per
share $ 11.59
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1995
(Unaudited)
Investment income
Dividends $ 1,149,843
Interest 698,627
Foreign taxes withheld (120,605)
-------------
Total investment income 1,727,865
-------------
Expenses
Investment advisory fee 569,298
Distribution fee--Class A 186,837
Distribution fee--Class B 11,714
Financial agent fee 22,772
Transfer agent 230,787
Custodian 128,111
Printing 29,584
Registration 27,202
Professional 17,174
Trustees 7,933
Miscellaneous 14,201
-------------
Total expenses 1,245,613
-------------
Net investment income 482,252
-------------
Net Realized and Unrealized Gain (Loss)
on Investments
Net realized loss on securities (5,774,327)
Net realized loss on foreign currency
transactions (1,767,745)
Net unrealized appreciation on investment
securities 6,084,849
Net unrealized depreciation on foreign
currency transactions (767,106)
-------------
Net loss on investments (2,224,329)
-------------
Net decrease in net assets resulting from
operations $(1,742,077)
=============
See Notes to Financial Statements
18
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months
Ended Year
May 31, Ended
1995 November 30,
(Unaudited) 1994
----------- ---------------
From Operations
Net investment income $ 482,252 $ 308,093
Net realized (loss) gain (7,542,072) 10,425,348
Net unrealized appreciation 5,317,743 327,619
------------- -------------
(Decrease) increase in net assets
resulting from operations (1,742,077) 11,061,060
------------- -------------
From Distributions to Shareholders
Net realized gains--Class A (11,651,125) --
Net realized gains--Class B (157,020) --
------------- -------------
Decrease in net assets from distributions
to shareholders (11,808,145) --
------------- -------------
From Share Transactions
Class A
Proceeds from sales of shares (2,356,985
and 10,043,583 shares, respectively) 26,654,127 128,459,934
Net asset value of shares issued from
reinvestment of distributions (967,317
and 0 shares, respectively) 10,969,371 --
Cost of shares repurchased (4,341,429 and
4,917,095 shares, respectively) (48,793,070) (62,878,186)
------------- -------------
Total (11,169,572) 65,581,748
------------- -------------
Class B
Proceeds from sales of shares (105,424
and 207,342 shares, respectively) 1,203,783 2,712,515
Net asset value of shares issued from
reinvestment of distributions (10,924 and
0 shares, respectively) 123,448 --
Cost of shares repurchased (36,819 and
49,284 shares, respectively) (414,907) (642,543)
------------- -------------
Total 912,324 2,069,972
------------- -------------
(Decrease) increase in net assets from
share transactions (10,257,248) 67,651,720
------------- -------------
Net (decrease) increase in net assets (23,807,470) 78,712,780
Net Assets
Beginning of period 169,908,896 91,196,116
------------- -------------
End of period (including undistributed
net investment income and distributions
in excess of net investment income of
$376,337 and ($105,915), respectively) $146,101,426 $169,908,896
============= =============
See Notes to Financial Statements
19
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------------------------------------
Year Ended November 30,
Six Months
Ended
5/31/95
(Unaudited) 1994 1993 1992 1991 1990
----------- ----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $12.63 $11.16 $ 8.96 $10.90 $10.27 $10.44
Income from
investment
operations
Net investment
income (loss) 0.04 (0.01) -- 0.11 0.15 0.15((1))
Net realized
and unrealized
(loss) gain (0.12) 1.48 2.20 (1.10) 0.69 (0.22)
--------- --------- --------- --------- --------- -----------
Total from
investment
operations (0.08) 1.47 2.20 (0.99) 0.84 (0.07)
--------- --------- --------- --------- --------- -----------
Less
distributions
Dividends from
net investment
income -- -- -- (0.12) (0.21) (0.10)
Dividends from
net realized
gains (0.88) -- -- (0.64) -- --
Distribution in
excess of
accumulated net
investment
income -- -- -- (0.19) -- --
--------- --------- --------- --------- --------- -----------
Total
distributions (0.88) -- -- (0.95) (0.21) (0.10)
--------- --------- --------- --------- --------- -----------
Change in net
asset value (0.96) 1.47 2.20 (1.94) 0.63 (0.17)
--------- --------- --------- --------- --------- -----------
Net asset value,
end of period $11.67 $12.63 $11.16 $ 8.96 $10.90 $10.27
========= ========= ========= ========= ========= ===========
Total
return((2)) -0.41%((4)) 13.17% 24.55% -9.91% 8.26% -0.75%
Ratios/supplemental
data:
Net assets, end
of period
(thousands) $143,347 $167,918 $91,196 $26,188 $21,427 $16,583
Ratio to average
net assets of:
Operating
expenses 1.62%((3)) 1.47% 1.78% 1.97% 2.09% 1.50%
Net investment
income (loss) 0.64%((3)) 0.20% (0.04)% 0.85% 1.29% 1.48%
Portfolio
turnover 240%((3)) 186% 191% 82% 128% 99%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-------------------------------
Six Months From
Ended Inception
5/31/95 7/15/94 To
(Unaudited) 11/30/94
------------- --------------
<S> <C> <C>
Net asset value,
beginning of
period $12.60 $12.80
Income from
investment
operations
Net investment
income (loss) -- (0.01)
Net realized
and unrealized
(loss) gain (0.13) (0.19)
----------- -------------
Total from
investment
operations (0.13) (0.20)
----------- -------------
Less
distributions
Dividends from
net investment
income -- --
Dividends from
net realized
gains (0.88) --
Distribution in
excess of
accumulated net
investment
income -- --
----------- -------------
Total
distributions (0.88) --
----------- -------------
Change in net
asset value (1.01) (0.20)
----------- -------------
Net asset value,
end of period $11.59 $12.60
=========== =============
Total
return((2)) -0.83%((4)) -1.56%((4))
Ratios/supplemental
data:
Net assets, end
of period
(thousands) $2,754 $1,991
Ratio to average
net assets of:
Operating
expenses 2.46%((3)) 1.93%((3))
Net investment
income (loss) (0.08)%((3)) 0.36%((3))
Portfolio
turnover 240%((3)) 186%
</TABLE>
((1)) Net of reimbursement by investment adviser of $0.06.
((2)) Maximum sales charges are not reflected in the total return calculation.
((3)) Annualized
((4)) Not annualized
See Notes to Financial Statements
20
<PAGE>
PHOENIX REAL ESTATE SECURITIES PORTFOLIO
Fund Description
The Phoenix Real Estate Securities Portfolio invests in marketable securities
of publicly-traded real estate investment trusts and companies that operate,
develop, manage and/or invest in real estate primarily in the U.S.
Investment Environment
The real estate industry is in the strongest cyclical recovery since its
steep decline in the late 80s. New supply remains constrained in most
markets, while moderately increasing demand continues to fill vacant space.
Landlords have shown an increasing ability to raise rental rates and as a
result, property incomes are rising. With values stabilized, liquidity has
returned to the real estate markets. The industry is watching diligently for
signs of renewed construction, but building is currently limited primarily to
isolated apartment markets in the south and mountain regions of the country.
As long as new supply is constrained, market fundamentals should continue to
improve.
Performance in the REIT industry remains divergent by sector. For example,
results have been strong in the office and self-storage sectors, which
recorded year-to-date total returns of 9.7% and 11.6%, respectively.
Investors have pushed dividend yields lower in these sectors because of
excellent growth prospects. In contrast, the retail sector has posted much
weaker results, with a total return of 0.31% year-to-date. This is due to
moderating growth forecasts for retail sales and a fierce battle for the
consumer dollar that is being waged between newer and more traditional retail
formats.
Portfolio Review
The Phoenix Real Estate Securities Portfolio, which was launched on March 1,
1995, performed well during this reporting period. From its inception date
through May 31, 1995, the Fund posted a total return of 3.76% for Class A
shares and 3.53% for Class B. These results were consistent with the NAREIT
Equity Index, which recorded a total return of 3.80% for the same period.*
All these figures assume reinvestment of any distributions, but exclude the
effect of sales charges.
The Fund benefited from strong performance by some of its key holdings.
Equity Residential (apartments), Regency (retail), Highwoods Properties
(office) and Chateau Properties (manufactured housing) enjoyed growing market
demand due to favorable earnings growth forecasts. The Fund is weighted
heaviest in the apartment (28.8%) and retail (30.4%) sectors. However, we
have begun to reduce the Fund's exposure to retail in favor of more promising
opportunities in the office and industrial sectors. This is due to the
underlying improvement in both of these markets as well as our growing
concern regarding turmoil in the broad retail industry.
Outlook
The favorable outlook for the real estate industry is translating into strong
consensus growth estimates for Funds From Operations (FFO) in the REIT
sector. (FFO is the earnings indicator used in the REIT industry to measure
dividend paying ability.) REIT FFOs are forecasted to grow 8.0% over the
course of 1995. Share prices in the last 12 months have not kept pace with
income growth. Price multiples are higher and current dividend yields are
well above the levels seen in 1993 and early 1994. Currently, the average
dividend yield for equity REITs is approximately 7.8%. Based on our analysis,
many REITs are trading at a discount to the estimated aggregate market values
of their assets.
We believe that improving fundamentals in the real estate industry point to
continued earnings growth for REITs. With income yields already high, share
prices should rise with income growth. We expect to continue our emphasis on
those sectors which offer the best prospects for income growth. We will also
continue to focus on companies with strong management, excellent track
records and low debt levels.
* The National Association of Real Estate Investment Trusts (NAREIT) Equity
Index is a commonly used, unmanaged indicator of REIT performance.
21
<PAGE>
INVESTMENTS AT MAY 31, 1995
(Unaudited)
SHARES VALUE
------ -----------
COMMON STOCKS--91.5%
REAL ESTATE INVESTMENTS TRUSTS--91.5%
COMMERCIAL--16.7%
Industrial--4.2%
Security Capital Industrial Trust 6,200 $ 97,650
Weeks Corporation 8,500 197,625
-----------
295,275
-----------
Office--7.2%
Duke Realty Investments, Inc. 4,400 123,200
Highwoods Properties, Inc. 10,200 246,075
Speiker Properties, Inc. 6,100 131,912
-----------
501,187
-----------
Storage--5.3%
Shurgard Storage Centers, Inc. 6,600 150,975
Storage Trust Realty, Inc. 1,500 30,188
Storage USA, Inc. 6,700 190,112
-----------
371,275
-----------
TOTAL COMMERCIAL 1,167,737
-----------
DIVERSIFIED--1.8%
Colonial Properties Trust 5,700 128,963
-----------
TOTAL DIVERSIFIED 128,963
-----------
HEALTH CARE--7.4%
Health Care Properties Inv., Inc. 8,200 260,350
Nationwide Health Properties, Inc. 6,800 253,300
-----------
TOTAL HEALTH CARE 513,650
-----------
RESIDENTIAL--35.2%
Apartment--28.8%
Avalon Properties, Inc. 6,500 128,375
Bay Apartment Community, Inc. 10,900 198,925
Camden Property Trust 5,700 130,388
Equity Residential Properties Trust 7,800 223,275
Evans Withcombe Residential 9,500 191,187
Merry Land & Investment Co. 10,600 223,925
Oasis Residential, Inc. 9,300 205,763
Post Properties, Inc. 6,200 191,425
Security Capital Pacific Trust 11,000 196,625
South West Property Trust 10,200 126,225
United Dominion Realty Trust 13,900 194,600
-----------
2,010,713
-----------
Manufactured Homes--6.4%
Chateau Properties, Inc. 6,400 142,400
Manufactured Home Communities 6,900 108,675
Sun Communities, Inc. 8,000 191,000
-----------
442,075
-----------
TOTAL RESIDENTIAL 2,452,788
-----------
RETAIL--30.4%
Community/Neighborhood--15.4%
Developers Diversified Realty Corp. 7,900 $ 223,175
Federal Realty Investment Trust 9,100 193,375
Kimco Realty Corp. 3,300 127,462
Regency Realty Corp. 3,700 63,825
Vornado Realty Trust 5,700 193,800
Weingarten Realty Investors 4,500 162,000
Western Investment Real Estate
Trust 9,100 110,338
-----------
1,073,975
-----------
Factory Outlet--4.8%
Chelsea G.C.A. Realty, Inc. 8,000 211,000
Horizon Outlet Center 5,400 122,850
-----------
333,850
-----------
Regional Mall--10.2%
DeBartolo Realty Corp. 9,100 130,813
J.P. Realty, Inc. 9,600 195,600
Simon Property Group, Inc. 9,000 223,875
Taubman Centers, Inc. 16,500 158,812
-----------
709,100
-----------
TOTAL RETAIL 2,116,925
-----------
TOTAL COMMON STOCKS
(Identified cost $6,249,399) 6,380,063
-----------
STANDARD
& PAR
POOR'S VALUE
RATING (000)
--------- ------
SHORT-TERM OBLIGATIONS--10.8%
Commercial Paper--10.8%
Golden Peanut Co. 5.95%,
6-2-95 A-1+ $305 304,949
BellSouth
Telecommunications, Inc.
5.93%, 6-8-95 A-1+ 150 149,827
E.I. Du Pont de Nemours
5.93%, 6-23-95 A-1+ 300 298,913
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $753,689) 753,689
-----------
TOTAL INVESTMENTS--102.3%
(Identified cost $7,003,088) 7,133,752(a)
Cash and receivables,
less liabilities--(2.3%) (160,106)
-----------
NET ASSETS--100.0% $6,973,646
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $167,729 and gross
depreciation of $39,893 for federal income tax purposes. At May 31, 1995
the aggregate cost of securities for federal income tax purposes was
$7,005,916.
See Notes to Financial Statements
22
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $7,003,088) $7,133,752
Cash 16,691
Receivables
Fund shares sold 385,785
Dividends and interest 14,115
Receivable from adviser 26,052
Prepaid expenses 37,977
-----------
Total assets 7,614,372
-----------
Liabilities
Payables
Investment securities purchased 627,056
Trustees fee 3,600
Distribution fee 1,526
Financial agent fee 157
Transfer agent fee 3,238
Accrued expenses 5,149
-----------
Total liabilities 640,726
-----------
Net Assets $6,973,646
===========
Net Assets Consist of:
Capital paid in on shares of beneficial
interest $6,762,977
Undistributed net investment income 80,678
Accumulated net realized losses (673)
Net unrealized appreciation 130,664
-----------
Net Assets $6,973,646
===========
Class A
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization
(Net Assets $6,567,989) 634,672
Net asset value per share $10.35
Offering price per share
$10.35/(1 - 4.75%) $10.87
Class B
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization
(Net Assets $405,657) 39,264
Net asset value and offering price per
share $10.33
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 1995 TO MAY 31, 1995
(Unaudited)
Investment Income
Dividends $ 99,469
Interest 11,971
---------
Total investment income 111,440
---------
Expenses
Investment advisory fee 10,259
Distribution fee--Class A 3,288
Distribution fee--Class B 528
Financial Agent 410
Registration 15,852
Transfer agent 14,981
Custodian 3,723
Trustees 3,600
Professional 2,403
Printing 500
Miscellaneous 949
---------
Total expenses 56,493
Less expenses borne by investment
adviser (38,375)
---------
Net expenses 18,118
---------
Net investment income 93,322
---------
Net Realized and Unrealized Gain (Loss)
on Investments
Net realized loss on securities (673)
Net unrealized appreciation on investments 130,664
---------
Net gain on investments 129,991
---------
Net increase in net assets resulting from
operations $223,313
=========
See Notes to Financial Statements
23
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
From Inception
3/1/95 to
5/31/95
(Unaudited)
--------------
From Operations
Net investment income $ 93,322
Net realized loss (673)
Net unrealized appreciation 130,664
------------
Increase in net assets resulting from
operations 223,313
------------
From Distributions to Shareholders
Class A--Net investment income (12,380)
Class B--Net investment income (264)
------------
Decrease in net assets from distributions
to shareholders (12,644)
------------
From Share Transactions
Class A
Proceeds from sales of shares (633,474
shares) 6,356,775
Net asset value of shares issued from
reinvestment of distributions (1,233
shares) 12,380
Cost of shares repurchased (35 shares) (350)
------------
Total 6,368,805
------------
Class B
Proceeds from sales of shares (39,482
shares) 396,427
Net asset value of shares issued from
reinvestment of distributions (26 shares) 264
Cost of shares repurchased (244 shares) (2,519)
------------
Total 394,172
------------
Increase in net assets from share
transactions 6,762,977
------------
Net increase in net assets 6,973,646
Net Assets
Beginning of period 0
------------
End of period (including undistributed
net investment income of $80,678) $6,973,646
============
See Notes to Financial Statements
24
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
Class A Class B
------------- ---------------
From
Inception From Inception
3/1/95 to 3/1/95 to
5/31/95 5/31/95
(Unaudited) (Unaudited)
------------- ---------------
Net asset value, beginning
of period $10.00 $10.00
Income from investment
operations
Net investment income 0.15((1)) 0.09((1))
Net realized and
unrealized gain 0.23 0.26
----------- -------------
Total from investment
operations 0.38 0.35
----------- -------------
Less distributions
Dividends from net
investment income (0.03) (0.02)
Dividends from net
realized gains -- --
----------- -------------
Total distributions (0.03) (0.02)
----------- -------------
Change in net asset value 0.35 0.33
----------- -------------
Net asset value, end of
period $10.35 $10.33
=========== =============
Total return((2)) 3.76%((4)) 3.53%((4))
Ratios/supplemental data:
Net assets, end of period
(thousands) $6,568 $ 406
Ratio to average net
assets of:
Operating expenses 1.30%((3)) 2.03%((3))
Net investment income 6.88%((3)) 5.46%((3))
Portfolio turnover 15%((3)) 15%((3))
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.06 and $0.07, respectively.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
See Notes to Financial Statements
25
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix Multi-Portfolio Fund ("the Trust") 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. To date, six Portfolios are offered for sale: Tax-Exempt Bond
Portfolio, Capital Appreciation Portfolio, International Portfolio, Real
Estate Securities Portfolio, Endowment Equity Portfolio and Endowment
Fixed-Income Portfolio. The Endowment Equity Portfolio and Endowment
Fixed-Income Portfolio are reported separately from these financial
statements. The Trust, with the exception of the two Endowment Portfolios,
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 Portfolio 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 Trust in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
A. Security valuation:
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. Tax-exempt securities are valued on the basis of broker
quotations or valuations provided by a pricing service which utilizes
information with respect to market transactions in comparable securities,
quotations from dealers, and various relationships between securities in
determining value.
Short-term investments having a remaining maturity of less than sixty days
are valued at amortized cost which approximates market. All other securities
and assets are valued at 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. Interest income is
recorded on the accrual basis. Dividend income is recorded on the ex-dividend
date or, in the case of certain foreign securities, as soon as the portfolio
is notified. Realized gains and losses are determined on the identified cost
basis. The Trust does not amortize premiums but does amortize discounts
except for the Tax-Exempt Bond Portfolio which amortizes both premiums and
discounts over the life of the respective securities using the effective
interest method.
C. Income taxes:
Each of the Portfolios is treated as a separate taxable entity. It is the
policy of each Portfolio in the Trust 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 and tax-exempt
income to its shareholders. In addition, each Portfolio 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 Portfolio 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 date of settlement. The gain or loss resulting from a change in currency
exchange rates between the trade and settlement dates of a portfolio
transaction, is treated as a gain or loss on foreign currency. Likewise, the
gain or loss resulting from a change in currency exchange rates, between the
date income is accrued and paid, is treated as a gain or loss on foreign
currency. The Trust does not separate that portion of the results of
operations arising from changes in exchange rates and that portion arising
from changes in the market prices of securities.
F. Forward currency contracts:
The Capital Appreciation Portfolio and the International Portfolio may enter
into forward currency contracts in con-
26
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued)
junction with the planned purchase or sale of foreign denominated securities
in order to hedge the U.S. dollar cost or proceeds. Forward currency
contracts involve, to varying degrees, elements of market risk in excess of
the amount recognized in the statement of assets and liabilities. Risks arise
from the possible movements in foreign exchange rates.
A forward currency contract involves an obligation to purchase or sell a
specific currency at a future date, which may be any number of days from the
date of the contract agreed upon by the parties, at a price set at the time
of the contract. These contracts are traded directly between currency traders
and their customers. The contract is marked-to-market daily and the change
in market value is recorded by each Portfolio as an unrealized gain (or
loss). When the contract is closed, the Portfolio records a realized gain (or
loss) equal to the change in the value of the contract when it was opened and
the value at the time it was closed.
G. Futures contracts:
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into a futures
contract the Portfolio is required to pledge to the broker an amount of cash
and/or securities equal to the "initial margin" requirements of the futures
exchange on which the contract is traded. Pursuant to the contract, the
Portfolio agrees to receive from or pay to the broker an amount of cash equal
to the daily fluctuation in value of the contract. Such receipts or payments
are known as variation margin and are recorded by the Portfolio as unrealized
gains or losses. When the contract is closed, the Portfolio records a
realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
H. Security lending:
The Trust (with the exception of the Real Estate Securities Portfolio) loans
securities to qualified brokers through an agreement with State Street Bank &
Trust (the Custodian) and Brown Brothers, Harriman, custodian for the
International Portfolio. Under the terms of the agreement, the Trust receives
collateral with a market value not less than 100% of the market value of
loaned securities. Collateral consists of cash, securities issued or
guaranteed by the U.S. Government or its agencies and the sovereign debt of
foreign countries. Interest earned on the collateral and premiums paid by the
borrower are recorded as other income by the Trust net of fees charged by the
Custodian for its services in connection with this securities lending
program. Lending portfolio securities involves a risk of delay in the
recovery of the loaned securities or in the foreclosure on collateral. At May
31, 1995, the Trust had the following market value of security loans and
collateral:
Capital Appreciation Portfolio ......................... $448,950
I. Expenses:
Expenses incurred by the Trust with respect to any two or more Portfolios are
allocated in proportion to the net assets of each Portfolio, except where
allocation of direct expense to each Portfolio or an alternative allocation
method can be more fairly made.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Trust, the Advisers, Phoenix
Investment Counsel, Inc., an indirect wholly-owned subsidiary of Phoenix
Home Life Insurance Company ("PHL"), and Phoenix Realty Securities, Inc.,
("PRS") an indirect wholly-owned subsidiary of PHL, the Adviser for the Real
Estate Portfolio, are entitled to a fee, based upon the following annual
rates as a percentage of the average daily net assets of each Portfolio:
1st
$1 $1-2 $2+
Billion Billion Billion
--------- -------- --------
Tax-Exempt Bond Portfolio 0.45% 0.40% 0.35%
International Portfolio 0.75% 0.70% 0.65%
Capital Appreciation Portfolio 0.75% 0.70% 0.65%
Real Estate Securities
Portfolio 0.75% 0.70% 0.65%
Pursuant to a Sub-Advisory Agreement with the Trust, PRS delegates certain
investment decisions and research functions to ABKB/LaSalle Securities
Limited Partnership ("ABKB") for which ABKB is paid a fee by PRS equal to
0.45% of the average daily net assets of the Real Estate Securities
Portfolio.
PRS has agreed to reimburse the Real Estate Securities Portfolio to the
extent that total expenses (excluding interest, taxes, brokerage fees and
commissions and extraordinary expenses) exceed 1.30% of the average daily net
assets for Class A shares and 2.05% for Class B shares.
Phoenix Equity Planning Corporation ("PEPCO") an indirect wholly-owned
subsidiary of PHL, which serves as the national distributor of the Trust's
shares has advised the Trust that it received selling commissions of $90,016
for Class A shares and deferred sales charges of $4,786 for Class B shares
for the six months ended May 31, 1995. In addition,
27
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
each Portfolio (except the Endowment Portfolios) pays PEPCO a distribution
fee of an annual rate of 0.25% for Class A shares and 1.00% for Class B
shares applied to the average daily net assets of each Portfolio. The
distributor has advised the Trust that of the total amount expensed for the
six months ended May 31, 1995, $90,447 was retained by the Distributor and
$845,400 was paid out to unaffiliated Participants.
As Financial Agent to the Trust and to each Portfolio, PEPCO receives a fee
at an annual rate of 0.03% of the average daily net assets for bookkeeping,
administrative and pricing services.
PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the six months ended May 31, 1995,
transfer agent fees were $1,023,282 of which PEPCO retained $327,268 which is
net of fees paid to State Street.
At May 31, 1995, PHL and its affiliates held Phoenix Multi-Portfolio Fund
shares which aggregated the following:
Aggregate
Net Asset
Shares Value
-------- --------------
Tax-Exempt Bond
Portfolio--Class A ......... 492,709 $ 5,493,704
--Class B ........ 1 11
Capital Appreciation
Portfolio--Class B ......... 1 20
International
Portfolio--Class A ......... 1,053,230 12,291,190
--Class B ........ 1 13
Real Estate Securities
Portfolio--Class A ......... 491,220 5,084,128
--Class B ........ 10,022 103,526
3. PURCHASE AND SALES OF SECURITIES
Purchases and sales of securities during the six months ended May 31, 1995
(excluding U.S. Government securities, short-term securities, options
written, futures contracts and forward currency contracts) aggregated the
following:
Purchases Sales
------------ ------------
Tax-Exempt Bond Portfolio ............... $ 23,460,302 $ 28,427,967
Capital Appreciation Portfolio .......... 364,013,013 355,448,269
International Portfolio ................ 148,326,345 162,533,926
Real Estate Securities Portfolio ........ 6,452,130 202,070
There were no purchases or sales of U.S. Government securities during the six
months ended May 31, 1995.
4. FORWARD CURRENCY CONTRACTS
As of May 31, 1995, the International Portfolio had entered into the
following forward currency contracts which contractually obligate the Fund to
deliver currencies at specified dates:
Net
In Unrealized
Contracts Exchange Settlement Appreciation
to Deliver For Date Value (Depreciation)
------------ ---------- -------- ----------- --------------
AUD 1,800,000 US$ 1,306,800 8/1/95 $1,282,753 $ 24,047
FF 38,000,000 US$ 7,342,711 9/1/95 7,737,200 (394,489)
Yen 643,000,000 US$ 7,505,545 9/1/95 7,863,890 (358,345)
SK 18,500,000 US$ 2,535,601 7/3/95 2,549,722 (14,121)
SK 51,900,000 US$ 7,090,648 8/1/95 7,136,655 (46,007)
US$ 596,410 SK 4,300,000 7/3/95 592,638 (3,772)
US$ 1,931,841 SK 14,200,000 7/3/95 1,957,084 25,243
US$ 203,796 SK 1,500,000 8/1/95 206,262 2,466
-----------
($764,978)
===========
AUD = Australian Dollar
FF = French Francs
Yen = Japanese Yen
SK = Swedish Krona
US$ = U.S. Dollar
This report is not authorized for distribution to prospective investors in
the Phoenix Multi-Portfolio Fund unless preceded or accompanied by an
effective prospectus which includes information concerning the sales charge,
the Fund's record and other pertinent information.
28
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
101 Munson Street
Greenfield, MA 01301
Trustees
C. Duane Blinn
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Leroy Keith, Jr.
Philip R. McLoughlin
James M. Oates
Philip R. Reynolds
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
Officers
Philip R. McLoughlin, President
David L. Albrycht, Vice President
Curtiss O. Barrows, Vice President
James M. Dolan, Vice President
Jeanne H. Dorey, Vice President
Catherine Dudley, Vice President
Peter S. Lannigan, Vice President
Thomas S. Melvin, Jr., Vice President
William R. Moyer, Vice President
Scott C. Noble, Vice President
Barbara Rubin, Vice President
Leonard J. Saltiel, Vice President
James D. Wehr, Vice President
John T. Wilson, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Investment Advisers
Phoenix Investment Counsel, Inc.
One American Row
Hartford, CT 06115-2520
Phoenix Realty Securities, Inc.
(Real Estate Securities Portfolio)
One American Row
Hartford, CT 06115-2520
Principal Underwriter
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, MA 02101
Custodian (International Portfolio)
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Transfer Agent
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, CT 06083-2200
Legal Counsel
Jorden, Burt & Berenson
Suite 400 East
1025 Thomas Jefferson Street N.W.
Washington, D.C. 20007-0805
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
iconductor (b) 1,000 42,000
Applied Materials, Inc. (b) 500 38,500
Arrow Electronics, Inc. (b) 1,500 69,000
Intel Corp. 300 33,675
Texas Instruments, Inc. 500 57,813
-----------
240,988
-----------
Entertainment, Leisure & Gaming--5.8%
Carnival Corp. Class A 2,600 60,450
Circus Circus Enterprises (b) 2,000 66,750
Viacom, Inc. Class B (b) 1,300 60,612
Walt Disney Co. 1,000 55,625
-----------
243,437
-----------
Health Care--Diversified--1.4%
American Home Products Corp. 800 58,900
-----------
Health Care--Drugs--3.8%
Amgen, Inc. (b) 1,100 79,750
Genzyme Corp. 1,000 37,000
Pfizer, Inc. 500 44,062
-----------
160,812
-----------
Household Furnishings & Appliances--2.1%
Black & Decker Corp. 2,700 89,100
-----------
Insurance--8.2%
Aetna Life & Casualty Co. 1,500 89,438
American International Group, Inc. 1,100 125,125
General Re Corp. 500 67,688
SunAmerica, Inc. 1,200 61,500
-----------
343,751
-----------
Lodging & Restaurants--4.0%
Boston Chicken, Inc. (b) 3,500 $ 81,375
McDonald's Corp. 2,300 87,112
-----------
168,487
-----------
Machinery--1.8%
Illinois Tool Works, Inc. 1,500 74,625
-----------
Medical Products & Supplies--1.8%
Medtronic, Inc. 1,000 75,250
-----------
Miscellaneous--1.8%
Service Corp. International 2,700 77,288
-----------
Natural Gas--2.6%
Enron Corp. 3,000 109,500
-----------
Office & Business Equipment--3.0%
Compaq Computer Corp. (b) 1,500 58,688
Sun Microsystems, Inc. (b) 1,500 67,500
-----------
126,188
-----------
Oil--2.4%
Mobil Corp. 1,000 100,375
-----------
Oil Service & Equipment--3.4%
Halliburton Co. 2,000 78,000
Schlumberger Ltd. 1,000 65,000
-----------
143,000
-----------
Pollution Control--3.5%
Browning-Ferris Industries, Inc. 2,100 74,812
WMX Technologies, Inc. 2,600 70,850
-----------
145,662
-----------
Retail--3.7%
Borders Group, Inc. (b) 1,500 21,937
Staples, Inc. (b) 2,500 70,625
Wal-Mart Stores, Inc. 2,500 62,500
-----------
155,062
-----------
Retail--Food--1.0%
Stop & Shop Companies, Inc. (b) 1,500 40,500
-----------
Telecommunications Equipment--5.1%
Cisco Systems, Inc. (b) 2,000 87,500
Northern Telecom Ltd. 1,800 69,075
U.S. Robotics Corp. (b) 700 58,450
-----------
215,025
-----------
Tobacco--2.9%
Philip Morris Companies, Inc. 1,700 123,887
-----------
Utility--Telephone--2.0%
GTE Corp. 2,500 83,438
-----------
TOTAL COMMON STOCKS
(Identified cost $3,330,888) 3,654,425
-----------
See Notes to Financial Statements
2
<PAGE>
SHARES VALUE
------- ----------
FOREIGN COMMON STOCKS--4.3%
Health Care--Drugs--1.1%
Teva Pharmaceutical Industries, Ltd. ADR
(Israel) 1,400 $ 46,025
-----------
Oil Service & Equipment--0.6%
Petroleum Geo-Services ADR (Norway) (b) 1,000 27,500
-----------
Publishing, Broadcasting, Printing & Cable--1.3%
News Corp. Ltd. ADR (Australia) 2,500 54,062
-----------
Telecommunications Equipment--1.3%
Nokia Corp. ADS (Finland) 1,200 55,800
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $169,858) 183,387
-----------
TOTAL LONG-TERM INVESTMENTS--91.2%
(Identified cost $3,500,746) 3,837,812
-----------
STANDARD
& PAR
POOR'S VALUE
RATING (000) VALUE
------ ---- -------------
SHORT-TERM OBLIGATIONS--12.2%
Commercial Paper--11.9%
GTE North, Inc.
5.94%, 6-1-95 A-1+ $ 145 $ 145,000
H.J. Heinz Co.
5.90%, 6-12-95 A-1- 100 99,820
Goldman Sachs & Co.
6%, 6-13-95 A-1+ 125 124,750
BellSouth Telecommunications, Inc.
5.95%, 6-20-95 A-1+ 130 129,592
-----------
499,162
-----------
Federal Agency Securities--0.3%
Federal National Mortgage Assn. 5.90%,
6-12-95 15 14,973
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $514,135) 514,135
-----------
TOTAL INVESTMENTS--103.4%
(Identified cost $4,014,881) 4,351,947(a)
Cash and receivables, less liabilities---(3.4%) (144,672)
-----------
NET ASSETS--100.0% $4,207,275
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $360,395 and gross
depreciation of $24,762 for income tax purposes. At May 31, 1995 the
aggregate cost of securities for federal income tax purposes was $4,016,314.
At November 30, 1994, the Portfolio had capital loss carryforwards
aggregating $327,537 available to offset future capital gains that expire in
2002.
(b) Non-income producing.
ADR--American Depository Receipt.
ADS--American Depository Shares.
See Notes to Financial Statements
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $4,014,881) $4,351,947
Cash 3,325
Receivables
Investment securities sold 223,527
Dividends and interest 6,971
Receivable from adviser 22,036
-----------
Total assets 4,607,806
-----------
Liabilities
Payables
Investment securities purchased 380,320
Financial agent fee 108
Trustees' fee 3,600
Transfer agent fee 1,690
Accrued expenses 14,813
-----------
Total liabilities 400,531
-----------
Net Assets $4,207,275
===========
Net Assets Consist of:
Capital paid in on shares of beneficial
interest $3,918,997
Undistributed net investment income 20,553
Accumulated net realized losses (69,341)
Net unrealized appreciation 337,066
-----------
Net Assets $4,207,275
===========
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization 383,179
Net asset value and offering price per share $ 10.98
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1995
(Unaudited)
Investment Income
Dividends $ 29,753
Interest 18,536
-------
Total investment income 48,289
-------
Expenses
Investment advisory fee 16,234
Financial agent fee 649
Registration 12,679
Professional 11,956
Transfer agent 9,542
Trustees 8,469
Custodian 6,671
Printing 2,595
Miscellaneous 521
-------
Total expenses 69,316
Less expenses borne by investment adviser (50,921)
-------
Net expenses 18,395
-------
Net investment income 29,894
-------
Net Realized and Unrealized Gain (Loss) on
Investments
Net realized gain on securities 255,294
Net unrealized appreciation on investments 266,101
-------
Net gain on investments 521,395
-------
Net increase in net assets resulting from operations $551,289
=======
See Notes to Financial Statements
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months
Ended Year
May 31, Ended
1995 November 30,
(Unaudited) 1994
---------- --------------
From Operations
Net investment income $ 29,894 $ 78,645
Net realized gain (loss) 255,294 (330,255)
Net unrealized appreciation
(depreciation) 266,101 (61,391)
----------- ------------
Increase (decrease) in net assets
resulting from operations 551,289 (313,001)
----------- ------------
From Distributions to Shareholders
Net investment income (45,436) (75,060)
Net realized gains -- (310,046)
----------- ------------
Decrease in net assets from distributions
to shareholders (45,436) (385,106)
----------- ------------
From Share Transactions
Proceeds from sales of shares (23,742 and
137,682 shares, respectively) 250,000 1,489,900
Net asset value of shares issued from
reinvestment of distributions
(4,665 and 34,694 shares, respectively) 45,436 363,393
Cost of shares repurchased (99,587 and
163,825 shares, respectively) (1,036,578) (1,656,285)
----------- ------------
(Decrease) increase in net assets from
share transactions (741,142) 197,008
----------- ------------
Net decrease in net assets (235,289) (501,099)
Net Assets
Beginning of period 4,442,564 4,943,663
----------- ------------
End of period (including undistributed
net investment income of $20,553 and
$36,095, respectively) $ 4,207,275 $ 4,442,564
=========== ============
See Notes to Financial Statements
5
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Six Months From
Ended Year Inception
May 31, 1995 Ended 4/1/93 to
(Unaudited) November 30, 1994 11/30/93
------------------ -------------------- ----------------
<S> <C> <C> <C>
Net asset value,
beginning of period $ 9.78 $11.09 $10.00
Income from investment
operations
Net investment income 0.07((1)) 0.14((1)) 0.10((1))
Net realized and
unrealized gain (loss) 1.23 (0.73) 1.02
----------------- ------------------- ---------------
Total from investment
operations 1.30 (0.59) 1.12
----------------- ------------------- ---------------
Less distributions
Dividends from net
investment income (0.10) (0.14) (0.03)
Distributions from net
realized gains -- (0.58) --
----------------- ------------------- ---------------
Total distributions (0.10) (0.72) (0.03)
----------------- ------------------- ---------------
Change in net asset
value 1.20 (1.31) 1.09
----------------- ------------------- ---------------
Net asset value, end of
period $10.98 $ 9.78 $11.09
================= =================== ===============
Total return 13.42%((3)) -5.77% 11.23%((3))
Ratios/supplemental
data:
Net assets, end of
period (thousands) $4,207 $4,443 $4,944
Ratio to average net
assets of:
Operating expenses 0.85%((2)) 0.85% 0.85%((2))
Net investment income 1.38%((2)) 1.42% 1.54%((2))
Portfolio turnover 242% ((2)) 250% 312%((2))
</TABLE>
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.13, $0.15 and $0.15, respectively.
((2)) Annualized
((3)) Not annualized
See Notes to Financial Statements
6
<PAGE>
ENDOWMENT FIXED-INCOME PORTFOLIO
Fund Description
The Endowment Fixed-Income Portfolio may invest in a wide variety of
fixed-income securities. These securities may include treasury, agency,
corporate, municipal and yankee bonds, as well as mortgage-backed and
asset-backed securities. The Fund emphasizes the most undervalued sectors of
the market and de-emphasizes the most overvalued sectors.
Investment Environment
Over the past six months, the investment climate has improved dramatically.
Signs of moderating economic growth and relatively subdued inflation thus far
in 1995 have helped the bond market to rebound strongly from its dismal 1994
performance. As a result, we have seen long-term interest rates move
significantly lower over this reporting period, ending at 6.65% on May 31,
down over 150 basis points from last November's levels.
Portfolio Review
The Fund performed well during this reporting period. For the six months
ended May 31, 1995, the Fund produced a total return of 11.53%. According to
the Lehman Brothers Aggregate Bond Index, a commonly used, unmanaged measure
of bond performance, the market returned 11.40% in the same period. All of
these figures assume reinvestment of any distributions, but exclude the
effect of sales charges.
The Fund's strong performance in the first half of this reporting period was
due to its focus on commercial mortgage-backed securities and municipal
bonds. We increased our exposure to commercial mortgage-backed securities as
positive market technicals continued to result in attractive valuations. We
also maintained our exposure to agency mortgage-backed securities, but
remained underweight versus the Lehman Brothers' Aggregate Index. Lastly, we
reduced our exposure to municipal bonds when the treasury to municipal ratio
approached 85% in March. This market makes this sector less compelling based
on its total-return characteristics.
At the end of March, all major sector holdings were liquidated to meet a
redemption request from a major shareholder. The redemption represented
approximately 85% of the portfolio. Subsequently, the Fund's remaining assets
were invested in a five-year Treasury bond. We deemed this the most prudent
course of action, given that the limited size of the remaining assets would
not permit us to diversify the portfolio. Our decision proved to be a winning
strategy, with the Treasury bond performing strongly over the balance of this
reporting period. The Fund's last shareholder expects to redeem the rest of
its shares in July.
INVESTMENTS AT MAY 31, 1995
(Unaudited)
MOODY'S PAR
BOND VALUE
RATING (000) VALUE
-------- ----- ----------
U.S. GOVERNMENT SECURITIES--93.1%
U.S. Treasury Notes 7.125%, '00 Aaa $ 250 $ 260,781
----------
TOTAL LONG-TERM INVESTMENTS--93.1%
(Identified cost $251,719) 260,781(a)
Cash & receivables, less
liabilities--6.9% 19,246
----------
NET ASSETS--100.0% $ 280,027
==========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $9,062 and gross
depreciation of $0 for income tax purposes. At May 31, 1995 the aggregate
cost of securities for federal income tax purposes equals book cost. At
November 30, 1994 the Portfolio had capital loss carryforwards
aggregating $54,091 available to offset future capital gains and expire
in 2002.
See Notes to Financial Statements
7
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995
(Unaudited)
Assets
Investment securities at value
(Identified cost $251,719) $ 260,781
Cash 11,894
Receivables
Interest 4,502
Receivable from adviser 15,674
---------
Total assets 292,851
---------
Liabilities
Payables
Trustees' fee 3,600
Transfer agent fee 1,493
Accrued expenses 7,731
---------
Total liabilities 12,824
---------
Net Assets $ 280,027
=========
Net Assets Consist of:
Capital paid in on shares of beneficial
interest $ 415,274
Distributions in excess of net investment
income (1,112)
Accumulated net realized losses (143,197)
Net unrealized appreciation 9,062
---------
Net Assets $ 280,027
=========
Shares of beneficial interest outstanding,
$1 par value, unlimited authorization 30,059
Net asset value and offering price per
share $9.32
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1995
(Unaudited)
Investment Income
Interest $ 45,041
---------
Total investment income 45,041
---------
Expenses
Investment advisory fee 2,970
Financial agent fee 178
Professional 10,939
Transfer agent 9,174
Trustees 8,127
Custodian 3,097
Registration 1,485
Printing 721
Miscellaneous 201
---------
Total expenses 36,892
Less expenses borne by investment
adviser (34,063)
---------
Net expenses 2,829
---------
Net investment income 42,212
---------
Net Realized and Unrealized Gain (Loss)
on Investments
Net realized loss on securities (90,698)
Net unrealized appreciation 167,898
---------
Net gain on investments 77,200
---------
Net increase in net assets resulting from
operations $119,412
See Notes to Financial Statements
8
<PAGE>
=========
STATEMENT OF CHANGES IN NET ASSETS
Six Months
Ended Year
May 31, Ended
1995 November 30,
(Unaudited) 1994
---------- ---------------
From Operations
Net investment income $ 42,212 $ 124,894
Net realized losses (90,698) (54,272)
Net unrealized appreciation
(depreciation) 167,898 (171,440)
----------- -----------
Increase (decrease) in net assets
resulting from operations 119,412 (100,818)
----------- -----------
From Distributions to Shareholders
Net investment income (53,183) (115,521)
Net realized gains -- (11,393)
----------- -----------
Decrease in net assets from distributions
to shareholders (53,183) (126,914)
----------- -----------
From Share Transactions
Net asset value of shares issued from
reinvestment of distributions
(5,918 and 12,085 shares, respectively) 53,183 114,561
Cost of shares repurchased (174,331 and
10,040 shares, respectively) (1,619,542) (95,501)
----------- -----------
(Decrease) increase in net assets from
share transactions (1,566,359) 19,060
----------- -----------
Net decrease in net assets (1,500,130) (208,672)
Net Assets
Beginning of period 1,780,157 1,988,829
----------- -----------
End of period (including distributions in
excess of net investment income of
($1,112) and undistributed net investment
income of $9,859, respectively) $ 280,027 $1,780,157
=========== ===========
See Notes to Financial Statements
9
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Six Months From
Ended Year Inception
May 31, 1995 Ended 4/1/93 to
(Unaudited) November 30, 1994 11/30/93
----------------- ------------------ ---------------
<S> <C> <C> <C>
Net asset value, beginning
of period $ 8.97 $10.12 $10.00
Income from investment
operations
Net investment income 0.56((1)) 0.63((1)) 0.40((1))
Net realized and
unrealized gain (loss) 0.44 (1.13) 0.12
--------------- ----------------- --------------
Total from investment
operations 1.00 (0.50) 0.52
--------------- ----------------- --------------
Less distributions
Dividends from net
investment income (0.65) (0.59) (0.40)
Distributions from net
realized gains -- (0.06) --
--------------- ----------------- --------------
Total distributions (0.65) (0.65) (0.40)
--------------- ----------------- --------------
Change in net asset value 0.35 (1.15) 0.12
--------------- ----------------- --------------
Net asset value, end of
period $ 9.32 $ 8.97 $10.12
=============== ================= ==============
Total return 11.53%((3)) -5.26% 5.35%((3))
Ratios/supplemental data:
Net assets, end of period
(thousands) $ 280 $1,780 $1,989
Ratio to average net
assets of:
Operating expenses 0.47%((2)) 0.65% 0.65%((2))
Net investment income 7.09%((2)) 6.64% 6.13%((2))
Portfolio turnover 205%((2)) 124% 183%((2))
</TABLE>
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.45, $0.34 and $0.35, respectively.
((2)) Annualized
((3)) Not annualized
See Notes to Financial Statements
10
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix Multi-Portfolio Fund ("the Trust") 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. To date, six Portfolios are offered for sale: Endowment Equity
Portfolio, Endowment Fixed-Income Portfolio, Tax-Exempt Bond Portfolio,
International Portfolio, Capital Appreciation Portfolio and Real Estate
Securities Portfolio. The Tax-Exempt Bond Portfolio, International Portfolio,
Capital Appreciation Portfolio and Real Estate Securities Portfolio are
reported separately from these financial statements.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
A. Security valuation:
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.
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 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. Interest income is
recorded on the accrual basis. Dividend income is recorded on the ex-dividend
date. Realized gains or losses are determined on the identified cost basis.
C. Security lending:
The Trust loans securities to qualified brokers through an agreement with
State Street Bank & Trust (the Custodian). Under the terms of the agreement,
the Trust receives collateral with a market value not less than 100% of the
market value of loaned securities. Collateral consists of cash, securities
issued or guaranteed by the U.S. Government or its agencies and the sovereign
debt of foreign countries. Interest earned on the collateral and premiums
paid by the borrower are recorded as other income by the Trust net of fees
charged by the Custodian for its services in connection with this securities
lending program. Lending portfolio securities involves a risk of delay in the
recovery of the loaned securities or in the foreclosure on collateral.
At May 31, 1995, the Endowment Equity Portfolio and the Endowment
Fixed-Income Portfolio had no security loans outstanding.
D. Income taxes:
Each of the Portfolios is treated as a separate taxable entity. It is the
policy of each Portfolio in the Trust 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 Portfolio 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.
E. Distributions to shareholders:
Distributions are recorded by each Portfolio 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.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Trust, the Adviser, Phoenix
Investment Counsel, Inc., an indirect wholly-owned subsidiary of Phoenix Home
Life Insurance Company ("PHL") is entitled to a fee, based on an annual rate
of 0.75% of the average daily net assets of the Endowment Equity Portfolio
and 0.50% of the average daily net assets of the Endowment Fixed-Income
Portfolio.
The Adviser has agreed to reimburse the Endowment Equity Portfolio and the
Endowment Fixed-Income Portfolio to the extent that expenses exceed 0.85% and
0.65%, respectively, of the average daily net asset value.
As Financial Agent to the Trust and to each Portfolio, Phoenix Equity
Planning Corporation ("PEPCO"), receives a fee at an annual rate of 0.03% of
the average daily net assets for bookkeeping, administrative and pricing
services.
PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the six months ended May 31, 1995,
transfer agent fees were $18,716 of which PEPCO retained $0 which is net of
fees paid to State Street.
11
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the six months ended May 31, 1995
(excluding U.S. Government securities and short-term securities) aggregated
the following:
Purchases Sales
----------- -----------
Endowment Equity Portfolio $4,431,633 $4,539,210
Endowment Fixed-Income
Portfolio 183,740 1,360,483
Purchases and sales of U.S. Government securities during the six months ended
May 31, 1995 aggregated $931,880 and $1,302,190, respectively, for the
Endowment Fixed-Income Portfolio. There were no purchases or sales of U.S.
Government securities in the Endowment Equity Portfolio.
4. OTHER
As of May 31, 1995, all shares of the Endowment Fixed-Income Portfolio are
owned by Almada Lodge Times Farm Camp Corp., an entity not affiliated with
PHL. On May 24, 1995, the Trustees voted to change the name of the Endowment
Fixed-Income Portfolio to Phoenix Diversified Income Portfolio and approved a
distribution plan for multiple classes of shares. It is intended that, upon
the effectiveness of a revised registration statement, the Fund will be
available to retail as well as institutional investors.
As of May 31, 1995, the Endowment Equity Portfolio had three shareholders who
each individually owned more than 10% of shares outstanding, none of whom are
affiliated with PHL. In the aggregate, these shareholders owned 85.3% of
shares outstanding.
This report is not authorized for distribution to prospective investors in
the Phoenix Multi-Portfolio Fund unless preceded or accompanied by an
effective prospectus which includes information concerning the sales charge,
the Fund's record and other pertinent information.
12
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
101 Munson Street
Greenfield, MA 01301
Trustees
C. Duane Blinn
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Leroy Keith, Jr.
Philip R. McLoughlin
James M. Oates
Philip R. Reynolds
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
Officers
Philip R. McLoughlin, President
David L. Albrycht, Vice President
Curtiss O. Barrows, Vice President
James M. Dolan, Vice President
Jeanne H. Dorey, Vice President
Catherine Dudley, Vice President
Peter S. Lannigan, Vice President
Thomas S. Melvin, Jr., Vice President
William R. Moyer, Vice President
Scott C. Noble, Vice President
Barbara Rubin, Vice President
Leonard J. Saltiel, Vice President
James D. Wehr, Vice President
John T. Wilson, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Investment Adviser
Phoenix Investment Counsel, Inc.
One American Row
Hartford, CT 06115-2520
Principal Underwriter
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, CT 06083-2200
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, CT 06083-2200
Legal Counsel
Jorden, Burt & Berenson
Suite 400 East
1025 Thomas Jefferson Street N.W.
Washington, D.C. 20007-0805
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
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