Phoenix Funds
Phoenix Multi-Portfolio
Fund
Annual Report
November 30, 1995
Tax-Exempt Bond Portfolio
Capital Appreciation Portfolio
International Portfolio
Real Estate Securities Portfolio
Emerging Markets Bond Portfolio
[photo of different bills (money)]
[Phoenix Duff & Phelps logo]
Phoenix Multi-Portfolio Fund
P.O. Box 2200
Enfield, CT 06083-2200
[Phoenix Duff & Phelps logo]
Bulk Rate Mail
U.S. Postage
PAID
Springfield, MA
Permit No. 444
PDP 490 (1/96)
<PAGE>
PHOENIX TAX-EXEMPT BOND PORTFOLIO
MARKET AND PORTFOLIO REVIEW
Fund Description
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
Over the past year, the tax-exempt bond market has seen a much improved
investment climate. Interest rates have fallen dramatically thus far in 1995,
causing municipal bond prices to rebound significantly from 1994 levels.
Supply continued to decline sharply, with issuance in the municipal sector
down 12% during this twelve-month reporting period. Finally, while the Orange
County debacle has not been completely resolved, it has begun to diminish in
terms of market focus.
Portfolio Review
The Fund turned in a strong performance over this reporting period. For
the twelve months ended November 30, 1995, Class A shares provided a total
return of 19.87% and Class B shares returned 19.07%. These results compare
favorably with the Lehman Brothers Municipal Bond Index, which returned
18.90% in the same period. All of these figures assume reinvestment of any
distributions, but exclude the effect of sales charges.
Two factors contributed to the Fund's strong results. First, we continued
to stress higher credit quality, and "AAA" rated issues have been the top
performers to date in 1995. As of November 30, 1995, nearly 50% of the
portfolio's assets were rated "AA" or higher by Moody's and/or Standard &
Poor's. Second, our focus on call-protected issues has been a winning
strategy as long-term interest rates continued their decline.
Outlook
Overall, our outlook is positive. We believe demand for municipal bonds
should remain strong, reflecting their attractive historical valuations
relative to taxable securities and inflation. The municipal/Treasury ratio
was 93.5% as of November 30, 1995, significantly above its historical average
of 86%. As previously mentioned, the tax-exempt market should also benefit as
the supply of new issues continues to decline. Finally, while current talk of
tax reform has put some pressure on the municipal market, we believe
significant tax reform is unlikely before 1997, if at all.
Nationally, the economy continues to improve but growth rates vary by
region. The Fund is currently emphasizing the midwest, southeast, and
mid-atlantic regions, which are still showing the best mix of economic and
fiscal health. Since many states and municipalities continue to experience
fiscal problems, credit selection remains a key factor for success in the
months ahead. Moving forward, we will continue to emphasize high grade,
liquid issues, and in particular, "AAA" rated obligations.
1
<PAGE>
[typeset representation of line chart]
Phoenix Tax-Exempt Lehman Bros.
Bond Portfolio--Class A Municipal Bond Index
07/15/88 9525 10000
11/30/88 9924 10340
11/30/89 11128 11479
11/30/90 11850 12362
11/30/91 12955 13631
11/30/92 14499 14999
11/30/93 16353 16661
11/30/94 15118 15785
11/30/95 18123 18769
Average Annual Total Returns
for Periods Ending 11/30/95
<TABLE>
<CAPTION>
From Inception From Inception
7/15/88 to 3/16/94 to
1 Year 5 Years 11/30/95 11/30/95
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------
Class A with 4.75% sales charge 14.21% 7.79% 8.39% --
--------------------------------------------------------------------------------------
Class A at net asset value 19.87% 8.85% 9.11% --
--------------------------------------------------------------------------------------
Class B with CDSC 14.07% -- -- 4.28%
--------------------------------------------------------------------------------------
Class B at net asset value 19.07% -- -- 6.53%
--------------------------------------------------------------------------------------
Lehman Brothers
Municipal Bond Index* 18.90% 8.71% 8.85% 6.67%
--------------------------------------------------------------------------------------
</TABLE>
This chart assumes an initial gross investment of $10,000 made on 7/15/88
(inception of the Fund) for Class A shares. The total return for Class A
shares reflects the maximum sales charge of 4.75% on the initial investment
and assumes reinvestment of dividends and capital gains. Class B share
performance will be greater or less than that shown based on differences in
inception date, fees and sales charges. The total return (since inception
3/16/94) for Class B shares reflects the 5% contingent deferred sales charge
(CDSC), which is applicable on all shares redeemed during the 1st year after
purchase and 4% for all shares redeemed during the 2nd year after purchase
(scaled down to 3%--3rd year; 2%--4th and 5th year and 0% thereafter).
Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate, so that
your shares, when redeemed, may be worth more or less than the original cost.
*The Lehman Brothers Municipal Bond Index is an unmanaged but commonly used
measure of long-term, investment-grade, tax-exempt municipal bond total
return performance. The Lehman Brothers Municipal Bond Index performance does
not reflect sales charges.
2
<PAGE>
Tax-Exempt Bond Portfolio
INVESTMENTS AT NOVEMBER 30, 1995
<TABLE>
<CAPTION>
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000) VALUE
--------- ------- -------------
<S> <C> <C> <C>
MUNICIPAL TAX-EXEMPT BONDS--97.7%
Alabama--0.7%
Alabama Housing Finance
Authority 6.50%, '17 Aaa((b)) $ 970 $ 997,490
------------
Alaska--0.8%
Valdez Marine Terminal
Revenue 7%, '25 AA- 1,125 1,220,985
------------
Arizona--0.7%
Pima County 6.75%, '15 AAA 540 587,763
Pima County Prerefunded
6.75%, '15 AAA 460 517,707
------------
1,105,470
------------
Arkansas--1.6%
Drew County 7.90%, '11 Aaa((b)) 482 524,860
Jacksonville Housing
7.90%, '11 Aaa((b)) 695 765,043
Lonoke County Residential
Housing 7.90%, '11 Aaa((b)) 670 740,747
Stuttgart Revenue 7.90%, '11 Aaa((b)) 329 352,240
------------
2,382,890
------------
California--5.2%
California HFA Mortgage 7.75%,
'17 A+ 335 352,829
Pittsburg Redevelopment
Series A 4.625%, '21 AAA 1,650 1,444,410
University of California
Series C 5.125%, '18 (d) AAA 6,330 6,071,103
------------
7,868,342
------------
Colorado--3.3%
Arapahoe County Hwy Revenue
6.90%, '15 Baa((b)) 2,500 2,691,825
Colorado HFA Home Mortgage
6%, '19 (d) AA 2,280 2,256,926
------------
4,948,751
------------
Florida--5.2%
Florida State Board of
Education 5.30%, '14 AA 1,500 1,475,370
Florida State Board of
Education Capital Outlay
5.125%, '22 AA 1,040 984,714
Florida State Div. Bd. Revenue
2000-A 4.90%, '13 AAA 3,000 2,794,440
Martin County Ind.
Cogeneration 7.875%, '25 BBB- 1,500 1,713,315
Reedy Creek Utility Series 1
5%, '14 AAA 1,000 956,220
------------
7,924,059
------------
Georgia--2.8%
Fulton County Water and Sewer
6.375%, '14 AAA 1,000 1,127,730
Georgia--continued
Fulton de Kalb Hospital 5.50%,
'07 AAA $1,000 $ 1,034,830
Georgia Electric Authority
Series Z 5.50%, '20 (d) AAA 2,000 2,021,460
------------
4,184,020
------------
Illinois--8.6%
Chicago Board of Education
6%, '20 AAA 500 527,035
Chicago O'Hare International
Airport 8.85%, '18 BB 910 1,028,537
Chicago O'Hare International
Airport Series C Revenue
5%, '18 (d) AAA 2,200 2,070,926
Chicago PCR (Peoples Light &
Gas) 7.50%, '15 AA- 1,000 1,116,190
Chicago Water Revenue 6%, '19 A+ 1,375 1,393,191
Du Page Water 5.25%, '14 AA 1,000 974,380
Illinois Development Finance
Authority 7.60%, '13 AA 2,000 2,253,160
Illinois Health Facilities
Authority 7%, '08 AAA 1,100 1,278,090
Illinois Housing Development
Authority Residual Series A
7%, '17 A+ 855 885,994
Metro Pier & Exposition
0%, '07 (c) AAA 1,500 1,467,915
------------
12,995,418
------------
Indiana--2.9%
Indianapolis Public Imp. 0%,
'03 A 2,500 1,778,225
Indianapolis Public Imp. 0%,
'05 A 1,765 1,104,855
Petersburg PC (Indianapolis
Power & Light) 9.625%, '12 AA 1,500 1,530,000
------------
4,413,080
------------
Kentucky--2.4%
Greater Kentucky Housing
Assistance 7.125%, '24 AAA 1,000 1,055,020
Kentucky Turnpike Authority
0%, '10 AAA 3,300 1,548,558
Perry County Solid Waste
Disposal Revenue 7%, '24 NR 1,000 1,032,010
------------
3,635,588
------------
Louisiana--2.3%
Louisiana Housing Finance
Agency 6.55%, '26 Aaa((b)) 1,000 1,026,770
St. Charles Parish Revenue
7.50%, '21 (d) AAA 1,250 1,392,237
St. Charles Parish Waste
Disposal Series A 7%, '22 AAA 500 541,955
St. Mary Public Authority
7.625%, '12 Aaa((b)) 211 229,743
See Notes to Financial Statements
3
<PAGE>
Tax-Exempt Bond Portfolio
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000) VALUE
--------- ------- -------------
Louisiana--continued
St. Tammany Public Authority
7%, '02 Aaa((b)) $ 208 $ 220,853
------------
3,411,558
------------
Maryland--0.4%
Baltimore General Obligation
7%, '09 AAA 500 596,170
------------
Massachusetts--6.4%
Massachusetts Bay
Transportation Authority
5.80%, '11 A+ 2,000 2,083,520
Massachusetts Bay
Transportation Authority
Series B 6.20%, '16 A+ 1,000 1,089,950
Massachusetts Indl. Fin.
Agency 0%, '05 A- 1,100 656,832
Massachusetts Port Authority
6%, '13 AA- 650 678,008
Massachusetts State Health &
Education Revenue 3.10%,
'13 (c) AAA 6,000 5,159,400
------------
9,667,710
------------
Michigan--2.3%
Monroe County Pollution
Control 10.50%, '16 BBB 500 515,000
Western Townships Sewage
Authority 8.20%, '18 BBB+ 1,500 1,665,360
Western Townships Sewage
Authority 6.50%, '19 AAA 1,200 1,258,164
------------
3,438,524
------------
Mississippi--1.1%
Lowndes County Waste Disposal
6.80%, '22 A 1,450 1,691,005
------------
Nebraska--1.1%
Nebraska Higher Education
6.70%, '02 A 1,500 1,624,845
------------
Nevada--0.9%
Clark County School District
Series A 0%, '03 AAA 2,000 1,408,780
------------
New Jersey--1.6%
Atlantic City Improvement
Authority 8.875%, '10 NR 1,000 1,137,360
Camden County Municipal
Utility 0%, '11 AAA 3,000 1,275,390
------------
2,412,750
------------
New York--5.0%
Erie County Water Authority
0%, '17 AAA 550 113,669
New York City Indl. Dev.
Agency 6%, '15 A 1,000 1,004,700
New York--continued
New York City University
Dormitory 6.375%, '08 BBB $1,000 $ 1,047,550
Niagara Falls 5.25%, '15 AAA 1,500 1,483,425
Triborough Bridge & Tunnel
6.625%, '12 A+ 750 858,277
Triborough Bridge & Tunnel
4.75%, '14 A+ 2,250 2,096,888
Triborough Bridge & Tunnel
5%, '15 A+ 1,000 953,730
------------
7,558,239
------------
North Carolina--1.0%
North Carolina Municipal Power
6%, '09 AAA 1,385 1,488,723
------------
Pennsylvania--16.4%
Pennsylvania Economic
Development 9.25%, '22 NR 6,000 6,285,480
Pennsylvania Economic
Development Series D 7.05%,
'10 BBB- 5,000 5,343,050
Pennsylvania Finance Authority
6.60%, '09 A 4,000 4,358,600
Pennsylvania Financial
Development 6.75%, '07 NR 3,000 3,081,870
Pennsylvania Financial
Development 6.40%, '09 NR 5,000 4,956,600
Pittsburgh G.O. Series C
0%, '04 AAA 1,025 667,285
------------
24,692,885
------------
South Carolina--3.0%
Piedmont Municipal Power
Agency 7.25%, '22 BBB 3,000 3,065,280
South Carolina Public Service
Authority 6%, '31 A+ 1,500 1,512,855
------------
4,578,135
------------
Texas--6.7%
Alliance Airport Authority 7%,
'11 BB+ 1,100 1,209,329
Austin Convention Center
8.25%, '14 A 995 1,155,742
Brazos River Authority 7.75%,
'15 A 750 819,953
Brazos River Authority 7.625%,
'19 A 1,000 1,102,650
Colorado River Water District
8.25%, '15 A 540 632,761
Harris County Toll Road
Multimode 8.125%, '17 AAA 700 778,799
San Antonio Electric & Gas 5%,
'12 AA 2,000 1,945,460
Texas State Technical College
6.25%, '09 AAA 1,250 1,391,100
Texas Water Resources Finance
Agency 7.625%, '08 A 1,000 1,097,330
------------
10,133,124
------------
See Notes to Financial Statements
4
<PAGE>
Tax-Exempt Bond Portfolio
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000) VALUE
--------- ------- -------------
Utah--1.6%
Intermountain Power Agency
Series B 7%, '21 AA $1,250 $ 1,351,325
Intermountain Power Agency
Series B 7.50%, '21 AA 1,000 1,079,220
------------
2,430,545
------------
Virginia--2.8%
Pittsylvania County Revenue
Series A 7.30%, '04 NR 1,000 1,069,740
Pittsylvania County Revenue
Series A 7.45%, '09 NR 3,000 3,214,770
------------
4,284,510
------------
Washington--2.1%
Walla Walla Waste Recycling
Revenue 9.125%, '26 NR 2,000 2,087,980
Washington State General
Obligation 4.875%, '02 AA 1,000 1,023,980
------------
3,111,960
------------
West Virginia--2.0%
Upshur Solid Waste Revenue 7%,
'25 NR 2,000 2,058,980
West Virginia Housing
Development Fund 6.625%, '20 AA 1,000 1,000,350
------------
3,059,330
------------
Wisconsin--1.8%
Wisconsin Clean Water Revenue
6.875%, '11 (d) AA 750 879,735
Wisconsin Housing &
Development Authority 7.375%,
'17 AA 395 404,527
Wisconsin Housing &
Development Authority
Series A 6.85%, '12 (d) A 1,300 1,362,309
------------
2,646,571
------------
Wyoming--0.5%
Wyoming Community Development
Authority
7.875%, '18 AA $ 710 $ 746,402
------------
Other Territories--4.5%
Guam Airport Authority 6.60%,
'10 BBB 1,000 1,012,320
Puerto Rico Commonwealth
Aqueduct & Sewer
7.875%, '17 BBB 500 554,620
Puerto Rico Commonwealth
Highway Revenue Series V
6.625%, '12 A 2,400 2,580,312
Puerto Rico Electric Power
Authority 5.90%, '06 A- 1,160 1,234,994
Puerto Rico Public Buildings
5.75%, '16 A 1,400 1,408,414
------------
6,790,660
------------
TOTAL MUNICIPAL TAX-EXEMPT BONDS
(Identified cost $137,886,626) 147,448,519
------------
TOTAL INVESTMENTS--97.7%
(Identified cost $137,886,626) 147,448,519(a)
Cash and receivables, less liabilities--2.3% 3,514,701
------------
NET ASSETS--100.0% $150,963,220
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $10,678,128 and gross
depreciation of $1,005,020 for income tax purposes. At November 30, 1995,
the aggregate cost of securities for federal income tax purposes was
$137,775,411.
(b) Moody's rating.
(c) Variable or step coupon bond; interest rate reflects the rate currently
in effect.
(d) Segregated as collateral for futures contracts. At November 30, 1995,
these securities amounted to $16,054,696 or 10.6% of net assets.
See Notes to Financial Statements
5
<PAGE>
Tax-Exempt Bond Portfolio
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
Assets
Investment securities at value
(Identified cost $137,886,626) $147,448,519
Receivables
Investment securities sold 3,170,785
Interest 2,923,000
Fund shares sold 30,742
------------
Total assets 153,573,046
------------
Liabilities
Payables
Custodian 2,067,511
Dividend distributions 140,684
Fund shares repurchased 125,196
Variation margin for futures contracts 108,906
Investment advisory fee 55,401
Distribution fee 32,576
Transfer agent fee 24,091
Trustees' fee 4,100
Financial agent fee 3,694
Accrued expenses 47,667
------------
Total liabilities 2,609,826
------------
Net Assets $150,963,220
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $141,532,201
Distributions in excess of net investment income (130,874)
Accumulated net realized gain 108,906
Net unrealized appreciation 9,452,987
------------
Net Assets $150,963,220
============
Class A
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$147,821,476) 12,969,316
Net asset value per share $11.40
Offering price per share
$11.40/(1-4.75%) $11.97
Class B
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$3,141,744) 274,667
Net asset value and offering price per share $11.44
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1995
Investment Income
Interest $ 9,842,420
----------
Total investment income 9,842,420
----------
Expenses
Investment advisory fee 669,273
Distribution fee--Class A 366,535
Distribution fee--Class B 21,135
Financial agent fee 44,618
Transfer agent 191,954
Printing 39,334
Registration 37,424
Professional 36,848
Custodian 20,795
Trustees 17,488
Miscellaneous 15,162
----------
Total expenses 1,460,566
----------
Net investment income 8,381,854
----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 763,744
Net realized loss on futures contracts (305,863)
Net unrealized appreciation on
investments 18,057,793
----------
Net gain on investments 18,515,674
----------
Net increase in net assets resulting from
operations $26,897,528
==========
See Notes to Financial Statements
6
<PAGE>
Tax-Exempt Bond Portfolio
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Year
Ended Ended
November 30, 1995 November 30, 1994
----------------- ------------------
<S> <C> <C>
From Operations
Net investment income $ 8,381,854 $ 9,043,251
Net realized gain 457,881 761,335
Net unrealized appreciation (depreciation) 18,057,793 (21,990,258)
--------------- ----------------
Increase (decrease) in net assets resulting from operations 26,897,528 (12,185,672)
--------------- ----------------
From Distributions to Shareholders
Net investment income--Class A (8,208,943) (9,567,249)
Net investment income--Class B (99,894) (25,546)
Distributions in excess of net investment income--Class A (45,855) --
Distributions in excess of net investment income--Class B (558) --
Net realized gains--Class A (482,063) --
Net realized gains--Class B (4,381) --
--------------- ----------------
Decrease in net assets from distributions to shareholders (8,841,694) (9,592,795)
--------------- ----------------
From Share Transactions
Class A
Proceeds from sales of shares (2,629,097 and 2,018,969 shares,
respectively) 29,051,453 22,461,848
Net asset value of shares issued from reinvestment of distributions
(460,362 and 509,004 shares, respectively) 4,987,475 5,572,067
Cost of shares repurchased (4,162,067 and 3,280,044 shares,
respectively) (45,663,425) (35,987,636)
--------------- ----------------
Total (11,624,497) (7,953,721)
--------------- ----------------
Class B
Proceeds from sales of shares (166,058 and 111,801 shares,
respectively) 1,813,528 1,214,042
Net asset value of shares issued from reinvestment of distributions
(5,729 and 1,531, respectively) 62,670 16,245
Cost of shares repurchased (10,452 and 0 shares, respectively) (114,346) --
--------------- ----------------
Total 1,761,852 1,230,287
--------------- ----------------
Decrease in net assets from share transactions (9,862,645) (6,723,434)
--------------- ----------------
Net increase (decrease) in net assets 8,193,189 (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 ($130,874) and ($25,574), respectively) $150,963,220 $142,770,031
=============== ================
</TABLE>
See Notes to Financial Statements
7
<PAGE>
Tax-Exempt Bond Portfolio
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------
Year Ended November 30,
1995 1994 1993 1992 1991
-------- -------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.09 $11.58 $11.10 $10.66 $10.37
Income from investment operations
Net investment income 0.61 0.65 0.60((1)) 0.66((1)) 0.65((1))
Net realized and unrealized gain (loss) 1.34 (1.49) 0.76 0.57 0.29
------- ------- --------- --------- ----------
Total from investment operations 1.95 (0.84) 1.36 1.23 0.94
------- ------- --------- --------- ----------
Less distributions
Dividends from net investment income (0.61) (0.65) (0.60) (0.66) (0.65)
Dividends from net realized gains (0.03) -- (0.28) (0.13) --
------- ------- --------- --------- ----------
Total distributions (0.64) (0.65) (0.88) (0.79) (0.65)
------- ------- --------- --------- ----------
Change in net asset value 1.31 (1.49) 0.48 0.44 0.29
------- ------- --------- --------- ----------
Net asset value, end of period $11.40 $10.09 $11.58 $11.10 $10.66
======= ======= ========= ========= ==========
Total return((2)) 19.87% -7.55% 12.79% 11.92% 9.32%
Ratios/supplemental data:
Net assets, end of period (thousands) $147,821 $141,623 $171,272 $35,625 $27,093
Ratio to average net assets of:
Operating expenses 0.97% 0.96% 0.75% 0.78% 0.94%
Net investment income 5.65% 5.65% 5.33% 5.92% 6.17%
Portfolio turnover 25% 54% 62% 145% 99%
</TABLE>
<TABLE>
<CAPTION>
Class B
--------------------------
Year From
Ended Inception
November 30, 3/16/94
1995 to 11/30/94
----------- ------------
<S> <C> <C>
Net asset value, beginning of period $10.12 $11.21
Income from investment operations
Net investment income 0.53 0.39
Net realized and unrealized gain (loss) 1.35 (1.09)
--------- -----------
Total from investment operations 1.88 (0.70)
--------- -----------
Less distributions
Dividends from net investment income (0.53) (0.39)
Dividends from net realized gains (0.03) --
--------- -----------
Total distributions (0.56) (0.39)
--------- -----------
Change in net asset value 1.32 (1.09)
--------- -----------
Net asset value, end of period $11.44 $10.12
========= ===========
Total return((2)) 19.07% -6.42%((4))
Ratios/supplemental data:
Net assets, end of period (thousands) $3,142 $1,147
Ratio to average net assets of:
Operating expenses 1.72% 1.54%((3))
Net investment income 4.90% 5.07%((3))
Portfolio turnover 25% 54%
</TABLE>
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.03, $0.04 and $0.02, respectively.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
8
<PAGE>
PHOENIX CAPITAL APPRECIATION PORTFOLIO
Fund Description
Phoenix Capital Appreciation Portfolio invests primarily in the common
stocks of companies with the potential to provide long-term appreciation of
capital.
Investment Environment
Over the second half of this fiscal reporting period, the stock market has
continued its strong ascent aided by a favorable interest-rate climate and
solid earnings results. However, with the outlook for economic growth in 1996
less clear, future market advances may be more challenging.
Portfolio Review
Phoenix Capital Appreciation Portfolio provided solid absolute returns
over this reporting period, but trailed the broad market. For the twelve
months ended November 30, 1995, Class A shares provided a total return of
27.87% and Class B shares returned 26.92%. During the same period, the
Standard & Poor's 500 Composite Stock Index returned 37.00%. All of these
figures assume reinvestment of any distributions, but exclude the effect of
sales charges.
Technology stocks, which have been a focal point for investors, led to
mixed results for the Fund. Although holdings in computer networking and
on-line access firms have performed well, other technology issues, notably
semiconductors, have hurt performance in recent months. As a result,
technology holdings have been reduced modestly. While we continue to believe
that technology is an attractive long-term area, it will also continue to be
a volatile investment sector. Financial stocks continued to perform well over
this reporting period, and the Fund benefited from solid performance from
several insurance and brokerage holdings. Underweighting in banks, however,
held performance back. Health care and medical technology holdings were
strong contributors to the Fund, but under-exposure to the larger drug stocks
and other large cap consumer staple names has hurt performance in recent
months.
Outlook
In general, the Fund has been moderately repositioned toward more mid
capitalization issues since our last report to you. This step was taken to
focus the Fund on more rapidly growing entities that we believe will be able
to deliver strong earnings results in an environment of slowing overall
corporate earnings growth.
Going forward, we expect market gains to be more difficult and more
selective. We will continue to seek high quality growth opportunities in the
market and are optimistic that our current strategy will increase the
potential for attractive long-term returns.
9
<PAGE>
Capital Appreciation Portfolio
[typeset representation of line chart]
Phoenix Capital
Appreciation Portfolio--
Class A S&P 500*
11/01/89 9525 10000
11/30/89 9800 10206
11/30/90 11491 9841
11/30/91 16178 11848
11/30/92 18838 14034
11/30/93 20522 15450
11/30/94 20733 15617
11/30/95 26512 21395
Average Annual Total Returns
for Periods Ending 11/30/95
<TABLE>
<CAPTION>
From Inception From Inception
11/1/89 to 7/18/94 to
1 Year 5 Years 11/30/95 11/30/95
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------
Class A with 4.75% sales charge 21.79% 17.01% 17.39% --
----------------------------------------------------------------------------------------
Class A at net asset value 27.87% 18.16% 18.34% --
----------------------------------------------------------------------------------------
Class B with CDSC 21.92% -- -- 17.69%
----------------------------------------------------------------------------------------
Class B at net asset value 26.92% -- -- 20.43%
----------------------------------------------------------------------------------------
S&P 500 Stock Index* 37.00% 16.80% 13.32% 27.81%
----------------------------------------------------------------------------------------
</TABLE>
This chart assumes an initial gross investment of $10,000 made on 11/1/89
(inception of the Fund) for Class A shares. The total return for Class A
shares reflects the maximum sales charge of 4.75% on the initial investment
and assumes reinvestment of dividends and capital gains. Class B share
performance will be greater or less than that shown based on differences in
inception date, fees and sales charges. The total return (since inception
7/18/94) for Class B shares reflects the 5% contingent deferred sales charge
(CDSC), which is applicable on all shares redeemed during the 1st year after
purchase and 4% for all shares redeemed during the 2nd year after purchase
(scaled down to 3%--3rd year; 2%--4th and 5th year and 0% thereafter).
Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate, so that
your shares, when redeemed, may be worth more or less than the original cost.
*The S&P 500 Stock Index is an unmanaged but commonly used measure of stock
return performance. The S&P 500's performance does not reflect sales charges.
10
<PAGE>
Capital Appreciation Portfolio
INVESTMENTS AT NOVEMBER 30, 1995
SHARES VALUE
------- --------------
COMMON STOCKS--81.4%
Aerospace & Defense--2.3%
Boeing Company 155,000 $11,295,625
-------------
Airlines--1.1%
AMR Corp. 70,000 5,363,750
-------------
Banks--1.9%
Chase Manhattan Corp. 155,000 9,435,625
-------------
Chemicals--1.7%
Monsanto Co. 75,000 8,587,500
-------------
Chemicals--Specialty--1.6%
Arcadian Corp. (b) 377,500 7,833,125
-------------
Computer Software & Services--7.7%
Adobe Systems, Inc. 120,000 8,115,000
America Online, Inc. (b) 120,000 4,905,000
Cheyenne Software, Inc. (b) 201,500 4,684,875
Quarterdeck Corp. (b) 60,000 1,920,000
Sybase, Inc. (b) 175,000 6,146,875
Symantec Corp. (b) 275,000 7,287,500
UUNET Technologies, Inc. (b) 69,500 5,525,250
-------------
38,584,500
-------------
Diversified Financial Services--5.9%
Dean Witter Discover & Co. 180,000 9,180,000
Morgan Stanley Group, Inc. 95,000 8,193,750
Travelers Group, Inc. (b) 205,000 12,197,500
-------------
29,571,250
-------------
Electronics--2.5%
ESS Technology (b) 5,000 165,000
Intel Corp. 101,500 6,178,812
Oak Technology, Inc. (b) 127,000 5,969,000
-------------
12,312,812
-------------
Entertainment, Leisure & Gaming--4.8%
Tele-Communications Liberty Media
Gr-A (b) 71,250 1,995,000
Viacom, Inc. Class B (b) 285,000 13,751,250
Walt Disney Co. 140,000 8,417,500
-------------
24,163,750
-------------
Healthcare--Drugs 4.0%
Amgen, Inc. (b) 175,000 8,684,375
Biogen, Inc. (b) 115,000 6,267,500
Cephalon, Inc. (b) 140,000 3,885,000
Genzyme Corp. (b) 20,000 1,305,000
-------------
20,141,875
-------------
Hospital Management & Services--3.3%
Oxford Health Plans, Inc. (b) 75,000 5,625,000
PhyCor, Inc. (b) 116,250 5,202,188
US Healthcare, Inc. 120,000 5,460,000
-------------
16,287,188
-------------
Insurance--4.8%
Aetna Life & Casualty Co. 200,000 14,675,000
Cigna Corp. 85,000 9,350,000
-------------
24,025,000
-------------
Lodging & Restaurants--1.5%
Outback Steakhouse, Inc. (b) 205,000 $ 7,482,500
-------------
Machinery--3.1%
Case Corp. 160,000 6,680,000
Deere & Co. 270,000 8,876,250
-------------
15,556,250
-------------
Medical Products & Supplies--4.3%
Boston Scientific Corp. (b) 130,000 5,265,000
Guidant Corp. 219,000 8,185,125
IDEXX Laboratories, Inc. (b) 100,000 4,450,000
Medtronic, Inc. 60,000 3,292,500
-------------
21,192,625
-------------
Miscellaneous--1.1%
CUC International, Inc. 150,000 5,700,000
-------------
Natural Gas--1.6%
Apache Corp. 302,700 8,059,387
-------------
Office & Business Equipment--1.0%
Sun Microsystems, Inc. (b) 60,000 5,047,500
-------------
Oil Service & Equipment--1.5%
BJ Services Co. (b) 295,000 7,264,375
-------------
Publishing, Broadcasting, Printing & Cable--2.2%
Evergreen Media Corp. Class A (b) 225,000 5,456,250
Tele-Communications TCI (b) 285,000 5,272,500
-------------
10,728,750
-------------
Rails--0.9%
Burlington Northern, Inc. 53,000 4,273,125
-------------
Retail--3.2%
Corporate Express (b) 310,000 8,292,500
Federated Department Stores, Inc. (b) 200,000 5,825,000
Office Depot, Inc. (b) 82,400 2,018,800
-------------
16,136,300
-------------
Telecommunications Equipment--13.5%
3Com Corp. (b) 225,000 10,293,750
Bay Networks, Inc. (b) 287,500 12,937,500
FORE Systems, Inc. (b) 20,000 1,165,000
Glenayre Technologies, Inc. (b) 116,250 6,655,312
Madge Networks N.V. (b) 75,000 3,379,688
MFS Communications, Inc. (b) 150,000 6,825,000
Mobilemedia Corp. (b) 350,000 9,056,250
Newbridge Networks Corp. (b) 200,000 8,525,000
Stratacom, Inc. (b) 115,000 8,625,000
-------------
67,462,500
-------------
Utility--Telephone--5.9%
MCI Communications Corp. 370,000 9,897,500
Paging Network, Inc. (b) 550,000 12,237,500
Worldcom, Inc. (b) 225,000 7,312,500
-------------
29,447,500
-------------
TOTAL COMMON STOCKS
(Identified cost $354,091,260) 405,952,812
-------------
See Notes to Financial Statements
11
<PAGE>
Capital Appreciation Portfolio
SHARES VALUE
--------- -----------
FOREIGN COMMON STOCKS--7.3%
Chemical--1.5%
Potash Corp. of Saskatchewan, Inc.
(Canada) 105,000 $ 7,258,125
----------
Computer Software & Services--1.1%
Standard Applications Software
AG-Vorzug (Germany) 35,450 5,597,555
----------
Healthcare--Drugs--0.9%
Pharmacia & Upjohn, Inc. (Sweden) 125,000 4,484,375
----------
Publishing, Broadcasting, Printing & Cable--1.4%
News Corp. Ltd. Preference ADR
(Australia) 375,000 7,078,125
----------
Telecommunications Equipment--1.4%
Ericsson L.M. Telephone Co. Class B
ADR (Sweden) 290,000 6,887,500
----------
Utility--Telephone--1.0%
Telecom Italia Mobile-DRNC (Italy) (b) 5,200,000 5,096,000
----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $31,935,790) 36,401,680
----------
TOTAL LONG-TERM INVESTMENTS--88.7%
(Identified cost $386,027,050) 442,354,492
----------
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000) VALUE
--------- ------ -------------
SHORT-TERM OBLIGATIONS--18.2%
Commercial Paper--11.7%
General Re Corp. 5.63%,
12-1-95 A-1+ $ 2,500 $ 2,500,000
Unilever Capital Corp. 5.80%,
12-1-95 A-1+ 2,075 2,075,000
Abbott Laboratories 5.70%,
12-5-95 A-1+ 5,600 5,596,453
Wal-Mart Stores 5.70%,
12-5-95 A-1+ 365 364,769
AT&T Corp. 5.70%, 12-8-95 A-1+ 3,000 2,996,675
Pfizer, Inc. 5.70%, 12-8-95 A-1+ 6,500 6,492,796
Philip Morris Cos. 5.72%,
12-11-95 A-1 4,500 4,492,850
Wal-Mart Stores 5.70%,
12-13-95 A-1+ 3,500 3,493,350
H.J. Heinz Co. 5.71%,
12-14-95 A-1 5,825 5,812,989
Emerson Electric Co. 5.70%,
12-19-95 A-1+ 6,650 6,631,048
Pfizer, Inc. 5.71%, 12-19-95 A-1+ 3,395 3,385,307
BellSouth Telecommunications,
Inc. 5.71%, 12-20-95 A-1+ 5,040 5,024,811
TDK 5.72%, 12-20-95 A-1+ 1,860 1,854,385
H.J. Heinz Co. 5.75%,
12-21-95 A-1 1,365 1,360,640
McDonalds Corp. 5.71%,
12-21-95 A-1+ 1,075 1,071,590
Campbell Soup Co. 5.69%,
12-29-95 A-1+ 5,000 4,977,872
------------
58,130,535
------------
Federal Agency Securities--5.1%
Federal Home Loan Banks 5.80%, 12-1-95 17,465 17,465,000
Federal Home Loan Mortgage 5.70%,
12-19-95 8,050 8,027,057
------------
25,492,057
------------
U.S. Treasury Bills--1.4%
U.S. Treasury Bills 5.36%, 12-7-95 6,935 6,928,805
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $90,551,397) 90,551,397
------------
TOTAL INVESTMENTS--106.9%
(Identified cost $476,578,447) 532,905,889(a)
Cash and receivables, less liabilities--(6.9%) (34,324,059)
------------
NET ASSETS--100.0% $498,581,830
============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $61,555,527 and gross
depreciation of $5,228,085 for federal income tax purposes. At November
30, 1995, the aggregate cost of securities for federal income tax
purposes was $476,578,447.
(b) Non-income producing.
ADR--American Depository Receipt
See Notes to Financial Statements
12
<PAGE>
Capital Appreciation Portfolio
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
Assets
Investment securities at value
(Identified cost $476,578,447) $532,905,889
Cash 2,027
Receivables
Investment securities sold 11,994,087
Fund shares sold 313,066
Dividends and interest 172,046
------------
Total assets 545,387,115
------------
Liabilities
Payables
Investment securities purchased 45,617,045
Fund shares repurchased 550,107
Investment advisory fee 303,972
Transfer agent fee 140,070
Distribution fee 107,859
Financial agent fee 12,159
Trustees' fee 4,100
Accrued expenses 69,973
------------
Total liabilities 46,805,285
------------
Net Assets $498,581,830
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $377,573,657
Accumulated net realized gain 64,680,731
Net unrealized appreciation 56,327,442
------------
Net Assets $498,581,830
============
Class A
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$487,674,324) 22,135,705
Net asset value per share $22.03
Offering price per share
$22.03/(1-4.75%) $23.13
Class B
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$10,907,506) 499,148
Net asset value and offering price per share $21.85
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1995
Investment Income
Dividends $ 4,425,663
Interest 3,266,811
-----------
Total investment income 7,692,474
-----------
Expenses
Investment advisory fee 3,394,485
Distribution fee--Class A 1,116,857
Distribution fee--Class B 58,552
Financial agent fee 135,779
Transfer agent 1,286,567
Printing 182,831
Registration 81,780
Custodian 71,372
Professional 68,266
Trustees 18,433
Miscellaneous 60,997
-----------
Total expenses 6,475,919
-----------
Net investment income 1,216,555
-----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 67,602,546
Net realized loss on foreign currency
transactions (864,314)
Net unrealized appreciation on investments 43,684,291
-----------
Net gain on investments 110,422,523
-----------
Net increase in net assets resulting from
operations $111,639,078
===========
See Notes to Financial Statements
13
<PAGE>
Capital Appreciation Portfolio
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Year
Ended Ended
November 30, November 30,
1995 1994
--------------- ----------------
<S> <C> <C>
From Operations
Net investment income $ 1,216,555 $ 2,568,972
Net realized gain 66,738,232 14,113,601
Net unrealized appreciation (depreciation) 43,684,291 (12,913,800)
-------------- ---------------
Increase in net assets resulting from operations 111,639,078 3,768,773
-------------- ---------------
From Distributions to Shareholders
Net investment income--Class A (1,350,030) (2,337,637)
Net investment income--Class B (5,608) --
Net realized gains--Class A (17,010,194) (18,023,297)
Net realized gains--Class B (73,125) --
-------------- ---------------
Decrease in net assets from distributions to shareholders (18,438,957) (20,360,934)
-------------- ---------------
From Share Transactions
Class A
Proceeds from sales of shares (5,517,176 and 8,619,664 shares,
respectively) 105,808,213 159,272,884
Net asset value of shares issued from reinvestment of
distributions (999,234 and 1,035,428 shares, respectively) 17,312,320 18,886,223
Cost of shares repurchased (7,668,150 and 9,145,060 shares,
respectively) (146,988,778) (167,859,596)
-------------- ---------------
Total (23,868,245) 10,299,511
-------------- ---------------
Class B
Proceeds from sales of shares (452,091 and 89,426 shares,
respectively) 8,748,909 1,634,651
Net asset value of shares issued from reinvestment of
distributions (4,305 and 0 shares, respectively) 74,521 --
Cost of shares repurchased (41,778 and 4,896 shares,
respectively) (853,309) (89,532)
-------------- ---------------
Total 7,970,121 1,545,119
-------------- ---------------
(Decrease) increase in net assets from share transactions (15,898,124) 11,844,630
-------------- ---------------
Net increase (decrease) in net assets 77,301,997 (4,747,531)
Net Assets
Beginning of period 421,279,833 426,027,364
-------------- ---------------
End of period (including undistributed net investment income
of $0 and $1,218,402, respectively) $ 498,581,830 $ 421,279,833
============== ===============
</TABLE>
See Notes to Financial Statements
14
<PAGE>
Capital Appreciation Portfolio
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------
Year Ended November 30,
1995 1994 1993 1992 1991
--------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $18.03 $18.70 $17.95 $16.61 $11.95
Income from investment operations((5))
Net investment income (loss) 0.05((1)) 0.11 0.11 0.15 0.19
Net realized and unrealized gain 4.74 0.10 1.44 2.41 4.64
-------- -------- -------- -------- ---------
Total from investment operations 4.79 0.21 1.55 2.56 4.83
-------- -------- -------- -------- ---------
Less distributions
Dividends from net investment income (0.06) (0.10) (0.13) (0.21) (0.17)
Dividends from net realized gains (0.73) (0.78) (0.67) (1.01) --
-------- -------- -------- -------- ---------
Total distributions (0.79) (0.88) (0.80) (1.22) (0.17)
-------- -------- -------- -------- ---------
Change in net asset value 4.00 (0.67) 0.75 1.34 4.66
-------- -------- -------- -------- ---------
Net asset value, end of period $22.03 $18.03 $18.70 $17.95 $16.61
======== ======== ======== ======== =========
Total return((2)) 27.87% 1.03% 8.94% 16.44% 40.78%
Ratios/supplemental data:
Net assets, end of period (thousands) $487,674 $419,760 $426,027 $234,472 $119,870
Ratio to average net assets of:
Operating expenses 1.42% 1.36% 1.34% 1.40% 1.24%
Net investment income (loss) 0.28% 0.59% 0.64% 0.93% 1.94%
Portfolio turnover 218% 227% 174% 287% 458%
</TABLE>
<TABLE>
<CAPTION>
Class B
----------------------------
Year From
Ended Inception
November 30, 7/18/94 to
1995 11/30/94
------------ -------------
<S> <C> <C>
Net asset value, beginning of period $ 17.97 $17.68
Income from investment operations((5))
Net investment income (loss) (0.12)((1)) (0.01)
Net realized and unrealized gain 4.75 0.30
---------- ------------
Total from investment operations 4.63 0.29
---------- ------------
Less distributions
Dividends from net investment income (0.02) --
Dividends from net realized gains (0.73) --
---------- ------------
Total distributions (0.75) --
---------- ------------
Change in net asset value 3.88 0.29
---------- ------------
Net asset value, end of period $ 21.85 $17.97
========== ============
Total return((2)) 26.92% 1.64%((4))
Ratios/supplemental data:
Net assets, end of period (thousands) $10,908 $1,519
Ratio to average net assets of:
Operating expenses 2.18% 2.05% ((3))
Net investment income (loss) (0.58)% (0.23)%((3))
Portfolio turnover 218% 227%
</TABLE>
((1)) Computed using average shares outstanding.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
((5)) Distributions are made in accordance with the prospectus; however,
class level per share income from investment operations may vary from
anticipated results depending on the time of share purchases and
redemptions.
See Notes to Financial Statements
15
<PAGE>
PHOENIX INTERNATIONAL PORTFOLIO
Fund Description
Phoenix International Portfolio generally invests in quality stocks with
strong managements, solid growth prospects, and attractive relative
valuations. We believe that earnings growth is the primary factor which
drives stock prices and will place emphasis on 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 has surpassed the top of its valuation range, or that has a
fundamental deterioration in its business prospects. This disciplined
approach allows the Fund to continually emphasize securities that will
provide stronger growth over the long-term.
World Markets
While making general upward progress, world equity markets have oscillated
throughout this reporting period. This was due primarily to wide swings in
the economic outlook and earnings growth expectations. Early in the year,
there were worries about overheating economies, inflation and a shortage of
global productive capacity. Momentum in the markets were hampered by rising
interest rates but as investors' concerns eased, markets picked up again in
the second quarter. By October, investors began to worry about the lack of
growth: GDP in the U.S. did not greatly improve, Europe's growth slowed
sharply and Japan continued to trundle along the bottom. Only in Asia, where
growth was too fast, were earnings expectations met. Fears of rising interest
rates, which are needed to cool these Asian economies, have kept these
markets under pressure for most of the year.
The volatility of the U.S. dollar had a significant impact on the
performance results for U.S. investors. In the first six months of the fiscal
year, the decline in the U.S. dollar helped U.S. investors as the Morgan
Stanley Capital International EAFE Index was up 5.1% as measured in U.S.
dollars but was down 4.6% as measured in local currencies. As the U.S. dollar
rebounded in the second half of the fiscal year, the six month return for the
EAFE Index was up only 2.4% as measured in U.S. dollars but gained 11.1% as
measured in local currencies. For the twelve months ended November 30, 1995,
Italy, Malaysia, Austria and Japan were among the worst performers. The best
performers for this period were Switzerland, Sweden, Finland, and the
Netherlands.
Portfolio Review
For the twelve months ended November 30, 1995, Class A shares provided a
total return of 4.12% and Class B shares returned 3.28%. As measured by the
Morgan Stanley Capital International EAFE Index, the market gained 7.90%. All
of these figures assume reinvestment of any distributions, but exclude the
effect of sales charges.
The Fund was aided by its exposure to Japan, which was increased in July
and August, after the market had bottomed and the outlook for growth and
deregulation of the economy improved. Also helpful was our hedge of yen into
dollars, since the yen depreciated almost 20% over the last 6 months. Other
areas which contributed to performance were technology stocks in Europe,
pharmaceuticals and medical technology, luxury goods, financials, media, and
selected capital goods companies. Areas which hampered performance were
European cyclicals, much of our exposure to southeast Asia (particularly
Korea and Taiwan) and France, where turmoil in the government and its
economic plans have troubled the market for many months.
Outlook
European growth rates have been revised down for 1995 and 1996 to
approximately 2% each year in GDP. Since we expect interest rates to fall
further, the second half of 1996 may well be stronger. With budget deficits
coming down because of spending restraint, monetary policy is the only option
available to create jobs in European countries.
In Japan, the outlook for 1996 growth has improved. A clearer statement on
bank restructuring is due at the end of December, but individual banks have
already taken the initiative to write off bad loans at a faster pace. This
clearing of the decks, coupled with better-than-expected capital spending and
a small improvement from the consumer as deflation eases, could provide the
first GDP growth above 2% in 1996. This has helped the Japanese stock market
considerably in recent months, and we expect further progress to be made.
In Southeast Asia, still the fastest growing part of the world, we expect
GDP growth in 1996 to be only slightly less than in 1995. However, after two
years of very poor performance, we believe 1996 will see an improved market,
providing governments stay the course and let their economies gently cool. We
also believe that Latin America is past the worst of
16
<PAGE>
International Portfolio
its recession, but still expect growth to be relatively slow in 1996 (around
3%) since trouble spots remain.
The Fund is increasing its exposure to economically sensitive areas in the
Japanese market, broadening out from the large exposure to technology which
we held through most of 1995. We are adding selectively to Asia and Latin
America holdings as well. In Europe, we shifted the focus from economically
sensitive to growth and interest rate sensitive stocks in the fourth
quarter--a focus we expect to maintain until earnings expectations catch up
with reality or we see signs of renewed economic growth.
[typeset representation of line chart]
Phoenix International MSCI EAFE EAFE Excluding
Portfolio--Class A Index Japan
11/01/89 9525 10000 10000
11/30/89 9943 10505 10493
11/30/90 9869 8229 11220
11/30/91 10685 8946 11981
11/30/92 9626 8250 12209
11/30/93 11989 10284 15583
11/30/94 13569 11841 16977
11/30/95 14127 12776 19853
Average Annual Total Returns
for Periods Ending 11/30/95
<TABLE>
<CAPTION>
From Inception From Inception
11/1/89 to 7/15/94 to
1 Year 5 Years 11/30/95 11/30/95
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------
Class A with 4.75% sales charge -0.83% 6.39% 5.85% --
----------------------------------------------------------------------------------------
Class A at net asset value 4.12% 7.42% 6.70% --
----------------------------------------------------------------------------------------
Class B with CDSC -1.51% -- -- -1.53%
----------------------------------------------------------------------------------------
Class B at net asset value 3.28% -- -- 1.20%
----------------------------------------------------------------------------------------
Morgan Stanley Capital
International EAFE Index* 7.90% 9.20% 4.11% 4.43%
----------------------------------------------------------------------------------------
</TABLE>
This chart assumes an initial gross investment of $10,000 made on 11/1/89
(inception of the Fund) for Class A shares. The total return for Class A
shares reflects the maximum sales charge of 4.75% on the initial investment
and assumes reinvestment of dividends and capital gains. Class B share
performance will be greater or less than that shown based on differences in
inception date, fees and sales charges. The total return (since inception
7/15/94) for Class B shares reflects the 5% contingent deferred sales charge
(CDSC), which is applicable on all shares redeemed during the 1st year after
purchase and 4% for all shares redeemed during the 2nd year after purchase
(scaled down to 3%--3rd year; 2%--4th and 5th year and 0% thereafter).
Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate, so that
your shares, when redeemed, may be worth more or less than the original cost.
*The Morgan Stanley Capital International EAFE Index is an unmanaged but
commonly used measure of foreign stock fund performance which includes net
dividends reinvested. The EAFE index is an aggregate of 15 individual
country indexes in Europe, Australia, New Zealand and the Far East. The
index's performance does not reflect sales charges.
17
<PAGE>
International Portfolio
INVESTMENTS AT NOVEMBER 30, 1995
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C>
COMMON STOCKS--87.6%
Argentina--0.5%
Quilmes (Beverages) 40,000 $ 660,000
------------
Australia--1.3%
Australia & New Zealand Banking Group
(Banks) 400,000 1,784,387
------------
Austria--0.8%
Austria Mikro Systeme International
(Electronics) 6,240 1,097,730
------------
Chile--1.1%
Enersis S.A. ADR (Utility-Electric) 55,000 1,409,375
------------
Denmark--1.4%
Danisco A/S (Mfg-Food) 42,000 1,936,729
------------
Finland--2.3%
Kymmene OY (Paper & Forest Products) 45,000 1,225,987
Valmet (Machinery) 67,500 1,791,827
------------
3,017,814
------------
France--4.7%
Carrefour Supermarche (Retail-Food) 2,300 1,272,055
Christian Dior SA (Conglomerates) 17,600 1,700,090
Rexel (Business & Public Service) 10,200 1,679,687
SGS-Thomson Microelectronics NV
(Electronics) (b) 2,900 109,489
SGS-Thomson Microelectronics ADR
(Electronics) (b) 38,700 1,441,575
------------
6,202,896
------------
Germany--6.9%
Adidas AG (Textile & Apparel) (b) 37,000 1,973,914
Fresenius (Medical Products &
Supplies) 2,531 2,028,022
Gehe AG (Health Care-Drugs) 3,200 1,454,747
Moebel Walther (Retail) (b) 2,310 855,141
Standard Applications Software AG
Vorzug (Computer Software & Services) 8,000 1,263,216
SGL Carbon AG (Specialty Chemical) (b) 21,600 1,523,000
------------
9,098,040
------------
Hong Kong--7.1%
CDL Hotels International Ltd. (Lodging
& Restaurants) 1,840,000 826,622
Cheung Kong Holdings Ltd. (Real Estate
Development) 200,000 1,137,671
Dao Heng Bank Group Ltd. (Banks) 223,000 821,644
First Pacific Co. HKD (Conglomerates) 1,550,000 1,683,236
Guoco Group (Diversified Financial
Services) 220,000 1,043,813
HSBC Holdings PLC (Banks) 109,000 1,606,443
Hutchison Whampoa Ltd. (Conglomerates) 230,000 1,299,402
New World Development
(Real Estate Development) 250,000 1,043,943
------------
9,462,774
------------
Indonesia--1.6%
Matahari Putra Prima IDR (Retail) 83,000 153,569
PT Astra International (Automobiles) 534,000 1,064,025
Indonesia--continued
Wicaksana Overseas (Wholesale &
Distribution) (b) 360,000 $ 945,916
------------
2,163,510
------------
Italy--1.6%
Olivetti (Office & Business
Equipment) (b) 330,000 218,698
Telecom Italia Mobile-DRNC
(Utility-Telephone Cellular) 1,363,000 1,329,365
Telecom Italia Mobile SPA
(Utility-Telephone Cellular) 320,000 516,171
------------
2,064,234
------------
Japan--14.6%
Daimaru, Inc. (Retail) 120,000 791,884
Hankyu Department Store (Retail) 55,000 731,311
Hoya (Electronics) 24,000 716,241
Keyence Corp. (Electronics) 9,000 1,108,047
Mitsubishi Bank (Banks) 81,000 1,771,102
NKK Corp. (Steel/Metals & Mining) (b) 525,000 1,447,848
Omron Corp. (Electronics) 50,000 1,117,896
Oriental Construction Co. (Engineering
& Construction) 70,000 1,509,899
Ricoh Corp. Ltd. (Office & Business
Equipment) 168,000 1,720,871
Rohm Co. (Electronics) 21,000 1,284,448
Sanwa Bank (Banks) 90,000 1,746,282
Sega Enterprises Ltd. (Entertainment,
Leisure & Gaming) 18,000 975,081
Shinko Electric Industries
(Electronics) (b) 17,000 699,892
SMC Corporation (Machinery) 24,000 1,742,145
TDK Corporation ORD (Electronics) 16,000 813,158
Tokyo Electron Ltd. (Electronics) 27,000 1,154,142
------------
19,330,247
------------
Netherlands--5.1%
Ahrend NV (Office & Business
Equipment) 35,000 1,179,289
Fortis Amev NV (Insurance) 22,000 1,471,654
Heineken NV (Beverages) 7,600 1,333,465
IHC Caland (Oil Service & Equipment) 46,000 1,387,821
Randstad Holdings NV
(Professional Services) 33,000 1,385,286
------------
6,757,515
------------
Norway--1.6%
Unistorebrand (Insurance) 388,000 2,108,331
------------
Peru--1.4%
CPT B Pen (Utility-Telephone) 953,541 1,841,321
------------
Philippines--0.7%
First Philippine Holdings Corp.
(Conglomerates) 297,000 589,803
Metropolitan Bank & Trust Co. (Banks) 16,797 287,060
------------
876,863
------------
Singapore--0.8%
Development Bank of Singapore (Banks) 94,000 1,099,610
------------
See Notes to Financial Statements
18
<PAGE>
SHARES VALUE
--------- -------------
South Korea--4.2%
Daegu Bank (Banks) 12,000 $ 209,932
Hana Bank (Banks) 50,020 1,083,610
Korea Electric Power Corporation
(Utility-Electric) 33,090 1,419,008
Korea First Bank (Banks) 65,000 631,739
L.G. Electronics (Electronics) 15,600 568,818
Pohang Iron & Steel Co. Ltd.
(Metals & Mining) 13,900 1,202,869
Samsung Electronics--GDR (Electronics) 8,300 485,550
Samsung Electronics--GDR 144A
(Electronics) (c) 350 18,851
------------
5,620,377
------------
Spain--1.8%
Acerinox (Metals & Mining) 1,200 120,463
Iberdrola (Utility-Electric) 262,000 2,214,834
------------
2,335,297
------------
Sweden--8.6%
Astra AB Ser A (Health Care-Drugs) 51,550 1,920,167
Autoliv AB Reg S ORD
(Auto & Truck Parts) 27,000 1,595,978
Frontec AB
(Computer Software & Services) (b) 52,100 1,389,016
Hoganas AB-B (Auto & Truck Parts) 84,800 2,454,601
Nordbanken AB (Banks) (b) 72,000 1,228,519
Pharmacia & Upjohn, Inc.
(Health Care-Drugs) 41,000 1,470,875
Stora Kopparbergs Bergs-A Shares
(Paper & Forest Products) 112,000 1,407,678
------------
11,466,834
------------
Switzerland--4.4%
BBC Brown Boveri AG Reg.
(Electrical Equipment) 6,100 1,377,268
Ciba-Geigy AG Reg.
(Health Care-Diversified) 1,950 1,741,160
Sandoz (Health Care-Drugs) 2,180 1,864,804
Swissair-Reg. (Airlines) (b) 1,200 851,666
------------
5,834,898
------------
Taiwan--2.0%
The Taiwan Fund, Inc. (Multi-Industry) 55,000 $ 1,127,500
The R.O.C. Taiwan Fund
(Multi-Industry) 160,000 1,560,000
------------
2,687,500
------------
Thailand--1.1%
PTT Exploration & Production (Oil) 153,000 1,422,973
------------
United Kingdom--12.0%
Allied Irish Banks PLC (Banks) 325,000 1,774,625
British Aerospace Ord.
(Aerospace & Defense) 115,000 1,445,855
British Airways PLC (Airlines) 196,000 1,379,015
BSR (Astec) International PLC
(Electronics) 763,000 1,417,934
Glaxo Wellcome PLC Spons ADR (Health
Care-Drugs) 50,000 1,337,500
Hays PLC (Professional Services) 134,000 774,732
Kingfisher PLC (Retail) 149,000 1,180,514
Reed International PLC (Publishing,
Broadcasting & Cable) 97,000 1,548,914
Siebe PLC (Electronics) 110,000 1,270,266
Standard Chartered PLC (Banks) 172,000 1,594,249
Takare (Hospital Management &
Services) 311,000 941,848
WPP Group (Advertising) 535,000 1,292,903
------------
15,958,355
------------
TOTAL COMMON STOCKS
(Identified cost $106,105,252) 116,237,610
------------
PAR
VALUE
(000)
--------
SHORT-TERM OBLIGATIONS--3.1%
Federal Agency Securities--3.1%
Federal Home Loan Banks 5.80%, 12-1-95 $ 4,075 4,075,000
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $4,075,000) 4,075,000
------------
TOTAL INVESTMENTS--90.7%
(Identified cost $110,180,252) 120,312,610(a)
Cash and receivables, less liabilities--9.3% 12,300,898
------------
NET ASSETS--100.0% $132,613,508
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $12,313,993 and gross
depreciation of $2,184,084 for federal income tax purposes. At November
30, 1995, the aggregate cost of securities for federal income tax
purposes was $110,182,701.
(b) Non-income producing.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At November 30,
1995 these securities amounted to a value of $18,851 or 0.01% of net
assets.
ADR--American Depository Receipt.
See Notes to Financial Statements
19
<PAGE>
International Portfolio
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Common Stocks
Advertising 1.1%
Aerospace & Defense 1.2
Airlines 1.9
Auto & Truck Parts 3.5
Automobiles 0.9
Banks 13.5
Beverages 1.7
Business & Public Service 1.5
Computer Software & Services 2.3
Conglomerates 4.5
Diversified Financial Services 0.9
Electrical Equipment 1.2
Electronics 11.5
Engineering & Construction 1.3
Entertainment, Leisure & Gaming 0.8
Health Care-Diversified 1.5
Health Care-Drugs 6.9
Hospital Management & Services 0.8
Insurance 3.1
Lodging & Restaurants 0.7
Machinery 3.0
Manufacturing-Food 1.7
Medical Product 1.7
Metals & Mining 1.2
Multi-Industry 2.3
Office & Business Equipment 2.7
Oil 1.2
Oil Service & Equipment 1.2
Paper & Forest Products 2.3
Professional Services 1.9
Publishing, Broadcasting & Cable 1.3
Real Estate Development 1.9
Retail 3.2
Retail-Food 1.1
Specialty Chemical 1.3
Steel/Metals & Mining 1.2
Textile & Apparel 1.7
Utility-Electric 4.3
Utility-Telephone 1.6
Utility-Telephone Cellular 1.6
Wholesale & Distribution 0.8
----------
100.0%
==========
See Notes to Financial Statements
20
<PAGE>
International Portfolio
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
Assets
Investment securities at value
(Identified cost $110,180,252) $120,312,610
Foreign currency at value
(Identified cost $13,591,294) 13,425,131
Cash 2,243
Receivables
Investment securities sold 1,205,339
Fund shares sold 91,057
Dividends and interest 122,956
Tax reclaim 112,519
------------
Total assets 135,271,855
------------
Liabilities
Net unrealized depreciation on forward currency
contracts 81,690
Payables
Investment securities purchased 1,890,892
Fund shares repurchased 388,461
Transfer agent fee 85,000
Investment advisory fee 83,401
Distribution fee 29,799
Trustees' fee 4,100
Financial agent fee 3,336
Accrued expenses 91,668
------------
Total liabilities 2,658,347
------------
Net Assets $132,613,508
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $122,636,577
Distributions in excess of net investment income (295,961)
Accumulated net realized gain 368,675
Net unrealized appreciation 9,904,217
------------
Net Assets $132,613,508
============
Class A
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$129,352,075) 10,604,734
Net asset value per share $12.20
Offering price per share
$12.20/(1-4.75%) $12.81
Class B
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$3,261,433) 270,227
Net asset value and offering price per share $12.07
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1995
Investment income
Dividends $ 2,060,683
Interest 1,008,588
Foreign taxes withheld (205,183)
-----------
Total investment income 2,864,088
-----------
Expenses
Investment advisory fee 1,112,314
Distribution fee--Class A 363,982
Distribution fee--Class B 27,156
Financial agent fee 44,493
Transfer agent 481,731
Custodian 303,456
Printing 64,913
Registration 55,002
Professional 41,767
Trustees 15,133
Miscellaneous 40,240
-----------
Total expenses 2,550,187
-----------
Net investment income 313,901
-----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 1,590,153
Net realized loss on foreign currency transactions (1,387,289)
Net unrealized appreciation on investments and
foreign currency transactions 4,460,307
-----------
Net gain on investments 4,663,171
-----------
Net increase in net assets resulting from operations $ 4,977,072
===========
See Notes to Financial Statements
21
<PAGE>
International Portfolio
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Year
Ended Ended
November 30, 1995 November 30, 1994
------------------- ---------------------
<S> <C> <C>
From Operations
Net investment income $ 313,901 $ 308,093
Net realized gain 202,864 10,425,348
Net unrealized appreciation 4,460,307 327,619
------------------ -------------------
Increase in net assets resulting from operations 4,977,072 11,061,060
------------------ -------------------
From Distributions to Shareholders
Net realized gains--Class A (11,650,763) --
Net realized gains--Class B (157,020) --
------------------ -------------------
Decrease in net assets from distributions to shareholders (11,807,783) --
------------------ -------------------
From Share Transactions
Class A
Proceeds from sales of shares (3,960,774 and 10,043,583
shares, respectively) 46,334,510 128,459,934
Net asset value of shares issued from reinvestment of
distributions (967,317 and 0 shares, respectively) 10,969,371 --
Cost of shares repurchased (7,623,764 and 4,917,095
shares, respectively) (89,077,200) (62,878,186)
------------------ -------------------
Total (31,773,319) 65,581,748
------------------ -------------------
Class B
Proceeds from sales of shares (171,608 and 207,342 shares,
respectively) 2,007,010 2,712,515
Net asset value of shares issued from reinvestment of
distributions (10,925 and 0 shares, respectively) 123,448 --
Cost of shares repurchased (70,364 and 49,284 shares,
respectively) (821,816) (642,543)
------------------ -------------------
Total 1,308,642 2,069,972
------------------ -------------------
(Decrease) increase in net assets from share transactions (30,464,677) 67,651,720
------------------ -------------------
Net (decrease) increase in net assets (37,295,388) 78,712,780
Net Assets
Beginning of period 169,908,896 91,196,116
------------------ -------------------
End of period (including distributions in excess of net
investment income of ($295,961) and ($105,915),
respectively) $132,613,508 $169,908,896
================== ===================
</TABLE>
See Notes to Financial Statements
22
<PAGE>
International Portfolio
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------------
Year Ended November 30,
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.63 $11.16 $ 8.96 $10.90 $10.27
Income from investment operations((5))
Net investment income (loss) 0.03((1)) (0.01) -- 0.11 0.15
Net realized and unrealized gain (loss) 0.42 1.48 2.20 (1.10) 0.69
--------- --------- --------- --------- ----------
Total from investment operations 0.45 1.47 2.20 (0.99) 0.84
--------- --------- --------- --------- ----------
Less distributions
Dividends from net investment income -- -- -- (0.12) (0.21)
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)
--------- --------- --------- --------- ----------
Change in net asset value (0.43) 1.47 2.20 (1.94) 0.63
--------- --------- --------- --------- ----------
Net asset value, end of period $12.20 $12.63 $11.16 $ 8.96 $10.90
========= ========= ========= ========= ==========
Total return((2)) 4.12% 13.17% 24.55% -9.91% 8.26%
Ratios/supplemental data:
Net assets, end of period (thousands) $129,352 $167,918 $91,196 $26,188 $21,427
Ratio to average net assets of:
Operating expenses 1.70% 1.47% 1.78% 1.97% 2.09%
Net investment income (loss) 0.23% 0.20% (0.04)% 0.85% 1.29%
Portfolio turnover 236% 186% 191% 82% 128%
</TABLE>
<TABLE>
<CAPTION>
Class B
----------------------------
Year From
Ended Inception
November 30, 7/15/94 to
1995 11/30/94
------------ -------------
<S> <C> <C>
Net asset value, beginning of period $12.60 $12.80
Income from investment operations((5))
Net investment income (loss) (0.07)((1)) (0.01)
Net realized and unrealized gain (loss) 0.42 (0.19)
---------- ------------
Total from investment operations 0.35 (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 (0.53) (0.20)
---------- ------------
Net asset value, end of period $12.07 $12.60
========== ============
Total return((2)) 3.28% -1.56%((4))
Ratios/supplemental data:
Net assets, end of period (thousands) $3,261 $1,991
Ratio to average net assets of:
Operating expenses 2.50% 1.93%((3))
Net investment income (loss) (0.61%) 0.36%((3))
Portfolio turnover 236% 186%
</TABLE>
((1)) Computed using average shares outstanding.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
((5)) Distributions are made in accordance with the prospectus; however,
class level per share income from investment operations may vary from
anticipated results depending on the time of share purchases and
redemptions.
See Notes to Financial Statements
23
<PAGE>
PHOENIX REAL ESTATE SECURITIES PORTFOLIO
Fund Description
Phoenix Real Estate Securities Portfolio invests in marketable securities
of publicly-traded real estate investment trusts (REITs) and companies that
operate, develop, manage and/or invest in real estate primarily in the U.S.
Investment Environment
In general, real estate markets are in a state of supply and demand
balance. Economic and employment growth during the last several years,
combined with modest levels of new construction, have led to steady and
significant improvement in real estate occupancy rates. Apartments are nearly
95% occupied in most markets. New construction has remained in control
despite warnings earlier this year of increased apartment permitting. The
office, office-industrial and hotel sectors have seen the most dramatic
improvement during 1995. These markets emerged later from the real estate
downturn and are benefiting now from a virtual lack of new construction. As
fundamentals continue to improve and traditional investors return to these
sectors, we expect improved values due to the return of normal liquidity. A
note of caution, however, must be sounded for the retail sector. The retail
industry is struggling due to competition among major retailers and expansion
of competing retail formats in the face of slow consumer spending growth. As
a result, regional malls, discounters, strip malls and factory outlets are
competing fiercely for shares of the retail spending pie.
Performance in the REIT market in 1995 has been driven by the underlying
real estate fundamentals, with office and hotel REITs among the strongest
performers and retail REITs among the weaker.
Portfolio Review
Phoenix Real Estate Securities Portfolio, which was launched on March 1,
1995, performed well during this reporting period. From its inception date
through November 30, 1995, the Fund posted a total return of 9.87% for Class
A shares and 9.21% for Class B shares. The NAREIT Equity Index recorded a
total return of 9.03% 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.
Bay Apartments (apartment), Kimco Realty (retail), Highwoods Properties
(office) and Starwood Lodging Trust (hotel) enjoyed growing market demand due
to favorable earnings growth forecasts. The Fund also benefited from its
investment strategy to concentrate in key sectors that were expected to
outperform the market during 1995. Currently, the Fund is overweighted in the
apartment, office and hotel sectors and underweighted in the retail sector.
Outlook
The favorable outlook for the real estate industry translates into strong
consensus growth estimates for Funds From Operations (FFO) in the REIT market
in 1996. (FFO is the earnings indicator used in the REIT industry to measure
dividend paying ability.) REIT FFOs are forecasted to grow 8.5% over the
course of 1996.
During 1995, share prices have barely kept pace with income growth.
Current dividend yields have been slow to decline despite tremendous strength
in the broad equity markets and steady declines in long-term bond yields. The
average dividend yield for equity REITs on November 30, 1995 was 7.75%. This
represents a spread over 10-year treasury notes of 185 basis points, the
widest spread over treasury yields since the depths of the real estate
recession in 1990. REITs also offer a much wider spread over the S&P 500 than
at the beginning of the year.
We believe that improving fundamentals in the real estate industry point
to continued solid earnings growth for REITs. Additionally, income yields are
high compared to alternative investments. In the wake of the tremendous bull
market in stocks and bonds during 1995, we believe REIT share prices offer
value. We expect to continue our emphasis on the office, industrial and hotel
sectors, which offer the best prospects for income and growth. We will also
continue to focus on companies with strong management, excellent track
records and low debt levels.
24
<PAGE>
Real Estate Securities Portfolio
[typeset representation of line chart]
Phoenix Real Estate Phoenix Real Estate
Securities Portfolio Securities Portfolio
--Class A --Class B NAREIT*
03/01/95 9525 10000 10000
11/30/95 10464 10421 10903
Total Return for Period Ending 11/30/95
From Inception
3/1/95 to
11/30/95
Class A with 4.75% sales charge 4.64%
Class A at net asset value 9.87%
Class B with CDSC 4.21%
Class B at net asset value 9.21%
NAREIT Index* 9.03%
The total return for Class A shares reflects the maximum sales charge of
4.75% on the initial investment and assumes reinvestment of dividends and
capital gains. The total return for Class B shares reflects the 5% contingent
deferred sales charge (CDSC), which is applicable on all shares redeemed
during the 1st year after purchase and 4% for all shares redeemed during the
2nd year after purchase (scaled down to 3%--3rd year; 2%--4th and 5th year
and 0% thereafter). Returns indicate past performance, which is not
predictive of future performance. Investment return and net asset value will
fluctuate, so that your shares, when redeemed, may be worth more or less than
the original cost.
* The National Association of Real Estate Investment Trusts (NAREIT) Equity
Index is a commonly used, unmanaged indicator of REIT performance. The
index does not reflect sales charges.
25
<PAGE>
Real Estate Securities Portfolio
INVESTMENTS AT NOVEMBER 30, 1995
<TABLE>
<CAPTION>
SHARES VALUE
------ ------------
<S> <C> <C>
COMMON STOCKS--99.9%
REAL ESTATE INVESTMENT TRUSTS--98.6%
COMMERCIAL--20.0%
Industrial--5.0%
Security Capital Industrial Trust 25,800 $ 428,925
Weeks Corporation 16,200 368,550
-----------
797,475
-----------
Office--9.6%
Cali Realty Corp. 6,500 128,375
Duke Realty Investments, Inc. 13,600 377,400
Highwoods Properties, Inc. 21,400 564,425
Spieker Properties, Inc. 19,400 475,300
-----------
1,545,500
-----------
Storage--5.4%
Shurgard Storage Centers, Inc. 15,400 394,625
Storage USA, Inc. 16,000 486,000
-----------
880,625
-----------
TOTAL COMMERCIAL 3,223,600
-----------
DIVERSIFIED--1.7%
Colonial Properties Trust 11,100 273,338
-----------
HEALTH CARE--8.0%
Health Care Properties Inv., Inc. 18,700 626,450
Nationwide Health Properties, Inc. 16,600 659,850
-----------
1,286,300
-----------
RESIDENTIAL--36.9%
Apartments--31.3%
Avalon Properties, Inc. 16,300 317,850
Bay Apartments Community, Inc. 22,200 482,850
Camden Property Trust 14,800 305,250
Equity Residential Properties Trust 19,400 601,400
Evans Withycombe Residential, Inc. 24,000 456,000
Merry Land & Investment Co. 26,200 579,675
Oasis Residential, Inc. 23,700 494,737
Post Properties, Inc. 15,900 480,975
Security Capital Pacific Trust 26,600 512,050
South West Property Trust 25,800 322,500
United Dominion Realty Trust 33,500 473,188
-----------
5,026,475
-----------
Manufactured Homes--5.6%
Chateau Properties, Inc. 11,000 239,250
Manufactured Home Communities 11,500 201,250
Sun Communities, Inc. 18,400 460,000
-----------
900,500
-----------
TOTAL RESIDENTIAL 5,926,975
-----------
RETAIL--32.0%
Community/Neighborhood--13.7%
Developers Diversified Realty Corp. 18,200 $ 514,150
Federal Realty Investment Trust 15,800 347,600
Kimco Realty Corp. 8,300 332,000
Regency Realty Corp. 8,800 145,200
Vornado Realty Trust 13,500 479,250
Weingarten Realty Investors 8,900 304,825
Western Investment Real Estate Trust 7,300 77,562
-----------
2,200,587
-----------
Factory Outlet--3.2%
Chelsea G.C.A. Realty, Inc. 18,500 515,688
-----------
Hotels--5.3%
FelCor Suite Hotels, Inc. 11,000 319,000
Patriot American Hospitality 14,600 346,750
Starwood Lodging Trust 7,000 193,375
-----------
859,125
-----------
Regional Malls--9.8%
DeBartolo Realty Corp. 24,400 314,150
J.P. Realty, Inc. 19,900 395,513
Simon Property Group, Inc. 20,300 471,975
Taubman Centers, Inc. 42,100 394,687
-----------
1,576,325
-----------
TOTAL RETAIL 5,151,725
-----------
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Identified cost $15,570,911) 15,861,938
-----------
REAL ESTATE OPERATING COMPANY--1.3%
Hotel--1.3%
Host Marriott Corp. (b) 15,900 204,712
-----------
TOTAL REAL ESTATE OPERATING COMPANY
(Identified cost $200,892) 204,712
-----------
TOTAL COMMON STOCKS
(Identified cost $15,771,803) 16,066,650
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000)
--------- ------- --------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.1%
Commercial Paper--1.1%
Merrill Lynch & Co.,
Inc. 5.76%, 12-7-95 A-1+ $ 170 169,837
-------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $169,837) 169,837
-------------
TOTAL INVESTMENTS--101.0%
(Identified cost $15,941,640) 16,236,487(a)
Cash and receivables, less liabilities--(1.0%) (156,121)
-------------
NET ASSETS--100.0% $16,080,366
=============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $565,292 and gross
depreciation of $276,846 for federal income tax purposes. At November 30,
1995 the aggregate cost of securities for federal income tax purposes was
$15,948,041.
(b) Non-income producing.
See Notes to Financial Statements
26
<PAGE>
Real Estate Securities Portfolio
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
Assets
Investment securities at value
(Identified cost $15,941,640) $16,236,487
Cash 49,837
Receivables
Fund shares sold 292
Dividends 30,764
Receivable from adviser 16,990
Prepaid expenses 12,612
-----------
Total assets 16,346,982
-----------
Liabilities
Payables
Investment securities purchased 217,430
Fund shares repurchased 16,560
Distribution fee 4,536
Trustees' fee 4,100
Transfer agent fee 3,600
Financial agent fee 386
Accrued expenses 20,004
-----------
Total liabilities 266,616
-----------
Net Assets $16,080,366
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest 15,554,606
Undistributed net investment income 211,093
Accumulated net realized gain 19,820
Net unrealized appreciation 294,847
-----------
Net Assets $16,080,366
===========
Class A
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$13,841,668) 1,291,677
Net asset value per share $10.72
Offering price per share
$10.72/(1-4.75%) $11.25
Class B
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$2,238,698) 209,589
Net asset value and offering price per share $10.68
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 1995 TO
NOVEMBER 30, 1995
Investment Income
Dividends $ 463,802
Interest 23,054
---------
Total investment income 486,856
---------
Expenses
Investment advisory fee 51,536
Distribution fee--Class A 15,236
Distribution fee--Class B 7,771
Financial agent fee 2,061
Registration 41,733
Transfer agent 38,383
Professional 17,013
Custodian 15,621
Trustees 10,601
Printing 7,394
Miscellaneous 1,127
---------
Total expenses 208,476
Less expenses borne by investment
adviser (113,319)
---------
Net expenses 95,157
---------
Net investment income 391,699
---------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 19,820
Net unrealized appreciation on investments 294,847
---------
Net gain on investments 314,667
---------
Net increase in net assets resulting from
operations $ 706,366
=========
See Notes to Financial Statements
27
<PAGE>
Real Estate Securities Portfolio
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
3/1/95 to
11/30/95
--------------
<S> <C>
From Operations
Net investment income $ 391,699
Net realized gain 19,820
Net unrealized appreciation 294,847
-------------
Increase in net assets resulting from operations 706,366
-------------
From Distributions to Shareholders
Net investment income--Class A (192,639)
Net investment income--Class B (26,085)
-------------
Decrease in net assets from distributions to shareholders (218,724)
-------------
From Share Transactions
Class A
Proceeds from sales of shares (1,293,809 shares) 13,414,115
Net asset value of shares issued from reinvestment of distributions (17,043
shares) 180,926
Cost of shares repurchased (19,175 shares) (210,731)
-------------
Total 13,384,310
-------------
Class B
Proceeds from sales of shares (208,805 shares) 2,200,102
Net asset value of shares issued from reinvestment of distributions (1,955
shares) 20,860
Cost of shares repurchased (1,171 shares) (12,548)
-------------
Total 2,208,414
-------------
Increase in net assets from share transactions 15,592,724
-------------
Net increase in net assets 16,080,366
Net Assets
Beginning of period 0
-------------
End of period (including undistributed net investment income of $211,093) $16,080,366
=============
</TABLE>
See Notes to Financial Statements
28
<PAGE>
Real Estate Securities Portfolio
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A Class B
------------------ -------------------
From From
Inception Inception
3/1/95 3/1/95
to 11/30/95 to 11/30/95
------------------ -------------------
<S> <C> <C>
Net asset value, beginning of period $10.00 $10.00
Income from investment operations
Net investment income 0.43((1)(5)) 0.36((1)(5))
Net realized and unrealized gain 0.55 0.56
---------------- -----------------
Total from investment operations 0.98 0.92
---------------- -----------------
Less distributions
Dividends from net investment income (0.26) (0.24)
---------------- -----------------
Total distributions (0.26) (0.24)
---------------- -----------------
Change in net asset value 0.72 0.68
---------------- -----------------
Net asset value, end of period $ 10.72 $10.68
================ =================
Total return((2)) 9.87%((4)) 9.21%((4))
Ratios/supplemental data:
Net assets, end of period (thousands) $13,842 $2,239
Ratio to average net assets of:
Operating expenses 1.30%((3)) 2.05%((3))
Net investment income 5.79%((3)) 5.03%((3))
Portfolio turnover 9%((4)) 9%((4))
</TABLE>
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.12 and $0.12, respectively.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
((5)) Computed using average shares outstanding.
See Notes to Financial Statements
29
<PAGE>
PHOENIX EMERGING MARKETS BOND PORTFOLIO
Fund Description
Phoenix Emerging Markets Bond Portfolio, our newest fixed-income fund,
seeks high current income and long-term capital appreciation by investing in
emerging debt markets. The Fund currently concentrates its investments in
three main geographic areas: Latin America, Central and Eastern Europe, and
developing Asian countries.
Investment Environment
Earlier this year, currency and liquidity problems in some developing
countries caused significant volatility within the Latin American debt
market. Overall, the performance for emerging market debt was significantly
depressed during the first quarter of 1995, but has since rebounded strongly
and has outperformed the overall domestic fixed income market on a
year-to-date basis. The year-to-date and twelve months returns ended November
30, 1995 for the J.P. Morgan Emerging Markets Bond Index Plus were 18.38% and
10.72%, respectively. For the same periods, the Lehman Brothers Aggregate
Bond Index has provided total returns of 16.84% and 17.65%.
Portfolio Review
Phoenix Emerging Bond Markets Portfolio was successfully launched on
September 5, 1995, and performed solidly during its start-up phase. From its
inception on September 5, 1995 through November 30, 1995, Class A shares
provided a total return of 4.40% and Class B shares returned 4.22%. Over the
same period, the J.P. Morgan Emerging Markets Bond Index Plus returned 5.78%.
All of these figures assume reinvestment of any distributions, but exclude
the effect of sales charges.
During this fiscal reporting period, we focused on countries whose
economies and fiscal health continue to improve. Specifically, the portfolio
had significant exposure to Latin America (Brazil, Argentina, Mexico), Europe
(Poland, Bulgaria), Russia and Asia (Indonesia, Philippines). Approximately
one half of the portfolio's assets were invested in Brady bonds.
Outlook
In the months ahead, we expect to continue to focus on Latin America. In
Brazil, we are encouraged by the success of the economic stabilization plan,
the "Plano Real." During his first year in office, President Cardoso, the
architect of "Plano Real," and his economic team have had considerable
success in securing congressional passage of long-term economic and legal
reforms. Substantial progress has been made in privatizing state-owned
companies, opening the trade sector and in reforming government
administration and pension laws. Looking forward, continued reform of
government administration and pension laws should translate into improved
budgetary performance. This in turn should facilitate the reduction of
domestic debt levels and an improving credit picture for Brazil.
Argentina is beginning to recover from a year of recession. We are further
encouraged by the relative low level of inflation. President Menem's May 1995
reelection and his party's control in both houses of Congress provide a
strong basis for continued economic, legal, administrative and tax reforms.
While Mexico has had political and economic turmoil in 1995, we believe
that the economy should improve in 1996, particularly with strong support
from the U.S. The political situation remains a wild card, but we believe
that political reform will progress as well. Recently Mexico regained access
to international capital markets, a highly positive step.
Outside of Latin America, we look with continued interest at investments
in Russia. While the news remains mixed, we are encouraged by the expected
economic and political reforms. Overall, we believe that in the coming year,
the emerging markets segment will be one of the better performers in the
fixed-income markets.
Total Return for Period Ending 11/30/95
From Inception
9/5/95 to
11/30/95
- --------------------------------------------------------------
Class A with 4.75% sales charge (0.57)%
- --------------------------------------------------------------
Class A at net asset value 4.40%
- --------------------------------------------------------------
Class B with CDSC (0.77)%
- --------------------------------------------------------------
Class B at net asset value 4.22%
- --------------------------------------------------------------
JP Morgan Emerging Markets Bond Index Plus* 5.78%
- --------------------------------------------------------------
The total return for Class A shares reflects the maximum sales charge of
4.75% on the initial investment and assumes reinvestment of dividends and
capital gains. The total return for Class B shares reflects the 5% contingent
deferred sales charge (CDSC), which is applicable on all shares redeemed
during the 1st year after purchase and 4% for all shares redeemed during the
2nd year after purchase (scaled down to 3%--3rd year; 2%--4th and 5th year
and 0% thereafter). Returns indicate past performance, which is not
predictive of future performance. Investment return and net asset value will
fluctuate, so that your shares, when redeemed, may be worth more or less than
the original cost.
* The JP Morgan Emerging Markets Bond Index Plus tracks total returns for
traded external debt instruments in the emerging markets. Included in the
index are U.S. dollar- and other external-denominated Brady bonds, loans,
Eurobonds, and local markets instruments. The index does not reflect sales
charges.
30
<PAGE>
Emerging Markets Bond Portfolio
INVESTMENTS AT NOVEMBER 30, 1995
<TABLE>
<CAPTION>
MOODY'S PAR
RATING VALUE
(Unaudited) (000) VALUE
--------- ----- --------------
<S> <C> <C> <C>
FOREIGN NON-CONVERTIBLE BONDS--22.7%
Indonesia--3.1%
Asia Pulp & Paper Co. Yankee
11.75%, '05 (Paper & Forest
Products) Ba $ 400 $ 394,000
-------------
Mexico--18.8%
Banco Mexico 7.25%, '04
(Banks) Ba 2,100 1,580,250
Cemex SA 8.875%, '98
(Industrial) Ba 450 420,750
Ispat Mexicana SA Euro
10.375%, '01 (Steel) NR 450 396,000
-------------
2,397,000
-------------
Philippines--0.8%
Philippine CE Casecnan Water
11.95%, '10 (Utility) NR 100 100,250
-------------
TOTAL FOREIGN NON-CONVERTIBLE BONDS
(Identified cost $2,906,168) 2,891,250
-------------
FOREIGN GOVERNMENT SECURITIES--72.2%
Argentina--18.2%
Argentina Bocon Pre2
Debenture, PIK interest
capitalization, 5.6875%, '01
(c) NR 1,670 1,232,404
Republic of Argentina Global
Euro 8.375%, '03 B 400 324,520
Republic of Argentina Par L-GP
5%, '23 (c) B 1,200 630,750
Republic of Argentina L Euro
6.81250%, '05 (c) B 200 130,750
-------------
2,318,424
-------------
Brazil--21.7%
Republic of Brazil Exit Euro
6%, '13 NR 500 265,000
Republic of Brazil DCB-L Euro
6.875%, '12 (c) NR 750 405,937
Republic of Brazil, interest
capitalization, Series C Euro
8%, '14 NR 2,547 1,351,449
Republic of Brazil El-L Euro
6.81250%, '06 (c) NR 625 413,672
Republic of Brazil Par Z-L
Euro 4.25%, '24 (c) NR 650 325,406
-------------
2,761,464
-------------
Bulgaria--6.1%
Bulgaria FLIRB-A Bear Euro 2%,
'12 (c) NR 1,500 415,350
Bulgaria--continued
Republic of Bulgaria IAB, PDI
Euro 6.75%, '11 (c) NR $ 810 $ 361,969
-------------
777,319
-------------
Costa Rica--0.9%
Banco Central Costa Rica
Principal A 6.25%, '10 NR 200 119,000
-------------
Ecuador--7.1%
Ecuador Global Par Euro 3%,
'25 (c) NR 600 204,000
Republic of Ecuador PDI Euro,
interest capitalization,
7.25%, '15 (c) NR 2,104 697,140
-------------
901,140
-------------
Panama--2.0%
Republic of Panama
Non-performing Loans (b) NR 400 261,000
-------------
Peru--1.6%
Peru Citibank Non-performing
Loans (b) NR 300 202,500
-------------
Philippines--2.7%
Central Bank Philippines
FLIRB-B Euro 5%, '08 NR 450 345,960
-------------
Poland--6.5%
Poland RSTA 2.75%, '24 (c) NR 850 405,875
Poland PDI B 3.75%, '14 (c) NR 650 419,656
-------------
825,531
-------------
Russia--5.4%
Vnescheconombank Loans Yankee
(b) NR 2,200 694,375
-------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $8,906,623) 9,206,713
-------------
TOTAL LONG-TERM INVESTMENTS--94.9%
(Identified cost $11,812,791) 12,097,963
-------------
SHORT-TERM OBLIGATIONS--8.9%
Commercial Paper--8.9%
Philip Morris Cos., Inc.
5.73%, 12-4-95 P-1 410 409,804
Merrill Lynch & Co., Inc.
5.76%, 12-7-95 P-1 465 464,554
BellSouth Telecommunications,
Inc. 5.71%, 12-20-95 P-1 265 264,201
-------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,138,559) 1,138,559
-------------
TOTAL INVESTMENTS--103.8%
(Identified cost $12,951,350) 13,236,522(a)
Cash and receivables, less liabilities--(3.8%) (491,682)
-------------
NET ASSETS--100.0% $12,744,840
=============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $629,857 and gross
depreciation of $346,185 for income tax purposes. At November 30, 1995,
the aggregate cost of securities for federal income tax purposes was
$12,952,850.
(b) Non-income producing.
(c) Variable or step coupon bond; interest rate reflects the rate currently
in effect.
See Notes to Financial Statements
31
<PAGE>
Emerging Markets Bond Portfolio
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
Assets
Investment securities at value
(Identified cost $12,951,350) $13,236,522
Receivables
Fund shares sold 174,947
Interest 515,346
Receivable from adviser 5,625
Prepaid expenses 41,385
-----------
Total assets 13,973,825
-----------
Liabilities
Payables
Custodian 29,075
Investment securities purchased 1,173,215
Fund shares repurchased 193
Trustees' fee 3,000
Transfer agent fee 3,000
Distribution fee 2,572
Financial agent fee 284
Accrued expenses 17,646
-----------
Total liabilities 1,228,985
-----------
Net Assets $12,744,840
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest $12,506,388
Undistributed net investment income 5,701
Accumulated net realized loss (52,421)
Net unrealized appreciation 285,172
-----------
Net Assets $12,744,840
===========
Class A
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$12,148,841) 1,193,158
Net asset value per share $10.18
Offering price per share
$10.18/(1-4.75%) $10.69
Class B
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets $595,999) 58,553
Net asset value and offering price per share $10.18
STATEMENT OF OPERATIONS
FROM INCEPTION SEPTEMBER 5, 1995 TO
NOVEMBER 30, 1995
Investment Income
Interest $307,790
--------
Total investment income 307,790
--------
Expenses
Investment advisory fee 19,244
Distribution fee--Class A 6,278
Distribution fee--Class B 548
Financial agent fee 770
Registration 15,328
Transfer agent 9,180
Professional 8,779
Printing 4,500
Custodian 4,480
Trustees 3,500
Miscellaneous 2,076
--------
Total expenses 74,683
Less expenses borne by investment
adviser (35,783)
--------
Net expenses 38,900
--------
Net investment income 268,890
--------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (47,814)
Net unrealized appreciation on investments 285,172
--------
Net gain on investments 237,358
--------
Net increase in net assets resulting from
operations $506,248
========
See Notes to Financial Statements
32
<PAGE>
Emerging Markets Bond Portfolio
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
9/5/95 to
11/30/95
--------------
<S> <C>
From Operations
Net investment income $ 268,890
Net realized loss (47,814)
Net unrealized appreciation 285,172
-------------
Increase in net assets resulting from operations 506,248
-------------
From Distributions to Shareholders
Net investment income--Class A (273,459)
Net investment income--Class B (6,598)
-------------
Decrease in net assets from distributions to shareholders (280,057)
-------------
From Share Transactions
Class A
Proceeds from sales of shares (1,168,270 shares) 11,682,486
Net asset value of shares issued from reinvestment of distributions (26,928
shares) 269,932
Cost of shares repurchased (2,040 shares) (19,703)
-------------
Total 11,932,715
-------------
Class B
Proceeds from sales of shares (58,050 shares) 580,946
Net asset value of shares issued from reinvestment of distributions (592 shares) 5,911
Cost of shares repurchased (89 shares) (923)
-------------
Total 585,934
-------------
Increase in net assets from share transactions 12,518,649
-------------
Net increase in net assets 12,744,840
Net Assets
Beginning of period 0
-------------
End of period (including undistributed net investment income of $5,701) $12,744,840
=============
</TABLE>
See Notes to Financial Statements
33
<PAGE>
Emerging Markets Bond Portfolio
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A Class B
------------ -------------
From From
Inception Inception
9/5/95 to 9/5/95 to
11/30/95 11/30/95
------------ -------------
<S> <C> <C>
Net asset value, beginning of period $10.00 $10.00
Income from investment operations
Net investment income 0.25((1)(5)) 0.22((1)(5))
Net realized and unrealized gain 0.18 0.20
---------- ------------
Total from investment operations 0.43 0.42
---------- ------------
Less distributions
Dividends from net investment income (0.25) (0.24)
---------- ------------
Total distributions (0.25) (0.24)
---------- ------------
Change in net asset value 0.18 0.18
---------- ------------
Net asset value, end of period $ 10.18 $10.18
========== ============
Total return((2)) 4.40%((4)) 4.22%((4))
Ratios/supplemental data:
Net assets, end of period (thousands) $12,149 $596
Ratio to average net assets of:
Operating expenses 1.50%((3)) 2.25%((3))
Net investment income 10.48%((3)) 10.29%((3))
Portfolio turnover 38%((4)) 38%((4))
</TABLE>
((1)) Includes reimbursement of operating expenses by investment adviser of
$0.03 and $0.03, respectively.
((2)) Maximum sales charges are not reflected in the total return
calculation.
((3)) Annualized
((4)) Not annualized
((5)) Computed using average shares outstanding.
See Notes to Financial Statements
34
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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, seven Portfolios are offered for sale: Tax-Exempt Bond
Portfolio, Capital Appreciation Portfolio, International Portfolio, Real
Estate Securities Portfolio, Emerging Markets Bond Portfolio, Endowment
Equity Portfolio and Diversified Income Portfolio. The Endowment Equity
Portfolio and Diversified Income Portfolio are reported separately from these
financial statements.
The Trust 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:
Equity securities traded on an exchange or quoted on the over-the-counter
market are valued at the last sale price, or if there had been no sale that
day, at the last bid price. Debt 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, operating losses 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- 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 or if the counterparty does not perform under the
contract.
A forward currency contract involves an obligation to purchase or sell a
specific currency at a future date, which
35
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
November 30, 1995 (Continued)
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 or
offset with the same counterparty, 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 or offset.
G. Futures contracts:
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. A Portfolio may enter into
financial futures contracts as a hedge against anticipated changes in the
market value of their portfolio securities. Upon entering into a futures
contract the 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.
The potential risk to the Portfolio is that the change in value of the
futures contract may not correspond to the change in value of the hedged
instruments.
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 interest 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
November 30, 1995, the Trust had the following market value of security loans
and collateral:
Value of
Securities Value of
on Loan Collateral
---------- -----------
Capital Appreciation Portfolio $7,569,190 $7,965,476
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 $1-2 $2+
$1 Billion Billion Billion
---------- ---------- -----------
Tax-Exempt Bond Portfolio 0.45% 0.40% 0.35%
Capital Appreciation Portfolio 0.75% 0.70% 0.65%
International Portfolio 0.75% 0.70% 0.65%
Real Estate Securities Portfolio 0.75% 0.70% 0.65%
Emerging Markets Bond 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.
The respective Advisers have agreed to reimburse the Real Estate
Securities Portfolio and the Emerging Markets Bond Portfolio to the extent
that total expenses (excluding interest, taxes, brokerage fees and
commissions and extraordinary expenses) exceed 1.30% and 1.50%, respectively,
of the average daily net assets for Class A shares and 2.05% and 2.25%,
respectively, 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 $180,073
for Class A shares and deferred sales charges of $20,183 for Class B shares
for the year ended November 30, 1995. In addition, each Portfolio pays PEPCO
a distribution fee at 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 year ended November 30, 1995, $515,858 was retained by the Distributor
and $1,468,192 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
36
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
November 30, 1995 (Continued)
average daily net assets of each Portfolio 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 year ended November 30, 1995,
transfer agent fees were $2,007,815 of which PEPCO retained $637,321 which is
net of fees paid to State Street.
At November 30, 1995, PHL and its affiliates held Phoenix Multi-Portfolio
Fund shares which aggregated the following:
Aggregate
Shares Net Asset Value
-------------- ---------------
Tax-Exempt Bond
Portfolio--Class A 371,854 $ 4,239,136
International
Portfolio--Class A 1,053,230 12,849,406
Real Estate Securities
Portfolio--Class A 502,186 5,383,434
Portfolio--Class B 10,227 109,224
Emerging Markets Bond
Portfolio--Class A 1,015,274 10,335,489
Portfolio--Class B 10,238 104,223
3. PURCHASE AND SALES OF SECURITIES
Purchases and sales of securities during the year ended November 30, 1995
(excluding U.S. Government securities, short-term securities, futures
contracts and forward currency contracts) aggregated the following:
Purchases Sales
----------- ------------
Tax-Exempt Bond Portfolio $ 36,487,305 $ 47,982,881
Capital Appreciation Portfolio 866,554,024 875,385,061
International Portfolio 294,882,352 321,372,557
Real Estate Securities Portfolio 16,564,632 812,660
Emerging Markets Bond Portfolio 16,018,553 4,232,306
There were no purchases or sales of long-term U.S. Government securities
during the year ended November 30, 1995.
At November 30, 1995, the Tax-Exempt Bond Portfolio had entered into
futures contracts as follows:
U.S. Treasury Value of Market Net
Future Number of Contracts Value of Unrealized
Contracts Sold Contracts when Opened Contracts Depreciation
--------------- ----------- ------------ ------------ ---------------
March, 96 85 $10,019,375 $10,128,281 $(108,906)
4. FORWARD CURRENCY CONTRACTS
As of November 30, 1995, the International Portfolio had entered into the
following forward currency contracts which contractually obligate the Fund to
deliver currencies at specified dates:
Net
In Unrealized
Contracts Exchange Settlement Appreciation
to Deliver For Date Value (Depreciation)
------------- --------- --------- --------- -------------
SK 28,400,000 US$ 4,246,285 2/1/96 4,327,908 $(81,623)
YEN 313,198,270 US$ 3,153,426 1/4/96 3,101,852 51,574
YEN 816,000,000 US$ 8,099,255 3/1/96 8,150,896 (51,641)
------------
$(81,690)
============
YEN = Japanese Yen
SK = Swedish Krona
As of November 30, 1995, the International Portfolio had $1,384,083 in
foreign currency segregated as collateral to cover the open forward currency
contracts.
5. RECLASS OF CAPITAL ACCOUNTS
In accordance with accounting pronouncements, the Portfolios of the Trust
have recorded several reclassifications in the capital accounts. These
reclassifications have no impact on the net asset value of the Portfolios and
are designed generally to present undistributed income and realized gains on
a tax basis which is considered to be more informative to the shareholder. As
of November 30, 1995, the Portfolios recorded the following reclassifications
to increase (decrease) the accounts listed below:
Undistributed Accumulated Capital paid
net net realized in on shares
investment gains of beneficial
income (losses) interest
------------- ------------ -------------
Tax-Exempt Bond
Portfolio $ (131,904) $ (40,616) $ 172,520
Capital Appreciation
Portfolio (1,079,319) 1,079,963 (644)
International
Portfolio (503,947) 1,187,570 (683,623)
Real Estate Securities
Portfolio 38,118 -- (38,118)
Emerging Markets Bond
Portfolio 16,868 (4,607) (12,261)
TAX NOTICE (Unaudited)
For the fiscal year ended November 30, 1995, the Tax-Exempt Bond Portfolio
distributed $8,201,736 of exempt-interest dividends and $88,660 of long-term
capital gain dividends.
For the fiscal year ended November 30, 1995 the International Portfolio
distributed $3,584,697 of long-term capital gain dividends.
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.
37
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
[Price Waterhouse LLP logo]
To the Trustees and Shareholders of
Phoenix Multi-Portfolio Fund
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments (except for bond ratings), and the
related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of the Tax-Exempt Bond Portfolio, the Capital Appreciation
Portfolio, the International Portfolio, the Real Estate Securities Portfolio
and the Emerging Markets Bond Portfolio (constituting separate series of the
Multi-Portfolio Fund, hereafter referred to as the "Fund") at November 30,
1995, and the results of each of their operations, the changes in each of
their net assets and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at November 30, 1995 by correspondence with the
custodians and brokers (and the application of alternative auditing
procedures where confirmations from brokers were not received), provide a
reasonable basis for the opinion expressed above.
/s/ Price Waterhouse LLP
Boston, Massachusetts
January 16, 1996
38
<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
Martin J. Gavin, Executive Vice President
Michael E. Haylon, Executive Vice President
William J. Newman, Senior Vice President
David L. Albrycht, Vice President
Curtiss O. Barrows, Vice President
James M. Dolan, Vice President
Jeanne H. Dorey, 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.
56 Prospect St.
Hartford, CT 06115-0480
Phoenix Realty Securities, Inc.
(Real Estate Securities Portfolio)
38 Prospect St.
Hartford, CT 06115-0479
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 & Johnson, LLP
Suite 400 East
1025 Thomas Jefferson Street N.W.
Washington, D.C. 20007-0805
Independent Accountants
Price Waterhouse LLP
160 Federal Street
Boston, MA 02110
<PAGE>
-----------------------------------------------------------------------
PHOENIX MULTI-PORTFOLIO FUND
DIVERSIFIED INCOME PORTFOLIO
Annual Report
November 30, 1995
-----------------------------------------------------------------------
Phoenix Duff & Phelps
<PAGE>
PHOENIX DIVERSIFIED INCOME PORTFOLIO
- ------------------------------------
Fund Description
- ----------------
The Diversified Income Portfolio invests in a wide variety of
fixed-income securities. These securities may include treasury,
agency, corporate 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 twelve-month reporting period ended November 30, 1995,
the fixed-income investment environment has improved dramatically. A
favorable combination of slowing economic growth and moderate
inflation has translated into a strong bond market rally. This rally
could be significantly enhanced if Congress passes significant
deficit reduction legislation. Also, the recent strength of the U.S.
dollar is a positive factor for continued moderate inflation.
Portfolio Review
- ----------------
For the twelve months ended November 30, 1995, the Fund produced a total
return of 16.65%. This compares with a return of 17.65% for the Lehman Brothers
Aggregate Bond Index. All of these figures assume reinvestment of any
distributions, but exclude the effect of sales charges. Our modest
underperformance was due to overweighting in sectors that exhibited weaker
returns over the past twelve months, including emerging debt markets and U.S.
treasury bonds. Also contributing to the underperformance was limited exposure
to investment-grade corporates. Positive contributors to the portfolio were
holdings in commercial mortgage-backed securities and high-yield corporate
bonds.
In the months ahead, we expect to de-emphasize U.S. treasury securities in
favor of other more attractive market sectors. Currently, we have increased
exposure to commercial mortgage-backed securities as positive market technicals
have resulted in attractive valuations. We also continue to overweight the
yankee bond sector. Our focus is on Argentinean, Brazilian and Polish Brady
bonds, given the improving political and economic momentum in these countries.
Lastly, we have increased our exposure to high-yield securities owing to
attractive valuations within "BB" rated issues.
Portfolio Note
- --------------
As noted in our last report, the Fund's remaining shareholder redeemed all
its shares in July. Subsequently, the Fund was seeded with $5 million from
Phoenix Home Life. The Fund currently has a broadly diversified portfolio, with
investments in all sectors of the fixed-income market. On balance, portfolio
holdings have an intermediate term, with an average duration of approximately
five years.
<PAGE>
DIVERSIFIED INCOME PORTFOLIO
- -------------------------------------------------------------------------
[Plot points for line chart]
Diversified Income Lehman Bros Aggregate Bond Index
4/1/93 10,000 10,000
11/30/93 10,535 10,482
11/30/94 9,981 10,162
11/30/95 11,643 11,955
Average Annual Total Returns for Periods Ending
11/30/95
From Inception
4/1/93 to
1 Year 11/30/95
- -------------------------------------------------------------------------
Diversified come 16.65% 5.53%
Income
- -------------------------------------------------------------------------
Lehman Brothers Aggregate Bond 17.65% 6.93%
Index*
- -------------------------------------------------------------------------
This chart assumes an initial gross investment of $10,000 made on 4/1/93
(inception of the Fund). Returns shown include the reinvestment of all
distributions at net asset value and the change in share price for the stated
period. Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original cost. * The
Lehman Brothers Aggregate Bond Index is an unmanaged but commonly used measure
of bond performance. It is a combination of several Lehman Brothers fixed income
indices. The index's performance does not include sales charges.
2
<PAGE>
PHOENIX DIVERSIFIED INCOME PORTFOLIO
- ------------------------------------------------------------------------------
INVESTMENTS AT NOVEMBER 30, 1995
<TABLE>
<CAPTION>
MOODY'S
BOND PAR
RATING VALUE
(unaudited) (000) VALUE
----------- ----- -----
<S> <C> <C> <C> <C>
U.S. GOVERNMENT SECURITIES 2.5%
U.S. Treasury Bonds 0.5%
U.S. Treasury Bonds 6.875%, '25 Aaa $25 $27,514
---------
U.S. Treasury Notes 2.0%
U.S. Treasury Notes 6%, '97 Aaa 100 100,995
---------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $127,383) 128,509
---------
NON-CONVERTIBLE BONDS 57.8%
Hospital Management & Services 5.2%
Healthsouth Rehabilitation Sr. Ba 125 133,281
Sub Notes 9.50%, '01
Tenet Healthcare Corp. Sr. Note Ba 125 136,094
9.625%, '02
---------
269,375
---------
Non-Agency Mortgage-Backed 42.1%
Securities
Bear Stearns Mortgage 144A BB(b) 242 211,088
95-1,2 B3 7.40%, '10 (d)
Chase Mortgage Finance 92-2, B2 144A AA(b) 234 240,744
8.02%, '23 (d)
Conseco Commercial Mortgage AA(b) 250 267,500
89-1, A3 9.70%, '15
Kidder Peabody 93-6, B4 144A BBB(b) 243 239,801
7.7841%, '23 (d)
Residential Funding Mortgage AA(b) 47 47,347
93-MZ2, A1 7.47%, '23
Resolution Trust Corp. 91-M5, B A 220 230,961
9%, '17
Resolution Trust Corp. 92-C3, B AA(b) 229 235,025
9.05%, '23
Resolution Trust Corp. 93-C1, B Aa 200 207,494
8.75%, '24
Resolution Trust Corp. 94-C2, C A 100 103,250
8%, '25
Resolution Trust Corp. 95-C1, B Aa 250 251,016
6.90%, '27
Resolution Trust Corp. 95-2, C1 Aa 147 144,311
7.45%, '29
---------
2,178,537
---------
Paper & Forest Products 2.4%
Buckeye Cellulos 8.50%, '05 Ba 125 125,937
---------
Publishing, Broadcasting, Printing 3.9%
& Cable
Lenfest Communications 8.375%, Ba 200 199,500
'05
---------
Telecommunications Equipment 1.6%
Panamsat L.P. Sr. Note 9.75%, Ba 80 84,200
'00
---------
Utility-Gas 2.6%
Crown Central Petroleum Ba 125 131,719
10.875%, '05
---------
TOTAL NON-CONVERTIBLE BONDS
(Identified cost $2,961,774) 2,989,268
---------
FOREIGN GOVERNMENT SECURITIES 13.4%
Argentina 3.2%
Republic of Argentina Bearer BB(b) 250 163,438
6.8125%, '05(c)
---------
Brazil 3.8%
Republic of Brazil EI-L Euro NR 300 198,562
6.8125%, '06(c)
---------
Mexico 3.3%
United Mexican Discount B Euro Ba 250 172,344
6.76563%, '19(c)
---------
Poland 3.1%
Poland PDI B 3.75%, '14(c) NR 250 161,406
---------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $673,998) 695,750
---------
</TABLE>
See Notes to Financial Statements 3
<PAGE>
PHOENIX DIVERSIFIED INCOME PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENTS AT NOVEMBER 30, 1995
<TABLE>
<CAPTION>
MOODY'S
BOND PAR
RATING VALUE
(unaudited) (000) VALUE
----------- ----- -----
<S> <C> <C> <C> <C>
FOREIGN NON-CONVERTIBLE BONDS 9.8%
Columbia 5.0%
Financiera Energ Nacional EMTN BBB(b) $250 $260,625
144A 9%, '99 (d)
---------
Singapore 4.8%
Asia Pulp & Paper Co. Yankee Ba 250 246,250
11.75%, '05
---------
TOTAL FOREIGN NON-CONVERTIBLE BONDS
(Identified cost $506,563) 506,875
---------
MUNICIPAL BONDS 15.7%
California 6.7%
Kern County Pension Obligation Aaa 150 152,064
7.26%, '14
Long Beach Pension 7.09%, '09 Aaa 190 192,837
---------
344,901
---------
New York 4.9%
Beth Israel Medical Center, Aaa 250 252,867
Taxable 7.58%, '15
---------
Pennsylvania 4.1%
Pennsylvania Economic
Development
Taxable 10.375%, '12 NR 200 210,456
---------
TOTAL MUNICIPAL BONDS
(Identified cost $786,974) 808,224
---------
TOTAL LONG-TERM INVESTMENTS 99.2%
(Identified cost $5,056,692) 5,128,626
---------
SHORT-TERM OBLIGATIONS 6.1%
Federal Agency Securities 6.1%
Federal Home Loan Banks 5.80%, 315 315,000
12-1-95
---------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $315,000) 315,000
---------
TOTAL INVESTMENTS 105.3%
(Identified cost $5,371,692) 5,443,626(a)
Cash and receivables, less -5.3% (274,051)
liabilities
---------
NET ASSETS 100.0% $5,169,575
=========
</TABLE>
(a)Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $76,445 and gross
depreciation of $22,166 for federal income tax purposes. At November 30,
1995, the aggregate cost of securities for federal income tax purposes
was $5,389,347. At November 30, 1995, the portfolio had capital loss
carryforwards, which may be subject to annual limitations, aggregating
$166,897 available to offset future capital gains which expire as
follows: $54,091 in 2002 and $112,806 in 2003.
(b)As rated by Standard & Poor's,
Fitch, or Duff & Phelps
(c)Variable or step coupon bond; interest rate shown
reflects the rate currently in effect
(d)Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At November 30,
1995, these securities amounted to a value of $952,258 or 18.4% of net
assets.
See Notes to Financial Statements 4
<PAGE>
Phoenix Diversified Income Portfolio
- -------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
Assets
Investment securities at value
(Identified cost $5,371,692) $5,443,626
Cash 3,341
Receivables
Interest 61,379
Receivable from adviser 19,194
-----------
Total assets 5,527,540
-----------
Liabilities
Payables
Investment securities purchased 334,656
Trustees' fee 4,100
Investment advisory fee 2,108
Transfer agent fee 1,600
Financial agent fee 126
Accrued expenses 15,375
-----------
Total liabilities 357,965
-----------
Net $5,169,575
Assets
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest $5,271,795
Undistributed net investment income 10,398
Accumulated net realized loss (184,552)
Net unrealized appreciation 71,934
-----------
Net $5,169,575
Assets
===========
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization 547,240
Net asset value and offering price per share $9.45
See Notes to Financial Statements 5
<PAGE>
Phoenix Diversified Income Portfolio
- -------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED
NOVEMBER 30, 1995
Investment Income
Interest $207,535
-----------
Total investment income 207,535
-----------
Expenses
Investment advisory fee 12,581
Financial agent fee 755
Registration 19,114
Transfer agent 18,169
Professional 18,076
Trustees 14,664
Printing 9,158
Custodian 5,628
Miscellaneous 1,682
-----------
Total expenses 99,827
Less expenses borne by investment adviser (83,472)
-----------
Net expenses 16,355
-----------
Net investment income 191,180
-----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (129,893)
Net unrealized appreciation on investments 230,771
-----------
Net gain on investments 100,878
-----------
Net increase in net assets resulting from operations $292,058
===========
See Notes to Financial Statements 6
<PAGE>
Phoenix Diversified Income Portfolio
- -------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended Year Ended
November 30, 1995 November 30, 1994
<S> <C> <C>
From Operations
Net investment income $191,180 $124,894
Net realized loss (129,893) (54,272)
Net unrealized appreciation (depreciation) 230,771 (171,440)
----------- ------------
Increase (decrease) in net assets resulting from 292,058 (100,818)
operations
----------- ------------
From Distributions to Shareholders
Net investment income (192,506) (115,521)
Net realized gains -- (11,393)
----------- ------------
Decrease in net assets from distributions to (192,506) (126,914)
shareholders
----------- ------------
From Share Transactions
Proceeds from sales of shares (532,482 and 0, 5,000,000 --
respectively)
Net asset value of shares issued from reinvestment of
distributions
(20,765 and 12,085 shares, respectively) 192,501 114,561
Cost of shares repurchased
(204,479 and 10,040 shares, respectively) (1,902,635) (95,501)
----------- ------------
Increase in net assets from share transactions 3,289,866 19,060
----------- ------------
Net increase (decrease) in net assets 3,389,418 (208,672)
Net
Assets
Beginning of period 1,780,157 1,988,829
----------- ------------
End of period (Including undistributed net investment
income of $10,398 and $9,859, respectively.) $5,169,575 $1,780,157
=========== ============
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix Diversified Income Portfolio
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
From
Year Year Inception
Ended Ended 4/1/93 to
November 30, 1995 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 0.91 (1) 0.63(1) 0.40(1)
Net realized and unrealized gain (loss) 0.51 (1.13) 0.12
---- ----- ----
Total from investment operations 1.42 (0.50) 0.52
---- ----- ----
Less distributions
Dividends from net investment income (0.94) (0.59) (0.40)
Distributions from net realized gains -- (0.06) --
----- ----- ------
Total distributions (0.94) (0.65) (0.40)
----- ----- -----
Change in net asset value 0.48 (1.15) 0.12
---- ----- ----
Net asset value, end of period $ 9.45 $ 8.97 $10.12
====== ====== ======
Total return 16.65% -5.26% 5.35%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $5,170 $1,780 $1,989
Ratio to average net assets of:
Operating expenses 0.65% 0.65% 0.65%(2)
Net investment income 7.60% 6.64% 6.13%(2)
Portfolio turnover 618% 124% 183%(2)
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of $0.40,
$0.34 and $0.35, respectively.
(2) Annualized
(3) Not annualized
See Notes to Financial Statements 8
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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, the Trust includes seven Portfolios: Endowment Equity Portfolio,
Diversified Income Portfolio (formerly the Endowment Fixed-Income Portfolio),
Tax-Exempt Bond Portfolio, International Portfolio, Capital Appreciation
Portfolio, Emerging Markets Bond Portfolio and Real Estate Securities Portfolio.
This report only covers the Diversified Income Portfolio (the "Portfolio").
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:
Debt 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 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. The Portfolio does not amortize premiums but does
amortize discounts using the effective interest method. Realized gains or losses
are determined on the identified cost basis.
C. Security lending:
The Portfolio loans securities to qualified brokers through an agreement
with State Street Bank & Trust (the Custodian). Under the terms of the
agreement, the Portfolio 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 interest income by the Portfolio
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 November 30, 1995, the Diversified Income Portfolio had no
security loans outstanding.
D. Income taxes:
The Portfolio is treated as a separate taxable entity. It is the policy of
the Portfolio 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, the
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 the 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 expiring capital loss carryforwards,
foreign currency gain/loss, 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.
9
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
DIVERSIFIED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
November 30, 1995 (Continued)
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Trust, the Adviser,
Phoenix Investment Counsel, Inc., an indirect less than wholly-owned subsidiary
of Phoenix Home Life Insurance Company ("PHL") is entitled to a fee, based on an
annual rate of 0.50% of the average daily net assets of the Diversified Income
Portfolio. The Adviser has agreed to reimburse the Diversified Income Portfolio
to the extent that expenses exceed 0.65% of the average daily net assets.
As Financial Agent to the Trust and to the 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 year ended November 30, 1995, the
Portfolio's transfer agent fees were $18,169 which were all paid to State
Street.
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the year ended November 30, 1995
(excluding U.S. Government securities and short-term securities) were $7,231,784
and $3,436,062, respectively.
Purchases and sales of U.S. Government securities during the year ended
November 30, 1995 were $11,024,257 and $11,533,593, respectively.
4. OTHER
As of November 30, 1995, all shares of the Diversified Income Portfolio
are owned by PHL. On July 14, 1995, PHL seeded the Portfolio with $5,000,000. On
May 24, 1995, the Trustees voted to change the name of the Phoenix 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.
5. RECLASS OF CAPITAL ACCOUNTS
In accordance with accounting pronouncements, the Portfolio has recorded
several reclassifications in the capital accounts. These reclassifications have
no impact on the net asset value of the Portfolio and are designed generally to
present undistributed income and realized gains on a tax basis which is
considered to be more informative to the shareholder. As of November 30, 1995,
the Portfolio has increased undistributed net investment income by $1,865,
decreased accumulated net realized gains by $2,160 and increased capital paid in
on shares of beneficial interest by $295.
This report is not authorized for distribution to prospective investors in the
Phoenix Diversified Income Portfolio unless preceded or accompanied by an
effective prospectus which includes information concerning the Fund's record and
other pertinent information.
10
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
To the Trustees and Shareholders of
Phoenix Diversified Income Portfolio
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments (except for bond ratings), and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Phoenix Diversified Income Portfolio (the "Fund") (formerly the Endowment
Fixed-Income Portfolio) at November 30, 1995, and the results of its operations,
the changes in its net assets and the financial highlights for each of the
periods indicated, in conformity with generally accepted accounting principles.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
November 30, 1995 by correspondence with the custodian and brokers (and the
application of alternative procedures where confirmations from brokers were not
received), provide a reasonable basis for the opinion expressed above.
Boston, Massachusetts
January 16, 1996
11
<PAGE>
PHOENIX DIVERSIFIED INCOME PORTFOLIO
101 Munson Street
Greenfield, MA 01301
Trustees Principal Underwriter
C. Duane Blinn Phoenix Equity Planning Corporation
Robert Chesek 100 Bright Meadow Boulevard
E. Virgil Conway P. O. Box 2200
Harry Dalzell-Payne Enfield, CT 06083-2200
Leroy Keith, Jr.
Philip R. McLoughlin Custodian
James M. Oates State Street Bank and Trust Company
Philip R. Reynolds P. O. Box 351
Herbert Roth, Jr. Boston, MA 02101
Richard E. Segerson
Lowell P. Weicker, Jr. Transfer Agent
Phoenix Equity Planning Corporation
Officers 100 Bright Meadow Boulevard
Philip R. McLoughlin, President P. O. Box 2200
Martin J. Gavin, Executive Vice President Enfield, CT 06083-2200
Michael E. Haylon, Executive Vice President
William J. Newman, Senior Vice President Legal Counsel
David L. Albrycht, Vice President Jorden, Burt, Berenson & Johnson LLP
Curtiss O. Barrows, Vice President Suite 400 East
James M. Dolan, Vice President 1025 Thomas Jefferson Street, N.W.
Jeanne H. Dorey, Vice President Washington, D.C. 20007-0805
Peter S. Lannigan, Vice President
Thomas S. Melvin, Jr., Vice President Independent Accountants
William R. Moyer, Vice President Price Waterhouse LLP
Scott C. Noble, Vice President 160 Federal Street
Barbara Rubin, Vice President Boston, MA 02110
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.
56 Prospect Street
Hartford, CT 06115-0480
<PAGE>
-----------------------------------------------------------------------
PHOENIX MULTI-PORTFOLIO FUND
ENDOWMENT EQUITY PORTFOLIO
Annual Report
November 30, 1995
-----------------------------------------------------------------------
Phoenix Duff & Phelps
<PAGE>
PHOENIX ENDOWMENT EQUITY PORTFOLIO
- ----------------------------------
Investment Environment
- ----------------------
The stock market, as measured by the Standard & Poor's 500 Composite Stock
Index, continued its strong advance during the most recent six months, bringing
the return for the year ended November 30, 1995 to an impressive 37.00%.
Financial services, health care and technology were the leading industry groups,
while consumer cyclicals, energy and basic materials lagged significantly. The
market was propelled by falling interest rates and increased confidence that the
Federal Reserve appeared to have engineered a "soft landing" for the economy.
Portfolio Review
- ----------------
Phoenix Endowment Equity Portfolio posted a solid total return of 35.35%
for the fiscal year ended November 30, 1995, only slightly below the return of
the Standard & Poor's 500 Composite Stock Index. Holdings in the top-performing
financial services, health care and technology groups were strong contributors
to the portfolio during this reporting period. Holdings in the consumer cyclical
and energy sectors, however, held performance back somewhat. Performance was
also hurt by low exposure to utility companies which were a direct beneficiary
of lower interest rates. Over the latest six months, we reduced exposure to
consumer cyclical and capital goods stocks, using proceeds to build positions in
health care and financial services.
Outlook
- -------
Given the sharp advance in the market over the last year, a pullback in
the near term would not be surprising. Nevertheless, our outlook for the market
remains positive. With the general economy slowing, and year-over-year earnings
comparisons for cyclical companies becoming more difficult, we expect the market
to gravitate increasingly to growth stocks in 1996 . The technology and health
care sectors will continue to be an area of focus for the portfolio, while
exposure to more economically sensitive sectors will be reduced.
<PAGE>
ENDOWMENT EQUITY PORTFOLIO
- -------------------------------------------------------------------------
Endowment Equity S&P 500
4/1/93 10,000 10,000
11/30/93 11,123 10,418
11/30/94 10,481 10,531
11/30/95 14,187 14,427
Average Annual Total Returns for Periods Ending
11/30/95
From Inception
4/1/93 to
1 Year 11/30/95
- -------------------------------------------------------------------------
Endowment Equity 35.35% 14.00%
- -------------------------------------------------------------------------
S&P 500 Stock Index* 37.00% 14.74%
- -------------------------------------------------------------------------
This chart assumes an initial gross investment of $10,000 made on 4/1/93
(inception of the Fund). Returns shown include the reinvestment of all
distributions at net asset value and the change in share price for the stated
period. Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate, so that your
shares, when redeemed, may be worth more or less than the original cost. * The
S&P 500 Stock Index is an unmanaged but commonly used measure of stock return
performance. The S&P 500's performance does not reflect sales charges.
2
<PAGE>
PHOENIX ENDOWMENT EQUITY PORTFOLIO
- -------------------------------------------------------------------------------
INVESTMENTS AT NOVEMBER 30, 1995
SHARES VALUE
-------- ----------
COMMON STOCKS 96.7%
Aerospace & Defense 3.5%
Boeing Company 800 $58,300
United Technologies 900 84,375
Corp.
----------
142,675
----------
Banks 4.9%
Barnett Banks, Inc. 700 42,087
BayBanks, Inc. 200 16,600
First Interstate 600 80,400
Bancorp
Great Western 2,500 63,750
Financial Corp.
----------
202,837
----------
Building & Materials 1.3%
Pulte Corp. 1,800 55,350
----------
Chemicals 1.9%
Monsanto Co. 700 80,150
----------
Chemicals - Specialty 1.1%
Engelhard Corp. 2,000 46,750
----------
Computer Software & 6.0%
Services
Adobe Systems, Inc. 400 27,050
BBN Corp. 1,200 45,000
DST Systems, Inc. (b) 1,000 28,875
HBO & Co. 600 44,850
Oracle Systems Corp. 1,500 68,062
(b)
Sybase, Inc. (b) 1,000 35,125
----------
248,962
----------
Conglomerates 3.7%
Thermo Electron Corp. 1,800 89,100
(b)
Tyco International 2,000 62,750
Ltd.
----------
151,850
----------
Cosmetics & Soaps 1.8%
Estee Lauder Companies 2,000 72,750
Class A (b)
----------
Diversified Financial 7.9%
Services
American Express Co. 1,800 76,500
Dean Witter Discover & 1,400 71,400
Co.
Federal National Mortgage 600 65,700
Association
MGIC Investment Corp. 700 38,937
Travelers Group, Inc. 1,200 71,400
----------
323,937
----------
Electrical Equipment 2.1%
General Electric Co. 1,300 87,425
----------
Electronics 2.4%
ITI Technologies, Inc. 1,800 45,450
(b)
LSI Logic Corp. (b) 1,300 54,438
----------
99,888
----------
Entertainment, Leisure & 3.8%
Gaming
Gaylord Entertainment 1,100 27,775
Co. Class A
Viacom, Inc. Class B 800 38,600
(b)
Walt Disney Co. 1,500 90,188
----------
156,563
----------
Food 1.5%
Nabisco Holdings Corp. 2,200 62,150
Class A
----------
See Notes to Financial Statements 3
<PAGE>
PHOENIX ENDOWMENT EQUITY PORTFOLIO
- -----------------------------------------------------------------------------
INVESTMENTS AT NOVEMBER 30, 1995
SHARES VALUE
-------- ----------
Healthcare - Drugs 4.4%
Amgen, Inc. (b) 1,600 $79,400
Genzyme Corp. 700 45,675
Watson 1,200 56,550
Pharmaceuticals, Inc.
(b)
----------
181,625
----------
Hospital Management & 7.9%
Services
Cerner Corp. (b) 1,000 26,625
Columbia/HCA 1,200 61,950
Healthcare Corp.
Manor Care, Inc. 1,500 48,937
PhyCor, Inc. (b) 1,100 49,225
United Healthcare 1,200 75,450
Corp.
Vencor, Inc. (b) 2,000 62,000
----------
324,187
----------
Insurance 7.5%
Aetna Life & Casualty 1,300 95,387
Co.
American International 700 62,825
Group, Inc.
Cigna Corp. 700 77,000
Prudential Reinsurance 3,500 73,063
Holdings (b)
----------
308,275
----------
Lodging & Restaurants 3.2%
Boston Chicken, Inc. 2,000 69,250
(b)
Wendy's International, 3,000 61,875
Inc.
----------
131,125
----------
Machinery 1.1%
Case Corp. 1,100 45,925
----------
Medical Products & 1.9%
Supplies
Guidant Corp. 600 22,425
Medtronic, Inc. 1,000 54,875
----------
77,300
----------
Office & Business 4.1%
Equipment
Hewlett Packard Co. 700 58,012
Sun Microsystems, Inc. 500 42,063
(b)
Xerox Corp. 500 68,563
----------
168,638
----------
Oil Service & Equipment 2.7%
Halliburton Co. 1,500 65,062
Tidewater, Inc. 800 22,900
Western Atlas, Inc. (b) 500 23,938
----------
111,900
----------
Paper & Forest Products 1.9%
Kimberly Clark Corp. 1,000 76,875
----------
Pollution Control 1.1%
U.S.A. Waste Services, 2,200 46,200
Inc. (b)
----------
Retail 5.6%
Corporate Express (b) 2,200 58,850
Federated Department 2,300 66,987
Stores, Inc. (b)
Home Depot, Inc. 1,500 66,563
Office Depot, Inc. (b) 1,500 36,750
----------
229,150
----------
See Notes to Financial Statements 4
<PAGE>
PHOENIX ENDOWMENT EQUITY PORTFOLIO
- -----------------------------------------------------------------------------
INVESTMENTS AT NOVEMBER 30, 1995
SHARES VALUE
-------- ----------
Telecommunications 3.8%
Equipment
3Com Corp. (b) 1,000 $45,750
cisco Systems, Inc. (b) 700 58,888
Stratacom, Inc. (b) 700 52,500
----------
157,138
----------
Textile & Apparel 1.6%
Nine West Group, Inc. 1,500 66,562
(b)
----------
Tobacco 2.3%
Philip Morris 1,100 96,525
Companies, Inc.
----------
Utility-Telephone 5.7%
AT&T Corp. 1,500 99,000
GTE Corp. 1,000 42,625
MCI Communications 3,500 93,625
Corp.
----------
235,250
----------
TOTAL COMMON STOCKS
(Identified cost 3,987,962
$3,552,370)
----------
FOREIGN COMMON STOCKS 3.9%
Chemicals 1.3%
Potash Corp. of 800 $55,300
Saskatchewan, Inc.
(Canada) ----------
Healthcare - Diversified 2.6%
Smithkline Beecham PLC 2,000 106,500
ADR
(United Kingdom) ----------
TOTAL FOREIGN COMMON
STOCKS
(Identified cost $148,317) 161,800
----------
TOTAL LONG-TERM 100.6%
INVESTMENTS
(Identified cost 4,149,762
$3,700,687)
----------
PAR
VALUE
(000)
--------
SHORT-TERM OBLIGATIONS 5.5%
Federal Agency Securities 5.5%
Federal Home Loan
Mortgage
5.8%, 12-1-95 $225 225,000
----------
TOTAL SHORT-TERM
OBLIGATIONS
(Identified cost $225,000) 225,000
----------
TOTAL INVESTMENTS 106.1%
(Identified cost 4,374,762 (a)
$3,925,687)
Cash and receivables, -6.1% (253,211)
less liabilities
----------
NET ASSETS 100.0% $4,121,551
==========
(a)Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $502,778, and gross
depreciation of $57,944 for federal income tax purposes. At November 30,
1995, the aggregate cost of securities for federal income tax purposes
was $3,929,928.
(b)Non-income producing
ADR-American
Depository Receipt
See Notes to Financial Statements 5
<PAGE>
Phoenix Endowment Equity Portfolio
- -------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
Assets
Investment securities at value
(Identified cost $3,925,687) $4,374,762
Cash 419
Receivables
Investment securities sold 68,695
Dividends and interest 4,396
Receivable from adviser 4,526
------------
Total assets 4,452,798
------------
Liabilities
Payables
Investment securities purchased 306,809
Trustees' fee 4,100
Investment advisory fee 2,512
Transfer agent fee 1,575
Financial agent fee 100
Accrued expenses 16,151
------------
Total liabilities 331,247
------------
Net Assets $4,121,551
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $3,107,463
Undistributed net investment income 10,369
Accumulated net realized gains 554,644
Net unrealized appreciation 449,075
------------
Net Assets $4,121,551
============
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization 316,430
Net asset value and offering price per share $13.03
See Notes to Financial Statements 6
<PAGE>
Phoenix Endowment Equity Portfolio
- -------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED
NOVEMBER 30, 1995
Investment Income
Dividends $54,596
Interest 23,105
------------
Total investment income 77,701
------------
Expenses
Investment advisory fee 32,383
Financial agent fee 1,295
Registration 21,079
Transfer agent 19,142
Custodian 16,271
Professional 15,952
Trustees 15,669
Printing 5,011
Miscellaneous 1,767
------------
Total expenses 128,569
Less expenses borne by investment adviser (91,869)
------------
Net expenses 36,700
------------
Net investment income 41,001
------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 882,876
Net unrealized appreciation on investments 378,110
------------
Net gain on investments 1,260,986
------------
Net increase in net assets resulting from operations $1,301,987
============
See Notes to Financial Statements 7
<PAGE>
Phoenix Endowment Equity Portfolio
- -------------------------------------------------------------------------------
STATEMENT OF
CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended Year Ended
November 30, 1995 November 30, 1994
<S> <C> <C>
From Operations
Net investment income $41,001 $78,645
Net realized gain (loss) 882,876 (330,255)
Net unrealized appreciation (depreciation) 378,110 (61,391)
------------ ------------
Increase (decrease) in net assets resulting from 1,301,987 (313,001)
operations
------------ ------------
From Distributions to Shareholders
Net investment income (70,324) (75,060)
Net realized gains - (310,046)
------------ ------------
Decrease in net assets from distributions to shareholders (70,324) (385,106)
------------ ------------
From Share Transactions
Proceeds from sales of shares (23,742 and 137,682, 250,000 1,489,900
respectively)
Net asset value of shares issued from reinvestment
of distributions (6,812 and 34,694 shares, 70,324 363,393
respectively)
Cost of shares repurchased
(168,483 and 163,825 shares, respectively) (1,873,000) (1,656,285)
------------ ------------
(Decrease) increase in net assets from share transactions (1,552,676) 197,008
------------ ------------
Net decrease in net assets (321,013) (501,099)
Net Assets
Beginning of period 4,442,564 4,943,663
------------ ------------
End of period (Including undistributed net investment
income of $10,369 and $36,095, respectively) $4,121,551 $4,442,564
============ ============
</TABLE>
See Notes to Financial Statements 8
<PAGE>
Phoenix Endowment Equity Portfolio
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
From
Year Year Inception
Ended Ended 4/1/93 to
November 30, 1995 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 0.11(1)(4) 0.14(1) 0.10(1)
Net realized and unrealized gain (loss) 3.31 (0.73) 1.02
---- ----- ----
Total from investment operations 3.42 (0.59) 1.12
---- ----- ----
Less distributions
Dividends from net investment income (0.17) (0.14) (0.03)
Distributions from net realized gains -- (0.58) --
---- ----- ----
Total distributions (0.17) (0.72) (0.03)
---- ----- ----
Change in net asset value 3.25 (1.31) 1.09
---- ----- ----
Net asset value, end of period $13.03 $9.78 $11.09
====== ===== ======
Total return 35.35% -5.77% 11.23%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $4,122 $4,443 $4,944
Ratio to average net assets of:
Operating expenses 0.85% 0.85% 0.85%(2)
Net investment income 0.95% 1.42% 1.54%(2)
Portfolio turnover 248% 250% 312%(2)
</TABLE>
(1) Includes reimbursement of operating expenses by investment adviser of $0.24,
$0.15 and $0.15, respectively.
(2) Annualized
(3) Not annualized
(4) Computed using average shares outstanding
See Notes to Financial Statements 9
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
ENDOWMENT EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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, the Trust includes seven Portfolios: Endowment Equity Portfolio,
Diversified Income Portfolio, Tax-Exempt Bond Portfolio, International
Portfolio, Capital Appreciation Portfolio, Emerging Markets Bond Portfolio and
Real Estate Securities Portfolio. This report only covers the Endowment Equity
Portfolio (the "Portfolio").
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:
Equity securities traded on an exchange or quoted on the over-the-counter
market are valued at the last sale price or if there had been no sale that day,
at the last bid price.
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. Income taxes:
The Portfolio is treated as a separate taxable entity. It is the policy of
the Portfolio 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, the
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 the 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 less than 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. The Adviser has agreed to reimburse the Endowment Equity Portfolio to
the extent that expenses exceed 0.85% of the average daily net assets.
10
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
ENDOWMENT EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
November 30, 1995 (Continued)
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS (continued)
As Financial Agent to the Trust and to the 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 year ended November 30, 1995, the
Portfolio's transfer agent fees were $19,142 which were all paid to State
Street.
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the year ended November 30, 1995
(excluding U.S. Government securities and short-term securities) were $9,653,067
and $10,188,254, respectively.
There were no purchases or sales of U.S. Government securities.
4. OTHER
As of November 30, 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
approximately 90% of shares outstanding.
5. RECLASS OF CAPITAL ACCOUNTS
In accordance with accounting pronouncements, the Portfolio has recorded
several reclassifications in the capital accounts. These reclassifications have
no impact on the net asset value of the Portfolio and are designed generally to
present undistributed income and realized gains on a tax basis which is
considered to be more informative to the shareholder. As of November 30, 1995,
the Portfolio has increased undistributed net investment income by $3,597 and
decreased accumulated net realized gains by $3,597.
This report is not authorized for distribution to prospective investors in the
Phoenix Endowment Equity Portfolio unless preceded or accompanied by an
effective prospectus which includes information concerning the Fund's record and
other pertinent information.
11
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
To the Trustees and Shareholders of
Phoenix Endowment Equity Portfolio
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Phoenix Endowment Equity Portfolio
(the "Fund") at November 30, 1995, and the results of its operations, the
changes in its net assets and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
November 30, 1995 by correspondence with the custodian and brokers (and the
application of alternative procedures where confirmations from brokers were not
received), provide a reasonable basis for the opinion expressed above.
Boston, Massachusetts
January 16, 1996
12
<PAGE>
PHOENIX ENDOWMENT EQUITY PORTFOLIO
101 Munson Street
Greenfield, MA 01301
Trustees Principal Underwriter
C. Duane Blinn Phoenix Equity Planning Corporation
Robert Chesek 100 Bright Meadow Boulevard
E. Virgil Conway P. O. Box 2200
Harry Dalzell-Payne Enfield, CT 06083-2200
Leroy Keith, Jr.
Philip R. McLoughlin Custodian
James M. Oates State Street Bank and Trust Company
Philip R. Reynolds P. O. Box 351
Herbert Roth, Jr. Boston, MA 02101
Richard E. Segerson
Lowell P. Weicker, Jr. Transfer Agent
Phoenix Equity Planning Corporation
Officers 100 Bright Meadow Boulevard
Philip R. McLoughlin, President P. O. Box 2200
Martin J. Gavin, Executive Vice President Enfield, CT 06083-2200
Michael E. Haylon, Executive Vice President
William J. Newman, Senior Vice President Legal Counsel
David L. Albrycht, Vice President Jorden, Burt, Berenson & Johnson LLP
Curtiss O. Barrows, Vice President Suite 400 East
James M. Dolan, Vice President 1025 Thomas Jefferson Street, N.W.
Jeanne H. Dorey, Vice President Washington, D.C. 20007-0805
Peter S. Lannigan, Vice President
Thomas S. Melvin, Jr., Vice President Independent Accountants
William R. Moyer, Vice President Price Waterhouse LLP
Scott C. Noble, Vice President 160 Federal Street
Barbara Rubin, Vice President Boston, MA 02110
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.
56 Prospect Street
Hartford, CT 06115-0480
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