<PAGE>
Phoenix Investment Partners
SEMIANNUAL REPORT
MAY 31, 1999
- -- Aberdeen -- Phoenix-Aberdeen
International Fund
- -- Duff & Phelps -- Phoenix-Duff & Phelps
Real Estate Securities Fund
- -- Goodwin-SM- -- Phoenix-Goodwin
Emerging Markets
Bond Fund
Phoenix-Goodwin
Tax-Exempt Bond Fund
- -- Seneca -- Phoenix-Seneca
Mid Cap Fund
[LOGO] PHOENIX
INVESTMENT PARTNERS
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR MULTI-PORTFOLIO FUND SHAREHOLDER:
[PHOTO]
PHILIP R. MCLOUGHLIN
We are pleased to provide this semiannual financial summary for the Phoenix
Multi-Portfolio Funds for the six months ended May 31, 1999.
If you have any questions, please contact your financial advisor or call us at
1-800-243-1574 (option 0), between 8:00 a.m. and 6:00 p.m. Eastern Time, Monday
through Friday.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
Mutual funds are not insured by the FDIC; are not
deposits or other obligations of a bank and are not
guaranteed by a bank; and are subject to
investment risks, including possible loss of the
principal invested.
1
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
Phoenix-Aberdeen International Fund....................................... 3
Phoenix-Duff & Phelps Real Estate Securities Fund......................... 13
Phoenix-Goodwin Emerging Markets Bond Fund................................ 18
Phoenix-Goodwin Tax-Exempt Bond Fund...................................... 26
Phoenix-Seneca Mid Cap Fund............................................... 33
Notes to Financial Statements............................................. 38
</TABLE>
2
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
INVESTMENTS AT MAY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--96.3%
ARGENTINA--0.4%
Perez Companc SA Sponsored ADR (Oil &
Gas (Exploration & Production))......... 25,000 $ 298,725
Telecom Argentina SA Sponsored ADR
(Telecommunications (Long Distance)).... 7,800 222,300
YPF Sociedad Anonima Sponsored ADR (Oil
(International Integrated))............. 6,500 273,812
------------
794,837
------------
AUSTRALIA--1.4%
Australian Gas Light Co., Ltd. (Natural
Gas).................................... 200,000 1,268,422
QBE Insurance Group Ltd. (Insurance
(Property-Casualty)).................... 375,000 1,471,107
------------
2,739,529
------------
BRAZIL--1.2%
Tele Centro Sul Participacoes SA ADR
(Telephone)............................. 8,500 459,000
Tele Norte Leste Participacoes SA ADR
(Telephone)............................. 41,000 671,375
Tele Sudeste Celular Participacoes SA
ADR (Telecommunications
(Cellular/Wireless)).................... 21,000 511,875
Telesp Participacoes SA ADR
(Telephone)............................. 26,000 568,750
------------
2,211,000
------------
CANADA--2.9%
Nortel Networks Corp. (Communications
Equipment).............................. 25,500 1,912,500
Seagram Co. Ltd. (The) (Beverages
(Alcoholic))............................ 34,000 1,765,875
Toronto-Dominion Bank (The) (Banks
(Regional))............................. 36,000 1,908,000
------------
5,586,375
------------
DENMARK--1.4%
Danisco A/S (Foods)..................... 22,500 1,082,930
Tele Danmark A/S (Telephone)(b)......... 16,400 1,680,224
------------
2,763,154
------------
FINLAND--1.8%
Nokia Oyj Class A (Communications
Equipment).............................. 30,800 2,196,365
Stora Enso Oyj (Paper & Forest
Products)............................... 76,375 781,015
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
FINLAND--CONTINUED
UPM-Kymmene Oyj (Paper & Forest
Products)............................... 15,000 $ 440,724
------------
3,418,104
------------
FRANCE--11.5%
Air Liquide (Chemicals (Specialty))..... 5,715 862,885
Alstom (Engineering &
Construction)(b)........................ 58,750 1,739,071
Axa (Insurance (Multi-Line))............ 10,631 1,228,304
Canal Plus (Broadcasting (Television,
Radio & Cable))......................... 1,600 464,251
Carrefour SA (Retail (Food Chains))..... 9,840 1,294,331
Castorama Dubois (Retail (Building
Supplies)).............................. 6,620 1,619,733
Coflexip SA (Metal Fabricators)......... 14,000 1,144,733
Compagnie de Saint Gobain (Manufacturing
(Diversified)).......................... 2,800 440,620
Dexia France (Banks (Major Regional))... 6,200 863,506
Elf Aquitaine SA (Oil (International
Integrated))............................ 10,600 1,538,384
Groupe Danone (Foods)................... 3,500 966,143
Lafarge SA (Construction (Cement &
Aggregates))............................ 16,500 1,490,621
Pechiney SA Class A (Containers &
Packaging (Paper))...................... 31,800 1,235,584
Renault SA (Automobiles)................ 37,600 1,464,481
Rhodia SA (Chemicals (Specialty))....... 52,700 898,740
Schneider SA (Electrical Equipment)..... 7,500 446,998
Societe Generale Class A (Banks (Major
Regional)).............................. 6,300 1,147,515
Total Fina SA Class B (Oil & Gas
(Refining & Marketing))................. 11,270 1,372,838
Valeo SA (Auto Parts & Equipment)....... 16,550 1,354,969
Vivendi (Manufacturing (Diversified))... 5,800 430,582
------------
22,004,289
------------
GERMANY--8.5%
Allianz AG Vinkulierte Registered Shares
(Insurance (Multi-Line))................ 4,800 1,314,958
BASF AG (Chemicals (Diversified))....... 25,000 975,031
Bayer AG (Chemicals (Diversified))...... 22,200 865,827
Bayerische Motoren Werke AG
(Automobiles)........................... 2,079 1,334,727
Bayerische Vereinsbank AG (Banks (Major
Regional)).............................. 22,000 1,191,577
Bewag AG (Electric Companies)........... 35,550 602,177
DaimlerChrysler AG (Automobiles)........ 22,468 1,944,025
Deutsche Bank AG (Banks (Major
Regional)).............................. 18,200 951,505
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix-Aberdeen International Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
GERMANY--CONTINUED
Deutsche Lufthansa AG (Airlines)........ 86,255 $ 1,857,894
Mannesmann AG (Manufacturing
(Diversified)).......................... 11,200 1,534,118
Metro AG (Retail (Specialty))........... 20,300 1,284,165
Muenchener Rueckversicherungs New Shares
(Insurance (Life/Health))(b)............ 4,576 775,123
Muenchener
Rueckversicherungs-Gesellschaft AG
(Insurance (Multi-Line))................ 4,576 784,692
RWE AG (Manufacturing (Diversified)).... 18,900 846,803
------------
16,262,622
------------
GREECE--0.4%
Alpha Credit Bank (Banks (Major
Regional)).............................. 5,232 355,712
Hellenic Telecommunications Organization
SA (Telephone).......................... 18,700 405,757
------------
761,469
------------
HONG KONG--1.7%
Hongkong Electric Holdings Ltd.
(Electric Companies).................... 500,000 1,566,834
Swire Pacific Ltd. Class B
(Manufacturing (Diversified))........... 2,250,000 1,624,865
------------
3,191,699
------------
HUNGARY--0.5%
Magyar Tavkozlesi Rt Sponsored ADR
(Telecommunications (Long Distance)).... 17,300 484,400
Mol Magyar Olaj-Es Gazipari Rt. (Oil
(Domestic Integrated)).................. 17,000 415,172
------------
899,572
------------
INDIA--0.5%
Mahanagar Telephone Nigam Ltd. GDR
(Telecommunications (Long Distance)).... 115,000 1,049,375
INDONESIA--0.6%
PT Indosat (Telephone).................. 186,000 377,142
PT Indosat ADR (Telecommunications (Long
Distance)).............................. 38,000 752,875
------------
1,130,017
------------
ISRAEL--0.4%
Bank Hapoalim Ltd. (Banks (Major
Regional)).............................. 121,000 306,951
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
ISRAEL--CONTINUED
Koor Industries Ltd. (Manufacturing
(Diversified)).......................... 4,712 $ 509,504
------------
816,455
------------
ITALY--3.1%
Assicurazioni Generali (Insurance
(Life/Health)).......................... 25,000 891,382
Banca Intesa SPA (Banks (Major
Regional)).............................. 565,900 1,343,183
San Paolo-IMI SPA (Banks (Major
Regional)).............................. 75,664 1,024,539
Telecom Italia Mobile SPA (Telephone)... 147,900 872,201
Telecom Italia SPA (Telephone).......... 166,900 1,724,181
------------
5,855,486
------------
JAPAN--12.1%
77 Bank Ltd. (The) (Banks (Major
Regional)).............................. 110,000 960,520
Canon, Inc. (Office Equipment &
Supplies)............................... 55,000 1,388,429
Dai Nippon Printing Co., Ltd. (Specialty
Printing)............................... 80,000 1,199,801
Fuji Photo Film Co.
(Photography/Imaging)................... 28,000 1,001,159
Hitachi Credit Corp. (Consumer
Finance)................................ 55,000 1,092,534
Ito-Yokado Co., Ltd. (Retail (Food
Chains))................................ 20,000 1,193,511
Kao Corp. (Household Products
(Non-Durables))......................... 45,000 1,236,550
Kawasumi Laboratories, Inc. (Health Care
(Medical Products & Supplies)).......... 100,000 1,403,741
Kirin Beverage Corp. (Beverages
(Alcoholic))............................ 68,000 1,190,366
Mabuchi Motor Co., Ltd. (Electrical
Equipment).............................. 18,000 1,407,879
Nippon COMSYS Corp. (Engineering &
Construction)........................... 72,000 1,054,792
Nippon Telegraph & Telephone Corp.
(Telephone)............................. 1,450 1,416,156
Rinnai Corp. (Household Furnishings &
Appliances)............................. 60,000 1,340,837
Rohm Co., Ltd (Electronics
(Semiconductors))....................... 10,000 1,310,213
Sanwa Bank Ltd. (The) (Banks (Major
Regional)).............................. 115,000 1,117,447
Secom Co., Ltd. (Services (Commercial &
Consumer)).............................. 15,000 1,427,743
Shin-Etsu Chemical Co., Ltd. (Chemicals
(Specialty))............................ 40,000 1,241,516
Suzuki Motor Corp. (Automobiles)........ 90,000 1,278,265
Takeda Chemical Industries (Health Care
(Drugs-Major Pharmaceuticals)).......... 20,000 888,926
------------
23,150,385
------------
MALAYSIA--0.2%
Carlsberg Brewery Malaysia Berhad
(Beverages (Alcoholic))(c).............. 125,000 296,053
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen International Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
MALAYSIA--CONTINUED
Malaysian Oxygen Berhad (Chemicals
(Specialty))(c)......................... 85,000 $ 164,967
------------
461,020
------------
MEXICO--1.1%
Coca-Cola Femsa SA Sponsored ADR
(Beverages (Non-Alcoholic))............. 53,000 957,312
Grupo Televisa SA Sponsored GDR
(Broadcasting (Television, Radio &
Cable))(b).............................. 18,000 752,625
Telefonos de Mexico SA Sponsored ADR
Class L (Telecommunications (Long
Distance)).............................. 6,000 479,625
------------
2,189,562
------------
NETHERLANDS--6.9%
ASM Lithography Holding NV (Equipment
(Semiconductor))(b)..................... 21,900 967,476
Benckiser NV B (Household Products (Non-
Durables)).............................. 31,000 1,679,040
Elsevier NV (Publishing)................ 65,600 833,393
Equant NV (Services (Data
Processing))(b)......................... 15,400 1,272,088
Fortis (NL) NV (Financial
(Diversified)).......................... 37,700 1,227,917
Getronics NV (Services (Data
Processing))............................ 32,700 1,265,083
IHC Caland NV (Oil & Gas (Drilling &
Equipment))............................. 9,591 378,574
ING Groep NV (Financial
(Diversified)).......................... 23,600 1,264,665
KPN NV (Telephone)...................... 16,900 818,158
Royal Dutch Petroleum Co. (Oil (Domestic
Integrated))............................ 39,000 2,177,586
VNU NV (Publishing)..................... 21,400 910,705
Wolters Klumer (Publishing)............. 11,500 463,545
------------
13,258,230
------------
NEW ZEALAND--0.2%
Telecom Corporation of New Zealand Ltd.
(Telephone)............................. 100,000 432,125
PHILIPPINES--0.7%
Ayala Land, Inc. (Financial
(Diversified)).......................... 2,000,000 643,889
Philippine Long Distance Telephone Co.
Sponsored ADR (Telecommunications (Long
Distance)).............................. 25,000 714,062
------------
1,357,951
------------
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
POLAND--0.2%
Elektrim Spolka Akcyjna SA (Distributors
(Food & Health))........................ 37,800 $ 441,297
SINGAPORE--1.6%
Rothmans Industries Ltd. (Tobacco)...... 220,000 1,747,520
United Overseas Bank Ltd. (Banks (Major
Regional)).............................. 205,000 1,354,995
------------
3,102,515
------------
SOUTH AFRICA--0.7%
Anglo American PLC (Metals Mining)(b)... 7,550 342,064
BOE Ltd. (Financial (Diversified))...... 222,320 210,290
Liberty Life Association of Africa
(Insurance (Life/ Health)).............. 32,530 438,081
South African Breweries PLC (Beverages
(Alcoholic))(b)......................... 48,000 385,538
------------
1,375,973
------------
SOUTH KOREA--0.7%
Pohang Iron & Steel Co. Ltd. (Iron &
Steel).................................. 14,000 1,294,072
SPAIN--3.6%
Argentaria, Caja Postal y Banco
Hipotecario de Espana SA (Banks (Major
Regional)).............................. 38,400 862,854
Banco Popular Espanol SA (Banks (Major
Regional)).............................. 21,700 1,590,550
Banco Santander Central Hispano SA
(Banks (Money Center)).................. 62,184 1,300,404
Iberdrola SA (Electric Companies)....... 55,100 791,604
Repsol SA (Oil & Gas (Refining &
Marketing))............................. 47,700 865,840
Telefonica SA (Telephone)............... 29,818 1,433,564
------------
6,844,816
------------
SWEDEN--5.2%
AstraZeneca Group PLC (Health Care
(Drugs-Major Pharmaceuticals))(b)....... 52,013 2,050,591
Electrolux AB (Household Furnishings &
Appliances)............................. 77,200 1,499,277
Mandamus AB (Real Estate Development)... 2,400 13,437
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix-Aberdeen International Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
SWEDEN--CONTINUED
SSAB Svenskt Stal AB Series A (Iron &
Steel).................................. 38,000 $ 429,938
Sandvik AB Class B (Machinery
(Diversified)).......................... 21,200 463,647
Skandia Forsakrings AB (Insurance
(Life/Health)).......................... 123,800 2,129,919
Skandinaviska Enskilda Banken Class A
(Banks (Major Regional))................ 135,000 1,637,637
Telefonaktiebolaget LM Ericsson Class B
(Communications Equipment).............. 63,250 1,693,143
------------
9,917,589
------------
SWITZERLAND--5.5%
Credit Suisse Group (Banks (Major
Regional)).............................. 6,300 1,095,810
Nestle SA Registered (Foods)............ 1,120 2,017,945
Novartis AG Registered Shares (Health
Care (Drugs-Major Pharmaceuticals))..... 1,220 1,774,511
Roche Holding AG (Health Care
(Drugs-Major Pharmaceuticals)).......... 230 2,439,597
UBS AG (Banks (Major Regional))......... 7,450 2,161,362
Zurich Allied AG (Financial
(Diversified)).......................... 1,820 1,072,746
------------
10,561,971
------------
TAIWAN--0.3%
Standard Foods Taiwan Ltd. GDR
(Foods)(b).............................. 54,837 479,824
------------
TURKEY--0.3%
Yapi ve Kredi Bankasi AS (Banks (Major
Regional)).............................. 33,000,000 421,933
Yapi ve Kredi Bankasi AS Bonus Shares
(Banks (Major Regional))(d)............. 6,600,000 76,272
------------
498,205
------------
UNITED KINGDOM--20.7%
3i Group PLC (Investment
Banking/Brokerage)...................... 82,847 934,594
BG PLC (Natural Gas).................... 101,136 556,276
BOC Group PLC (Chemicals (Specialty))... 25,564 437,496
Bank of Scotland (Banks (Major
Regional)).............................. 91,062 1,268,033
Barclays PLC (Banks (Major Regional))... 39,908 1,210,554
Bass PLC (Beverages (Alcoholic))........ 33,000 487,020
Berkeley Group PLC (The)
(Homebuilding).......................... 50,337 552,525
British Aerospace PLC
(Aerospace/Defense)..................... 103,547 683,195
British American Tobacco PLC
(Tobacco)............................... 45,000 409,215
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
British Petroleum Co. PLC (Oil (Domestic
Integrated))............................ 159,299 $ 2,851,280
British Telecommunications PLC
(Telephone)............................. 139,698 2,330,315
Cable & Wireless PLC (Telephone)........ 62,757 774,331
Compass Group PLC (Services (Commercial
& Consumer))............................ 66,155 670,497
Debenhams PLC (Retail (Department
Stores))................................ 53,624 351,014
FirstGroup PLC (Services (Commercial &
Consumer)).............................. 104,000 603,275
GKN PLC (Auto Parts & Equipment)........ 39,606 661,623
Glaxo Wellcome PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 78,437 2,202,058
Granada Group PLC (Broadcasting
(Television, Radio & Cable))............ 22,281 456,288
HSBC Holdings PLC (Financial
(Diversified)).......................... 44,689 1,493,787
Hilton Group PLC (Gaming, Lottery &
Pari-mutuel Companies)(b)............... 116,380 510,046
Kingfisher PLC (Retail (Specialty))..... 77,667 976,345
Legal & General Group PLC (Insurance
(Multi-Line))........................... 317,446 927,067
Lloyds TSB Group PLC (Financial
(Diversified)).......................... 130,000 1,718,585
Logica PLC (Services (Data
Processing))............................ 113,952 1,057,241
National Westminster Bank PLC (Banks
(Major Regional))....................... 57,492 1,319,241
Norwich Union PLC (Insurance
(Life/Health)).......................... 87,500 620,433
PowerGen PLC (Electric Companies)....... 55,783 606,939
RMC Group PLC (Construction (Cement &
Aggregates))............................ 45,410 606,136
Reuters Holdings Group PLC
(Publishing)............................ 71,879 995,728
Rio Tinto PLC (Metals Mining)........... 42,911 629,163
Schroders PLC (Investment
Banking/Brokerage)...................... 26,200 545,361
Scottish and Southern Energy PLC
(Electric Companies).................... 46,212 437,639
Serco Group PLC (Services (Commercial &
Consumer)).............................. 16,532 336,436
Shell Transport & Trading Co. PLC (Oil
(Domestic Integrated)).................. 162,749 1,178,122
Siebe PLC (Machinery (Diversified))..... 136,254 621,162
SmithKline Beecham PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 102,448 1,336,293
Tesco PLC (Retail (Food Chains))........ 319,000 929,049
Thames Water PLC (Water Utilities)...... 32,536 516,147
Unilever PLC (Foods).................... 65,658 577,611
Vodafone Group PLC (Telecommunications
(Cellular/Wireless)).................... 108,200 2,061,497
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen International Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
Woolwich PLC (Consumer Finance)......... 73,116 $ 489,151
Zeneca Group PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 42,261 1,680,120
------------
39,608,888
------------
- -------------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $170,362,777) 184,458,406
- -------------------------------------------------------------------------------
RIGHTS--0.0%
GREECE--0.0%
Alpha Credit Bank Rights (Banks (Major
Regional))(b)........................... 5,232 17,912
ITALY--0.0%
Banca Intesa SPA Rights (Banks (Major
Regional))(b)........................... 565,900 12,011
- -------------------------------------------------------------------------------
TOTAL RIGHTS
(IDENTIFIED COST $0) 29,923
- -------------------------------------------------------------------------------
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
WARRANTS--0.0%
GERMANY--0.0%
Muenchener
Rueckversicherungs-Gesellschaft AG
Warrants (Insurance (Life/Health))(b)... 176 $ 5,245
- -------------------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 5,245
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS--96.3%
(IDENTIFIED COST $170,362,777) 184,493,574(a)
Cash and receivables, less liabilities--3.7% 7,137,605
--------------
NET ASSETS--100.0% $ 191,631,179
--------------
--------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $22,882,424 and gross
depreciation of $8,816,859 for federal income tax purposes. At May 31,
1999, the aggregate cost of securities for federal income tax purposes was
$170,428,009.
(b) Non-income producing.
(c) Security valued at fair value as determined in good faith by or under the
direction of the trustees.
(d) Non-tradable bonus shares.
See Notes to Financial Statements
7
<PAGE>
Phoenix-Aberdeen International Fund
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VALUE OF TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<TABLE>
<S> <C>
Aerospace/Defense........................................................ 0.4%
Airlines................................................................. 1.0
Auto Parts & Equipment................................................... 1.1
Automobiles.............................................................. 3.3
Banks (Major Regional)................................................... 12.2
Banks (Money Center)..................................................... 0.7
Banks (Regional)......................................................... 1.0
Beverages (Alcoholic).................................................... 2.2
Beverages (Non-Alcoholic)................................................ 0.5
Broadcasting (Television, Radio & Cable)................................. 0.9
Chemicals (Diversified).................................................. 1.0
Chemicals (Specialty).................................................... 2.0
Communications Equipment................................................. 3.1
Construction (Cement & Aggregates)....................................... 1.1
Consumer Finance......................................................... 0.9
Containers & Packaging (Paper)........................................... 0.7
Distributors (Food & Health)............................................. 0.2
Electric Companies....................................................... 2.2
Electrical Equipment..................................................... 1.0
Electronics (Semiconductors)............................................. 0.7
Engineering & Construction............................................... 1.5
Equipment (Semiconductor)................................................ 0.5
Financial (Diversified).................................................. 4.1
Foods.................................................................... 2.8
Gaming, Lottery & Pari-Mutuel Companies.................................. 0.3
Health Care (Drugs-Major Pharmaceuticals)................................ 6.7
Health Care (Medical Products & Supplies)................................ 0.8
Homebuilding............................................................. 0.3
Household Furnishings & Appliances....................................... 1.5
Household Products (Non-Durables)........................................ 1.6
Insurance (Life/Health).................................................. 2.6
Insurance (Multi-Line)................................................... 2.3
Insurance (Property-Casualty)............................................ 0.8%
Investment Banking/Brokerage............................................. 0.8
Iron & Steel............................................................. 0.9
Machinery (Diversified).................................................. 0.6
Manufacturing (Diversified).............................................. 2.9
Metal Fabricators........................................................ 0.6
Metals Mining............................................................ 0.5
Natural Gas.............................................................. 1.0
Office Equipment & Supplies.............................................. 0.8
Oil & Gas (Drilling & Equipment)......................................... 0.2
Oil & Gas (Exploration & Production)..................................... 0.2
Oil & Gas (Refining & Marketing)......................................... 1.2
Oil (Domestic Integrated)................................................ 3.6
Oil (International Integrated)........................................... 0.9
Paper & Forest Products.................................................. 0.7
Photography/Imaging...................................................... 0.5
Publishing............................................................... 1.7
Real Estate Development.................................................. 0.0
Retail (Building Supplies)............................................... 0.9
Retail (Department Stores)............................................... 0.2
Retail (Food Chains)..................................................... 1.9
Retail (Specialty)....................................................... 1.2
Services (Commercial & Consumer)......................................... 1.6
Services (Data Processing)............................................... 1.9
Specialty Printing....................................................... 0.7
Telecommunications (Cellular/Wireless)................................... 1.4
Telecommunications (Long Distance)....................................... 2.0
Telephone................................................................ 7.6
Tobacco.................................................................. 1.2
Water Utilities.......................................................... 0.3
-----
100.0%
-----
-----
</TABLE>
8 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen International Fund
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $170,362,777) $ 184,493,574
Receivables
Fund shares sold 8,167,873
Investment securities sold 1,627,108
Dividends and interest 599,247
Tax reclaim 216,604
Prepaid expenses 4,336
--------------
Total assets 195,108,742
--------------
LIABILITIES
Foreign currency at value
(Identified cost $984,456) 984,420
Custodian 608,578
Payables
Fund shares repurchased 977,703
Investment securities purchased 660,642
Transfer agent fee 67,880
Distribution fee 55,097
Financial agent fee 15,417
Investment advisory fee 9,099
Trustees' fee 4,274
Accrued expenses 94,453
--------------
Total liabilities 3,477,563
--------------
NET ASSETS $ 191,631,179
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 161,548,502
Undistributed net investment income 1,045,481
Accumulated net realized gain 14,917,087
Net unrealized appreciation 14,120,109
--------------
NET ASSETS $ 191,631,179
--------------
--------------
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $171,894,858) 12,703,113
Net asset value per share $13.53
Offering price per share $13.53/(1-4.75%) $14.20
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $19,472,936) 1,504,359
Net asset value and offering price per share $12.94
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $263,385) 20,352
Net asset value and offering price per share $12.94
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 2,064,111
Interest 162,992
Foreign taxes withheld (189,221)
--------------
Total investment income 2,037,882
--------------
EXPENSES
Investment advisory fee 737,612
Distribution fee, Class A 222,229
Distribution fee, Class B 94,303
Distribution fee, Class C 267
Financial agent fee 99,916
Transfer agent 184,945
Custodian 101,472
Printing 36,107
Professional 16,951
Trustees 5,809
Registration 8,175
Miscellaneous 2,610
--------------
Total expenses 1,510,396
--------------
NET INVESTMENT INCOME 527,486
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 14,977,700
Net realized gain on foreign currency transactions 64,829
Net change in unrealized appreciation (depreciation) on
investments (4,218,181)
Net change in unrealized appreciation (depreciation) on foreign
currency and foreign currency transactions (32,629)
--------------
NET GAIN ON INVESTMENTS 10,791,719
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 11,319,205
--------------
--------------
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Aberdeen International Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
5/31/99 Year Ended
(Unaudited) 11/30/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 527,486 $ 612,150
Net realized gain (loss) 15,042,529 39,589,902
Net change in unrealized appreciation
(depreciation) (4,250,810) (634,648)
-------------- --------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 11,319,205 39,567,404
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (287,672) --
Net realized gains, Class A (34,388,042) (12,005,464)
Net realized gains, Class B (3,273,427) (942,871)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS (37,949,141) (12,948,335)
-------------- --------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (26,163,413 and
14,403,040 shares, respectively) 359,113,082 222,721,708
Net asset value of shares issued from
reinvestment of distributions
(2,262,839 and 829,298 shares, respectively) 29,643,188 10,631,599
Cost of shares repurchased (26,454,328 and
13,954,794 shares, respectively) (364,276,799) (218,052,596)
-------------- --------------
Total 24,479,471 15,300,711
-------------- --------------
CLASS B
Proceeds from sales of shares (1,287,343 and
1,090,651 shares, respectively) 16,890,772 16,507,911
Net asset value of shares issued from
reinvestment of distributions
(223,331 and 68,327 shares, respectively) 2,807,265 852,722
Cost of shares repurchased (1,127,706 and
786,659 shares, respectively) (14,961,820) (12,000,603)
-------------- --------------
Total 4,736,217 5,360,030
-------------- --------------
CLASS C
Proceeds from sales of shares (20,352 and 0
shares, respectively) 267,930 --
-------------- --------------
Total 267,930 --
-------------- --------------
INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS 29,483,618 20,660,741
-------------- --------------
NET INCREASE IN NET ASSETS 2,853,682 47,279,810
NET ASSETS
Beginning of period 188,777,497 141,497,687
-------------- --------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET
INVESTMENT INCOME OF $1,045,481 AND $805,667,
RESPECTIVELY] $ 191,631,179 $ 188,777,497
-------------- --------------
-------------- --------------
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen International Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30
5/31/99 -----------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.98 $ 13.89 $ 14.48 $ 12.20 $ 12.63 $ 11.16
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) 0.04(1) 0.06(1) 0.03(1) 0.04(1) 0.03(1) (0.01)
Net realized and unrealized gain
(loss) 0.65 3.27 1.01 2.28 0.42 1.48
----- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.69 3.33 1.04 2.32 0.45 1.47
----- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.03) -- (0.29) -- -- --
Dividends from net realized gains (3.11) (1.24) (1.34) (0.04) (0.88) --
----- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (3.14) (1.24) (1.63) (0.04) (0.88) --
----- --------- --------- --------- --------- ---------
Change in net asset value (2.45) 2.09 (0.59) 2.28 (0.43) 1.47
----- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 13.53 $ 15.98 $ 13.89 $ 14.48 $ 12.20 $ 12.63
----- --------- --------- --------- --------- ---------
----- --------- --------- --------- --------- ---------
Total return(2) 4.92%(4) 26.17% 8.21% 19.03% 4.12% 13.17%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $171,895 $171,463 $131,338 $135,524 $129,352 $167,918
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.46%(3) 1.37% 1.56% 1.57% 1.70% 1.47%
Net investment income 0.60%(3) 0.40% 0.22% 0.33% 0.23% 0.20%
Portfolio turnover 45%(4) 104% 167% 151% 236% 186%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
------------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/99 ----------------------------------------------- 7/15/94 TO
(UNAUDITED) 1998 1997 1996 1995 11/30/94
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.44 $ 13.56 $ 14.22 $ 12.07 $ 12.60 $ 12.80
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) --(1) (0.05)(1) (0.08)(1) (0.05)(1) (0.07)(1) (0.01)
Net realized and unrealized gain
(loss) 0.61 3.17 1.00 2.24 0.42 (0.19)
----- -------- -------- -------- -------- -----
TOTAL FROM INVESTMENT OPERATIONS 0.61 3.12 0.92 2.19 0.35 (0.20)
----- -------- -------- -------- -------- -----
LESS DISTRIBUTIONS
Dividends from net investment income -- -- (0.24) -- -- --
Dividends from net realized gains (3.11) (1.24) (1.34) (0.04) (0.88) --
----- -------- -------- -------- -------- -----
TOTAL DISTRIBUTIONS (3.11) (1.24) (1.58) (0.04) (0.88) --
----- -------- -------- -------- -------- -----
Change in net asset value (2.50) 1.88 (0.66) 2.15 (0.53) (0.20)
----- -------- -------- -------- -------- -----
NET ASSET VALUE, END OF PERIOD $ 12.94 $ 15.44 $ 13.56 $ 14.22 $ 12.07 $ 12.60
----- -------- -------- -------- -------- -----
----- -------- -------- -------- -------- -----
Total return(2) 4.61%(4) 25.17% 7.37% 18.16% 3.28% (1.56)%(4)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $19,473 $17,315 $10,159 $6,955 $3,261 $1,991
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.23%(3) 2.11% 2.31% 2.31% 2.50% 1.93%(3)
Net investment income (0.04)%(3) (0.34)% (0.55)% (0.39)% (0.61)% 0.36%(3)
Portfolio turnover 45%(4) 104% 167% 151% 236% 186%
</TABLE>
(1) Computed using average shares outstanding.
(2) Maximum sales charges are not reflected in 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 timing of share purchases and redemptions.
See Notes to Financial Statements
11
<PAGE>
Phoenix-Aberdeen International Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS C
-----------
FROM
INCEPTION
3/30/99 TO
5/31/99
(UNAUDITED)
<C> <S>
Net asset value, beginning of period $ 12.82
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.02(1)
Net realized and unrealized gain
(loss) 0.10
-----
TOTAL FROM INVESTMENT OPERATIONS 0.12
-----
LESS DISTRIBUTIONS
Dividends from net investment income --
Dividends from net realized gains --
-----
TOTAL DISTRIBUTIONS --
-----
Change in net asset value 0.12
-----
NET ASSET VALUE, END OF PERIOD $ 12.94
-----
-----
Total return(2) 0.94%(4)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $263
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.44%(3)
Net investment income 1.14%(3)
Portfolio turnover 45%(4)
</TABLE>
(1) Computed using average shares outstanding.
(2) Maximum sales charges are not reflected in total return calculation.
(3) Annualized.
(4) Not annualized.
12
See Notes to Financial Statements
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES FUND
INVESTMENTS AT MAY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
COMMON STOCKS--97.4%
REAL ESTATE INVESTMENT TRUSTS--96.3%
DIVERSIFIED--13.3%
Colonial Properties Trust......... 55,000 $ 1,543,437
Crescent Real Estate Equities
Co................................ 61,400 1,416,037
Vornado Realty Trust.............. 56,500 2,192,906
-----------
5,152,380
-----------
HEALTH CARE--3.0%
Nationwide Health Properties,
Inc............................... 56,400 1,149,150
INDUSTRIAL/OFFICE--40.1%
INDUSTRIAL--7.4%
CenterPoint Properties Trust...... 2,500 89,687
First Industrial Realty Trust,
Inc............................... 59,000 1,596,687
Weeks Corp........................ 37,300 1,165,625
-----------
2,851,999
-----------
MIXED--8.7%
Duke Realty Investments, Inc...... 78,400 1,813,000
Reckson Associates Realty Corp.... 60,700 1,570,612
-----------
3,383,612
-----------
OFFICE--24.0%
Alexandria Real Estate Equities,
Inc............................... 30,000 948,750
Boston Properties, Inc............ 72,200 2,594,687
Equity Office Properties Trust.... 25,000 706,250
Highwoods Properties, Inc......... 20,000 526,250
Mack-Cali Realty Corp............. 57,900 1,874,513
Spieker Properties, Inc........... 65,000 2,660,938
-----------
9,311,388
-----------
- ---------------------------------------------------------------------
TOTAL INDUSTRIAL/ OFFICE 15,546,999
- ---------------------------------------------------------------------
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
LODGING/RESORTS--0.8%
Patriot American Hospitality,
Inc.(b)........................... 59,356 $ 307,908
RESIDENTIAL--19.8%
APARTMENTS--15.8%
Apartment Investment & Management
Co................................ 20,000 840,000
Avalonbay Communities, Inc........ 40,700 1,439,763
Equity Residential Properties
Trust............................. 54,800 2,626,975
Essex Property Trust, Inc......... 38,400 1,233,600
-----------
6,140,338
-----------
MANUFACTURED HOMES--4.0%
Manufactured Home Communities,
Inc............................... 41,500 1,073,813
Sun Communities, Inc.............. 13,200 482,625
-----------
1,556,438
-----------
- ---------------------------------------------------------------------
TOTAL RESIDENTIAL 7,696,776
- ---------------------------------------------------------------------
RETAIL--17.9%
OUTLET CENTERS--3.1%
Chelsea GCA Realty, Inc........... 31,600 1,198,825
REGIONAL MALLS--8.7%
CBL & Associates Properties,
Inc............................... 10,000 258,125
General Growth Properties, Inc.... 10,000 384,375
Macerich Co. (The)................ 43,800 1,157,963
Simon Property Group, Inc......... 22,208 649,584
Urban Shopping Centers, Inc....... 28,000 924,000
-----------
3,374,047
-----------
STRIP CENTERS--6.1%
Developers Diversified Realty
Corp.............................. 49,200 811,800
JDN Realty Corp................... 25,000 546,875
Kimco Realty Corp................. 25,000 998,438
-----------
2,357,113
-----------
- ---------------------------------------------------------------------
TOTAL RETAIL 6,929,985
- ---------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements 13
<PAGE>
Phoenix-Duff & Phelps Real Estate Securities Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
SELF STORAGE--1.4%
Storage USA, Inc.................. 16,700 $ 557,363
- ---------------------------------------------------------------------
TOTAL REAL ESTATE INVESTMENT TRUSTS
(IDENTIFIED COST $36,171,769) 37,340,561
- ---------------------------------------------------------------------
REAL ESTATE OPERATING COMPANIES--1.1%
DIVERSIFIED--0.1%
Vornado Operating, Inc.(b)........ 4,075 28,525
HEALTH CARE--0.0%
OMEGA Worldwide Inc.(b)........... 4,641 19,724
INDUSTRIAL/OFFICE--1.0%
MIXED--1.0%
Reckson Services Industries,
Inc.(b)........................... 26,636 372,904
- ---------------------------------------------------------------------
TOTAL REAL ESTATE OPERATING COMPANIES
(IDENTIFIED COST $107,149) 421,153
- ---------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $36,278,918) 37,761,714
- ---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--2.8%
COMMERCIAL PAPER--2.8%
Koch Industries, Inc. 4.90%,
6/1/99............................ A-1+ $ 1,075 $ 1,075,000
- ----------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $1,075,000) 1,075,000
- ----------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS--100.2%
(IDENTIFIED COST $37,353,918) 38,836,714(a)
Cash and receivables, less liabilities--(0.2%) (59,780)
-------------
NET ASSETS--100.0% $ 38,776,934
-------------
-------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $4,033,384 and gross
depreciation of $3,085,954 for federal income tax purposes. At May 31,
1999, the aggregate cost of securities for federal income tax purposes was
$37,889,284.
(b) Non-income producing.
14
See Notes to Financial Statements
<PAGE>
Phoenix-Duff & Phelps Real Estate Securities Fund
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $37,353,918) $ 38,836,714
Cash 964
Receivables
Dividends and interest 62,303
Fund shares sold 27,457
Prepaid expenses 1,012
--------------
Total assets 38,928,450
--------------
LIABILITIES
Payables
Fund shares repurchased 55,390
Transfer agent fee 20,481
Distribution fee 18,644
Investment advisory fee 18,175
Financial agent fee 4,581
Trustees' fee 4,274
Accrued expenses 29,971
--------------
Total liabilities 151,516
--------------
NET ASSETS $ 38,776,934
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 37,676,062
Undistributed net investment income 236,947
Accumulated net realized loss (618,871)
Net unrealized appreciation 1,482,796
--------------
NET ASSETS $ 38,776,934
--------------
--------------
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $22,219,911) 1,725,935
Net asset value per share $12.87
Offering price per share $12.87/(1-4.75%) $13.51
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $16,557,023) 1,293,142
Net asset value and offering price per share $12.80
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 1,303,203
Interest 18,445
--------------
Total investment income 1,321,648
--------------
EXPENSES
Investment advisory fee 142,795
Distribution fee, Class A 27,592
Distribution fee, Class B 80,028
Financial agent fee 27,610
Transfer agent 58,371
Professional 9,162
Registration 8,156
Trustees 5,809
Custodian 3,990
Printing 9,806
--------------
Total expenses 373,319
Less expenses borne by investment adviser (66,213)
--------------
Net expenses 307,106
--------------
NET INVESTMENT INCOME 1,014,542
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (547,353)
Net change in unrealized appreciation (depreciation) on
investments 2,461,448
--------------
NET GAIN ON INVESTMENTS 1,914,095
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,928,637
--------------
--------------
</TABLE>
See Notes to Financial Statements 15
<PAGE>
Phoenix-Duff & Phelps Real Estate Securities Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
5/31/99 Year Ended
(Unaudited) 11/30/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 1,014,542 $ 1,854,142
Net realized gain (loss) (547,353) (70,514)
Net change in unrealized appreciation
(depreciation) 2,461,448 (12,098,214)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 2,928,637 (10,314,586)
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (807,137) (967,687)
Net investment income, Class B (534,394) (535,003)
Net realized gains, Class A -- (2,254,756)
Net realized gains, Class B -- (1,514,857)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS (1,341,531) (5,272,303)
-------------- --------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (94,299 and
445,657 shares, respectively) 1,153,800 6,419,885
Net asset value of shares issued from
reinvestment of distributions
(64,737 and 207,094 shares, respectively) 741,532 3,035,928
Cost of shares repurchased (448,385 and 855,051
shares, respectively) (5,249,589) (11,951,570)
-------------- --------------
Total (3,354,257) (2,495,757)
-------------- --------------
CLASS B
Proceeds from sales of shares (101,596 and
362,036 shares, respectively) 1,219,844 5,231,142
Net asset value of shares issued from
reinvestment of distributions
(37,542 and 120,031 shares, respectively) 429,056 1,757,836
Cost of shares repurchased (342,079 and 400,698
shares, respectively) (4,028,480) (5,408,854)
-------------- --------------
Total (2,379,580) 1,580,124
-------------- --------------
DECREASE IN NET ASSETS FROM SHARE TRANSACTIONS (5,733,837) (915,633)
-------------- --------------
NET DECREASE IN NET ASSETS (4,146,731) (16,502,522)
NET ASSETS
Beginning of period 42,923,665 59,426,187
-------------- --------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) OF $236,947 AND
$563,936, RESPECTIVELY] $ 38,776,934 $ 42,923,665
-------------- --------------
-------------- --------------
</TABLE>
16 See Notes to Financial Statements
<PAGE>
Phoenix-Duff & Phelps Real Estate Securities Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/99 ----------------------------------------- 3/1/95 TO
(UNAUDITED) 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 12.25 $ 16.39 $ 13.14 $ 10.72 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.33(4)(5) 0.55(4)(5) 0.49(4)(5) 0.53(5) 0.43(4)(5)
Net realized and unrealized gain
(loss) 0.71 (3.18) 3.52 2.50 0.55
----- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 1.04 (2.63) 4.01 3.03 0.98
----- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.42) (0.44) (0.51) (0.59) (0.26)
Dividends from net realized gains -- (1.07) (0.25) (0.02) --
----- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.42) (1.51) (0.76) (0.61) (0.26)
----- --------- --------- --------- ---------
Change in net asset value 0.62 (4.14) 3.25 2.42 0.72
----- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.87 $ 12.25 $ 16.39 $ 13.14 $ 10.72
----- --------- --------- --------- ---------
----- --------- --------- --------- ---------
Total return(1) 9.04%(3) (17.42)% 31.44% 29.20% 9.87%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $22,220 $24,686 $36,336 $22,872 $13,842
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.30%(2) 1.31% 1.30% 1.30% 1.30%(2)
Net investment income 5.65%(2) 3.79% 3.34% 4.55% 5.79%(2)
Portfolio turnover 8%(3) 11% 54% 24% 9%(3)
</TABLE>
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/99 ----------------------------------------- 3/1/95 TO
(UNAUDITED) 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 12.19 $ 16.32 $ 13.10 $ 10.68 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.29(4)(6) 0.43(4)(6) 0.38(4)(6) 0.46(6) 0.36(4)(6)
Net realized and unrealized gain
(loss) 0.70 (3.15) 3.50 2.47 0.56
----- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.99 (2.72) 3.88 2.93 0.92
----- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.38) (0.34) (0.41) (0.49) (0.24)
Dividends from net realized gains -- (1.07) (0.25) (0.02) --
----- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.38) (1.41) (0.66) (0.51) (0.24)
----- --------- --------- --------- ---------
Change in net asset value 0.61 (4.13) 3.22 2.42 0.68
----- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.80 $ 12.19 $ 16.32 $ 13.10 $ 10.68
----- --------- --------- --------- ---------
----- --------- --------- --------- ---------
Total return(1) 8.64%(3) (18.01)% 30.44% 28.25% 9.21%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $16,557 $18,237 $23,091 $8,259 $2.239
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.05%(2) 2.06% 2.05% 2.05% 2.05%(2)
Net investment income 4.88%(2) 3.07% 2.55% 3.95% 5.03%(2)
Portfolio turnover 8%(3) 11% 54% 24% 9%(3)
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
(5) Includes reimbursement of operating expenses by investment adviser of
$0.02, $0.02, $0.04, $0.07 and $0.12, respectively.
(6) Includes reimbursement of operating expenses by investment adviser of
$0.02, $0.02, $0.04, $0.07 and $0.12, respectively.
See Notes to Financial Statements
17
<PAGE>
PHOENIX-GOODWIN EMERGING MARKETS BOND FUND
INVESTMENTS AT MAY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- --------- ------------
<S> <C> <C> <C>
CORPORATE BONDS--1.4%
TELECOMMUNICATIONS (LONG DISTANCE)--1.4%
Interamericas Communications Corp.
14%, 10/27/07....................... NR $ 2,000 $ 1,300,000
- -------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $1,063,933) 1,300,000
- -------------------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES--66.4%
ALGERIA--2.5%
Algeria Tranche A 7.188%,
3/4/00(b)........................... NR 1,533 1,429,833
Algeria Tranche 3 9.581%,
9/4/10(h)........................... NR 300,000 912,514
------------
2,342,347
------------
ARGENTINA--15.2%
Republic of Argentina RegS 8.75%,
7/10/02(e).......................... Ba 5,010 4,192,757
Republic of Argentina RegS 11.75%,
2/12/07(e).......................... Ba 8,000 6,614,961
Republic of Argentina Bocon Pro1 M1,
PIK interest capitalization, 3%,
4/1/07(b)(e)........................ Ba 5,416 3,536,491
------------
14,344,209
------------
BRAZIL--11.2%
Brazil MYDFA Trust Certificates RegS
5.875%, 9/15/07(b).................. NR 8,665 5,567,463
Republic of Brazil Bearer 5%,
4/15/09(b).......................... B 1,500 855,000
Republic of Brazil NMB-L Bearer
5.938%, 4/15/09(b).................. B 1,500 966,562
Republic of Brazil NMB-L Registered
Series RG 5.938%, 4/15/09(b)........ B 4,950 3,189,656
------------
10,578,681
------------
BULGARIA--3.3%
Republic of Bulgaria FLIRB Bearer
Series A 2.50%, 7/28/12(b).......... B 3,607 2,087,509
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- --------- ------------
<S> <C> <C> <C>
BULGARIA--CONTINUED
Republic of Bulgaria FLIRB RegA
2.50%, 7/28/12(b)................... B $ 1,250 $ 723,437
Republic of Bulgaria FLIRB Series B
3%, 7/28/12(b)...................... B 508 294,047
------------
3,104,993
------------
ECUADOR--5.5%
Ecuador Bearer PDI, PIK interest
capitalization, 6%, 2/27/15(b)(n)... B 7,481 2,842,894
Ecuador Global Bearer Series IE 6%,
12/21/04(b)......................... B 800 492,000
Republic of Ecuador RegS 11.25%,
4/25/02............................. B 2,500 1,854,687
------------
5,189,581
------------
IVORY COAST--0.1%
Ivory Coast PDI Series F 1.90%,
3/29/18(f).......................... NR 614 26,436
Ivory Coast FLIRB Series FRF 2%,
3/29/18(b)(f)....................... NR 950 36,344
------------
62,780
------------
MACEDONIA--1.0%
Macedonia C Bond, PIK interest
capitalization 5.893%, 7/2/12(b).... NR 2,119 905,838
MEXICO--7.6%
Mexican Cetes 0%, 1/13/00........... NR 1,271 1,123,921
United Mexican States 6.63%,
12/31/19(l)......................... Ba 8,250 1,010,958
United Mexican States Global Bond
11.50%, 5/15/26..................... Ba 4,500 4,989,375
------------
7,124,254
------------
MOLDOVA--0.9%
Republic of Moldova RegS 9.875%,
6/13/02............................. B 2,000 830,000
</TABLE>
18 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Emerging Markets Bond Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- --------- ------------
<S> <C> <C> <C>
NIGERIA--1.6%
Nigeria Promissory Notes Series RC
5.092%, 1/5/10...................... NR $ 1,318 $ 859,900
Nigeria Series WW 6.25%,
11/15/20(b)......................... NR 1,000 610,000
------------
1,469,900
------------
PAKISTAN--1.3%
Islamic Republic of Pakistan RegS
11.50%, 12/22/99.................... Caa 1,500 1,237,500
PANAMA--0.5%
Republic of Panama 8.875%,
9/30/27............................. Ba 500 442,500
RUSSIA--6.5%
Oblast Nizhniy Novgorod RegS 8.75%,
10/3/02(g).......................... Caa 9,000 1,620,000
Russia Treasury Bill GKO Series
21133 0%, 6/16/99(g)................ Ca 10 78
Russia Treasury Bill OFZ Linked
Notes 14%, 9/12/01(g)............... NR 52,885 191,823
Russian Federal Loan Bond Series
25022 15%, 2/23/00(g)............... NR 25,556 234,375
Russian Federal Loan Bond OFZ Series
25030 0%, 12/15/01(g)............... NR 47 370
Russian Federal Loan Bond OFZ Series
27001 30%, 2/6/02(b)(g)............. NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27002 30%, 5/22/02(b)(g)............ NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27003 30%, 6/5/02(b)(g)............. NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27004 30%, 9/18/02(b)(g)............ NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27005 30%, 10/9/02(b)(g)............ NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27006 30%, 1/22/03(b)(g)............ NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27007 30%, 2/5/03(b)(g)............. NR 1,365 10,809
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- --------- ------------
<S> <C> <C> <C>
RUSSIA--CONTINUED
Russian Federal Loan Bond OFZ Series
27008 30%, 5/21/03(b)(g)............ NR $ 1,365 $ 10,809
Russian Federal Loan Bond OFZ Series
27009 30%, 6/4/03(b)(g)............. NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27010 30%, 9/17/03(b)(g)............ NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
27011 30%, 10/8/03(b)(g)............ NR 1,365 10,809
Russian Federal Loan Bond OFZ Series
28001 30%, 1/21/04(b)(g)............ NR 1,365 10,809
Russian Federation RegS 11.75%,
6/10/03............................. B 4,000 1,980,000
Russian Federation RegS 8.75%,
7/24/05............................. B 2,000 865,000
Russian Federation RegS 11%,
7/24/18............................. B 418 181,830
Russian Federation RegS 12.75%,
6/24/28............................. B 2,000 960,000
------------
6,163,184
------------
TURKEY--1.3%
Turkey Treasury Bill 0%,
10/6/99(j).......................... NR 640,000 1,215,811
UKRAINE--2.4%
EM Sovereign Finance BV 0%,
9/22/00............................. NR 8,320 2,246,400
VENEZUELA--5.5%
Republic of Venezuela NMB-A 6.063%,
12/18/05(b)......................... B 1,647 1,222,957
Republic of Venezuela FLIRB Series A
6%, 3/31/07(b)...................... B 762 561,901
Republic of Venezuela FLIRB Series B
6%, 3/31/07(b)...................... B 1,905 1,404,753
Republic of Venezuela 13.625%,
8/15/18............................. B 1,500 1,350,000
Republic of Venezuela 9.25%,
9/15/27............................. B 1,000 633,750
------------
5,173,361
------------
- -------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(IDENTIFIED COST $70,315,141) 62,431,339
- -------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements 19
<PAGE>
Phoenix-Goodwin Emerging Markets Bond Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- --------- ------------
<S> <C> <C> <C>
FOREIGN CORPORATE BONDS--26.4%
ARGENTINA--3.0%
Imasac SA RegS 11%, 5/2/05 (Iron &
Steel).............................. B $ 1,500 $ 967,500
Industrias Metalurgicas Pescarmona
SA Series 2 144A 9.50%, 5/31/02
(Metals Mining)(c).................. B 4,000 1,890,000
------------
2,857,500
------------
BRAZIL--10.4%
Companhia Brasileira de Petroleo
Ipiranga 10.625%, 2/25/02 (Oil & Gas
(Exploration & Production))(b)...... NR 1,000 910,000
Globo Cabo SA Series B 12.625%,
6/18/04 (Broadcasting (Television,
Radio & Cable))..................... B 3,000 2,670,000
Localiza Rent a Car 10.25%, 10/1/05
(Services (Commercial &
Consumer)).......................... B 1,500 1,087,500
Net Sat Servicos Ltda. 12.75%,
8/15/04 (Broadcasting (Television,
Radio & Cable))..................... Caa 1,560 1,248,000
Net Sat Servicos Ltda. RegS 144A
12.75%, 8/5/04 (Broadcasting
(Television, Radio & Cable))(c)..... Caa 1,070 807,850
Radio e Televisao Bandeirantes Ltd.
144A 12.875%, 5/15/06 (Broadcasting
(Television, Radio & Cable))(c)..... B 1,500 637,500
Tevecap SA 12.625%, 11/26/04
(Broadcasting (Television, Radio &
Cable))............................. Caa 3,600 2,412,000
------------
9,772,850
------------
INDONESIA--3.8%
APP Finance II Mauritius Ltd. 12%,
12/29/49 (Paper & Forest
Products)(b)........................ Caa 3,890 2,450,700
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- --------- ------------
<S> <C> <C> <C>
INDONESIA--CONTINUED
Indah Kiat International Finance
6.15%, 3/14/00 (Paper & Forest
Products)(h)........................ Caa 160,000 $ 1,152,127
------------
3,602,827
------------
KAZAKHSTAN--1.5%
Kazkommertsbank International RegS
11.25%, 5/8/01 (Banks (Major
Regional)).......................... B $ 2,000 1,400,000
MEXICO--6.7%
Alestra SA de RL de CV 144A 12.125%,
5/15/06 (Telephone)(c).............. B 950 912,000
Altos Hornos de Mexico SA Series B
11.875%, 4/30/04 (Metals
Mining)(m).......................... Caa 2,250 708,750
Corporacion GEO SA de CV RegS Series
1 10%, 5/23/02 (Consumer Finance)... NR 1,310 1,198,650
Grupo Transportacion Ferroviaria
Mexicana SA de CV 0%, 6/15/09
(Railroads)(b)...................... B 1,045 642,675
Innova S de R.L. 12.875%, 4/1/07
(Publishing)........................ B 1,000 825,000
Nacional Financiera SNC 22%, 5/20/02
(Financial (Diversified))(k)........ NR 20,000 1,956,765
------------
6,243,840
------------
ROMANIA--1.0%
Renel RA 7.75%, 2/21/02 (Electric
Companies)(b)....................... NR 1,200 948,000
- -------------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(IDENTIFIED COST $25,527,300) 24,825,017
- -------------------------------------------------------------------------
</TABLE>
20 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Emerging Markets Bond Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- --------- ------------
<S> <C> <C> <C>
FOREIGN CONVERTIBLE BONDS--1.9%
CANADA--0.4%
PLD Telecom Cv. 144A 9%, 6/1/06
(Telephone)(c)...................... NR $ 600 $ 348,000
RUSSIA--1.5%
Lukinter Finance Cv. RegS 3.50%,
5/6/02 (Oil (International
Integrated))........................ CCC-(d) 2,000 1,410,000
- -------------------------------------------------------------------------
TOTAL FOREIGN CONVERTIBLE BONDS
(IDENTIFIED COST $1,720,000) 1,758,000
- -------------------------------------------------------------------------
<CAPTION>
SHARES
---------
<S> <C> <C> <C>
WARRANTS--0.2%
FirstCom Corp. Warrants(m).......... 70,000 192,500
- -------------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 192,500
- -------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--96.3%
(IDENTIFIED COST $98,626,374) 90,506,856
- -------------------------------------------------------------------------
<CAPTION>
PAR
VALUE
(000) VALUE
--------- ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.5%
FEDERAL AGENCY SECURITIES--4.5%
Fannie Mae 4.70%, 6/1/99............ $ 4,250 $ 4,250,000
- -------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $4,250,000) 4,250,000
- -------------------------------------------------------------------------
</TABLE>
TOTAL INVESTMENTS--100.8%
(IDENTIFIED COST $102,876,374) 94,756,856(a)
Cash and receivables, less liabilities--(0.8%) (727,333)
------------
NET ASSETS--100.0% $ 94,029,523
------------
------------
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $5,286,534 and gross
depreciation of $15,093,484 for federal income tax purposes. At May 31,
1999, the aggregate cost of securities for federal income tax purposes was
$104,563,806.
(b) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(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 May 31, 1999,
these securities amounted to a value of $4,595,350 or 4.9% of net assets.
(d) As rated by Standard & Poors, Fitch or Duff & Phelps.
(e) Par value represents Argentine Pesos.
(f) Par value represents French Francs.
(g) Par value represents Russian Rubles.
(h) Par value represents Japanese Yens.
(i) Par value represents Euro.
(j) Par value represents Turkish Liras rounded in millions.
(k) Par value represents Mexican Pesos.
(l) Rights incorporated as a unit.
(m) Non-income producing.
(n) All or a portion segregated as collateral.
See Notes to Financial Statements
21
<PAGE>
Phoenix-Goodwin Emerging Markets Bond Fund
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $102,876,374) $ 94,756,856
Foreign currency at value
(Identified cost 238,263) 226,576
Unrealized appreciation on forward
foreign currency contracts 34,606
Receivables
Interest 3,084,324
Fund shares sold 1,022,891
Investment securities sold 283,173
Prepaid expenses 1,955
--------------
Total assets 99,410,381
--------------
LIABILITIES
Custodian 39,670
Payables
Investment securities purchased 5,044,970
Fund shares repurchased 99,686
Investment advisory fee 61,033
Distribution fee 50,743
Transfer agent fee 28,329
Financial agent fee 7,714
Trustees' fee 5,489
Accrued expenses 43,224
--------------
Total liabilities 5,380,858
--------------
NET ASSETS $ 94,029,523
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 146,339,361
Undistributed net investment income 1,566,820
Accumulated net realized loss (45,771,738)
Net unrealized depreciation (8,104,920)
--------------
NET ASSETS $ 94,029,523
--------------
--------------
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $46,823,174) 6,562,685
Net asset value per share $7.13
Offering price per share $7.13/(1-4.75%) $7.49
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $44,672,517) 6,324,120
Net asset value and offering price per share $7.06
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $2,533,832) 357,288
Net asset value and offering price per share $7.09
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 9,028,868
--------------
Total investment income 9,028,868
--------------
EXPENSE
Investment advisory fee 302,439
Distribution fee, Class A 51,618
Distribution fee, Class B 189,740
Distribution fee, Class C 7,007
Financial agent fee 44,635
Transfer agent 109,689
Custodian 27,870
Registration 17,275
Printing 9,826
Professional 7,653
Trustees 7,025
Miscellaneous 5,760
--------------
Total expenses 780,537
Custodian fees paid indirectly (1,077)
--------------
Net expenses 779,460
--------------
NET INVESTMENT INCOME 8,249,408
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 2,963,114
Net realized loss on foreign currency transactions (20,138)
Net change in unrealized appreciation (depreciation)
on investments (5,153,199)
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions 52,064
--------------
NET LOSS ON INVESTMENTS (2,158,159)
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,091,249
--------------
--------------
</TABLE>
22 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Emerging Markets Bond Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
5/31/99 Year Ended
(Unaudited) 11/30/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 8,249,408 $ 13,088,232
Net realized gain (loss) 2,942,976 (43,148,647)
Net change in unrealized appreciation
(depreciation) (5,101,135) 1,569,334
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS 6,091,249 (28,491,081)
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (3,458,995) (5,581,936)
Net investment income, Class B (3,060,140) (3,942,930)
Net investment income, Class C (112,756) (54,521)
Net realized gains, Class A -- (1,201,906)
Net realized gains, Class B -- (697,910)
Net realized gains, Class C -- --
In excess of net realized gains, Class A -- (6,002,330)
In excess of net realized gains, Class B -- (3,485,367)
In excess of net realized gains, Class C -- --
Tax return of capital, Class A -- (1,984,297)
Tax return of capital, Class B -- (1,343,438)
Tax return of capital, Class C -- (14,524)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS (6,631,891) (24,309,159)
-------------- --------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (1,848,976 and
2,907,456 shares, respectively) 12,734,817 27,208,118
Net asset value of shares issued from
reinvestment of distributions
(173,761 and 1,029,832 shares, respectively) 1,178,919 10,935,153
Cost of shares repurchased (1,255,762 and
3,428,413 shares, respectively) (8,590,657) (34,342,515)
-------------- --------------
Total 5,323,079 3,800,756
-------------- --------------
CLASS B
Proceeds from sales of shares (1,700,405 and
3,220,244 shares, respectively) 11,776,693 30,065,148
Net asset value of shares issued from
reinvestment of distributions
(208,692 and 492,109 shares, respectively) 1,403,389 4,864,295
Cost of shares repurchased (808,748 and
1,516,158 shares, respectively) (5,489,153) (13,762,067)
-------------- --------------
Total 7,690,929 21,167,376
-------------- --------------
CLASS C
Proceeds from sales of shares (256,804 and
170,364 shares, respectively) 1,827,347 1,509,747
Net asset value of shares issued from
reinvestment of distributions
(6,166 and 2,515 shares, respectively) 42,915 19,878
Cost of shares repurchased (73,736 and 4,825
shares, respectively) (513,277) (46,423)
-------------- --------------
Total 1,356,985 1,483,202
-------------- --------------
INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS 14,370,993 26,451,334
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS 13,830,351 (26,348,906)
NET ASSETS
Beginning of period 80,199,172 106,548,078
-------------- --------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET
INVESTMENT INCOME AND DISTRIBUTIONS IN EXCESS
OF NET INVESTMENT INCOME OF $1,566,820 AND
($50,697), RESPECTIVELY] $ 94,029,523 $ 80,199,172
-------------- --------------
-------------- --------------
</TABLE>
See Notes to Financial Statements 23
<PAGE>
Phoenix-Goodwin Emerging Markets Bond Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/99 ----------------------------------------- 9/5/95 TO
(UNAUDITED) 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.20 $ 12.84 $ 14.80 $ 10.18 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.69 1.32 1.38(4) 1.26(5) 0.25(4)(5)
Net realized and unrealized gain (loss) (0.19) (4.22) 0.17 4.56 0.18
----------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.50 (2.90) 1.55 5.82 0.43
----------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.57) (1.00) (1.28) (1.20) (0.25)
Dividends from net realized gains -- (0.23) (2.23) -- --
Distributions in excess of net realized
gains -- (1.16) -- -- --
Return of capital -- (0.35) -- -- --
----------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.57) (2.74) (3.51) (1.20) (0.25)
----------- --------- --------- --------- ---------
Change in net asset value (0.07) (5.64) (1.96) 4.62 0.18
----------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 7.13 $ 7.20 $ 12.84 $ 14.80 $ 10.18
----------- --------- --------- --------- ---------
----------- --------- --------- --------- ---------
Total return(1) 7.66%(3) (27.20)% 11.91% 60.18% 4.40%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $46,823 $41,725 $67,875 $29,661 $12,149
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.57%(2)(7) 1.43% 1.40%(7) 1.50% 1.50%(2)
Net investment income 20.82%(2) 13.74% 9.90% 10.41% 10.48%(2)
Portfolio turnover 127%(3) 405% 614% 378% 38%(3)
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/99 ----------------------------------------- 9/5/95 TO
(UNAUDITED) 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.13 $ 12.77 $ 14.78 $ 10.18 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.67 1.23 1.26(4) 1.19(6) 0.22(4)(6)
Net realized and unrealized gain (loss) (0.20) (4.18) 0.18 4.53 0.20
----------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.47 (2.95) 1.44 5.72 0.42
----------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.54) (0.97) (1.22) (1.12) (0.24)
Dividends from net realized gains -- (0.23) (2.23) -- --
Distributions in excess of net realized
gains -- (1.16) -- -- --
Return of capital -- (0.33) -- -- --
----------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.54) (2.69) (3.45) (1.12) (0.24)
----------- --------- --------- --------- ---------
Change in net asset value (0.07) (5.64) (2.01) 4.60 0.18
----------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 7.06 $ 7.13 $ 12.77 $ 14.78 $ 10.18
----------- --------- --------- --------- ---------
----------- --------- --------- --------- ---------
Total return(1) 7.16%(3) (27.86)% 11.07% 58.94% 4.22%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $44,673 $37,270 $38,673 $9,713 $596
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.32%(2)(7) 2.20% 2.15%(7) 2.25% 2.25%(2)
Net investment income 20.07%(2) 12.98% 9.14% 9.79% 10.29%(2)
Portfolio turnover 127%(3) 405% 614% 378% 38%(3)
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
(5) Includes reimbursement of operating expenses by investment adviser of $0.07
and $0.03, respectively.
(6) Includes reimbursement of operating expenses by investment adviser of $0.07
and $0.03, respectively.
(7) The ratio of operating expenses to average net assets excludes the effect
of expense offsets for custodian fees; if expense offsets were included,
the ratio would not significantly differ.
24
See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Emerging Markets Bond Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS C
-------------------------------
SIX MONTHS FROM
ENDED INCEPTION
5/31/99 3/26/98 TO
(UNAUDITED) 11/30/98
<S> <C> <C>
Net asset value, beginning of period $ 7.17 $ 12.25
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.66 0.85(4)
Net realized and unrealized gain (loss) (0.20) (5.10)
----- -----
TOTAL FROM INVESTMENT OPERATIONS 0.46 (4.25)
----- -----
LESS DISTRIBUTIONS
Dividends from net investment income (0.54) (0.66)
Dividends from net realized gains -- --
Distributions in excess of net realized gains -- --
Return of capital -- (0.17)
----- -----
TOTAL DISTRIBUTIONS (0.54) (0.83)
----- -----
Change in net asset value (0.08) (5.08)
----- -----
NET ASSET VALUE, END OF PERIOD $ 7.09 $ 7.17
----- -----
----- -----
Total return(1) 7.12%(3) (35.33)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $2,534 $1,205
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.33%(2)(5) 2.29%(2)
Net investment income 20.16%(2) 15.59%(2)
Portfolio turnover 127%(3) 405%(3)
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
(5) The ratio of operating expenses to average net assets excludes the effect
of expense offsets for custodian fees; if expense offsets were included,
the ratio would not significantly differ.
See Notes to Financial Statements
25
<PAGE>
PHOENIX-GOODWIN TAX-EXEMPT BOND FUND
INVESTMENTS AT MAY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
MUNICIPAL TAX-EXEMPT BONDS -- 96.2%
ALABAMA--3.1%
Alabama Special Care Facilities
Financing Authority 5%, 11/1/25... AA+ $ 3,500 $ 3,303,125
ALASKA--1.1%
Valdez Marine Terminal Revenue 7%,
12/1/25(c)........................ AA+ 1,125 1,220,625
ARIZONA--1.0%
Pima County Sewer Revenue
Pre-refunded 6.75%, 7/1/15 (FGIC
Insured).......................... AAA 460 491,625
Pima County Sewer Revenue
Unrefunded 6.75%, 7/1/15 (FGIC
Insured).......................... AAA 540 574,425
-----------
1,066,050
-----------
ARKANSAS--1.2%
Drew County Public Facilities
Board Series A-2 7.90%, 8/1/11
(FNMA Collateralized)............. Aaa(b) 231 247,363
Jacksonville Residential Housing
Facilities Board Series A-2 7.90%,
1/1/11 (FNMA Collateralized)...... Aaa(b) 404 430,241
Lonoke County Residential Housing
Facilities Board Series A-2 7.90%,
4/1/11 (FNMA Collateralized)...... Aaa(b) 392 427,624
Stuttgart Public Facilities Board
Series A-2 7.90%, 9/1/11 (FNMA
Collateralized)................... Aaa(b) 193 204,965
-----------
1,310,193
-----------
CALIFORNIA--7.3%
California Housing Financing
Agency Revenue Series A 7.75%,
8/1/17 (FHA Insured).............. AA- 160 163,667
Pittsburg Redevelopment Agency
Series A 4.625%, 8/1/21 (AMBAC
Insured).......................... AAA 1,650 1,511,812
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
CALIFORNIA--CONTINUED
Riverside County 8.625%, 5/1/16
(GNMA Collaterized)............... AAA $ 4,300 $ 6,057,625
-----------
7,733,104
-----------
COLORADO--2.8%
Arapahoe County Capital
Improvement Series E Pre-refunded
6.90%, 8/31/15.................... Aaa(b) 2,500 2,921,875
CONNECTICUT--4.7%
Connecticut State Health and
Educational Facilities Authority
Series B 5.125%, 7/1/07........... BBB 1,000 1,010,000
Mashantucket Western Pequot Tribe
Special Revenue Series A
Pre-refunded 144A 6.50%,
9/1/05(d)......................... AAA 845 951,681
Mashantucket Western Pequot Tribe
Special Revenue Series A
Pre-refunded 144A 6.50%,
9/1/06(d)......................... AAA 495 563,062
Mashantucket Western Pequot Tribe
Special Revenue Series B 144A
5.60%, 9/1/09(d).................. Baa(b) 1,000 1,040,000
Mashantucket Western Pequot Tribe
Special Revenue Series A 5.50%,
9/1/28............................ Baa(b) 1,500 1,464,375
-----------
5,029,118
-----------
GEORGIA--7.8%
Atlanta Water and Sewer Revenue
4.50%, 1/1/18 (FGIC Insured)...... AAA 2,250 2,286,562
Cartersville Development Authority
Revenue 5.625%, 5/1/09............ A+ 2,000 2,130,000
Georgia Municipal Electric
Authority Power Revenue Series Z
5.50%, 1/1/20 (FGIC Insured)...... AAA 2,000 2,067,500
Georgia State General Obligation
Series A 7.45%, 1/1/09............ AAA 1,500 1,837,500
-----------
8,321,562
-----------
</TABLE>
26 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Tax-Exempt Bond Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
ILLINOIS--5.9%
Chicago Board of Education Series
A 6%, 1/1/20 (MBIA Insured)....... AAA $ 500 $ 551,250
Chicago Gas Supply Revenue Series
B 7.50%, 3/1/15................... AA- 1,000 1,046,420
Chicago O'Hare International
Airport Special Facility Revenue
8.85%, 5/1/18..................... BB+ 835 907,019
Illinois Development Finance
Authority Pollution Control
Revenue Series B 7.60%, 9/1/13.... A+ 2,000 2,092,920
Illinois Health Facilities
Authority Revenue Series C 7%,
4/1/08 (FSA Insured).............. AAA 1,100 1,292,500
Illinois Housing Development
Authority Residential Mortgage
Revenue Series A 7%, 8/1/17....... AA 330 333,052
Metropolitan Pier & Exposition
Authority Revenue Unrefunded
6.50%, 6/15/07 (FGIC Insured)..... AA- 30 32,812
-----------
6,255,973
-----------
INDIANA--3.3%
Indianapolis Public Local
Improvement Revenue Series C 0%,
1/1/03............................ A(b) 2,500 2,159,375
Indianapolis Public Local
Improvement Revenue Series A 0%,
2/1/05............................ Aa(b) 1,765 1,383,319
-----------
3,542,694
-----------
KENTUCKY--2.9%
Kentucky State Turnpike Authority
Economic Development Revenue 0%,
1/1/10 (FGIC Insured)............. AAA 3,300 2,000,625
Perry County Solid Waste Disposal
Revenue 7%, 6/1/24................ NR 1,000 1,073,750
-----------
3,074,375
-----------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
LOUISIANA--4.5%
Louisiana Environmental Facilities
Community Development Authority
Revenue 5.25%, 12/1/18............ AAA $ 1,500 $ 1,501,875
St. Mary Public Transportation
Financing Authority Revenue Bond
Series A 7.625%, 3/25/12.......... Aaa(b) 39 41,050
St. Tammany Public Transportation
Financing Authority Revenue Series
A 7%, 6/1/02 (FNMA
Collateralized)................... Aaa(b) 64 66,429
St. Tammany Sales Tax Revenue
4.70%, 4/1/09 (FGIC Insured)...... AAA 2,000 2,007,500
St. Tammany Sales Tax Revenue
4.80%, 4/1/10 (FGIC Insured)...... AAA 1,105 1,113,288
-----------
4,730,142
-----------
MARYLAND--0.6%
Baltimore G. O. 7%, 10/15/09 (MBIA
Insured).......................... AAA 500 600,000
MASSACHUSETTS--1.9%
Massachusetts Bay Transportation
Authority Revenue Series B 6.20%,
3/1/16............................ AA- 1,000 1,132,500
Massachusetts State Industrial
Financing Agency Revenue 0%,
8/1/05............................ A+ 1,100 837,375
-----------
1,969,875
-----------
MICHIGAN--1.7%
Williamston Community School G. O.
5.50%, 5/1/25 (MBIA Insured)...... AAA 1,725 1,802,625
MISSISSIPPI--1.6%
Lowndes County Solid Waste
Disposal & Pollution Control
Revenue Series A 6.80%, 4/1/22.... A 1,450 1,711,000
NEVADA--1.6%
Clark County School District G. O.
Series B 0%, 6/1/03 (MBIA
Insured).......................... AAA 2,000 1,697,500
</TABLE>
See Notes to Financial Statements 27
<PAGE>
Phoenix-Goodwin Tax-Exempt Bond Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
NEW JERSEY--1.5%
Camden County Municipal Utilities
Authority Sewer Revenue 0%, 9/1/11
(FGIC Insured).................... AAA $ 3,000 $ 1,620,000
NEW YORK--8.5%
New York State Dormitory Authority
Revenue Series U Pre-refunded
6.375%, 7/1/08.................... BBB+ 575 626,750
Niagara Falls Bridge Commission
Toll Revenue Series B 5.25%,
10/1/15 (FGIC Insured)............ AAA 4,000 4,135,000
Port Authority of New York & New
Jersey Special Obligation Revenue
6.75%, 10/1/11.................... NR 3,000 3,288,750
Suffolk County Industrial
Development Agency Revenue 5.50%,
1/1/23............................ NR 1,000 988,750
-----------
9,039,250
-----------
NORTH CAROLINA--1.4%
North Carolina Municipal Power
Agency Revenue 6%, 1/1/09 (AMBAC
Insured).......................... AAA 1,385 1,532,156
PENNSYLVANIA--8.6%
Delaware Valley Regional Finance
Authority Revenue Series B 5.70%,
7/1/27 (AMBAC Insured)............ AAA 2,000 2,152,500
New Castle Area Hospital Authority
Revenue Series A 6.50%,
11/15/09.......................... Baa(b) 1,000 1,046,250
Pennsylvania Economic Development
Financing Authority Resource
Recovery Revenue Series A 6.40%,
1/1/09............................ BBB- 1,500 1,578,750
Pennsylvania State Finance
Authority Revenue 6.60%,
11/1/09........................... A 4,000 4,395,000
-----------
9,172,500
-----------
TENNESSEE--1.6%
Metropolitan Government Nashville
& Davidson County Health &
Educational Facilities Board
Revenue 6%, 12/1/16 (AMBAC
Insured).......................... AAA 1,500 1,663,125
TEXAS--9.4%
Alliance Airport Authority Special
Facilities Revenue 7%, 12/1/11.... BBB- 1,100 1,267,750
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
TEXAS--CONTINUED
Austin Convention Center Revenue
Series B 8.25%, 11/15/14.......... Aaa(b) $ 930 $ 969,116
Brazos River Authority Revenue
Series A 7.625%, 5/1/19........... A- 1,000 1,023,260
Colorado River Municipal District
Water Revenue Pre-refunded 8.25%,
1/1/15............................ NR 540 577,125
Hurst Euless Bedford Independent
School District G. O. 4.75%,
8/15/28........................... AAA 2,000 1,830,000
San Antonio Electric & Gas Revenue
5%, 2/1/12........................ AA 2,000 2,034,944
Texas State Public Finance
Authority Building Revenue 6.25%,
8/1/09 (MBIA Insured)............. AAA 1,250 1,404,688
Texas Water Resource Finance
Authority Revenue 7.625%,
8/15/08........................... A 830 835,312
-----------
9,942,195
-----------
VIRGINIA--5.9%
Pittsylvania County Industrial
Development Authority Revenue
Series A 7.30%, 1/1/04............ NR 935 991,100
Pittsylvania County Industrial
Development Authority Revenue
Series A 7.45%, 1/1/09............ NR 3,000 3,258,750
Upper Occoquan Regional Sewer
Authority Revenue Series A 5.15%,
7/1/20 (MBIA Insured)............. AAA 2,000 2,017,500
-----------
6,267,350
-----------
WASHINGTON--1.0%
Washington State G. O. Series C
5.50%, 7/1/13..................... AA+ 1,000 1,057,500
WEST VIRGINIA--3.0%
Upshur County Solid Waste Disposal
Revenue 7%, 7/15/25............... NR 2,000 2,160,000
West Virginia State Housing
Development Fund Revenue 6.625%,
7/1/20 (FHA Insured).............. AA 1,000 1,002,040
-----------
3,162,040
-----------
</TABLE>
28 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Tax-Exempt Bond Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
WISCONSIN--0.8%
Wisconsin State Clean Water
Revenue Series 1 6.875%, 6/1/11... AA+ $ 750 $ 891,563
OTHER TERRITORIES--1.5%
Puerto Rico Commonwealth Highway &
Transportation Authority Revenue
Series V 6.625%, 7/1/12........... A 1,500 1,623,750
- ---------------------------------------------------------------------
TOTAL MUNICIPAL TAX-EXEMPT BONDS
(IDENTIFIED COST $94,491,367) 102,261,265
- ---------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--96.2%
(IDENTIFIED COST $94,491,367) 102,261,265
- ---------------------------------------------------------------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- -----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.6%
COMMERCIAL PAPER--1.6%
Koch Industries, Inc. 4.90%,
6/1/99............................ A-1+ $ 1,480 $ 1,480,000
Potomac Electric Power Co. 4.80%,
6/7/99............................ A-1 165 164,868
-----------
1,644,868
-----------
- ---------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $1,644,868) 1,644,868
- ---------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS--97.8%
(IDENTIFIED COST $96,136,235) 103,906,133(a)
Cash and receivables, less liabilities--2.2% 2,384,467
--------------
NET ASSETS--100.0% $ 106,290,600
--------------
--------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $8,026,952 and gross
depreciation of $214,238 for federal income tax purposes. At May 31, 1999,
the aggregate cost of securities for federal income tax purposes was
$96,093,419.
(b) As rated by Moodys, Fitch or Duff & Phelps.
(c) Variable or step coupon security; interest rate 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 buyers. At May 31, 1999, these
securities amounted to a value of $2,554,743 or 2.4% of net assets.
At May 31, 1999, 38.7% of the net assets in the fund are backed by
insurance of financial institutions and financial guaranty assurance
agencies. Insurers with a concentration greater than 10% of net assets are
as follows: FGIC, 15.4%.
See Notes to Financial Statements
29
<PAGE>
Phoenix-Goodwin Tax-Exempt Bond Fund
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $96,136,235) $ 103,906,133
Cash 3,925
Receivables
Fund shares sold 40,948
Investment securities sold 1,085,531
Interest 1,633,035
Prepaid expenses 2,725
--------------
Total assets 106,672,297
--------------
LIABILITIES
Payables
Dividend distributions 105,307
Fund shares repurchased 112,332
Investment advisory fee 41,028
Distribution fee 27,204
Transfer agent fee 21,396
Financial agent fee 11,982
Trustees' fee 8,956
Accrued expenses 53,492
--------------
Total liabilities 381,697
--------------
NET ASSETS $ 106,290,600
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 102,545,755
Accumulated net investment loss (686,440)
Accumulated net realized loss (3,338,613)
Net unrealized appreciation 7,769,898
--------------
NET ASSETS $ 106,290,600
--------------
--------------
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $99,369,676) 9,191,054
Net asset value per share $10.81
Offering price per share $10.81/(1-4.75%) $11.35
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $6,920,924) 637,053
Net asset value and offering price per share $10.86
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 2,849,893
--------------
Total investment income 2,849,893
--------------
EXPENSES
Investment advisory fee 248,609
Distribution fee, Class A 129,382
Distribution fee, Class B 34,934
Financial agent fee 58,664
Transfer agent 53,635
Professional 16,616
Trustees 10,492
Printing 10,392
Custodian 8,553
Registration 13,472
Miscellaneous 5,613
--------------
Total expenses 590,362
--------------
NET INVESTMENT INCOME 2,259,531
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (2,960,161)
Net realized loss on future contracts (26,363)
Net change in unrealized appreciation (depreciation) on
investments (383,301)
--------------
NET REALIZED LOSS ON INVESTMENTS (3,369,825)
--------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ($ 1,110,294)
--------------
--------------
</TABLE>
30 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Tax-Exempt Bond Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
5/31/99 Year Ended
(Unaudited) 11/30/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 2,259,531 $ 5,725,389
Net realized gain (loss) (2,986,524) (409,566)
Net change in unrealized appreciation
(depreciation) (383,301) 1,555,273
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS (1,110,294) 6,871,096
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (2,681,980) (5,342,324)
Net investment income, Class B (149,856) (259,422)
Net realized gains, Class A -- (96,887)
Net realized gains, Class B -- (4,637)
In excess of net investment income, Class A -- (566,555)
In excess of net investment income, Class B -- (27,512)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS (2,831,836) (6,297,337)
-------------- --------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (608,214 and
3,799,813 shares, respectively) 6,702,898 42,705,753
Net asset value of shares issued from
reinvestment of distributions
(133,036 and 286,921 shares, respectively) 1,469,364 3,230,781
Cost of shares repurchased (1,131,734 and
5,491,445 shares, respectively) (12,478,741) (61,903,573)
-------------- --------------
Total (4,306,479) (15,967,039)
-------------- --------------
CLASS B
Proceeds from sales of shares (94,364 and
259,511 shares, respectively) 1,050,888 2,940,057
Net asset value of shares issued from
reinvestment of distributions
(5,493 and 12,310 shares, respectively) 60,962 139,134
Cost of shares repurchased (85,047 and 166,434
shares, respectively) (944,230) (1,874,018)
-------------- --------------
Total 167,620 1,205,173
-------------- --------------
DECREASE IN NET ASSETS FROM SHARE TRANSACTIONS (4,138,859) (14,761,866)
-------------- --------------
NET DECREASE IN NET ASSETS (8,080,989) (14,188,107)
-------------- --------------
NET ASSETS
Beginning of period 114,371,589 128,559,696
-------------- --------------
END OF PERIOD [INCLUDING DISTRIBUTIONS IN EXCESS
OF NET INVESTMENT INCOME (LOSS) OF ($686,440)
AND ($114,135), RESPECTIVELY] $ 106,290,600 $ 114,371,589
-------------- --------------
-------------- --------------
</TABLE>
See Notes to Financial Statements 31
<PAGE>
Phoenix-Goodwin Tax-Exempt Bond Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30
5/31/99 --------------------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 11.21 $ 11.17 $ 11.28 $ 11.40 $ 10.09 $ 11.58
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.23 0.57 0.59 0.60 0.61 0.65
Net realized and unrealized gain
(loss) (0.34) 0.20 0.05 (0.12) 1.34 (1.49)
----- ----- ----- ----- ----- -----
TOTAL FROM INVESTMENT
OPERATIONS (0.11) 0.77 0.64 0.48 1.95 (0.84)
----- ----- ----- ----- ----- -----
LESS DISTRIBUTIONS
Dividends from net investment
income (0.29) (0.53) (0.59) (0.60) (0.61) (0.65)
Dividends in excess of net
investment income -- (0.11) -- -- -- --
Dividends from net realized
gains -- (0.09) (0.16) -- (0.03) --
----- ----- ----- ----- ----- -----
TOTAL DISTRIBUTIONS (0.29) (0.73) (0.75) (0.60) (0.64) (0.65)
----- ----- ----- ----- ----- -----
Change in net asset value (0.40) 0.04 (0.11) (0.12) 1.31 (1.49)
----- ----- ----- ----- ----- -----
NET ASSET VALUE, END OF PERIOD $ 10.81 $ 11.21 $ 11.17 $ 11.28 $ 11.40 $ 10.09
----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- -----
Total return(1) (1.03)%(3) 5.75% 6.04% 4.30% 19.87% (7.55)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $99,370 $107,371 $122,763 $136,558 $147,821 $141,623
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.02%(2) 0.97% 0.96% 0.94% 0.97% 0.96%
Net investment income 4.14%(2) 4.77% 5.36% 5.42% 5.65% 5.65%
Portfolio turnover 8%(3) 14% 15% 27% 25% 54%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/99 ---------------------------------------------------- 3/16/94 TO
(UNAUDITED) 1998 1997 1996 1995 11/30/94
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $11.25 $ 11.22 $ 11.32 $ 11.44 $ 10.12 $ 11.21
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.19 0.48 0.50 0.52 0.53 0.39
Net realized and unrealized gain
(loss) (0.34) 0.19 0.06 (0.12) 1.35 (1.09)
----- ----- -------- -------- -------- -----
TOTAL FROM INVESTMENT
OPERATIONS (0.15) 0.67 0.56 0.40 1.88 (0.70)
----- ----- -------- -------- -------- -----
LESS DISTRIBUTIONS
Dividends from net investment
income (0.24) (0.45) (0.50) (0.52) (0.53) (0.39)
Dividends in excess of net
investment income -- (0.10) -- -- -- --
Dividends from net realized
gains -- (0.09) (0.16) -- (0.03) --
----- ----- -------- -------- -------- -----
TOTAL DISTRIBUTIONS (0.24) (0.64) (0.66) (0.52) (0.56) (0.39)
----- ----- -------- -------- -------- -----
Change in net asset value (0.39) 0.03 (0.10) (0.12) 1.32 (1.09)
----- ----- -------- -------- -------- -----
NET ASSET VALUE, END OF PERIOD $10.86 $ 11.25 $ 11.22 $ 11.32 $ 11.44 $ 10.12
----- ----- -------- -------- -------- -----
----- ----- -------- -------- -------- -----
Total return(1) (1.37)%(3) 4.97% 5.13% 3.60% 19.07% (6.42)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $6,921 $7,001 $5,797 $4,762 $3,142 $1,147
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.77%(2) 1.69% 1.71% 1.69% 1.72% 1.54%(2)
Net investment income 3.40%(2) 3.98% 4.60% 4.68% 4.90% 5.07%(2)
Portfolio turnover 8%(3) 14% 15% 27% 25% 54%(3)
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
32
See Notes to Financial Statements
<PAGE>
PHOENIX-SENECA MID CAP FUND
INVESTMENTS AT MAY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C> <C>
COMMON STOCKS--87.4%
AUTO PARTS & EQUIPMENT--2.7%
Lear Corp.(b)..................... 151,610 $ 7,457,317
BANKS (MAJOR REGIONAL)--3.1%
Comerica, Inc..................... 138,420 8,365,759
BANKS (REGIONAL)--3.4%
UnionBanCal Corp.................. 254,730 9,417,050
BEVERAGES (ALCOHOLIC)--0.7%
Coors (Adolph) Co. Class B........ 40,190 1,909,025
BEVERAGES (NON-ALCOHOLIC)--2.0%
Whitman Corp...................... 313,820 5,334,940
BROADCASTING (TELEVISION, RADIO & CABLE)--2.2%
Chancellor Media Corp.(b)......... 118,990 6,046,179
CHEMICALS (SPECIALTY)--2.5%
Hercules, Inc..................... 195,010 6,813,162
COMMUNICATIONS EQUIPMENT--14.8%
American Tower Corp. Class A(b)... 359,560 8,090,100
Comverse Technology, Inc.(b)...... 130,020 8,784,476
Copper Mountain Networks,
Inc.(b)........................... 45,470 2,910,080
Crown Castle International
Corp.(b).......................... 223,200 4,491,900
Echostar Communications
Corp.(b).......................... 43,290 4,967,527
QUALCOMM, Inc.(b)................. 77,540 7,540,765
Terayon Communication Systems,
Inc.(b)........................... 120,000 3,855,000
------------
40,639,848
------------
COMPUTERS (SOFTWARE & SERVICES)--0.2%
USinternetworking, Inc.(b)........ 21,300 620,362
DISTRIBUTORS (FOOD & HEALTH)--1.9%
WESCO International, Inc.(b)...... 256,120 5,074,377
ELECTRICAL EQUIPMENT--0.1%
SPX Corp.(b)...................... 4,720 366,390
ELECTRONICS (SEMICONDUCTORS)--9.9%
Linear Technology Corp............ 70,000 3,710,000
RF Micro Devices, Inc.(b)......... 181,100 7,719,387
Uniphase Corp.(b)................. 60,610 8,121,740
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C> <C>
ELECTRONICS (SEMICONDUCTORS)--CONTINUED
Xilinx, Inc.(b)................... 172,140 $ 7,649,471
------------
27,200,598
------------
ENTERTAINMENT--2.3%
SFX Entertainment, Inc. Class
A(b).............................. 114,310 6,222,751
EQUIPMENT (SEMICONDUCTOR)--2.5%
KLA-Tencor Corp.(b)............... 150,210 6,834,555
HEALTH CARE (GENERIC AND OTHER)--2.5%
Alpharma, Inc. Class A............ 40,900 1,091,519
Medimmune, Inc.(b)................ 90,000 5,726,250
------------
6,817,769
------------
HEALTH CARE (MANAGED CARE)--2.2%
Wellpoint Health Networks,
Inc.(b)........................... 74,360 6,130,053
INVESTMENT BANKING/BROKERAGE--4.0%
Donaldson, Lufkin & Jenrette,
Inc............................... 162,280 10,872,760
OIL & GAS (DRILLING & EQUIPMENT)--2.6%
Weatherford International,
Inc.(b)........................... 214,560 7,080,480
PAPER & FOREST PRODUCTS--4.3%
Champion International Corp....... 75,000 3,843,750
Mead Corp. (The).................. 214,830 8,029,271
------------
11,873,021
------------
RETAIL (COMPUTERS & ELECTRONICS)--5.6%
Best Buy Co., Inc.(b)............. 145,690 6,628,895
Tandy Corp........................ 104,950 8,658,375
------------
15,287,270
------------
RETAIL (SPECIALTY)--4.2%
Staples, Inc.(b).................. 288,705 8,300,269
Venator Group, Inc.(b)............ 297,420 3,253,031
------------
11,553,300
------------
RETAIL (SPECIALTY-APPAREL)--6.0%
Abercrombie & Fitch Co. Class
A(b).............................. 98,340 8,272,853
</TABLE>
See Notes to Financial Statements 33
<PAGE>
Phoenix-Seneca Mid Cap Fund
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C> <C>
RETAIL (SPECIALTY-APPAREL)--CONTINUED
TJX Companies, Inc. (The)......... 268,000 $ 8,040,000
------------
16,312,853
------------
SERVICES (ADVERTISING/MARKETING)--4.2%
Outdoor Systems, Inc.(b).......... 388,100 11,618,744
TELECOMMUNICATIONS (LONG DISTANCE)--1.8%
ITC/Inc.(b)....................... 202,500 4,834,688
TELEPHONE--1.7%
Pinnacle Holdings, Inc.(b)........ 250,000 4,546,875
- -----------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $222,936,854) 239,230,126
- -----------------------------------------------------------------------
FOREIGN COMMON STOCKS--2.0%
PAPER & FOREST PRODUCTS--0.3%
Grupo Industrial Durango SA
(Mexico)(b)....................... 108,600 977,400
TELECOMMUNICATIONS (LONG DISTANCE)--1.7%
MetroNet Communications Corp.
(Canada)(b)....................... 80,000 4,600,000
- -----------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $5,310,910) 5,577,400
- -----------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--89.4%
(IDENTIFIED COST $228,247,764) 244,807,526
- -----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ --------- ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--8.3%
COMMERCIAL PAPER--8.3%
Merrill Lynch & Co., Inc. 4.90%,
6/1/99............................ A-1+ $ 5,500 $ 5,500,000
Lexington Parker Capital Co. LLC
4.85%, 6/2/99..................... A-1 4,535 4,534,389
Corporate Asset Funding Co., Inc.
4.84%, 6/3/99..................... A-1+ 3,000 2,999,193
Marsh & McLennan Cos., Inc. 4.83%,
6/4/99............................ A-1+ 3,670 3,668,523
Kimberly-Clark Corp. 4.87%,
6/9/99............................ A-1+ 4,020 4,015,650
Greenwich Funding Corp. 4.85%,
6/25/99........................... A-1+ 2,000 1,993,533
------------
22,711,288
------------
- ---------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $22,711,288) 22,711,288
- ---------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS--97.7%
(IDENTIFIED COST $250,959,052) 267,518,814(a)
Cash and receivables, less liabilities--2.3% 6,191,932
--------------
NET ASSETS--100.0% $ 273,710,746
--------------
--------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $28,428,354 and gross
depreciation of $11,868,592 for federal income tax purposes. At May 31,
1999, the aggregate cost of securities for federal income tax purposes was
$250,959,052.
(b) Non-income producing.
34
See Notes to Financial Statements
<PAGE>
Phoenix-Seneca Mid Cap Fund
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $250,959,052) $ 267,518,814
Short-term investments held as collateral for loaned securities 13,098,570
Cash 66,595
Receivables
Investment securities sold 15,851,147
Fund shares sold 1,570,721
Interest and dividends 50,948
Prepaid expenses 7,284
--------------
Total assets 298,164,079
--------------
LIABILITIES
Payables
Collateral on securities loaned 13,098,570
Investment securities purchased 10,496,360
Fund shares repurchased 356,501
Investment advisory fee 168,619
Transfer agent fee 139,146
Distribution fee 69,750
Financial agent fee 21,048
Trustees' fee 4,274
Accrued expenses 99,065
--------------
Total liabilities 24,453,333
--------------
NET ASSETS $ 273,710,746
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 241,409,009
Accumulated net investment loss (1,296,469)
Accumulated net realized gain 17,038,444
Net unrealized appreciation 16,559,762
--------------
NET ASSETS $ 273,710,746
--------------
--------------
CLASS A
Shares of beneficial interest outstanding, $1 par value, unlimited
authorization (Net Assets $258,773,796) 15,515,898
Net asset value per share $16.68
Offering price per share $16.68/(1-4.75%) $17.51
CLASS B
Shares of beneficial interest outstanding, $1 par value, unlimited
authorization (Net Assets $14,936,950) 941,560
Net asset value and offering price per share $15.86
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 519,577
Interest 360,144
Security lending income 11,453
--------------
Total investment income 891,174
--------------
EXPENSES
Investment advisory fee 1,128,990
Distribution fee, Class A 355,889
Distribution fee, Class B 81,766
Financial agent fee 118,801
Transfer agent 399,500
Printing 58,532
Professional 21,286
Custodian 11,759
Trustees 5,809
Registration 1,783
Miscellaneous 3,528
--------------
Total expenses 2,187,643
--------------
NET INVESTMENT LOSS (1,296,469)
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 16,680,189
Net change in unrealized appreciation (depreciation) on
investments (544,132)
--------------
NET GAIN ON INVESTMENTS 16,136,057
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 14,839,588
--------------
--------------
</TABLE>
See Notes to Financial Statements 35
<PAGE>
Phoenix-Seneca Mid Cap Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
5/31/99 Year Ended
(Unaudited) 11/30/98
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (1,296,469) $ (467,524)
Net realized gain (loss) 16,680,189 61,746,081
Net change in unrealized appreciation
(depreciation) (544,132) (38,514,321)
-------------- --------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 14,839,588 22,764,236
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains, Class A (57,428,008) (33,084,355)
Net realized gains, Class B (3,381,628) (1,776,186)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS (60,809,636) (34,860,541)
-------------- --------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (834,404 and
2,824,332 shares, respectively) 14,596,911 55,807,991
Net asset value of shares issued from
reinvestment of distributions
(3,233,416 and 1,780,474 shares, respectively) 54,547,724 32,263,501
Cost of shares repurchased (2,587,573 and
8,014,004 shares, respectively) (46,399,655) (157,423,669)
-------------- --------------
Total 22,744,980 (69,352,177)
-------------- --------------
CLASS B
Proceeds from sales of shares (72,610 and 92,246
shares, respectively) 1,225,351 1,729,101
Net asset value of shares issued from
reinvestment of distributions
(193,961 and 96,993 shares, respectively) 3,122,778 1,705,266
Cost of shares repurchased (142,844 and 295,559
shares, respectively) (2,426,054) (5,608,396)
-------------- --------------
Total (1,922,075) (2,174,029)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS 24,667,055 (71,526,206)
-------------- --------------
NET DECREASE IN NET ASSETS (21,302,993) (83,622,511)
NET ASSETS
Beginning of period 295,013,739 378,636,250
-------------- --------------
END OF PERIOD [INCLUDING DISTRIBUTIONS IN EXCESS
OF NET INVESTMENT INCOME (LOSS) OF
($1,244,987) AND $0,
RESPECTIVELY] $ 273,710,746 $ 295,013,739
-------------- --------------
-------------- --------------
</TABLE>
36 See Notes to Financial Statements
<PAGE>
Phoenix-Seneca Mid Cap Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
----------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30
5/31/99 ---------------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 19.90 $ 20.64 $ 21.65 $ 22.03 $ 18.03 $ 18.70
INCOME FROM INVESTMENT
OPERATIONS(5)
Net investment income (loss) (0.11)(1) 0.01 (0.02)(1) (0.03)(1) 0.05(1) 0.11
Net realized and unrealized
gain (loss) 1.08 1.18 1.52 2.53 4.74 0.10
------- ---------- ---------- ---------- ---------- ----------
TOTAL FROM INVESTMENT
OPERATIONS 0.97 1.19 1.50 2.50 4.79 0.21
------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Dividends from net investment
income -- -- -- -- (0.06) (0.10)
Dividends from net realized
gains (4.19) (1.93) (2.51) (2.88) (0.73) (0.78)
------- ---------- ---------- ---------- ---------- ----------
TOTAL DISTRIBUTIONS (4.19) (1.93) (2.51) (2.88) (0.79) (0.88)
------- ---------- ---------- ---------- ---------- ----------
Change in net asset value (3.22) (0.74) (1.01) (0.38) 4.00 (0.67)
------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 16.68 $ 19.90 $ 20.64 $ 21.65 $ 22.03 $ 18.03
------- ---------- ---------- ---------- ---------- ----------
------- ---------- ---------- ---------- ---------- ----------
Total return(2) 4.63%(4) 6.64% 8.12% 13.52% 27.87% 1.03%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $258,774 $279,326 $360,053 $451,474 $487,674 $419,760
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.41% 1.30% 1.33% 1.35% 1.42% 1.36%
Net investment income (loss) (0.82)%(3) (0.10)% (0.08)% (0.17)% 0.28% 0.59%
Portfolio turnover 106%(4) 379% 161% 242% 218% 227%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
------------------------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/99 ------------------------------------------------------- 7/18/94 TO
(UNAUDITED) 1998 1997 1996 1995 11/30/94
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 19.18 $ 20.11 $ 21.30 $ 21.85 $ 17.97 $ 17.68
INCOME FROM INVESTMENT
OPERATIONS(5)
Net investment income (loss) (0.14)(1) (0.18) (0.16)(1) (0.18)(1) (0.12)(1) (0.01)
Net realized and unrealized
gain (loss) 1.01 1.18 1.47 2.51 4.75 0.30
------ ---------- ---------- ---------- ---------- -----
TOTAL FROM INVESTMENT
OPERATIONS 0.87 1.00 1.31 2.33 4.63 0.29
------ ---------- ---------- ---------- ---------- -----
LESS DISTRIBUTIONS
Dividends from net investment
income -- -- -- -- (0.02) --
Dividends from net realized
gains (4.19) (1.93) (2.50) (2.88) (0.73) --
------ ---------- ---------- ---------- ---------- -----
TOTAL DISTRIBUTIONS (4.19) (1.93) (2.50) (2.88) (0.75) --
------ ---------- ---------- ---------- ---------- -----
Change in net asset value (3.32) (0.93) (1.19) (0.55) 3.88 0.29
------ ---------- ---------- ---------- ---------- -----
NET ASSET VALUE, END OF PERIOD $ 15.86 $ 19.18 $ 20.11 $ 21.30 $ 21.85 $ 17.97
------ ---------- ---------- ---------- ---------- -----
------ ---------- ---------- ---------- ---------- -----
Total return(2) 4.27%(4) 5.80% 7.27% 12.75% 26.92% 1.64%(4)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $14,937 $15,688 $18,583 $17,599 $10,908 $1,519
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.16%(3) 2.04% 2.08% 2.11% 2.18% 2.05%(3)
Net investment income (loss) (1.57)%(3) (0.85)% (0.85)% (0.92)% (0.58)% (0.23)%(3)
Portfolio turnover 106%(4) 379% 161% 242% 218% 227%(4)
</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 timing of share purchases and redemptions.
See Notes to Financial Statements
37
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1999 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix Multi-Portfolio Fund ("the Trust") is organized as a Massachusetts
business trust and is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. To date, five
Funds are offered for sale: International Fund, Real Estate Securities Fund,
Emerging Markets Bond Fund, Tax-Exempt Bond Fund and Mid Cap Fund. Each Fund has
distinct investment objectives. The International Fund seeks a high total return
consistent with reasonable risk through investment in an internationally
diversified portfolio of equity securities. The Real Estate Securities Fund
seeks capital appreciation and income with approximately equal emphasis. The
Emerging Markets Bond Fund seeks to achieve high current income with a secondary
objective of long-term capital appreciation. The Tax-Exempt Bond Fund seeks as
high a level of current income exempt from federal income taxation as is
consistent with preservation of capital. The Mid Cap Fund seeks as its
investment objective long-term appreciation of capital.
The Trust offers both Class A and Class B shares on each Fund and one
additional class of shares, Class C on International Fund and Emerging Markets
Bond Fund. 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. Class C
shares are sold with a 1% contingent deferred sales charge if redeemed within
one year of purchase. Each class of shares has 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 Fund are borne pro
rata by the holders of each class 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. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses.
Actual results could differ from those estimates.
A. SECURITY VALUATION:
Equity securities are valued at the last sale price, or if there had been no
sale that day, at the last bid price. Debt securities are valued on the basis of
broker quotations or valuations provided by a pricing service which utilizes
information with respect to recent sales, 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. Dividend income is recorded on the ex-dividend
date or, in the case of certain foreign securities, as soon as the Fund 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 Fund which amortizes both premiums and discounts over the life
of the respective securities using the effective interest method.
C. INCOME TAXES:
Each Fund is treated as a separate taxable entity. It is the policy of each
Fund 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 Fund 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 Fund 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
trade date. The gain or loss resulting from a change in currency exchange rates
between the trade and settlement dates of a portfolio transaction is treated as
a gain or loss on foreign currency. Likewise, the gain or loss resulting from a
change in currency exchange rates between the date income is accrued and paid is
treated as a gain or loss on foreign currency. The 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 International Fund, Emerging Markets Bond Fund and Mid Cap Fund may enter
into forward currency contracts in conjunction 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
38
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1999 (UNAUDITED) (CONTINUED)
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 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 Fund as an unrealized gain (or loss). When the
contract is closed or offset with the same counterparty, the Fund 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. Each Fund (other than Real Estate
Securities Fund) 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 Funds are 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 Funds agree 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 daily variation margin and are recorded by the Fund as
unrealized gains or losses. When the contract is closed, the Fund 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 Fund is that the change in value of the futures contract may not
correspond to the change in value of the hedged instruments.
H. OPTIONS:
Each Fund (other than Real Estate Securities Fund), may write covered options
or purchase options contracts for the purpose of hedging against changes in the
market value of the underlying securities or foreign currencies.
Each Fund will realize a gain or loss upon the expiration or closing of the
option transaction. Gains and losses on written options are reported separately
in the Statement of Operations. When a written option is exercised, the proceeds
on sales or amounts paid are adjusted by the amount of premium received. Options
written are reported as a liability in the Statement of Assets and Liabilities
and subsequently marked to market to reflect the current value of the option.
The risk associated with written options is that the change in value of options
contracts may not correspond to the change in value of the hedged instruments.
In addition, losses may arise from changes in the value of the underlying
instruments, or if a liquid secondary market does not exist for the contracts.
The Funds may purchase options which are included in the Fund's Schedule of
Investments and subsequently marked to market to reflect the current value of
the option. When a purchased option is exercised, the cost of the security is
adjusted by the amount of premium paid. The risk associated with purchased
options is limited to the premium paid.
I. LOAN AGREEMENTS:
The Trust may invest in direct debt instruments which are interests in amounts
owed by a corporate, governmental, or other borrower to lenders or lending
syndicates. The Trust's investments in loans may be in the form of
participations in loans or assignments of all or a portion of loans from third
parties. A loan is often administered by a bank or other financial institution
(the lender) that acts as agent for all holders. The agent administers the terms
of the loan, as specified in the loan agreement. When investing in a loan
participation, the Trust has the right to receive payments of principal,
interest and any fees to which it is entitled only from the lender selling the
loan agreement and only upon receipt by the lender of payments from the
borrower. The Trust generally has no right to enforce compliance with the terms
of the loan agreement with the borrower. As a result, the Trust may be subject
to the credit risk of both the borrower and the lender that is selling the loan
agreement. When the Trust purchases assignments from lenders it acquires direct
rights against the borrower on the loan. Direct indebtedness of emerging
countries involves a risk that the government entities responsible for the
repayment of the debt may be unable, or unwilling to pay the principal and
interest when due.
J. SECURITY LENDING:
The Trust (with the exception of the Real Estate Securities Fund) loans
securities to qualified brokers through an agreement with State Street Bank &
Trust (the Custodian) and Brown Brothers, Harriman, custodian for the
International Fund. 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 income by the Trust net of fees charged by the Custodian for its services in
connection with this securities lending program. Lending portfolio securities
involves a risk of delay in the recovery of the loaned securities or in the
foreclosure on collateral. At May 31, 1999, the Trust had the following market
value of security loans and collateral:
<TABLE>
<CAPTION>
Value of
Securities Value of
on Loan Collateral
----------- -----------
<S> <C> <C>
Mid Cap Fund........................... $12,740,515 $13,098,570
</TABLE>
K. EXPENSES:
Expenses incurred by the Trust with respect to any two or more Funds are
allocated in proportion to the net assets of each Fund, except where allocation
of direct expense to each Fund or an alternative allocation method can be more
fairly made.
39
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1999 (UNAUDITED) (CONTINUED)
L. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS:
The Trust may engage in when-issued or delayed delivery transactions. The
Trust records when-issued securities on the trade date and maintains collateral
for the securities purchased. Securities purchased on a when-issued or delayed
delivery basis begin earning interest on the settlement date.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Trust, the Advisers, Phoenix
Investment Counsel, Inc., an indirect majority-owned subsidiary of Phoenix Home
Life Insurance Company ("PHL"), and Duff & Phelps Investment Management ("DPIM")
Co., an indirect wholly-owned subsidiary of PHL, the Adviser for the Real Estate
Securities Fund, are entitled to a fee, based upon the following annual rates as
a percentage of the average daily net assets of each Fund:
<TABLE>
<CAPTION>
1st $1-2 $2+
$1 Billion Billion Billion
------------ ---------- ----------
<S> <C> <C> <C>
International Fund..................... 0.75% 0.70% 0.65%
Real Estate Securities Fund............ 0.75% 0.70% 0.65%
Emerging Markets Bond Fund............. 0.75% 0.70% 0.65%
Tax-Exempt Bond Fund................... 0.45% 0.40% 0.35%
Mid Cap Fund........................... 0.75% 0.70% 0.65%
</TABLE>
The respective Advisers have agreed to reimburse the Real Estate Securities
Fund to the extent that total expenses (excluding interest, taxes, brokerage
fees and commissions, and extraordinary expenses) exceed 1.30% of the average
daily net assets for Class A shares, and 2.05% of the average daily net assets
for Class B shares.
Aberdeen Fund Managers, Inc. ("Aberdeen") is subadvisor to the Phoenix
International Fund, Aberdeen is a subsidiary of Aberdeen Asset Management PLC.
For its services, Aberdeen is paid a fee by the Adviser equal to 0.375% of the
average daily net assets of the Phoenix International Portfolio up to $1
billion, 0.35% between $1 billion and $2 billion, and 0.325% in excess of $2
billion.
Seneca Capital Management LLC ("Seneca") is subadvisor to the Phoenix Mid Cap
Fund, a majority of the equity interests of Seneca is owned by Phoenix
Investment Partners, Ltd. For its services, Seneca is paid a fee by the Adviser
ranging from 0.375% through 0.325% of the average daily net assets of the
Phoenix Mid Cap Fund.
Phoenix Equity Planning Corporation ("PEPCO") an indirect majority-owned
subsidiary of PHL, which serves as the national distributor of the Trust's
shares has advised the Trust that it retained net selling commissions of $53,025
for Class A shares and deferred sales charges of $190,875 for Class B shares and
$2,884 for Class C shares for the six months ended May 31, 1999. 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 and Class C shares applied to the average
daily net assets of each Portfolio. The distributor has advised the Trust that
of the total amount expensed for the six months ended May 31, 1999, $501,961 was
retained by the Distributor and $653,583 was paid out to unaffiliated
Participant and $119,211 was paid to W.S. Griffith, an indirect subsidiary of
PHL.
As Financial Agent of the Trust, PEPCO receives a financial agent fee equal to
the sum of (1) the documented cost of fund accounting and related services
provided by PFPC Inc. (subagent to PEPCO), plus (2) the documented cost to PEPCO
to provide financial reporting, tax services and oversight of subagent's
performance. The current fee schedule of PFPC Inc. ranges from 0.085% to 0.0125%
of the average daily net asset values of the Fund. Certain minimum fees and fee
waivers may apply.
PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the six months ended May 31, 1999, transfer
agent fees were $806,140 of which PEPCO retained $253,933 which is net of fees
paid to State Street.
At May 31, 1999 PHL and its affiliates held Phoenix Multi-Portfolio Fund
shares which aggregated the following:
<TABLE>
<CAPTION>
Aggregate
Net Asset
Shares Value
---------- ------------
<S> <C> <C>
International Fund
--Class C..................... 7,800 $ 100,932
Real Estate Securities Fund
--Class A..................... 533,620 6,867,689
--Class B..................... 12,706 162,637
Emerging Markets Bond Fund
--Class A..................... 2,083,489 14,855,277
--Class B..................... 17,508 123,606
--Class C..................... 8,484 60,152
Tax-Exempt Bond Fund
--Class A..................... 274 2,962
</TABLE>
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the six months ended May 31, 1999
(excluding U.S. Government and agency securities, short-term securities, futures
contracts and forward currency contracts) aggregated the following:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
International Fund................... $ 91,389,549 $102,296,824
Real Estate Securities Fund.......... 2,890,852 9,425,290
Emerging Markets Bond Fund........... 111,230,873 99,808,451
Tax-Exempt Bond Fund................. 8,673,348 16,165,764
Mid Cap Fund......................... 303,538,222 364,363,814
</TABLE>
40
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1999 (UNAUDITED) (CONTINUED)
4. FORWARD CURRENCY CONTRACTS
As of May 31, 1999, the Emerging Market Bond Fund had entered into the
following forward currency contracts which contractually obligate the Fund to
deliver currencies at specified dates:
<TABLE>
<CAPTION>
In Net Unrealized
Contracts Exchange Settlement Appreciation
to Deliver For Date Value (Depreciation)
- --------------- ------------ ---------- ----------- --------------
<S> <C> <C> <C> <C>
JPY 1,750,000 US 14,692 9/7/99 $ 14,684 $ 8
JPY 4,920,000 US 42,414 9/14/99 41,325 1,089
JPY 1,300,000 US 11,194 3/6/00 11,212 (18)
JPY 164,920,000 US 1,440,495 3/14/00 1,406,968 33,527
------
$34,606
------
------
</TABLE>
JPY = Japanese Yen
US = U.S. Dollar
5. CREDIT RISK
In countries with limited or developing markets, investments may present
greater risks than in more developed markets and the prices of such investments
may be volatile. The consequences of political, social or economic changes in
these markets may have disruptive effects on the market prices of these
investments and the income they generate, as well as a fund's ability to
repatriate such amounts. Given the uncertain economic condition of Russia and
the defaults that have occurred, there is no guarantee that continued payments
on Russian government bonds will be made.
6. CAPITAL LOSS CARRYOVERS
The following Funds have capital loss carryovers which may be used to offset
future capital gains.
<TABLE>
<CAPTION>
Real Emerging
Expiration Date Estate Markets Tax-Exempt
- ------------------------------ --------- ----------- -----------
<S> <C> <C> <C>
2006.......................... $ 70,513 $42,735,153 $ 381,648
--------- ----------- -----------
Total....................... $ 70,513 $42,735,153 $ 381,648
--------- ----------- -----------
--------- ----------- -----------
</TABLE>
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.
41
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
101 Munson Street
Greenfield, MA 01301
TRUSTEES
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
OFFICERS
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
John F. Sharry, Executive Vice President
Gail P. Seneca, Senior Vice President
James D. Wehr, Senior Vice President
David L. Albrycht, Vice President
Robert S. Driessen, Vice President
Timothy M. Heaney, Vice President
Ron K. Jacks, Vice President
Peter S. Lannigan, Vice President
Richard D. Little, Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, Vice President
Michael Schatt, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
INVESTMENT ADVISERS
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, CT 06115-0480
Duff & Phelps Investment Management Co.
(Real Estate Securities Portfolio)
55 East Monroe Street, Suite 3600
Chicago, IL 60603
PRINCIPAL UNDERWRITER
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, CT 06083-2200
CUSTODIANS
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Brown Brothers Harriman & Co.
(International Portfolio)
40 Water Street
Boston, MA 02109
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, CT 06083-2200
HOW TO CONTACT US
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574 (option 0)
Investment Strategy Hotline 1-800-243-4361 (option 2)
Marketing Department 1-800-243-4361 (option 3)
Text Telephone 1-800-243-1926
World Wide Web address:
www.phoenixinvestments.com
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION PRSRT STD
PO Box 2200 U.S. Postage
Enfield CT 06083-2200 PAID
Springfield, MA
Permit No. 444
[LOGO] PHOENIX
INVESTMENT PARTNERS
PXP 490A (7/99)
