PHOENIX INVESTMENT PARTNERS
SEMIANNUAL REPORT
MAY 31, 2000
ABERDEEN PHOENIX-ABERDEEN
INTERNATIONAL FUND
DUFF&PHELPS PHOENIX-DUFF & PHELPS
REAL ESTATE SECURITIES
FUND
GOODWIN PHOENIX-GOODWIN
EMERGING MARKETS
BOND FUND
PHOENIX-GOODWIN
TAX-EXEMPT BOND FUND
SENECA PHOENIX-SENECA
TAX SENSITIVE
GROWTH FUND
[GRAPHIC OMITTED]
PHOENIX
INVESTMENT PARTNERS
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR SHAREHOLDER:
We are pleased to provide this financial summary for Phoenix-Aberdeen
International Fund, Phoenix-Duff & Phelps Real Estate Securities Fund,
Phoenix-Goodwin Emerging Markets Bond Fund, Phoenix-Goodwin Tax-Exempt Bond Fund
and Phoenix-Seneca Tax Sensitive Growth Fund for the six months ended May 31,
2000.
If you have any questions, please call your financial advisor or contact a
Phoenix customer service representative at 1-800-243-1574 between 8:00 a.m. and
6:00 p.m. Eastern Time, Monday through Friday. You may also review your account,
check your balance, purchase or exchange shares, as well as order literature and
forms online at WWW.PHOENIXINVESTMENTS.COM.
Sincerely,
/S/PHILIP R. MCLOUGHLIN
Philip R. McLoughlin
MAY 31, 2000
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
Phoenix-Aberdeen International Fund ........................................ 3
Phoenix-Duff & Phelps Real Estate Securities Fund .......................... 12
Phoenix-Goodwin Emerging Markets Bond Fund ................................. 17
Phoenix-Goodwin Tax-Exempt Bond Fund ....................................... 24
Phoenix-Seneca Tax Sensitive Growth Fund ................................... 30
Notes to Financial Statements .............................................. 35
2
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
INVESTMENTS AT MAY 31, 2000
(UNAUDITED)
SHARES VALUE
------- ------------
COMMON STOCKS--0.5%
UNITED STATES--0.5%
MIH Ltd. (Broadcasting (Television,
Radio & Cable))(b) ................................. 8,500 $ 279,172
Viatel, Inc. (Telecommunications (Long Distance))(b) 23,997 598,425
-----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $1,523,478) 877,597
-----------------------------------------------------------------------------
FOREIGN COMMON STOCKS--95.6%
ARGENTINA--0.1%
PC Holdings SA ADR (Financial (Diversified)) ....... 9,000 141,750
AUSTRALIA--1.3%
Australian Gas Light Co., Ltd. (Natural Gas) ....... 200,000 1,041,726
QBE Insurance Group Ltd. (Insurance
(Property-Casualty)) ............................... 298,000 1,132,252
------------
2,173,978
------------
BELGIUM--0.4%
Dexia Strips (Banks (Major Regional))(b) ........... 5,031 233
Dexia (Banks (Major Regional)) ..................... 4,838 651,928
------------
652,161
------------
BRAZIL--0.6%
Aracruz Celulose SA ADR (Paper & Forest Products) .. 15,000 251,250
Companhia Cervejaria Brahma ADR
(Beverages (Alcoholic)) ............................ 7,600 110,200
Tele Centro Sul Participacoes SA ADR
(Telecommunications (Long Distance)) ............... 4,500 270,000
Tele Norte Leste Participacoes SA ADR
(Telecommunications (Long Distance)) ............... 16,756 328,837
------------
960,287
------------
CANADA--4.1%
Nortel Networks, Corp
(Communications Equipment) ......................... 130,000 7,060,625
CHILE--0.1%
Companhia de Telecomunicaciones de Chile SA ADR
(Telecommunications (Long Distance)) ............... 8,500 167,875
DENMARK--0.4%
Danisco A/S (Foods) ................................ 18,965 680,812
SHARES VALUE
------- ------------
FINLAND--3.5%
Helsingin Puhelin Oyj (Telephone) .................. 9,443 $ 665,567
Nokia Oyj (Communications Equipment) ............... 86,560 4,479,401
Sonera Oyj (Telephone) ............................. 9,400 473,365
Stora Enso Oyj (Paper & Forest Products) ........... 42,000 393,404
------------
6,011,737
------------
FRANCE--11.4%
Air Liquide SA (Chemicals (Specialty)) ............. 6,483 904,859
Alcatel SA (Communications Equipment) .............. 23,535 1,294,307
Axa (Insurance (Multi-Line)) ....................... 10,807 1,583,546
Cap Gemini SA (Services (Data Processing)) ......... 5,543 1,032,745
Carrefour SA (Retail (Food Chains)) ................ 13,010 915,169
Castorama Dubois Investissement SA
(Retail (Building Supplies)) ....................... 5,925 1,489,108
Euler SA (Financial (Diversified))(b) .............. 6,400 311,607
Groupe Danone (Foods) .............................. 3,400 791,761
Lafarge SA (Construction (Cement & Aggregates)) .... 17,051 1,312,491
Renault SA (Automobiles) ........................... 19,429 909,935
Rhone-Poulenc Class A (Chemicals (Diversified)) .... 25,300 1,635,392
STMicroelectronics NV (Electronics (Semiconductors)) 16,983 1,006,430
Schneider Electric SA (Electrical Equipment) ....... 15,872 1,050,989
Suez Lyonnaise des Eaux SA (Engineering &
Construction) ...................................... 3,775 630,170
Total Fina Elf (Oil & Gas (Refining & Marketing)) .. 14,998 2,349,262
Usinor SA (Iron & Steel) ........................... 30,000 358,905
Valeo SA (Auto Parts & Equipment) .................. 10,948 551,319
Vivendi (Manufacturing (Diversified)) .............. 11,693 1,247,074
------------
19,375,069
------------
GERMANY--4.7%
Allianz AG Vinkulierte Registered Shares
(Insurance (Multi-Line)) ........................... 3,168 1,137,011
Bayerische Hypo- und Vereinsbank AG
(Banks (Major Regional)) ........................... 16,658 1,076,773
Bayerische Motoren Werke AG (Automobiles) .......... 27,600 826,761
Deutsche Bank AG Registered Shares
(Banks (Major Regional)) ........................... 21,474 1,648,966
Deutsche Telekom AG Registered Shares
(Telephone) ........................................ 7,498 465,896
Muenchener Rueckversicherungs-Gesellschaft AG
Vinkulierte Registered Shares (Insurance
(Multi-Line)) ...................................... 5,363 1,566,703
RWE AG (Manufacturing (Diversified)) ............... 17,420 636,521
Viag AG (Manufacturing (Diversified)) .............. 29,914 608,944
------------
7,967,575
------------
See Notes to Financial Statements
3
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
SHARES VALUE
------- ------------
GREECE--0.3%
Hellenic Telecommunications Organization SA
(Telephone) ........................................ 22,760 $ 557,613
HONG KONG--2.2%
Cheung Kong (Holdings) Ltd. (Financial (Diversified)) 40,000 365,760
Swire Pacific Ltd. Class B (Manufacturing
(Diversified)) ..................................... 4,150,000 3,328,735
------------
3,694,495
------------
HUNGARY--0.2%
Magyar Tavkozlesi Rt ADR (Telecommunications
(Long Distance)) ................................... 11,640 397,215
INDIA--1.2%
BSES Ltd. GDR (Electric Companies)(b) .............. 30,000 565,500
Gas Authority of India Ltd. GDR (Oil & Gas (Refining
& Marketing)) ...................................... 40,000 223,000
Mahanagar Telephone Nigam Ltd. GDR (Telephone) ..... 115,000 1,175,875
------------
1,964,375
------------
INDONESIA--0.3%
PT Indonesian Satellite Corp. Tbk ADR
(Telecommunications (Long Distance)) ............... 41,000 438,188
PT Indonesian Satellite Corp. Tbk. (Telephone) ..... 110,000 119,732
------------
557,920
------------
ISRAEL--0.2%
Bank Hapoalim Ltd. (Banks (Major Regional)) ........ 121,000 347,633
ITALY--2.2%
Banca Intesa SPA (Banks (Major Regional)) .......... 386,852 800,052
San Paolo - IMI SPA (Banks (Major Regional)) ....... 49,958 727,400
Telecom Italia Mobile SPA (Telephone) .............. 84,104 871,241
Telecom Italia SPA (Telephone) ..................... 100,459 1,378,856
------------
3,777,549
------------
JAPAN--17.4%
Canon, Inc. (Office Equipment & Supplies) .......... 48,000 2,211,097
Circle K Japan Co., Ltd. (Retail (Food Chains)) .... 34,000 1,326,213
Dai Nippon Printing Co., Ltd. (Specialty Printing) . 125,000 2,132,574
Fuji Photo Film Co., Ltd. (Photography/Imaging) .... 45,000 1,571,395
Hitachi Credit Corp. (Consumer Finance) ............ 63,000 1,550,498
Ito-Yokado Co., Ltd. (Retail (Food Chains)) ........ 19,000 1,127,559
Kao Corp. (Household Products (Non-Durable)) ....... 63,000 1,913,257
Mabuchi Motor Co., Ltd. (Electrical Equipment) ..... 12,000 1,249,314
NTT DoCoMo, Inc. (Telecommunications
(Cellular/Wireless)) ............................... 400 1,032,737
Nikko Securities Co., Ltd. (The) (Investment
Banking/Brokerage) ................................. 160,000 1,482,981
Nippon Telegraph & Telephone Corp. (Telephone) ..... 850 1,010,448
SHARES VALUE
------- ------------
JAPAN--CONTINUED
Rinnai Corp. (Household Furnishings & Appliances) .. 100,000 $ 2,163,918
Rohm Co., Ltd. (Electronics (Semiconductors)) ...... 5,300 1,653,865
Sankyo Co., Ltd. (Health Care (Drugs-Major
Pharmaceuticals)) .................................. 95,000 2,192,476
Sanwa Bank Ltd. (The) (Banks (Major Regional)) ..... 175,000 1,459,484
Secom Co., Ltd. (Services (Commercial &
Consumer)) ......................................... 14,000 949,152
Sharp Corp. (Household Furnishings & Appliances) ... 85,000 1,531,460
Shin-Etsu Chemical Co., Ltd. (Chemicals
(Specialty)) ....................................... 35,000 1,716,275
Suzuki Motor Corp. (Automobiles) ................... 120,000 1,476,665
------------
29,751,368
------------
MALAYSIA--0.8%
Carlsberg Brewery Malaysia Berhad (Beverages
(Alcoholic)) ....................................... 150,000 513,154
Malaysian Oxygen Berhad (Chemicals (Specialty)) .... 175,000 543,417
Sime UEP Properties Berhad (Financial (Diversified)) 282,000 374,760
------------
1,431,331
------------
MEXICO--0.8%
Cemex SA de CV ADR (Construction (Cement
& Aggregates)) ..................................... 15,000 317,813
Fomento Economico Mexicano SA de CV ADR
(Beverages (Alcoholic)) ............................ 7,000 266,438
Grupo Televisa SA GDR (Broadcasting (Television,
Radio & Cable))(b) ................................. 3,000 167,063
Telefonos de Mexico SA ADR Series L
(Telecommunications (Long Distance)) ............... 11,000 535,563
------------
1,286,877
------------
NETHERLANDS--8.5%
ASM Lithography Holding NV (Equipment
(Semiconductors)) .................................. 24,384 892,340
Elsevier NV (Publishing) ........................... 43,359 404,525
Equant NV (Services (Data Processing)) ............. 12,230 531,493
Fortis (NL) NV (Financial (Diversified)) ........... 24,874 650,524
Gucci Group (Textiles (Apparel)) ................... 9,600 823,979
Heineken NV (Beverages (Alcoholic)) ................ 26,103 1,332,650
IHC Caland NV (Oil & Gas (Drilling & Equipment)) ... 25,867 1,159,874
ING Groep NV (Financial (Diversified)) ............. 19,165 1,139,470
KPN NV (Telephone)(b) .............................. 11,154 1,001,324
Koninklijke (Royal) Philips Electronics NV
(Electronics (Component Distributors)) ............. 26,236 1,164,498
Koninklijke Ahold NV (Retail (Food Chains)) ........ 25,400 713,748
Royal Dutch Petroleum Co. (Oil (Domestic
Integrated)) ....................................... 21,426 1,312,051
United Pan-Europe Communications NV (Broadcasting
(Television, Radio & Cable)) ....................... 47,273 1,217,468
See Notes to Financial Statements
4
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
SHARES VALUE
------- ------------
NETHERLANDS--CONTINUED
VNU NV (Publishing) ................................ 22,904 $ 1,161,896
Versatel Telecom International NV (Telecommunications
(Long Distance))(b) ................................ 21,900 786,002
Wolters Kluwer NV (Publishing) ..................... 11,400 277,102
------------
14,568,944
------------
PHILIPPINES--0.3%
Ayala Land, Inc. (Financial (Diversified)) ......... 4,212,000 483,911
POLAND--0.2%
Elektrim Spolka Akcyjna SA (Distributors (Food &
Health)) ........................................... 28,800 377,017
SINGAPORE--0.8%
Singapore Airlines Ltd. (Airlines) ................. 80,000 697,009
United Overseas Bank Ltd. (Banks (Major
Regional)) ......................................... 116,504 631,888
------------
1,328,897
------------
SOUTH AFRICA--0.3%
BoE Ltd. (Financial (Diversified)) ................. 339,520 207,173
De Beers (Metals Mining) ........................... 16,324 353,432
RMB Holdings Ltd. (Financial (Diversified)) ........ 23,375 34,064
------------
594,669
------------
SOUTH KOREA--0.8%
Kookmin Bank (Banks (Major Regional)) .............. 33,013 353,658
Pohang Iron & Steel Co., Ltd. (Iron & Steel) ....... 12,700 987,590
------------
1,341,248
------------
SPAIN--3.6%
Altadis SA (Tobacco) ............................... 82,900 1,208,580
Amadeus Global Travel Distribution SA (Services
(Employment))(b) ................................... 40,025 370,079
Banco Popular Espanol SA (Banks (Major Regional)) .. 28,608 910,018
Banco Santander Central Hispano SA
(Banks (Major Regional)) ........................... 45,925 447,631
Endesa SA (Electric Companies) ..................... 20,700 426,563
Groupo Dragados SA (Engineering & Construction) .... 60,155 441,840
Repsol YPF SA (Oil & Gas (Refining & Marketing)) ... 44,919 952,719
Telefonica SA (Telephone) .......................... 66,405 1,354,852
------------
6,112,282
------------
SWEDEN--5.3%
ABB Ltd. (Electrical Equipment) .................... 6,135 748,748
Assa Abloy AB Class B (Machinery (Diversified)) .... 29,000 556,637
Electrolux AB Class B (Household Furnishings &
Appliances) ........................................ 42,771 721,309
Skandia Forsakrings AB (Insurance (Life/Health)) ... 43,442 1,108,577
SHARES VALUE
---------- ------------
SWEDEN--CONTINUED
Skandinaviska Enskilda Banken Class A (Banks
(Major Regional)) .................................. 69,967 $ 760,760
Svenska Handlesbanken AB Class A (Banks (Major
Regional)) ......................................... 96,100 1,354,114
Tele1 Europe Holding AB (Telephone)(b) ............. 29,440 354,402
Telefonaktiebolaget LM Ericsson (Communications
Equipment) ......................................... 165,808 3,357,350
------------
8,961,897
------------
SWITZERLAND--4.6%
Credit Suisse Group Registered Shares (Banks
(Major Regional)) .................................. 4,427 822,722
Nestle SA Registered Shares (Foods) ................ 765 1,453,283
Novartis AG Registered Shares (Health Care
(Drugs-Major Pharmaceuticals)) ..................... 1,017 1,494,009
Roche Holding AG (Health Care (Drugs-Major
Pharmaceuticals)) .................................. 166 1,743,255
UBS AG Registered Shares (Banks (Major
Regional)) ......................................... 12,786 1,718,011
Zurich Allied AG (Financial (Diversified)) ......... 1,204 589,573
------------
7,820,853
------------
TAIWAN--0.1%
Standard Foods Taiwan Ltd. GDR (Foods) ............. 62,154 194,231
THAILAND--0.3%
BEC World Public Co., Ltd. (Entertainment) ......... 70,000 428,516
TURKEY--0.1%
Yapi ve Kredi Bankasi AS (Banks (Major Regional)) .. 17,052,728 210,196
UNITED KINGDOM--18.5%
3i Group PLC (Investment Banking/Brokerage) ........ 67,085 1,269,444
AstraZeneca Group PLC (Health Care (Drugs-Major
Pharmaceuticals)) .................................. 34,239 1,442,170
BAE Systems PLC (Aerospace/Defense) ................ 83,869 525,881
BG Group PLC (Natural Gas) ......................... 72,268 433,156
BOC Group PLC (Chemicals (Specialty)) .............. 21,297 299,227
BP Amoco PLC (Oil (Domestic Integrated)) ........... 289,644 2,634,387
Bank of Scotland (Banks (Major Regional)) .......... 73,882 695,719
Barclays PLC (Banks (Major Regional)) .............. 22,390 581,980
Bass PLC (Beverages (Alcoholic)) ................... 40,758 445,333
Berkeley Group PLC (The) (Homebuilding) ............ 40,339 337,048
British American Tobacco PLC (Tobacco) ............. 56,845 332,218
British Telecommunications PLC (Telephone) ......... 112,208 1,625,182
CGNU PLC (Insurance (Life/Health)) ................. 34,920 530,301
COLT Telecom Group PLC (Telephone)(b) .............. 10,700 377,282
Cable & Wireless PLC (Telephone) ................... 50,805 846,712
Capital Radio PLC (Broadcasting (Television, Radio
& Cable)) .......................................... 14,140 268,415
Carlton Communications PLC (Entertainment) ......... 50,000 593,396
See Notes to Financial Statements
5
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
SHARES VALUE
---------- ------------
UNITED KINGDOM--CONTINUED
CMG PLC (Services (Data Processing)) ............... 30,400 $ 410,773
Compass Group PLC (Services (Commercial &
Consumer)) ......................................... 24,852 278,226
Daily Mail and General Trust (Publishing
(Newspapers)) ...................................... 16,800 258,643
Dixons Group PLC (Retail (Computers &
Electronics)) ...................................... 50,761 240,137
FirstGroup PLC (Services (Commercial &
Consumer)) ......................................... 99,803 340,866
Glaxo Wellcome PLC (Health Care (Drugs-Major
Pharmaceuticals)) .................................. 63,369 1,790,165
Granada Group PLC (Restaurants) .................... 44,347 393,073
HSBC Holdings PLC (Financial (Diversified)) ........ 107,300 1,183,615
Hilton Group PLC (Gaming, Lottery & Pari-mutuel
Companies) ......................................... 117,902 435,284
Invensys PLC (Machinery (Diversified)) ............. 111,147 382,103
Legal & General Group PLC (Insurance
(Multi-Line)) ...................................... 257,622 646,914
Lloyds TSB Group PLC (Financial (Diversified)) ..... 84,525 914,699
Logica PLC (Services (Data Processing)) ............ 46,943 1,255,265
Marconi PLC (Manufacturing (Diversified)) .......... 26,000 312,841
RMC Group PLC (Construction (Cement &
Aggregates)) ....................................... 23,804 298,159
Reuters Group PLC (Publishing) ..................... 29,128 433,635
Rio Tinto PLC (Metals Mining) ...................... 37,937 559,673
Royal & Sun Alliance Insurance Group PLC
(Insurance (Multi-Line)) ........................... 78,961 469,732
Sage Group PLC (The) (Computers (Software &
Services)) ......................................... 28,980 280,907
Schroders PLC (Investment Banking/Brokerage) ....... 21,241 340,666
Schroders PLC Jersey Shares (Investment
Banking/Brokerage) ................................. 21,241 95,247
Serco Group PLC (Services (Commercial &
Consumer)) ......................................... 81,318 549,996
Shell Transport & Trading Co. PLC (Oil (Domestic
Integrated)) ....................................... 133,370 1,102,895
SmithKline Beecham PLC (Health Care (Drugs-Major
Pharmaceuticals)) .................................. 82,270 1,050,156
Smiths Industries PLC (Aerospace/Defense) .......... 20,452 233,093
Vodafone AirTouch PLC (Telecommunications
(Cellular/Wireless)) ............................... 801,619 3,654,452
WPP Group PLC (Services (Advertising/Marketing)) ... 18,732 227,630
Woolwich PLC (Consumer Finance) .................... 55,069 253,520
------------
31,630,216
------------
-----------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $141,594,726) 163,011,122
-----------------------------------------------------------------------------
SHARES VALUE
---------- ------------
RIGHTS--0.0%
SWEDEN--0.0%
Assa Abloy-Rights (Machinery (Diversified))(b) ..... 29,000 $ 6,178
-----------------------------------------------------------------------------
TOTAL RIGHTS
(IDENTIFIED COST $0) 6,178
-----------------------------------------------------------------------------
WARRANTS--0.0%
GERMANY--0.0%
Muenchener Rueckversicherungs-Gesellschaft AG
Warrants (Insurance (Multi-Line))(b) ............... 176 13,139
-----------------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 13,139
-----------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--96.1%
(IDENTIFIED COST $143,118,204) 163,908,036
-----------------------------------------------------------------------------
STANDARD PAR
& POOR'S VALUE
RATING (000)
---------- ------
SHORT-TERM OBLIGATIONS--3.1%
COMMERCIAL PAPER--3.1%
Koch Industries, Inc. 6.77%, 6/1/00 ...... A-1+ $5,245 5,245,000
-----------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $5,245,000) 5,245,000
-----------------------------------------------------------------------------
TOTAL INVESTMENTS--99.2%
(IDENTIFIED COST $148,363,204) 169,153,036(a)
Cash and receivables, less liabilities--0.8% 1,471,604
------------
NET ASSETS--100.0% $170,624,640
============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $33,025,621 and gross
depreciation of $13,062,636 for federal income tax purposes. At May 31,
2000, the aggregate cost of securities for federal income tax purposes was
$149,190,051.
(b) Non-income producing.
See Notes to Financial Statements
6
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
<TABLE>
<CAPTION>
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VAUE OF TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<S> <C> <S> <C>
Aerospace/Defense ......................... 0.6% Investment Banking/Brokerage .............. 1.2%
Airlines .................................. 0.4 Iron & Steel .............................. 0.8
Auto Parts & Equipment .................... 0.3 Machinery (Diversified) ................... 0.6
Automobiles ............................... 2.0 Manufacturing (Diversified) ............... 3.5
Banks (Major Regional) .................... 9.3 Metals Mining ............................. 0.6
Beverages (Alcoholic) ..................... 1.6 Miscellaneous ............................. 0.8
Broadcasting (Television, Radio & Cable) .. 1.2 Natural Gas ............................... 0.9
Chemicals (Diversified) ................... 1.0 Office Equipment & Supplies ............... 1.4
Chemicals (Specialty) ..................... 2.1 Oil & Gas (Drilling & Equipment) .......... 0.7
Communications Equipment .................. 9.9 Oil & Gas (Refining & Marketing) .......... 2.1
Computers (Software & Services) ........... 0.2 Oil (Domestic Integrated) ................. 3.1
Construction (Cement & Aggregates) ........ 1.2 Paper & Forest Products ................... 0.4
Consumer Finance .......................... 1.1 Photography/Imaging ....................... 1.0
Distributors (Food & Health) .............. 0.2 Publishing ................................ 1.4
Electric Companies ........................ 0.6 Publishing (Newspapers) ................... 0.2
Electrical Equipment ...................... 1.9 Restaurants ............................... 0.2
Electronics (Component Distributors) ...... 0.7 Retail (Building Supplies) ................ 0.9
Electronics (Semiconductors) .............. 1.6 Retail (Computers & Electronics) .......... 0.1
Engineering & Construction ................ 0.6 Retail (Food Chains) ...................... 2.5
Entertainment ............................. 0.6 Services (Advertising/Marketing) .......... 0.1
Equipment (Semiconductors) ................ 0.5 Services (Commercial & Consumer) .......... 1.3
Financial (Diversified) ................... 3.7 Services (Data Processing) ................ 2.0
Foods ..................................... 1.9 Services (Employment) ..................... 0.2
Gaming, Lottery & Pari-Mutuel Companies ... 0.3 Specialty Printing ........................ 1.3
Health Care (Drugs-Major Pharmaceuticals) . 5.9 Telecommunications (Cellular/Wireless) .... 2.9
Homebuilding .............................. 0.4 Telecommunications (Long Distance) ........ 1.7
Household Furnishings & Appliances ........ 2.7 Telephone ................................. 8.0
Household Products (Non-Durable) .......... 1.2 Textiles (Apparel) ........................ 0.5
Insurance (Life/Health) ................... 1.0 Tobacco ................................... 0.9
Insurance (Multi-Line) .................... 3.3 -----
Insurance (Property-Casualty) ............. 0.7 100.0%
=====
</TABLE>
See Notes to Financial Statements
7
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(UNAUDITED)
ASSETS
Investment securities at value
(Identified cost $148,363,204) $169,153,036
Cash 3,280
Foreign currency at value
(Identified cost $0) 47
Receivables
Fund shares sold 1,476,482
Investment securities sold 832,317
Dividends 494,535
Tax reclaim 159,633
Prepaid expenses 2,245
------------
Total assets 172,121,575
------------
LIABILITIES
Payables
Fund shares repurchased 775,467
Investment securities purchased 361,066
Investment advisory fee 107,728
Transfer agent fee 79,501
Distribution fee 51,897
Financial agent fee 17,777
Trustees' fee 12,535
Accrued expenses 90,964
------------
Total liabilities 1,496,935
------------
NET ASSETS $170,624,640
============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $143,081,079
Undistributed net investment loss (1,849,877)
Accumulated net realized gain 8,629,214
Net unrealized appreciation 20,764,224
------------
NET ASSETS $170,624,640
============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $144,818,124) 11,068,065
Net asset value per share $13.08
Offering price per share $ 13.08/(1-5.75%) $13.88
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $23,454,474) 1,885,890
Net asset value and offering price per share $12.44
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $2,352,042) 189,946
Net asset value and offering price per share $12.38
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 2000
(UNAUDITED)
INVESTMENT INCOME
Dividends $ 1,661,964
Interest 95,678
Foreign taxes withheld (160,529)
-----------
Total investment income 1,597,113
-----------
EXPENSES
Investment advisory fee 693,559
Distribution fee, Class A 197,653
Distribution fee, Class B 124,984
Distribution fee, Class C 9,149
Financial agent fee 97,838
Transfer agent 203,195
Custodian 156,026
Printing 58,822
Registration 24,265
Professional 23,215
Trustees 12,251
Miscellaneous 13,885
-----------
Total expenses 1,614,842
-----------
NET INVESTMENT LOSS (17,729)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain on securities 9,397,637
Net realized gain on foreign currency transactions (45,863)
Net change in unrealized appreciation (depreciation)
on investments (5,201,234)
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions (10,151)
-----------
NET GAIN ON INVESTMENTS 4,140,389
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,122,660
===========
See Notes to Financial Statements
8
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
5/31/00 YEAR ENDED
(UNAUDITED) 11/30/99
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (17,729) $ 337,148
Net realized gain (loss) 9,351,774 27,709,290
Net change in unrealized appreciation (depreciation) (5,211,385) 7,604,690
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 4,122,660 35,651,128
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (2,221,793) (965,436)
Net investment income, Class B (186,459) (53,315)
Net investment income, Class C (18,780) (618)
Net realized gains, Class A (23,690,500) (34,216,232)
Net realized gains, Class B (3,891,968) (3,256,281)
Net realized gains, Class C (243,620) --
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (30,253,120) (38,491,882)
------------- -------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (9,398,201 and 43,335,908 shares, respectively) 130,582,717 603,284,388
Net asset value of shares issued from reinvestment of distributions
(1,745,573 and 2,295,281 shares, respectively) 24,106,392 30,104,837
Cost of shares repurchased (9,926,391 and 46,511,696 shares, respectively) (138,733,964) (650,782,676)
------------- -------------
Total 15,955,145 (17,393,451)
------------- -------------
CLASS B
Proceeds from sales of shares (1,072,115 and 2,376,201 shares, respectively) 14,197,843 31,785,116
Net asset value of shares issued from reinvestment of distributions
(261,427 and 225,595 shares, respectively) 3,442,997 2,838,109
Cost of shares repurchased (1,066,504 and 2,104,335 shares, respectively) (14,216,667) (28,370,576)
------------- -------------
Total 3,424,173 6,252,649
------------- -------------
CLASS C
Proceeds from sales of shares (156,858 and 89,026 shares, respectively) 2,120,797 1,216,206
Net asset value of shares issued from reinvestment of distributions
(16,848 and 29 shares, respectively) 220,882 396
Cost of shares repurchased (61,400 and 11,415 shares, respectively) (812,425) (166,015)
------------- -------------
Total 1,529,254 1,050,587
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS 20,908,572 (10,090,215)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS (5,221,888) (12,930,969)
NET ASSETS
Beginning of period 175,846,528 188,777,497
------------- -------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($1,849,877) AND $594,884, RESPECTIVELY] $ 170,624,640 $ 175,846,528
============= =============
</TABLE>
See Notes to Financial Statements
9
<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
5/31/00 --------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.33 $ 15.98 $ 13.89 $ 14.48 $ 12.20 $ 12.63
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income 0.01 0.04(1) 0.06(1) 0.03(1) 0.04(1) 0.03(1)
Net realized and unrealized gain 0.30 2.49 3.27 1.01 2.28 0.42
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 0.31 2.53 3.33 1.04 2.32 0.45
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income (0.22) (0.07) -- (0.29) -- --
Dividends from net realized gains (2.34) (3.11) (1.24) (1.34) (0.04) (0.88)
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS (2.56) (3.18) (1.24) (1.63) (0.04) (0.88)
------- ------- ------- ------- ------- -------
Change in net asset value (2.25) (0.65) 2.09 (0.59) 2.28 (0.43)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 13.08 $ 15.33 $ 15.98 $ 13.89 $ 14.48 $ 12.20
======= ======= ======= ======= ======= =======
Total return(2) 1.10%(4) 19.22% 26.17% 8.21% 19.03% 4.12%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $144,818 $151,016 $171,463 $131,338 $135,524 $129,352
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.64%(3) 1.53% 1.37% 1.56% 1.57% 1.70%
Net investment income 0.09%(3) 0.27% 0.40% 0.22% 0.33% 0.23%
Portfolio turnover 28%(4) 77% 104% 167% 151% 236%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
--------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30
5/31/00 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.64 $ 15.44 $ 13.56 $ 14.22 $12.07 $12.60
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) 0.01 (0.07)(1) (0.05)(1) (0.08)(1) (0.05)(1) (0.07)(1)
Net realized and unrealized gain 0.25 2.40 3.17 1.00 2.24 0.42
------- ------- ------- ------- ------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.26 2.33 3.12 0.92 2.19 0.35
------- ------- ------- ------- ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.12) (0.02) -- (0.24) -- --
Dividends from net realized gains (2.34) (3.11) (1.24) (1.34) (0.04) (0.88)
------- ------- ------- ------- ------ ------
TOTAL DISTRIBUTIONS (2.46) (3.13) (1.24) (1.58) (0.04) (0.88)
------- ------- ------- ------- ------ ------
Change in net asset value (2.20) (0.80) 1.88 (0.66) 2.15 (0.53)
------- ------- ------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD $ 12.44 $ 14.64 $ 15.44 $ 13.56 $14.22 $12.07
======= ======= ======= ======= ====== ======
Total return(2) 0.78%(4) 18.45% 25.17% 7.37% 18.16% 3.28%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $23,454 $23,694 $17,315 $10,159 $6,955 $3,261
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.39%(3) 2.29% 2.11% 2.31% 2.31% 2.50%
Net investment income (loss) (0.65)%(3) (0.51)% (0.34)% (0.55)% (0.39)% (0.61)%
Portfolio turnover 28%(4) 77% 104% 167% 151% 236%
<FN>
(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.
</FN>
</TABLE>
See Notes to Financial Statements
10
<PAGE>
PHOENIX-ABERDEEN INTERNATIONAL FUND
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
CLASS C
------------------------
SIX MONTHS FROM
ENDED INCEPTION
5/31/00 3/30/99 TO
(UNAUDITED) 11/30/99
Net asset value, beginning of period $14.65 $12.82
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) 0.04 (0.08)(1)
Net realized and unrealized gain 0.21 1.93
------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.25 1.85
------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.18) (0.02)
Dividends from net realized gains (2.34) --
------ ------
TOTAL DISTRIBUTIONS (2.52) (0.02)
------ ------
Change in net asset value (2.27) 1.83
------ ------
NET ASSET VALUE, END OF PERIOD $12.38 $14.65
====== ======
Total return(2) 0.72%(4) 14.41%(4)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $2,352 $1,137
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.40%(3) 2.30%(3)
Net investment income (0.45)%(3) (0.85)%(3)
Portfolio turnover 28%(4) 77%
(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-DUFF & PHELPS REAL ESTATE SECURITIES FUND
INVESTMENTS AT MAY 31, 2000
(UNAUDITED)
SHARES VALUE
-------- ------------
COMMON STOCKS--97.6%
REAL ESTATE INVESTMENT TRUSTS--96.8%
DIVERSIFIED--6.9%
Colonial Properties Trust .......................... 5,000 $ 130,312
Vornado Realty Trust ............................... 56,500 1,973,969
-----------
2,104,281
-----------
INDUSTRIAL/OFFICE--42.6%
INDUSTRIAL--10.3%
CenterPoint Properties Corp. ....................... 31,500 1,155,656
First Industrial Realty Trust, Inc. ................ 44,000 1,278,750
ProLogis Trust ..................................... 33,000 682,687
-----------
3,117,093
-----------
MIXED--10.6%
Duke-Weeks Realty Corp. ............................ 64,474 1,390,221
Reckson Associates Realty Corp. .................... 82,700 1,814,231
-----------
3,204,452
-----------
OFFICE--21.7%
Alexandria Real Estate Equities, Inc. .............. 30,000 1,014,375
Boston Properties, Inc. ............................ 65,600 2,291,900
Equity Office Properties Trust ..................... 25,000 664,062
SL Green Realty Corp. .............................. 15,000 363,750
Spieker Properties, Inc. ........................... 49,000 2,275,438
-----------
6,609,525
-----------
--------------------------------------------------------------------------------
TOTAL INDUSTRIAL/OFFICE 12,931,070
--------------------------------------------------------------------------------
RESIDENTIAL--26.2%
APARTMENTS--24.5%
Apartment Investment & Management Co. .............. 48,000 1,923,000
Avalonbay Communities, Inc. ........................ 40,700 1,617,825
Equity Residential Properties Trust ................ 30,000 1,338,750
Essex Property Trust, Inc. ......................... 47,400 1,887,113
Smith (Charles E.) Residential Realty, Inc. ........ 18,000 680,625
-----------
7,447,313
-----------
SHARES VALUE
-------- -----------
MANUFACTURED HOMES--1.7%
Manufactured Home Communities, Inc. ................ 8,000 $ 193,000
Sun Communities, Inc. .............................. 10,000 323,750
-----------
516,750
-----------
-----------------------------------------------------------------------------
TOTAL RESIDENTIAL 7,964,063
-----------------------------------------------------------------------------
RETAIL--21.1%
REGIONAL MALLS--12.1%
CBL & Associates Properties, Inc. .................. 44,000 1,067,000
General Growth Properties, Inc. .................... 23,000 727,375
Macerich Co. (The) ................................. 43,800 955,388
Urban Shopping Centers, Inc. ....................... 28,000 938,000
-----------
3,687,763
-----------
STRIP CENTERS--9.0%
Chelsea GCA Realty, Inc. ........................... 30,000 1,014,375
Developers Diversified Realty Corp. ................ 49,200 710,325
Kimco Realty Corp. ................................. 25,000 1,012,500
-----------
2,737,200
-----------
-----------------------------------------------------------------------------
TOTAL RETAIL 6,424,963
-----------------------------------------------------------------------------
TOTAL REAL ESTATE INVESTMENT TRUSTS
(IDENTIFIED COST $27,645,178) 29,424,377
-----------------------------------------------------------------------------
REAL ESTATE OPERATING COMPANIES--0.8%
DIVERSIFIED--0.8%
Frontline Capital Group(b) ......................... 15,000 218,438
Vornado Operating, Inc.(b) ......................... 4,075 32,345
-----------
250,783
-----------
-----------------------------------------------------------------------------
TOTAL REAL ESTATE OPERATING COMPANIES
(IDENTIFIED COST $48,050) 250,783
-----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $27,693,228) 29,675,160
-----------------------------------------------------------------------------
See Notes to Financial Statements
12
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES FUND
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- ------- -----------
SHORT-TERM OBLIGATIONS--2.5%
COMMERCIAL PAPER--2.5%
Koch Industries, Inc. 6.77%, 6/1/00 ..... A-1+ $755 $ 755,000
-----------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $755,000) 755,000
-----------------------------------------------------------------------------
TOTAL INVESTMENTS--100.1%
(IDENTIFIED COST $28,448,228) 30,430,160(a)
Cash and receivables, less liabilities--(0.1%) (45,520)
-----------
NET ASSETS--100.0% $30,384,640
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,975,597 and gross
depreciation of $993,665 for federal income tax purposes. At May 31, 2000,
the aggregate cost of securities for federal income tax purposes was
$28,448,228.
(b) Non-income producing.
See Notes to Financial Statements
13
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(UNAUDITED)
ASSETS
Investment securities at value
(Identified cost $28,448,228) $30,430,160
Cash 2,305
Receivables
Dividends and interest 38,858
Fund shares sold 36,096
Prepaid expense 565
-----------
Total assets 30,507,984
-----------
LIABILITIES
Payables
Fund shares repurchased 31,390
Transfer agent fee 22,806
Investment advisory fee 22,745
Distribution fee 14,479
Trustees' fee 12,535
Financial agent fee 7,673
Accrued expenses 11,716
-----------
Total liabilities 123,344
-----------
NET ASSETS $30,384,640
===========
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $30,787,208
Undistributed net investment income 121,458
Accumulated net realized loss (2,505,958)
Net unrealized appreciation 1,981,932
-----------
NET ASSETS $30,384,640
===========
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $18,066,259) 1,437,715
Net asset value per share $12.57
Offering price per share $12.57/(1-5.75%) $13.34
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $12,318,381) 987,634
Net asset value and offering price per share $12.47
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 2000
(UNAUDITED)
INVESTMENT INCOME
Dividends $1,025,750
Interest 10,162
----------
Total investment income 1,035,912
----------
EXPENSES
Investment advisory fee 111,236
Distribution fee, Class A 21,935
Distribution fee, Class B 60,573
Financial agent fee 32,623
Transfer agent 44,955
Trustees 12,250
Printing 9,307
Registration 8,017
Professional 6,512
Custodian 3,218
Miscellaneous 1,447
----------
Total expenses 312,073
Less expenses borne by investment adviser (73,939)
----------
Net expenses 238,134
----------
NET INVESTMENT INCOME 797,778
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (546,181)
Net change in unrealized appreciation (depreciation)
on investments 4,282,639
----------
NET GAIN ON INVESTMENTS 3,736,458
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $4,534,236
==========
See Notes to Financial Statements
14
<PAGE>
PHOENIX-DUFF & PHELPS REAL ESTATE SECURITIES FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
5/31/00 YEAR ENDED
(UNAUDITED) 11/30/99
------------ -------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 797,778 $ 1,436,909
Net realized gain (loss) (546,181) (1,888,259)
Net change in unrealized appreciation (depreciation) 4,282,639 (1,322,055)
----------- ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 4,534,236 (1,773,405)
----------- ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (565,766) (1,076,704)
Net investment income, Class B (350,305) (688,451)
----------- ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (916,071) (1,765,155)
----------- ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (115,072 and 149,096 shares, respectively) 1,345,491 1,804,294
Net asset value of shares issued from reinvestment of distributions
(46,257 and 85,480 shares, respectively) 519,541 990,008
Cost of shares repurchased (254,705 and 718,769 shares, respectively) (2,957,023) (8,384,839)
----------- ------------
Total (1,091,991) (5,590,537)
----------- ------------
CLASS B
Proceeds from sales of shares (60,751 and 167,405 shares, respectively) 713,637 2,005,746
Net asset value of shares issued from reinvestment of distributions
(24,969 and 47,858 shares, respectively) 278,724 551,622
Cost of shares repurchased (206,740 and 602,692 shares, respectively) (2,389,406) (7,096,425)
----------- ------------
Total (1,397,045) (4,539,057)
----------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS (2,489,036) (10,129,594)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS 1,129,129 (13,668,154)
NET ASSETS
Beginning of period 29,255,511 42,923,665
----------- ------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) OF
$121,458 AND $239,751, RESPECTIVELY) $30,384,640 $ 29,255,511
=========== ============
</TABLE>
See Notes to Financial Statements
15
<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
5/31/00 ----------------------------------------------- 3/1/95 TO
(UNAUDITED) 1999 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.11 $12.25 $16.39 $13.14 $10.72 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.34 0.51(4) 0.55(4) 0.49(4) 0.53 0.43(4)
Net realized and unrealized gain (loss) 1.50 (1.07) (3.18) 3.52 2.50 0.55
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.84 (0.56) (2.63) 4.01 3.03 0.98
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.38) (0.58) (0.44) (0.51) (0.59) (0.26)
Dividends from net realized gains -- -- (1.07) (0.25) (0.02) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS (0.38) (0.58) (1.51) (0.76) (0.61) (0.26)
------ ------ ------ ------ ------ ------
Change in net asset value 1.46 (1.14) (4.14) 3.25 2.42 0.72
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $12.57 $11.11 $12.25 $16.39 $13.14 $10.72
====== ====== ====== ====== ====== ======
Total return(1) 16.85%(3) (4.69)% (17.42)% 31.44% 29.20% 9.87%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $18,066 $17,014 $24,686 $36,336 $22,872 $13,842
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(5) 1.30%(2) 1.30% 1.31% 1.30% 1.30% 1.30%(2)
Net investment income 5.68%(2) 4.30% 3.79% 3.34% 4.55% 5.79%(2)
Portfolio turnover 5%(3) 22% 11% 54% 24% 9%(3)
</TABLE>
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/00 ------------------------------------------------ 3/1/95 TO
(UNAUDITED) 1999 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.04 $12.19 $16.32 $13.10 $10.68 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.28 0.42(4) 0.43(4) 0.38(4) 0.46 0.36(4)
Net realized and unrealized gain (loss) 1.48 (1.06) (3.15) 3.50 2.47 0.56
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.76 (0.64) (2.72) 3.88 2.93 0.92
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.33) (0.51) (0.34) (0.41) (0.49) (0.24)
Dividends from net realized gains -- -- (1.07) (0.25) (0.02) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS (0.33) (0.51) (1.41) (0.66) (0.51) (0.24)
------ ------ ------ ------ ------ ------
Change in net asset value 1.43 (1.15) (4.13) 3.22 2.42 0.68
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $12.47 $11.04 $12.19 $16.32 $13.10 $10.68
====== ====== ====== ====== ====== ======
Total return(1) 16.42%(3) (5.38)% (18.01)% 30.44% 28.25% 9.21%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $12,318 $12,241 $18,237 $23,091 $8,259 $2,239
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(6) 2.05%(2) 2.05% 2.06% 2.05% 2.05% 2.05%(2)
Net investment income 4.94%(2) 3.54% 3.07% 2.55% 3.95% 5.03%(2)
Portfolio turnover 5%(3) 22% 11% 54% 24% 9%(3)
<FN>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
(5) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.80%,
1.75%, 1.52%, 1.54%, 1.88% and 2.95% for the periods ended May 31, 2000, and
November 30, 1999, 1998, 1997, 1996 and 1995, respectively.
(6) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 2.55%,
2.50%, 2.27%, 2.29%, 2.63% and 3.70% for the periods ended May 31, 2000, and
November 30, 1999, 1998, 1997, 1996 and 1995, respectively.
</FN>
</TABLE>
See Notes to Financial Statements
16
<PAGE>
PHOENIX-GOODWIN EMERGING MARKETS BOND FUND
INVESTMENTS AT MAY 31, 2000
(UNAUDITED)
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------ ------------
CORPORATE BONDS--0.4%
TELECOMMUNICATIONS (LONG DISTANCE)--0.4%
Metromedia International Group, Inc. ...
10.50%, 9/30/07 ........................ NR $ 795 $ 373,755
-----------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $813,493) 373,755
-----------------------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES--97.7%
ALGERIA--4.1%
Republic of Algeria 7.1875%, 9/4/09 .... NR 2,000 1,635,000
Republic of Algeria 7.1875%, 3/4/10 .... NR 3,000 2,302,500
------------
3,937,500
------------
ARGENTINA--13.9%
Province of Buenos Aires 144A
13.25%, 3/29/10(c) ..................... B 3,000 2,730,000
Republic of Argentina Bocon Pro1 M1, PIK
interest capitalization, 2.95%, 4/1/07(b)(e) BBB-(d) 7,397 5,021,556
Republic of Argentina RegS
11.75%, 2/12/07(e) ..................... B 3,550 2,893,453
Republic of Argentina RegS
8.75%, 7/10/02(e) ...................... B 3,000 2,612,433
------------
13,257,442
------------
BRAZIL--18.7%
Brazil MYDFA Trust Certificates RegS
7.1875%, 9/15/07(b)(h) ................. NR 10,016 8,213,226
Republic of Brazil 12.75%, 1/15/20 ..... B 650 598,812
Republic of Brazil 6%, 9/15/13 ......... B 8,100 5,062,492
Republic of Brazil FLRB-L Bearer
7.375%, 4/15/09(b)(h) .................. B 5,200 3,874,000
------------
17,748,530
------------
BULGARIA--2.4%
Republic of Bulgaria FLIRB Bearer Series A
2.75%, 7/28/12(b) ...................... B 1,607 1,088,693
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------ ------------
BULGARIA--2.4%--CONTINUED
Republic of Bulgaria FLIRB RegA
2.75%, 7/28/12(b) ...................... B $ 1,250 $ 846,875
Republic of Bulgaria FLIRB Series B
3.25%, 7/28/12(b) ...................... B 508 344,219
------------
2,279,787
------------
COLOMBIA--1.0%
Republic of Colombia Global Bond
8.375%, 2/15/27 ........................ Ba 1,500 922,500
ECUADOR--3.6%
Ecuador Bearer PDI, PIK interest
capitalization, 7.1875%, 2/27/15(b) .... B 4,728 992,813
Ecuador Registered PDI Euro, PIK interest
capitalization, 7.1875%, 2/27/15 ....... B(d) 4,728 992,813
Republic of Ecuador 0%, 2/28/25(b) ..... Caa 2,000 656,250
Republic of Ecuador Series Discount
0%, 2/28/25 ............................ Caa 2,000 761,250
------------
3,403,126
------------
MEXICO--10.0%
Nacional Financiera SNC
22%, 5/20/02(g)(h) ..................... NR 20,000 2,236,122
United Mexican States Global Bond
11.375%, 9/15/16 ....................... Baa 2,000 2,159,000
United Mexican States Global Bond
11.50%, 5/15/26 ........................ Ba 3,500 3,930,500
United Mexican States NMB
7.33%, 3/25/05(b) ...................... Ba 1,250 1,184,375
------------
9,509,997
------------
NIGERIA--0.6%
Nigeria Promissory Notes Series RC
5.092%, 1/5/10 ......................... NR 1,224 559,903
PANAMA--1.2%
Republic of Panama 8.875%, 9/30/27 ..... Ba 1,500 1,164,375
PERU--2.1%
Peru FLIRB 3.75%, 3/7/17(b) ............ Ba 2,400 1,371,000
Republic of Peru PDI 4.50%, 3/7/17 ..... Ba 1,000 630,000
------------
2,001,000
------------
See Notes to Financial Statements
17
<PAGE>
PHOENIX-GOODWIN EMERGING MARKETS BOND FUND
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------ ------------
PHILIPPINES--1.3%
Republic of Philippines 9.875%, 1/15/19 Ba $ 1,500 $ 1,203,750
RUSSIA--28.1%
City of St. Petersburg 9.5%, 6/18/02 ... C 1,000 800,000
Oblast Nizhniy Novgorod RegS
8.75%, 4/3/05 .......................... Caa 14,190 7,378,694
Russia Federation 144A 12.75%, 6/24/28 . B 4,500 3,476,250
Russia Principal Loans PIK interest
capitalization, 0%, 12/15/20 ........... NR 17,500 4,725,000
Russia Treasury Bill OFZ 14%, 9/12/01(f) NR 42,635 1,257,056
Russian Federal Loan Bond OFZ
Series 25030 0%, 12/15/01(f) ........... NR 4,679 58,187
Russian Federal Loan Bond OFZ
Series 27001 25%, 2/6/02(b)(f) ......... NR 1,365 38,932
Russian Federal Loan Bond OFZ
Series 27002 25%, 5/22/02(b)(f) ........ NR 1,365 37,555
Russian Federal Loan Bond OFZ
Series 27003 25%, 6/5/02(b)(f) ......... NR 1,365 37,386
Russian Federal Loan Bond OFZ
Series 27005 25%, 10/9/02(b)(f) ........ NR 16,737 424,756
Russian Federal Loan Bond OFZ
Series 27006 25%, 1/22/03(b)(f) ........ NR 1,365 33,450
Russian Federal Loan Bond OFZ
Series 27007 25%, 2/5/03(b)(f) ......... NR 1,365 33,512
Russian Federal Loan Bond OFZ
Series 27008 25%, 5/21/03(b)(f) ........ NR 1,365 32,411
Russian Federal Loan Bond OFZ
Series 27009 25%, 6/4/03(b)(f) ......... NR 1,365 32,348
Russian Federal Loan Bond OFZ
Series 7004 25%, 9/18/02(b)(f) ......... NR 67,131 1,776,148
Russian Federation 2.25%, 03/31/30 ..... NR 20,000 6,550,000
------------
26,691,685
------------
UKRAINE--5.8%
Ukraine Government 11%, 3/15/07 ........ Caa 9,000 5,512,500
VENEZUELA--4.9%
Republic of Venezuela DCB Series DL
7%, 12/18/07(b) ........................ B 1,143 906,425
Republic of Venezuela FLIRB Series B
7.438%, 3/31/07(b) ..................... B 1,667 1,296,862
PAR
MOODY'S VALUE
RATING (000) VALUE
------- ------ ------------
VENEZUELA--CONTINUED
Republic of Venezuela FLRIB Series A
7.438%, 3/31/07(b) ..................... $ 667 $ 518,745
Republic of Venezuela NMB-A
7.125%, 12/18/05(b) .................... B 2,471 1,964,167
------------
4,686,199
------------
-----------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(IDENTIFIED COST $97,951,334) 92,878,294
-----------------------------------------------------------------------------
FOREIGN CORPORATE BONDS--6.3%
ARGENTINA--1.0%
Alto Palermo 144A 14.875%, 4/7/05 ...... NR 1,000 965,068
COLUMBIA--0.3%
Termuemcali Funding Corp. ..............
10.125%, 12/15/14 ...................... CCC(d) 499 264,364
MEXICO--4.2%
Vicap SA 11.375%, 5/15/07 .............. Ba 3,100 2,728,000
Bepensa S.A. RegS 9.75%, 9/30/04 ....... BB-(d) 1,500 1,327,500
------------
4,055,500
------------
RUSSIA--0.8%
Rossiyskiy Kredit Bank Reg S
10.25%, 9/29/00 ........................ NR 5,000 725,000
-----------------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(IDENTIFIED COST $7,851,703) 6,009,932
-----------------------------------------------------------------------------
SHARES
-------
COMMON STOCKS--0.1%
UNITED STATES--0.1%
Telscape International, Inc.
(Communications Equipment) ............. 12,500 96,875
-----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $212,674) 96,875
-----------------------------------------------------------------------------
FOREIGN COMMON STOCKS--2.6%
RUSSIA--2.4%
Unified Energy Systems ADR
(Electric Companies) ................... 80,000 1,105,000
Lukoil Holding ADR
(Oil (Domestic Integrated)) ............ 25,000 1,381,250
-----------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $2,336,250) 2,486,250
-----------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--107.1%
(IDENTIFIED COST $109,165,454) 101,845,106
-----------------------------------------------------------------------------
See Notes to Financial Statements
18
<PAGE>
PHOENIX-GOODWIN EMERGING MARKETS BOND FUND
NUMBER
OF
CONTRACTS VALUE
--------- ------------
OPTIONS--0.0%
United Mexican States Global Bond
Call Option 6/12/00 $125(b)
(Par subject to call $8,500,000) .......... 8.5 $ 8,500
--------------------------------------------------------------------------------
TOTAL OPTIONS
(IDENTIFIED COST $407,150) 8,500
--------------------------------------------------------------------------------
STANDARD PAR
& POOR'S VALUE
RATING (000)
-------- -------
SHORT-TERM OBLIGATIONS--1.6%
COMMERCIAL PAPER--1.6%
Koch Industries, Inc. 6.77%, 6/1/00 ......... A-1+ $ 1,490 1,490,000
--------------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $1,490,000) 1,490,000
--------------------------------------------------------------------------------
TOTAL INVESTMENTS--108.7%
(IDENTIFIED COST $111,062,604) 103,343,606(a)
Cash and receivables, less liabilities--(8.7%) (8,235,608)
------------
NET ASSETS--100.0% $ 95,107,998
============
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $3,141,743 and gross
depreciation of $10,961,570 for federal income tax purposes. At May 31,
2000, the aggregate cost of securities for federal income tax purposes was
$111,163,433.
(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, 2000,
these securities amounted to a value of $7,171,318 or 7.5% of net assets.
(d) As rated by Standard & Poor's, Fitch or Duff & Phelps.
(e) Par value represents Argentine Pesos.
(f) Par value represents Russian Rubles.
(g) Par value represents Mexican Pesos.
(h) All or a portion segregated as collateral.
See Notes to Financial Statements
19
<PAGE>
PHOENIX-GOODWIN EMERGING MARKETS BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(UNAUDITED)
ASSETS
Investment securities at value
(Identified cost $111,062,604) $103,343,606
Cash 1,040,782
Foreign currency at value
(Identified cost $519) 519
Receivables
Investment securities sold 18,460,938
Interest and dividends 2,132,137
Fund shares sold 413,869
Prepaid expense 1,090
------------
Total assets 125,392,941
------------
LIABILITIES
Payables
Investment securities purchased 29,961,299
Fund share repurchased 137,659
Investment advisory fee 61,711
Distribution fee 58,558
Transfer agent fee 34,510
Financial agent fee 12,845
Trustees' fee 12,535
Accrued expenses 5,826
------------
Total liabilities 30,284,943
------------
NET ASSETS $ 95,107,998
============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $138,317,753
Undistributed net investment income 3,473,586
Accumulated net realized loss (38,965,453)
Net unrealized depreciation (7,717,888)
------------
NET ASSETS $ 95,107,998
============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $35,992,217) 4,743,211
Net asset value per share $7.59
Offering price per share $7.59/(1-4.75%) $7.97
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $56,842,965) 7,601,724
Net asset value and offering price per share $7.48
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $2,272,816) 302,458
Net asset value and offering price per share $7.51
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 2000
(UNAUDITED)
INVESTMENT INCOME
Interest $10,477,770
Dividends 27,852
Foreign taxes withheld (2,081)
-----------
Total investment income 10,503,541
-----------
EXPENSES
Investment advisory fee 431,646
Distribution fee, Class A 62,716
Distribution fee, Class B 311,945
Distribution fee, Class C 12,720
Financial agent fee 68,727
Transfer agent 86,584
Custodian 33,031
Printing 19,023
Registration 15,045
Professional 13,572
Trustees 12,250
Miscellaneous 5,648
-----------
Total expenses 1,072,907
-----------
NET INVESTMENT INCOME 9,430,634
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 9,600,224
Net realized loss on foreign currency
transactions (1,524,649)
Net change in unrealized appreciation (depreciation) on
investments (9,434,673)
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions (52,252)
-----------
NET LOSS ON INVESTMENTS (1,411,350)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 8,019,284
============
See Notes to Financial Statements
20
<PAGE>
PHOENIX-GOODWIN EMERGING MARKETS BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
5/31/00 YEAR ENDED
(UNAUDITED) 11/30/99
-------------- ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 9,430,634 $ 16,331,294
Net realized gain (loss) 8,075,575 1,213,234
Net change in unrealized appreciation (depreciation) (9,486,925) 4,772,822
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 8,019,284 22,317,350
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (3,123,552) (7,416,057)
Net investment income, Class B (3,771,672) (7,042,619)
Net investment income, Class C (150,133) (347,153)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (7,045,357) (14,805,829)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (830,968 and 3,556,835 shares, respectively) 6,939,556 25,142,286
Net asset value of shares issued from reinvestment of distributions
(135,730 and 351,670 shares, respectively) 1,107,319 2,480,258
Cost of shares repurchased (3,353,085 and 2,574,617 shares, respectively) (28,452,260) (18,206,934)
------------ ------------
Total (20,405,385) 9,415,610
------------ ------------
CLASS B
Proceeds from sales of shares (1,065,876 and 3,425,208 shares, respectively) 8,570,577 24,265,446
Net asset value of shares issued from reinvestment of distributions
(175,536 and 446,690 shares, respectively) 1,412,489 3,123,762
Cost of shares repurchased (1,333,776 and 1,401,581 shares, respectively) (11,021,221) (9,790,280)
------------ ------------
Total (1,038,155) 17,598,928
------------ ------------
CLASS C
Proceeds from sales of shares (110,720 and 462,019 shares, respectively) 915,010 3,316,816
Net asset value of shares issued from reinvestment of distributions
(5,298 and 17,681 shares, respectively) 42,811 126,396
Cost of shares repurchased (208,014 and 253,300 shares, respectively) (1,692,435) (1,856,218)
------------ ------------
Total (734,614) 1,586,994
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS (22,178,154) 28,601,532
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (21,204,227) 36,113,053
NET ASSETS
Beginning of period 116,312,225 80,199,172
------------ ------------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) OF
$3,473,586 AND $1,088,309, RESPECTIVELY) $ 95,107,998 $116,312,225
============ ============
</TABLE>
See Notes to Financial Statements
21
<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
5/31/00 ----------------------------------------------- 9/5/95 TO
(UNAUDITED) 1999 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.69 $ 7.20 $ 12.84 $ 14.80 $ 10.18 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.67(4) 1.23 1.32 1.38(4) 1.26 0.25(4)
Net realized and unrealized gain (loss) (0.26) 0.40 (4.22) 0.17 4.56 0.18
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 0.41 1.63 (2.90) 1.55 5.82 0.43
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income (0.51) (1.14) (1.00) (1.28) (1.20) --
Dividends from net realized gains -- -- (0.23) (2.23) -- (0.25)
Dividends in excess of net investment income -- -- (1.16) -- -- --
Return of capital -- -- (0.35) -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS (0.51) (1.14) (2.74) (3.51) (1.20) (0.25)
------- ------- ------- ------- ------- -------
Change in net asset value (0.10) 0.49 (5.64) (1.96) 4.62 0.18
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 7.59 $ 7.69 $ 7.20 $ 12.84 $ 14.80 $ 10.18
======= ======= ======= ======= ======= =======
Total return(1) 4.91%(3) 25.63% (27.20)% 11.91% 60.18% 4.40%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $35,992 $54,849 $41,725 $67,875 $29,661 $12,149
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.44%(2) 1.56% 1.43% 1.40% 1.50%(5) 1.50%(2)(5)
Net investment income 16.40%(2) 17.96% 13.74% 9.90% 10.41% 10.48%(2)
Portfolio turnover 177%(3) 326% 405% 614% 378% 38%(3)
</TABLE>
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED NOVEMBER 30 INCEPTION
5/31/00 ---------------------------------------------- 9/5/95 TO
(UNAUDITED) 1999 1998 1997 1996 11/30/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.60 $ 7.13 $ 12.77 $ 14.78 $10.18 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.66(4) 1.17 1.23 1.26(4) 1.19 0.22(4)
Net realized and unrealized gain (loss) (0.29) 0.40 (4.18) 0.18 4.53 0.20
------- ------- ------- ------- ------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.37 1.57 (2.95) 1.44 5.72 0.42
------- ------- ------- ------- ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.49) (1.10) (0.97) (1.22) (1.12) 0.24)
Dividends from net realized gains -- -- (0.23) (2.23) -- --
Dividends in excess of net investment income -- -- (1.16) -- -- --
Return of capital -- -- (0.33) -- -- --
------- ------- ------- ------- ------ ------
TOTAL DISTRIBUTIONS (0.49) (1.10) (2.69) (3.45) (1.12) 0.24)
------- ------- ------- ------- ------ ------
Change in net asset value (0.12) 0.47 (5.64) (2.01) 4.60 0.18
------- ------- ------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD $ 7.48 $ 7.60 $ 7.13 $ 12.77 $14.78 $10.18
======= ======= ======= ======= ====== ======
Total return(1) 4.58%(3) 24.52% (27.86)% 11.07% 58.94% 4.22%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $56,843 $58,453 $37,270 $38,673 $9,713 $ 596
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.19%(2) 2.31% 2.20% 2.15% 2.25%(6) 2.25%(2)(6)
Net investment income 16.38%(2) 17.04% 12.98% 9.14% 9.79% 10.29%(2)
Portfolio turnover 177%(3) 326% 405% 614% 378% 38%(3)
<FN>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
(5) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 2.02% and
2.89% for the periods ended November 30, 1996 and 1995, respectively.
(6) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 2.77% and
3.64% for the periods ended November 30, 1996 and 1995, respectively.
</FN>
</TABLE>
See Notes to Financial Statements
22
<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 YEAR INCEPTION
5/31/00 ENDED 3/26/98 TO
(UNAUDITED) 11/30/99 11/30/98
<S> <C> <C> <C>
Net asset value, beginning of period $ 7.63 $ 7.17 $12.25
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.64(4) 1.17 0.85(4)
Net realized and unrealized gain (loss) (0.27) 0.39 (5.10)
------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.37 1.56 (4.25)
------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.49) (1.10) (0.66)
Dividends from net realized gains -- -- --
Dividends in excess of net investment income -- -- --
Return of capital -- -- (0.17)
------ ------ ------
TOTAL DISTRIBUTIONS (0.49) (1.10) (0.83)
------ ------ ------
Change in net asset value (0.12) 0.46 (5.08)
------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 7.51 $ 7.63 $ 7.17
====== ====== ======
Total return(1) 4.69%(3) 24.40% (35.33)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $2,273 $3,010 $1,205
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.19%(2) 2.31% 2.29%(2)
Net investment income 16.24%(2) 16.47% 15.59%(2)
Portfolio turnover 177%(3) 326% 405%(3)
<FN>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) Computed using average shares outstanding.
</FN>
</TABLE>
See Notes to Financial Statements
23
<PAGE>
PHOENIX-GOODWIN TAX-EXEMPT BOND FUND
INVESTMENTS AT MAY 31, 2000
(UNAUDITED)
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS--96.1%
ALABAMA--2.0%
Jefferson County Alabama Sewer Revenue
Bonds Series A 5%, 2/1/33 .............. AAA $2,000 $ 1,667,500
ALASKA--1.4%
Valdez Marine Terminal Revenue
7%, 12/1/25(c) ......................... AA+ 1,125 1,174,219
ARIZONA--1.2%
Pima County Sewer Revenue 6.75%, 7/1/15
(FGIC Insured) ......................... AAA 540 554,440
Pima County Sewer Revenue 6.75%, 7/1/15,
Prerefunded 7/1/01 @$101 (FGIC Insured) AAA 460 474,347
-----------
1,028,787
-----------
ARKANSAS--1.2%
Drew County Public Facilities Board
Series A-2 7.90%, 8/1/11
(FNMA Collateralized) .................. Aaa(b) 196 202,931
Jacksonville Residential Housing Facilities
Board Series A-2 7.90%, 1/1/11
(FNMA Collateralized) .................. Aaa(b) 323 332,076
Lonoke County Residential Housing Facilities
Board Series A-2 7.90%, 4/1/11
(FNMA Collateralized) .................. Aaa(b) 315 331,763
Stuttgart Public Facilities Board Series A-2
7.90%, 9/1/11 (FNMA Collateralized) .... Aaa(b) 141 143,805
-----------
1,010,575
-----------
CALIFORNIA--8.4%
Pittsburg Redevelopment Agency Series A
4.625%, 8/1/21 (AMBAC Insured) ......... AAA 1,650 1,363,312
Riverside County Series B 8.625%, 5/1/16
(GNMA Collateralized) .................. AAA 4,300 5,638,375
-----------
7,001,687
-----------
CONNECTICUT--4.4%
Mashantucket Western Pequot Tribe Special
Revenue Series A 144A 6.50%, 9/1/05(d) . AAA 845 899,925
Mashantucket Western Pequot Tribe Special
Revenue Series A 144A 6.50%, 9/1/06(d) . AAA 495 530,888
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ------ -----------
CONNECTICUT--CONTINUED
Mashantucket Western Pequot Tribe Special
Revenue Series B 144A 5.60%, 9/1/09(d) . Baa(b) $1,000 $ 965,000
Mashantucket Western Pequot Tribe Special
Revenue Series A 144A 5.50%, 9/1/28(d) . Baa(b) 1,500 1,239,375
-----------
3,635,188
-----------
GEORGIA--9.8%
Atlanta Water and Wastewater Revenue
Series A 5%, 11/1/29 (FGIC Insured) .... AAA 2,000 1,702,500
Atlanta Water and Wastewater Revenue
Series A 5%, 11/1/38 (FGIC Insured) .... AAA 1,000 828,750
Cartersville Development Authority Revenue
5.625%, 5/1/09 ......................... A+ 2,000 1,997,500
Georgia Municipal Electric Authority Power
Revenue Series Z 5.50%, 1/1/20
(FGIC Insured) ......................... AAA 2,000 1,912,500
Georgia State General Obligation Series A
7.45%, 1/1/09 .......................... AAA 1,500 1,717,500
-----------
8,158,750
-----------
ILLINOIS--5.1%
Chicago Board of Education Series A
6%, 1/1/20 (MBIA Insured) .............. AAA 500 506,250
Chicago O'Hare International Airport Special
Facility Revenue 8.85%, 5/1/18 ......... BB+ 815 845,880
Cook County Series A 5%, 11/15/28
(FGIC Insured) ......................... AAA 2,000 1,660,000
Illinois Health Facilities Authority Revenue
Series C 7%, 4/1/08 (FSA Insured) ...... AAA 1,100 1,199,000
Metropolitan Pier & Exposition Authority
Revenue Unrefunded 6.50%, 6/15/07
(FGIC Insured) ......................... AAA 30 31,650
-----------
4,242,780
-----------
INDIANA--4.3%
Indianapolis Public Local Improvement
Revenue Series C 0%, 1/1/03 ............ A(b) 2,500 2,178,125
Indianapolis Public Local Improvement
Revenue Series A 0%, 2/1/05 ............ Aa(b) 1,765 1,370,081
-----------
3,548,206
-----------
See Notes to Financial Statements
24
<PAGE>
PHOENIX-GOODWIN TAX-EXEMPT BOND FUND
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ------ -----------
KENTUCKY--3.5%
Kentucky State Turnpike Authority Economic
Development Revenue 0%, 1/1/10
(FGIC Insured) ......................... AAA $3,300 $ 1,926,375
Perry County Solid Waste Disposal Revenue
7%, 6/1/24 ............................. NR 1,000 1,021,250
-----------
2,947,625
-----------
LOUISIANA--1.7%
Louisiana Environmental Facilities Community
Development Authority Revenue
5.25%, 12/1/18 (AMBAC Insured) ......... AAA 1,500 1,378,125
St. Tammany Public Transportation Financing
Authority Revenue Series A 7%, 6/1/02
(FNMA Collateralized) .................. Aaa(b) 30 30,565
-----------
1,408,690
-----------
MARYLAND--0.7%
Baltimore General Obligation 7%, 10/15/09
(MBIA Insured) ......................... AAA 500 561,250
MASSACHUSETTS--2.2%
Massachusetts Bay Transportation Authority
Revenue Series B 6.20%, 3/1/16 ......... AA- 1,000 1,047,500
Massachusetts State Industrial Financing
Agency Revenue 0%, 8/1/05 .............. A+ 1,100 829,125
-----------
1,876,625
-----------
MICHIGAN--3.0%
St. Johns Public Schools 5.10%, 5/1/25
(FGIC Insured) ......................... AAA 1,000 878,750
Williamston Community School General
Obligation 5.50%, 5/1/25 (MBIA Insured) AAA 1,725 1,630,125
-----------
2,508,875
-----------
MISSISSIPPI--1.8%
Lowndes County Solid Waste Disposal &
Pollution Control Revenue Project A
6.80%, 4/1/22 .......................... A 1,450 1,509,813
NEVADA--2.0%
Clark County School District General Obligation
Series B 0%, 6/1/03 (MBIA Insured) ..... AAA 2,000 1,707,500
NEW JERSEY--1.9%
Camden County Municipal Utilities Authority
Sewer Revenue Series B 0%, 9/1/11
(FGIC Insured) ......................... AAA 3,000 1,597,500
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ------ -----------
NEW YORK--5.3%
New York State Dormitory Authority Revenue
Series U 6.375%, 7/1/08, Prerefunded
7/1/02 @$102 ........................... BBB+ $ 575 $ 600,875
Niagara Falls Bridge Commission Toll
Revenue Series B 5.25%, 10/1/15
(FGIC Insured) ......................... AAA 4,000 3,840,000
-----------
4,440,875
-----------
NORTH CAROLINA--1.7%
North Carolina Municipal Power Agency
Revenue 6%, 1/1/09 (AMBAC Insured) ..... AAA 1,385 1,423,088
PENNSYLVANIA--8.4%
Delaware Valley Regional Finance Authority
Revenue Series B 5.70%, 7/1/27
(AMBAC Insured) ........................ AAA 2,000 1,902,500
New Castle Area Hospital Authority Revenue
Series A 6.50%, 11/15/09 ............... Baa(b) 1,000 901,250
Pennsylvania State Finance Authority Revenue
6.60%, 11/1/09 ......................... A 4,000 4,210,000
-----------
7,013,750
-----------
SOUTH CAROLINA--2.6%
Spartanburg Sanitation Sewer Revenue
Series B 5%, 3/1/24 .................... AAA 2,520 2,145,150
TENNESSEE--1.9%
Metropolitan Government Nashville &
Davidson County Health & Educational
Facilities Board Revenue 6%, 12/1/16
(AMBAC Insured) ........................ AAA 1,500 1,545,000
TEXAS--6.2%
Colorado River Municipal District Water
Revenue 8.25%, 1/1/15, Prerefunded
1/1/01 @$100 ........................... NR 540 550,514
Houston Water and Sewer System Revenue
Series A 5%, 12/1/28 ................... AAA 2,000 1,677,500
Hurst Euless Bedford Independent School
District General Obligation 4.75%, 8/15/28 AAA 2,000 1,595,000
San Antonio Electric & Gas Revenue
5%, 2/1/12 ............................. AA 15 14,325
San Antonio Electric & Gas Revenue
5%, 2/1/12 ............................. AA 20 18,800
Texas State Public Finance Authority Building
Revenue 6.25%, 8/1/09 (MBIA Insured) ... AAA 1,250 1,318,750
-----------
5,174,889
-----------
See Notes to Financial Statements
25
<PAGE>
PHOENIX-GOODWIN TAX-EXEMPT BOND FUND
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ------ -----------
VIRGINIA--6.9%
Pittsylvania County Industrial Development
Authority Revenue Series A 7.30%, 1/1/04 NR $ 805 $ 819,088
Pittsylvania County Industrial Development
Authority Revenue Series A 7.45%, 1/1/09 NR 3,000 3,090,000
Upper Occoquan Regional Sewer Authority
Revenue Series A 5.15%, 7/1/20
(MBIA Insured) ......................... AAA 2,000 1,822,500
-----------
5,731,588
-----------
WEST VIRGINIA--3.6%
Upshur County Solid Waste Disposal Revenue
7%, 7/15/25 ............................ NR 2,000 2,042,500
West Virginia State Housing Development
Fund Revenue 6.625%, 7/1/20
(FHA Insured) .......................... AA 1,000 999,930
-----------
3,042,430
-----------
WISCONSIN--3.0%
Wisconsin State Clean Water Revenue
Series 1 6.875%, 6/1/11 ................ AA+ 750 838,125
Wisconsin State Health and Education
Facilities Authority Revenue 5%, 8/15/18 A- 2,000 1,707,500
-----------
2,545,625
-----------
OTHER TERRITORIES--1.9%
Puerto Rico Commonwealth Highway &
Transportation Authority Revenue
Series V 6.625%, 7/1/12 ................ A 1,500 1,561,875
----------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $79,567,943) 80,209,840
----------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--96.1%
(IDENTIFIED COST $79,567,943) 80,209,840
----------------------------------------------------------------------------
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- ------ -----------
SHORT-TERM OBLIGATIONS--2.8%
COMMERCIAL PAPER--2.8%
Koch Industries, Inc. 6.77%, 6/1/00 .... A-1+ $2,355 $ 2,355,000
----------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $2,355,000) 2,355,000
----------------------------------------------------------------------------
TOTAL INVESTMENTS--98.9%
(IDENTIFIED COST $81,922,943) 82,564,840(a)
Cash and receivables, less liabilities--1.1% 907,499
-----------
NET ASSETS--100.0% $83,472,339
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,836,281 and gross
depreciation of $2,102,290 for federal income tax purposes. At May 31, 2000,
the aggregate cost of securities for federal income tax purposes was
$81,830,849. .
(b) As rated by Moody's, 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, 2000, these
securities amounted to a value of $3,635,188 or 4.4% of net assets.
At May 31, 2000, 39.2% of the securities 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, 18.5%.
See Notes to Financial Statements
26
<PAGE>
PHOENIX-GOODWIN TAX-EXEMPT BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(UNAUDITED)
ASSETS
Investment securities at value
(Identified cost $81,922,943) $82,564,840
Cash 756
Receivables
Interest 1,180,695
Fund shares sold 2,254
Prepaid expense 1,528
-----------
Total assets 83,750,073
-----------
LIABILITIES
Payables
Dividend distributions 73,302
Fund shares repurchased 64,274
Investment advisory fee 31,734
Transfer agent fee 22,080
Distribution fee 20,671
Trustees' fee 12,535
Financial agent fee 8,866
Accrued expenses 44,272
-----------
Total liabilities 277,734
-----------
NET ASSETS $83,472,339
===========
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $85,954,634
Undistributed net investment income 60,348
Accumulated net realized loss (3,184,540)
Net unrealized appreciation 641,897
-----------
NET ASSETS $83,472,339
===========
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $78,618,704) 7,796,565
Net asset value per share $10.08
Offering price per share $10.08/(1-4.75%) $10.58
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $4,853,635) 479,034
Net asset value and offering price per share $10.13
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 2000
(UNAUDITED)
INVESTMENT INCOME
Interest $ 2,689,424
-----------
Total investment income 2,689,424
-----------
EXPENSES
Investment advisory fee 198,686
Distribution fee, Class A 103,818
Distribution fee, Class B 26,253
Financial agent fee 57,512
Transfer agent 55,193
Printing 37,231
Registration 12,327
Professional 12,256
Trustees 12,250
Custodian 6,126
Miscellaneous 16,216
-----------
Total expenses 537,868
-----------
NET INVESTMENT INCOME 2,151,556
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 170,456
Net change in unrealized appreciation (depreciation)
on investments (2,128,985)
-----------
NET LOSS ON INVESTMENTS (1,958,529)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 193,027
===========
See Notes to Financial Statements
27
<PAGE>
PHOENIX-GOODWIN TAX-EXEMPT BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
5/31/00 YEAR ENDED
(UNAUDITED) 11/30/99
------------ -------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 2,151,556 $ 4,420,473
Net realized gain (loss) 170,456 (2,973,183)
Net change in unrealized appreciation (depreciation) (2,128,985) (5,382,317)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 193,027 (3,935,027)
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (1,918,464) (4,019,480)
Net investment income, Class B (101,800) (222,784)
In excess of net investment income, Class A -- (713,626)
In excess of net investment income, Class B -- (39,554)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (2,020,264) (4,995,444)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (886,444 and 1,486,070 shares, respectively) 8,989,400 15,836,073
Net asset value of shares issued from reinvestment of distributions
(103,685 and 241,813 shares, respectively) 1,052,270 2,604,501
Cost of shares repurchased (1,817,481 and 2,685,504 shares, respectively) (18,476,363) (28,673,824)
------------ ------------
Total (8,434,693) (10,233,250)
------------ ------------
CLASS B
Proceeds from sales of shares (74,922 and 131,152 shares, respectively) 769,596 1,434,341
Net asset value of shares issued from reinvestment of distributions
(3,940 and 9,781 shares, respectively) 40,182 105,939
Cost of shares repurchased (146,095 and 216,909 shares, respectively) (1,495,866) (2,327,791)
------------ ------------
Total (686,088) (787,511)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS (9,120,781) (11,020,761)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (10,948,018) (19,951,232)
NET ASSETS
Beginning of period 94,420,357 114,371,589
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)
AND DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME OF $60,348 AND
($70,944), RESPECTIVELY] $ 83,472,339 $ 94,420,357
============ ============
</TABLE>
See Notes to Financial Statements
28
<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
5/31/00 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.29 $11.21 $11.17 $11.28 $11.40 $10.09
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.25 0.52 0.57 0.59 0.60 0.61
Net realized and unrealized gain (loss) (0.23) (0.92) 0.20 0.05 (0.12) 1.34
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.02 (0.40) 0.77 0.64 0.48 1.95
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.23) (0.44) (0.53) (0.59) (0.60) (0.61)
Dividends in excess of net investment income -- (0.08) (0.11) -- -- --
Dividends from net realized gains -- -- (0.09) (0.16) -- (0.03)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS (0.23) (0.52) (0.73) (0.75) (0.60) (0.64)
------ ------ ------ ------ ------ ------
Change in net asset value (0.21) (0.92) 0.04 (0.11) (0.12) 1.31
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $10.08 $10.29 $11.21 $11.17 $11.28 $11.40
====== ====== ====== ====== ====== ======
Total return(1) 0.24%(3) (3.66)% 5.75% 6.04% 4.30% 19.87%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $78,619 $88,770 $107,371 $122,763 $136,558 $147,821
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.17%(2) 1.01% 0.97% 0.96% 0.94% 0.97%
Net investment income (loss) 4.92%(2) 4.25% 4.77% 5.36% 5.42% 5.65%
Portfolio turnover 7%(3) 18% 14% 15% 27% 25%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED NOVEMBER 30
5/31/00 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.34 $11.25 $11.22 $11.32 $11.44 $10.12
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.21 0.45 0.48 0.50 0.52 0.53
Net realized and unrealized gain (loss) (0.22) (0.93) 0.19 0.06 (0.12) 1.35
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS (0.01) (0.48) 0.67 0.56 0.40 1.88
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.20) (0.37) (0.45) (0.50) (0.52) (0.53)
Dividends in excess of net investment income -- (0.06) (0.10) -- -- --
Dividends from net realized gains -- -- (0.09) (0.16) -- (0.03)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS (0.20) (0.43) (0.64) (0.66) (0.52) (0.56)
------ ------ ------ ------ ------ ------
Change in net asset value (0.21) (0.91) 0.03 (0.10) (0.12) 1.32
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $10.13 $10.34 $11.25 $11.22 $11.32 $11.44
====== ====== ====== ====== ====== ======
Total return(1) (0.12)%(3) (4.35)% 4.97% 5.13% 3.60% 19.07%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $4,854 $5,651 $7,001 $5,797 $4,762 $3,142
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.93%(2) 1.76% 1.69% 1.71% 1.69% 1.72%
Net investment income (loss) 4.15%(2) 3.51% 3.98% 4.60% 4.68% 4.90%
Portfolio turnover 7%(3) 18% 14% 15% 27% 25%
<FN>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
</FN>
</TABLE>
See Notes to Financial Statements
29
<PAGE>
PHOENIX-SENECA TAX SENSITIVE GROWTH FUND
INVESTMENTS AT MAY 31, 2000
(UNAUDITED)
SHARES VALUE
------ ----------
COMMON STOCKS--87.4%
ALUMINUM--2.9%
Alcoa, Inc. ........................................ 2,770 $ 161,872
BEVERAGES (ALCOHOLIC)--2.9%
Anheuser-Busch Cos., Inc. .......................... 2,110 163,525
BROADCASTING (TELEVISION, RADIO & CABLE)--3.0%
AMFM, Inc.(b) ...................................... 2,440 165,310
COMMUNICATIONS EQUIPMENT--3.8%
General Motors Corp. Class H(b) .................... 2,170 213,610
COMPUTERS (HARDWARE)--6.3%
International Business Machines Corp. .............. 1,330 142,726
Sun Microsystems, Inc.(b) .......................... 2,780 213,018
----------
355,744
----------
COMPUTERS (NETWORKING)--4.0%
Cisco Systems, Inc.(b) ............................. 3,950 225,150
ELECTRICAL EQUIPMENT--3.9%
General Electric Co. ............................... 4,200 221,025
ELECTRONICS (SEMICONDUCTORS)--8.0%
Intel Corp. ........................................ 1,890 235,541
Texas Instruments, Inc. ............................ 2,920 210,970
----------
446,511
----------
ENTERTAINMENT--2.6%
Walt Disney Co. (The) .............................. 3,510 148,078
EQUIPMENT (SEMICONDUCTORS)--3.3%
Applied Materials, Inc.(b) ......................... 2,240 187,040
FINANCIAL (DIVERSIFIED)--4.1%
Citigroup, Inc. .................................... 3,730 231,960
HEALTH CARE (DIVERSIFIED)--3.0%
Johnson & Johnson .................................. 1,880 168,260
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--4.9%
Lilly (Eli) & Co. .................................. 2,090 159,101
Pfizer, Inc. ....................................... 2,640 117,645
----------
276,746
----------
SHARES VALUE
------ ----------
HEALTH CARE (HOSPITAL MANAGEMENT)--2.3%
Hca-The Healthcare Company ......................... 4,820 $ 130,140
HOUSEHOLD PRODUCTS (NON-DURABLE)--2.6%
Colgate-Palmolive Co. .............................. 2,720 143,140
INSURANCE (MULTI-LINE)--3.5%
American International Group, Inc. ................. 1,750 196,984
INVESTMENT BANKING/BROKERAGE--3.4%
Schwab (Charles) Corp. (The) ....................... 6,705 192,769
OIL & GAS (DRILLING & EQUIPMENT)--4.1%
Halliburton Co. .................................... 4,460 227,460
OIL (INTERNATIONAL INTEGRATED)--3.3%
Exxon Mobil Corp. .................................. 2,190 182,454
PAPER & FOREST PRODUCTS--2.0%
Champion International Corp. ....................... 1,500 109,500
RETAIL (BUILDING SUPPLIES)--2.9%
Lowe's Cos., Inc. .................................. 3,430 159,709
RETAIL (GENERAL MERCHANDISE)--4.3%
Wal-Mart Stores, Inc. .............................. 4,210 242,601
SERVICES (DATA PROCESSING)--2.9%
Automatic Data Processing, Inc. .................... 2,990 164,263
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--3.4%
Nextel Communications, Inc. Class A(b) ............. 2,070 191,734
----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $4,805,540) 4,905,585
----------------------------------------------------------------------------
FOREIGN COMMON STOCKS--4.3%
COMMUNICATIONS EQUIPMENT--4.3%
Nokia Oyj Sponsored ADR (Finland) .................. 4,660 242,320
----------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $239,977) 242,320
----------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--91.7%
(IDENTIFIED COST $5,045,517) 5,147,905
----------------------------------------------------------------------------
See Notes to Financial Statements
30
<PAGE>
PHOENIX-SENECA TAX SENSITIVE GROWTH FUND
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------- ----- ----------
SHORT-TERM OBLIGATIONS--24.9%
COMMERCIAL PAPER--24.9%
Koch Industries, Inc. .............................
6.77%, 6/1/00 ..................................... A-1+ $ 280 $ 280,000
Lexington Parker Capital Co. LLC
6.80%, 6/1/00 ..................................... A-1+ 280 280,000
Dupont (E.I.) de Nemours & Co. ....................
6.48%, 6/6/00 ..................................... A-1+ 270 269,757
Procter & Gamble Co. 6.48%, 6/14/00 ............... A-1+ 250 249,415
Potomac Electric Power Co. ........................
6.48%, 6/15/00 .................................... A-1+ 155 154,609
Honeywell International, Inc. .....................
6.48%, 6/16/00 .................................... A-1+ 163 162,560
----------
1,396,341
----------
----------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $1,396,341) 1,396,341
----------------------------------------------------------------------------
TOTAL INVESTMENTS--116.6%
(IDENTIFIED COST $6,441,858) 6,544,246(a)
Cash and receivables, less liabilities--(16.6%) (932,101)
----------
NET ASSETS--100.0% $5,612,145
==========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $324,791 and gross
depreciation of $220,755 for federal income tax purposes. At May 31, 2000,
the aggregate cost of securities for federal income tax purposes was
$6,440,210.
(b) Non-income producing.
See Notes to Financial Statements
31
<PAGE>
PHOENIX-SENECA TAX SENSITIVE GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(UNAUDITED)
ASSETS
Investment securities at value
(Identified cost $6,441,858) $6,544,246
Cash 53,039
Receivables
Fund shares sold 48,386
Receivable from advisor 16,336
Dividends 2,772
----------
Total assets 6,664,779
----------
LIABILITIES
Payables
Investment securities purchased 1,011,658
Transfer agent fee 11,747
Financial agent fee 5,813
Trustees' fee 5,622
Distribution fee 2,102
Accrued expenses 15,692
----------
Total liabilities 1,052,634
----------
NET ASSETS 5,612,145
----------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest 5,676,016
Undistributed net investment income 5,214
Accumulated net realized loss (171,473)
Net unrealized appreciation 102,388
----------
NET ASSETS $5,612,145
==========
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $3,518,449) 354,263
Net asset value per share $ 9.93
Offering price per share $9.93/(1-5.75%) $10.54
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $538,499) 54,313
Net asset value and offering price per share $ 9.91
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $1,383,282) 139,543
Net asset value and offering price per share $ 9.91
CLASS X
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $171,915) 17,303
Net asset value and offering price per share $ 9.94
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 2000
TO MAY 31, 2000
(UNAUDITED)
INVESTMENT INCOME
Interest $ 15,000
Dividends 5,799
Foreign taxes withheld (70)
--------
Total investment income 20,729
--------
EXPENSES
Investment advisory fee 7,750
Distribution fee, Class A 1,946
Distribution fee, Class B 712
Distribution fee, Class C 1,521
Financial agent fee 12,061
Transfer agent 20,765
Registration 8,866
Trustees 5,622
Professional 4,813
Printing 2,654
Custodian 2,201
Miscellaneous 1,858
--------
Total expenses 70,769
Less expenses borne by investment advisor (55,254)
--------
Net expenses 15,515
--------
NET INVESTMENT INCOME 5,214
--------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (171,473)
Net change in unrealized appreciation
on investments 102,388
--------
NET LOSS ON INVESTMENTS (69,085)
--------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(63,871)
========
See Notes to Financial Statements
32
<PAGE>
PHOENIX-SENECA TAX SENSITIVE GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FROM INCEPTION
3/1/00 TO 5/31/00
(UNAUDITED)
-----------------
<S> <C>
FROM OPERATIONS
Net investment income (loss) $ 5,214
Net realized gain (loss) (171,473)
Net change in unrealized appreciation (depreciation) 102,388
----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (63,871)
----------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of 359,338 shares 3,611,478
Cost of 5,075 shares repurchased (54,960)
----------
Total 3,556,518
----------
CLASS B
Proceeds from sale of 54,313 shares 550,280
----------
Total 550,280
----------
CLASS C
Proceeds from sale of 140,256 shares 1,404,636
Cost of 713 shares repurchased (7,223)
----------
Total 1,397,413
----------
CLASS X
Proceeds from sale of 17,303 shares 171,805
----------
Total 171,805
----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS 5,676,016
----------
NET INCREASE (DECREASE) IN NET ASSETS 5,612,145
NET ASSETS
Beginning of period --
----------
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) OF $5,214) $5,612,145
==========
</TABLE>
See Notes to Financial Statements
33
<PAGE>
PHOENIX-SENECA TAX SENSITIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS X
--------------------------------------------------------------
FROM FROM FROM FROM
INCEPTION INCEPTION INCEPTION INCEPTION
3/1/00 TO 3/1/00 TO 3/1/00 TO 3/1/00 TO
5/31/00 5/31/00 5/31/00 5/31/00
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period $10.00 $10.00 $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 -- -- 0.02
Net realized and unrealized loss (0.08) (0.09) (0.09) (0.08)
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS (0.07) (0.09) (0.09) (0.06)
------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- --
Dividends from net realized gains -- -- -- --
------ ------ ------ ------
TOTAL DISTRIBUTIONS -- -- -- --
------ ------ ------ ------
Change in net asset value (0.07) (0.09) (0.09) (0.06)
------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 9.93 $ 9.91 $ 9.91 $ 9.94
====== ====== ====== ======
Total return(1) (0.70)%(3) (0.90)%(3) (0.90)%(3) (0.60)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $3,518 $ 538 $1,383 $ 172
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(4) 1.35 %(2) 2.10 %(2) 2.10 %(2) 1.10 %(2)
Net investment income (loss) 0.66 %(2) (0.13)%(2) (0.10)%(2) 0.88 %(2)
Portfolio turnover 10 %(3) 10 %(3) 10 %(3) 10 %(3)
<FN>
(1) Maximum sales charges are not reflected in total return calculation.
(2) Annualized.
(3) Not annualized.
(4) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 6.77% for
Class A, 7.27% for Class B, 7.12% for Class C and 6.62% for Class X, for the
period ended May 31, 2000.
</FN>
</TABLE>
See Notes to Financial Statements
34
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2000 (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 Tax
Sensitive Growth 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 Tax Sensitive Growth Fund seeks as its investment objective
appreciation of capital consistent with maximizing after-tax returns.
The Trust offers both Class A and Class B shares on each Fund. Additionally,
the Trust offers two additional classes of shares, Class C on International
Fund, Emerging Markets Bond Fund and Tax Sensitive Growth Fund and Class X on
Tax Sensitive Growth Fund. Class X shares are sold without a sales charge.
Effective April 3, 2000 Class A shares of International, Real Estate Securities
and Tax Sensitive Growth Fund are sold with a front-end sales charge of up to
5.75%. Prior to that date, the maximum sales charge for those funds was 4.75%.
Class A shares of the Emerging Markets Bond and Tax-Exempt Bond Fund 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 accounting principles
generally accepted in the United States 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
35
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2000 (UNAUDITED) (CONTINUED)
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 Tax Sensitive Growth
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 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
36
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2000 (UNAUDITED) (CONTINUED)
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, 2000, the Trust had no securities on loan.
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.
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 Co.
("DPIM"), 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:
1st $1-2 $2 +
$1 Billion Billion Billion
---------- ------- -------
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%
Tax Sensitive Growth Fund ....... 0.75% 0.70% 0.65%
DPIM has agreed to voluntarily reimburse the Real Estate Securities Fund
through March 31, 2001, 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.
PIC has agreed to voluntarily reimburse the Tax Sensitive Growth Fund through
March 31, 2001, to the extent that total expenses (excluding interest, taxes,
brokerage fees and commissions, and extraordinary expenses) exceed 1.10% of the
average daily net assets for Class X Shares, 1.35% of the average daily net
assets for Class A shares, 2.10% of the average daily net assets for Class B
shares and 2.10% of the average daily net assets for Class C shares.
Aberdeen Fund Managers, Inc. ("Aberdeen") is subadvisor to the 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 Fund 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 Tax Sensitive
Growth 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
equal to 0.375% of the average daily net assets of the Phoenix Tax Sensitive
Growth Fund up to $1 billion, 0.35% between $1 billion and $2 billion, and
0.325% in excess of $2 billion.
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 $25,152
for Class A shares and deferred sales charges of $241,522 for Class B shares and
$11,966 for Class C shares for the six months ended May 31, 2000. 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, 2000, $508,978 was
retained by the Distributor and $366,374 was paid out to unaffiliated
Participant and $60,573 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, 2000, transfer
agent fees were $410,692 of which PEPCO retained $227,636 which is net of fees
paid to State Street.
At May 31, 2000 PHL and its affiliates held Phoenix Multi-Portfolio Fund
shares which aggregated the following:
37
<PAGE>
PHOENIX MULTI-PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2000 (UNAUDITED) (CONTINUED)
Aggregate
Net Asset
Shares Value
--------- ----------
International Fund
--Class C .................. 9,308 $ 115,233
Real Estate Securities Fund
--Class A .................. 556,076 6,989,875
--Class B .................. 13,179 164,342
Emerging Markets Bond Fund
--Class A .................. 461,556 3,503,210
--Class B .................. 17,508 130,960
Tax-Exempt Bond Fund
--Class A .................. 286 2,883
Tax-Sensitive Growth Fund
--Class A .................. 270,000 2,681,100
--Class B .................. 10,000 99,100
--Class C .................. 10,000 99,100
--Class X .................. 10,000 99,400
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the six months ended May 31, 2000
(excluding U.S. Government and agency securities, short-term securities, futures
contracts and forward currency contracts) aggregated the following:
Purchases Sales
------------ ------------
International Fund ................. $ 50,075,317 $ 59,632,475
Real Estate Securities Fund ........ 1,400,244 4,635,260
Emerging Markets Bond Fund ......... 204,330,750 216,853,273
Tax-Exempt Bond Fund ............... 5,790,640 15,819,348
Tax Sensitive Growth Fund .......... 5,607,700 390,710
4. 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.
5. CAPITAL LOSS CARRYOVERS
The following Funds have capital loss carryovers which may be used to offset
future capital gains.
Real Estate Emerging Tax-Exempt
Securities Markets Bond
Expiration Date Fund Fund Fund
---------------- ----------- ----------- ----------
2006 ................. $ 70,513 $42,839,795 $ 381,648
2007 ................. 1,889,262 3,990,182 2,973,348
---------- ----------- ----------
Total ............. $1,959,775 $46,829,977 $3,354,996
========== =========== ==========
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.
38
<PAGE>
RESULTS OF SHAREHOLDER MEETING (UNAUDITED)
Special meetings of Shareholders of the Phoenix Multi-Portfolio Fund were held
on May 16, 2000 and May 31, 2000 to approve the following matters:
1. Approve a new Rule 12b-1 Distribution Plan for Class B Shares
2. Approve a new Rule 12b-1 Distribution Plan for Class C Shares
On the record date for these meetings, the shares outstanding and percentage of
the shares outstanding and entitled to vote that were present by proxy were as
follows:
<TABLE>
<CAPTION>
CLASS OF SHARES SHARES OUTSTANDING PERCENTAGE PRESENT BY PROXY
--------------- ------------------ --------------------------
<S> <C> <C>
Phoenix-Aberdeen International Fund Class B 1,937,371 50.39%
Phoenix-Aberdeen International Fund Class C 151,237 50.06%
Phoenix-Duff & Phelps Real Estate Securities Fund Class B 1,019,482 51.55%
Phoenix-Goodwin Emerging Markets Bond Fund Class B 7,847,071 54.27%
Phoenix-Goodwin Emerging Markets Bond Fund Class C 301,942 54.65%
Phoenix-Goodwin Tax-Exempt Bond Fund Class B 494,206 58.64%
Phoenix-Seneca Tax Sensitive Growth Fund Class B 11,712 85.38%
Phoenix-Seneca Tax Sensitive Growth Fund Class C 15,466 81.96%
</TABLE>
NUMBER OF VOTES
<TABLE>
<CAPTION>
1. Approve a new Rule 12b-1 Distribution Plan for Class B Shares FOR AGAINST ABSTAIN
---------- --------- ---------
<S> <C> <C> <C>
Phoenix-Aberdeen International Fund Class B 884,075 33,143 59,046
Phoenix-Duff & Phelps Real Estate Securities Fund Class B 475,734 17,613 32,239
Phoenix-Goodwin Emerging Markets Bond Fund Class B 3,825,496 211,118 222,098
Phoenix-Goodwin Tax-Exempt Bond Fund Class B 245,894 25,809 18,112
Phoenix-Seneca Tax Sensitive Growth Fund Class B 10,000 -- --
2. Approve a new Rule 12b-1 Distribution Plan for Class C Shares FOR AGAINST ABSTAIN
---------- --------- ---------
Phoenix-Aberdeen International Fund Class C 72,068 2,360 1,284
Phoenix-Goodwin Emerging Markets Bond Fund Class C 165,004 -- --
Phoenix-Seneca Tax Sensitive Growth Fund Class C 10,000 -- 2,676
</TABLE>
39
<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
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
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.
(Phoenix-Duff & Phelps Real Estate Securities Fund)
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.
(Phoenix-Aberdeen International Fund)
40 Water Street
Boston, MA 02109
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, MA 02110
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
WWW.PHOENIXINVESTMENTS.COM
<PAGE>
Phoenix Equity Planning Corporation
PO Box 2200
Enfield CT 06083-2200
PRSRT STD
U.S. Postage
PAID
Andrew
Associates
[GRAPHIC OMITTED]
PHOENIX
INVESTMENT PARTNERS
For more information about
Phoenix mutual funds, please call
your financial representative or
contact us at 1-800-243-4361 or
www.phoenixinvestments.com.
PXP 490A (7/00)
