<PAGE>
Phoenix Investment Partners
SEMIANNUAL REPORT
APRIL 30, 2000
GOODWIN
Phoenix-Goodwin
Multi-Sector Short
Term Bond Fund
[LOGO]
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR SHAREHOLDER:
We are pleased to provide this financial summary for the six months ended
April 30, 2000 for the Phoenix-Goodwin Multi-Sector Short Term Bond Fund. If you
have any questions, please call your financial advisor or contact us at
1-800-243-1574 between 8:00 a.m. and 6:00 p.m. Eastern Time, Monday through
Friday, or at www.phoenixinvestments.com.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
APRIL 30, 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>
PHOENIX-GOODWIN MULTI-SECTOR SHORT TERM BOND FUND
INVESTMENTS AT APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--5.9%
U.S. TREASURY NOTES--5.9%
U.S. Treasury Notes 6.25%, 2/15/03...... Aaa $ 750 $ 742,565
U.S. Treasury Notes 5.875%, 11/15/04.... Aaa 1,750 1,703,102
-----------------------------------------------------------------------
TOTAL U.S. GOVERNMENT SECURITIES
(IDENTIFIED COST $2,471,802) 2,445,667
-----------------------------------------------------------------------
MUNICIPAL BONDS--14.9%
CALIFORNIA--0.9%
San Diego County Pension Obligation
Revenue Taxable Series A 6.24%,
8/15/02................................. Aaa 400 390,000
FLORIDA--1.2%
Tampa Solid Waste System Revenue Taxable
Series A 6.18%, 10/1/04................. Aaa 500 475,625
ILLINOIS--1.8%
Chicago Tax Increment Taxable 6.25%,
6/1/02.................................. Aaa 750 733,125
MASSACHUSETTS--0.9%
Massachusetts State Port Authority
Revenue Taxable Series C 6.05%,
7/1/02.................................. Aa 400 388,500
MISSISSIPPI--2.1%
Mississippi State Taxable Series T
7.50%, 11/1/00.......................... Aa 855 856,479
NEW JERSEY--1.8%
New Jersey State Taxable Series G
6.375%, 8/1/03.......................... Aa 750 724,688
OKLAHOMA--2.2%
Oklahoma City Airport Trust Taxable 10%,
7/1/12.................................. Aaa 900 904,158
PENNSYLVANIA--1.7%
Delaware River Port Authority PA & NJ
Revenue Taxable Series A 5.91%,
1/1/02.................................. Aaa 700 683,375
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
TEXAS--2.3%
Texas Water Resources Finance Authority
Revenue Taxable 6%, 8/15/02............. Aaa $1,000 $ 970,000
-----------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $6,330,695) 6,125,950
-----------------------------------------------------------------------
ASSET-BACKED SECURITIES--10.6%
Advanta Equipment Receivables 98-1, A4
5.98%, 12/15/06......................... Aaa 500 487,968
Capita Equipment Receivables Trust 97-1,
B 6.45%, 8/15/02........................ Aa 375 369,668
ContiMortgage Home Equity Loan Trust
98-1, B 7.86%, 4/15/29.................. Baa 952 786,590
Countrywide Funding Corp. 99-3, AF5
7.73%, 9/25/27.......................... Aaa 600 592,125
Fleetwood Credit Corp. Grantor Trust
96-A, B 6.95%, 10/17/11................. A 133 132,829
MBNA Master Credit Card Trust 98-C, C
6.35%, 11/15/05......................... BBB(c) 525 501,375
Premier Auto Trust 97-3, B 6.52%,
1/6/03.................................. A 250 247,700
Team Fleet Financing Corp. 98-3A, C 144A
6.63%, 10/25/04(b)...................... BBB(c) 500 471,094
Triangle Funding Ltd. 98-2A, 8.13%,
10/15/04(d)............................. BBB(c) 800 795,250
-----------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $4,610,056) 4,384,599
-----------------------------------------------------------------------
CORPORATE BONDS--18.2%
AIRLINES--0.5%
Continental Airlines, Inc. Series 97-2D
7.522%, 6/30/01......................... Ba 215 212,753
</TABLE>
2 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
BANKS (MONEY CENTER)--0.6%
First Union Institutional Capital I
8.04%, 12/1/26.......................... A $ 250 $ 233,437
BROADCASTING (TELEVISION, RADIO & CABLE)--2.4%
Century Communications Corp.
9.75%, 2/15/02.......................... B 1,000 1,003,750
BUILDING MATERIALS--1.7%
Nortek, Inc. 9.875%, 3/1/04............. B 750 712,500
COMMUNICATIONS EQUIPMENT--1.2%
Williams Communications Group, Inc.
10.875%, 10/1/09........................ B 500 505,000
ELECTRIC COMPANIES--1.2%
CalEnergy Co., Inc. 7.52%, 9/15/08...... Baa 500 475,000
FOODS--1.9%
SUPERVALU, Inc. 9.75%, 6/15/04.......... Baa 750 787,500
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--1.2%
Horseshoe Gaming LLC Series B 9.375%,
6/15/07................................. B 500 488,750
OIL & GAS (DRILLING & EQUIPMENT)--1.1%
R & B Falcon Corp. Series B 6.50%,
4/15/03................................. Ba 500 460,000
RETAIL (SPECIALTY)--1.3%
Musicland Group, Inc. 9%, 6/15/03....... B 600 540,000
SERVICES (COMMERCIAL & CONSUMER)--1.1%
Anthony Crane Rentals LP Series B
10.375%, 8/1/08......................... B 350 250,250
Service Corp. International 7.20%,
6/1/06.................................. Ba 300 178,500
-----------
428,750
-----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--1.2%
VoiceStream Wireless Holdings 144A
10.375%, 11/15/09(b).................... B 500 510,000
TELECOMMUNICATIONS (LONG DISTANCE)--2.3%
Global Crossing Holdings Ltd.
9.625%, 5/15/08......................... Ba 500 492,500
Level 3 Communications, Inc. 144A
10.75%, 3/15/08(b)...................... B 500 438,541
-----------
931,041
-----------
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
TEXTILES (APPAREL)--0.5%
Collins & Aikman Products Co. 11.50%,
4/15/06................................. B $ 200 $ 197,000
-----------------------------------------------------------------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $7,901,830) 7,485,481
-----------------------------------------------------------------------
NON-AGENCY MORTGAGE-BACKED
SECURITIES--22.3%
BTC Mortgage Investors Trust 97-S1, D
6.95%, 12/31/09......................... AA(c) 525 523,976
Bear Stearns Mortgage Securities, Inc.
95-1, 1B3 6.458%, 5/25/10(d)............ NR 508 463,245
Bear Stearns Mortgage Securities, Inc.
95-1, 2B3 7.40%, 7/25/10................ NR 398 375,053
CS First Boston Mortgage Securities
Corp. 97-SPCE C 7.077%, 2/20/07......... A(c) 750 717,422
CS First Boston Mortgage Securities
Corp. 98-C2, E 7.13%, 1/15/12........... Baa 250 211,055
Criimi Mae Trust I 96-C1, A2 7.56%,
6/30/33................................. BBB(c) 400 373,375
G.E. Capital Mortgage Services, Inc.
94-26, B2 6.90%, 7/25/09(d)............. Baa 210 197,936
G.E. Capital Mortgage Services, Inc.
96-8, 1M 7.25%, 5/25/26................. AAA(c) 286 277,045
IMPAC CMB Trust 98-2, M3 7.25%,
4/25/28................................. A(c) 503 482,895
Imperial CMB Trust 98-1, M2 7.25%,
11/25/29................................ A 854 821,727
Merrill Lynch Mortgage Investors, Inc.
95-C3, A2 7.78%, 12/26/25(d)............ AAA(c) 1,400 1,373,312
PNC Mortgage Securities Corp. 97-6, A1
6.49%, 10/25/26......................... Aaa 132 132,203
Prudential Securities Secured
Financing Corp. 98-C1, A1A1 6.105%,
11/15/02................................ Aaa 640 629,725
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
Residential Funding Mortgage Securities
I 93-S23, M3 6.50%, 6/25/08............. BBB+(c) $ 590 $ 561,539
Residential Funding Mortgage Securities
I 93-S29, M3 7%, 8/25/08................ AA+(c) 443 421,908
Residential Funding Mortgage Securities
I 96-S8, A4 6.75%, 3/25/11.............. AAA(c) 81 77,071
Resolution Trust Corp. 94-C1, C 8%,
6/25/26................................. A(c) 272 272,187
SASCO Floating Rate Commercial Mortgage
98-C3A, 144A H 6.675%, 4/25/03(b)(d).... Ba 500 469,062
Structured Asset Securites Corp. 95-C4,
E 8.744%, 6/25/26(d).................... BBB(c) 250 247,969
Summit Mortgage Trust 00-1, B3 6.138%,
12/28/12................................ A-(c) 589 552,835
-----------------------------------------------------------------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $9,387,403) 9,181,540
-----------------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES--13.0%
ARGENTINA--2.2%
Republic of Argentina Series B 0%,
4/15/01................................. BBB(c) 1,000 910,000
BRAZIL--1.2%
Republic of Brazil 11.625%, 4/15/04..... B 500 496,250
BULGARIA--0.8%
Republic of Bulgaria FLIRB Bearer Series
A 2.75%, 7/28/12(d)..................... B 500 348,750
COLOMBIA--0.3%
Republic of Colombia 10.875%, 3/9/04.... Ba 125 117,500
CROATIA--1.8%
Croatia Series A 7.0625%, 7/31/10(d).... Baa 286 255,581
Croatia Series B 7.0625%, 7/31/06(d).... Baa 507 468,134
-----------
723,715
-----------
MEXICO--2.0%
United Mexican States 10.375%,
2/17/09................................. Baa 250 263,437
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
MEXICO--CONTINUED
United Mexican States 11.375%,
9/15/16................................. Baa $ 500 $ 566,562
-----------
829,999
-----------
PANAMA--1.2%
Republic of Panama RegS 7.875%,
2/13/02................................. Ba 500 492,188
POLAND--1.6%
Poland Bearer PDI 6%, 10/27/14(d)....... Baa 750 675,469
TURKEY--1.9%
Republic of Turkey 11.875%, 11/5/04..... B+ 750 787,500
-----------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(IDENTIFIED COST $5,359,802) 5,381,371
-----------------------------------------------------------------------
FOREIGN CORPORATE BONDS--12.1%
CHILE--0.5%
Banco Santiago SA 7%, 7/18/07........... Baa 250 220,065
MEXICO--7.9%
Alestra SA de Rl de CV 12.625%,
5/15/09................................. B 250 241,250
Banco Nacional de Mexico SA US$
Remittance Master Trust 144A 7.57%,
12/31/00(b)............................. A-(c) 196 195,597
Grupo Elektra SA de C.V. 12.75%,
5/15/01................................. B+(c) 500 524,375
Grupo Industrial Durango 12.625%,
8/1/03.................................. B 350 352,625
Grupo Iusacell SA 144A 14.25%,
12/1/06(b).............................. B 500 523,750
Maxcom Telecomunicaciones 144A 13.75%,
4/1/07(b)............................... NR 500 488,750
Nacional Financiera SNC RegS 22%,
5/20/02(e).............................. Baa 5,000 574,989
Vicap SA 10.25%, 5/15/02................ Ba 350 334,250
-----------
3,235,586
-----------
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
SOUTH KOREA--1.8%
Korea Development Bank 7.375%,
9/17/04................................. Baa $ 750 $ 722,813
TURKEY--0.8%
Garanti Grantor Trust 97-A 144A 8.28%,
4/15/02(b)(d)........................... BBB-(c) 360 346,050
VENEZUELA--1.1%
PDVSA Finance Ltd. Series 98-1 6.45%,
2/15/04................................. Baa 500 460,500
-----------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(IDENTIFIED COST $4,973,353) 4,985,014
-----------------------------------------------------------------------
<CAPTION>
SHARES
------
PREFERRED STOCKS--0.6%
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--0.6%
Global Crossing Holdings Ltd. PIK
10.50%.................................. 2,500 245,000
-----------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(IDENTIFIED COST $248,125) 245,000
-----------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--97.6%
(IDENTIFIED COST $41,283,066) 40,234,622
-----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD & PAR
POOR'S VALUE
RATING (000) VALUE
--------------- ------ -----------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.6%
COMMERCIAL PAPER--1.6%
American Home Products Corp, 6.07%,
5/1/00.................................. A-1 $ 680 $ 680,000
------------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $680,000) 680,000
------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS --99.2%
(IDENTIFIED COST $41,963,066) 40,914,622(a)
Cash and receivables, less liabilities--0.8% 325,246
-----------
NET ASSETS--100.0% $41,239,868
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $203,539 and gross
depreciation of $1,251,983 for federal income tax purposes. At April 30,
2000, the aggregate cost of securities for federal income tax purposes was
$41,963,066.
(b) 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 April 30,
2000, these securities amounted to a value of $3,442,844 or 8.3% of net
assets.
(c) As rated by Standard & Poor's, Fitch or Duff & Phelps.
(d) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(e) Par value represents Mexican Pesos.
See Notes to Financial Statements 5
<PAGE>
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $41,963,066) $ 40,914,622
Cash 6,890
Receivables
Interest and dividends 793,962
Fund shares sold 163,802
Prepaid expenses 708
--------------
Total assets 41,879,984
--------------
LIABILITIES
Payables
Investment securities purchased 453,833
Fund shares repurchased 39,494
Income distribution payable 49,908
Distribution fee 13,998
Transfer agent fee 13,924
Trustees' fee 13,098
Financial agent fee 5,983
Investment advisory fee 3,688
Accrued expenses 46,190
--------------
Total liabilities 640,116
--------------
NET ASSETS $ 41,239,868
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 46,254,887
Undistributed net investment income 92,285
Accumulated net realized loss (4,056,466)
Net unrealized depreciation (1,050,838)
--------------
NET ASSETS $ 41,239,868
==============
CLASS A
Shares of beneficial interest outstanding, $0.01 par value,
unlimited authorization (Net Assets $24,209,757) 5,357,002
Net asset value per share $4.52
Offering price per share $4.52/(1-2.25%) $4.62
CLASS B
Shares of beneficial interest outstanding, $0.01 par value,
unlimited authorization (Net Assets $9,637,088) 2,137,846
Net asset value and offering price per share $4.51
CLASS C
Shares of beneficial interest outstanding, $0.01 par value,
unlimited authorization (Net Assets $7,393,023) 1,636,584
Net asset value and offering price per share $4.52
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 1,801,137
Dividends 13,126
--------------
Total investment income 1,814,263
--------------
EXPENSES
Investment advisory fee 115,579
Distribution fee, Class A 29,797
Distribution fee, Class B 38,333
Distribution fee, Class C 19,924
Financial agent fee 35,644
Transfer agent 33,300
Professional 13,331
Registration 11,466
Printing 9,898
Trustees 9,692
Custodian 6,642
Miscellaneous (449)
--------------
Total expenses 323,157
Less expenses borne by investment adviser (77,465)
--------------
Net expenses 245,692
--------------
NET INVESTMENT INCOME 1,568,571
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (450,403)
Net realized gain on foreign currency transactions 10,485
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions (1,381)
Net change in unrealized appreciation (depreciation) on
investments (76,358)
--------------
NET LOSS ON INVESTMENTS (517,657)
--------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 1,050,914
==============
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
4/30/00 Year Ended
(Unaudited) 10/31/99
----------- -----------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 1,568,571 $ 3,640,701
Net realized gain (loss) (439,918) (1,255,455)
Net change in unrealized appreciation
(depreciation) (77,739) 404,251
----------- -----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,050,914 2,789,497
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (854,037) (2,209,345)
Net investment income, Class B (342,866) (807,843)
Net investment income, Class C (274,988) (720,412)
In excess of net investment income,
Class A -- (9,014)
In excess of net investment income,
Class B -- (3,296)
In excess of net investment income,
Class C -- (2,939)
----------- -----------
DECREASE IN NET ASSETS RESULTING FROM
DISTRIBUTIONS TO SHAREHOLDERS (1,471,891) (3,752,849)
----------- -----------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares
(1,607,514 and 3,582,772 shares,
respectively) 7,339,674 16,755,923
Net asset value of shares issued from
reinvestment of distributions
(146,993 and 377,128 shares,
respectively) 670,075 1,757,357
Cost of shares repurchased (2,108,251
and 5,376,778 shares, respectively) (9,625,026) (25,115,199)
----------- -----------
Total (1,615,277) (6,601,919)
----------- -----------
CLASS B
Proceeds from sales of shares (205,076
and 757,791 shares, respectively) 932,224 3,535,661
Net asset value of shares issued from
reinvestment of distributions
(55,230 and 126,951 shares,
respectively) 251,224 589,906
Cost of shares repurchased (527,805
and 1,109,023 shares, respectively) (2,402,333) (5,162,766)
----------- -----------
Total (1,218,885) (1,037,199)
----------- -----------
CLASS C
Proceeds from sales of shares (429,831
and 1,484,770 shares, respectively) 1,960,886 6,906,958
Net asset value of shares issued from
reinvestment of distributions
(45,395 and 124,900 shares,
respectively) 206,963 581,636
Cost of shares repurchased (816,190
and 1,922,094 shares, respectively) (3,725,366) (8,935,139)
----------- -----------
Total (1,557,517) (1,446,545)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM
SHARE TRANSACTIONS (4,391,679) (9,085,663)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS (4,812,656) (10,049,015)
NET ASSETS
Beginning of period 46,052,524 56,101,539
----------- -----------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) AND
DISTRIBUTIONS
IN EXCESS OF NET INVESTMENT INCOME
OF $92,285 AND ($4,395),
RESPECTIVELY] $41,239,868 $46,052,524
=========== ===========
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31
4/30/00 ----------------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 4.57 $ 4.66 $ 5.06 $ 4.91 $ 4.74 $ 4.61
INCOME FROM INVESTMENT
OPERATIONS
Net investment income (loss) 0.17 0.33 0.34 0.34 0.33 0.33
Net realized and unrealized
gain (loss) (0.06) (0.08) (0.29) 0.14 0.17 0.13
------- ------- ------- ------- ------- ------
TOTAL FROM INVESTMENT
OPERATIONS 0.11 0.25 0.05 0.48 0.50 0.46
------- ------- ------- ------- ------- ------
LESS DISTRIBUTIONS
Dividends from net
investment income (0.16) (0.34) (0.34) (0.33) (0.33) (0.33)
Dividends from net realized
gains -- -- (0.11) -- -- --
In excess of net investment
income -- 0.00(4) -- -- -- --
------- ------- ------- ------- ------- ------
TOTAL DISTRIBUTIONS (0.16) (0.34) (0.45) (0.33) (0.33) (0.33)
------- ------- ------- ------- ------- ------
Change in net asset value (0.05) (0.09) (0.40) 0.15 0.17 0.13
------- ------- ------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 4.52 $ 4.57 $ 4.66 $ 5.06 $ 4.91 $ 4.74
======= ======= ======= ======= ======= ======
Total return(1) 2.48%(6) 5.57% 0.85% 10.08% 10.91% 10.27%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $24,210 $26,071 $33,212 $28,557 $13,702 $9,303
RATIO TO AVERAGE NET ASSETS
OF:
Operating expenses(2) 1.00%(5) 1.00%(3) 1.00% 1.00% 1.00% 1.00%
Net investment income 7.64%(5) 7.21% 6.90% 6.54% 6.88% 7.07%
Portfolio turnover 47%(6) 122% 126% 246% 232% 344%
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.37%,
1.48%, 1.55%, 1.86%, 2.19% and 2.78% for the periods ended April 30, 2000,
October 31, 1999, 1998, 1997, 1996 and 1995, respectively.
(3) For the year ended October 31, 1999, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would not significantly
differ.
(4) Amount is less than $0.01.
(5) Annualized.
(6) Not annualized.
8 See Notes to Financial Statements
<PAGE>
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B
-----------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31
4/30/00 ---------------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 4.56 $ 4.65 $ 5.06 $ 4.91 $ 4.74 $ 4.61
INCOME FROM INVESTMENT
OPERATIONS
Net investment income (loss) 0.16 0.31 0.31 0.31 0.31 0.30
Net realized and unrealized
gain (loss) (0.06) (0.08) (0.29) 0.15 0.17 0.13
------ ------- ------- ------- ------ ------
TOTAL FROM INVESTMENT
OPERATIONS 0.10 0.23 0.02 0.46 0.48 0.43
------ ------- ------- ------- ------ ------
LESS DISTRIBUTIONS
Dividends from net investment
income (0.15) (0.32) (0.32) (0.31) (0.31) (0.30)
Dividends from net realized
gains -- -- (0.11) -- -- --
In excess of net investment
income -- 0.00(7) -- -- -- --
------ ------- ------- ------- ------ ------
TOTAL DISTRIBUTIONS (0.15) (0.32) (0.43) (0.31) (0.31) (0.30)
------ ------- ------- ------- ------ ------
Change in net asset value (0.05) (0.09) (0.41) 0.15 0.17 0.13
------ ------- ------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD $ 4.51 $ 4.56 $ 4.65 $ 5.06 $ 4.91 $ 4.74
====== ======= ======= ======= ====== ======
Total return(1) 2.25%(5) 5.04% 0.12% 9.51% 10.36% 9.71%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $9,637 $10,957 $12,225 $10,318 $5,943 $4,659
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(2) 1.50%(4) 1.50%(6) 1.50% 1.50% 1.50% 1.50%
Net investment income 7.13%(4) 6.70% 6.44% 6.05% 6.38% 6.59%
Portfolio turnover 47%(5) 122% 126% 246% 232% 344%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
-------------------------------------------------------------
SIX MONTHS YEAR ENDED FROM
ENDED OCTOBER 31 INCEPTION
4/30/00 ---------------------- 10/1/97 TO
(UNAUDITED) 1999 1998 10/31/97
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 4.56 $ 4.66 $ 5.06 $ 5.15
INCOME FROM INVESTMENT
OPERATIONS
Net investment income (loss) 0.17 0.33 0.34 0.03
Net realized and unrealized
gain (loss) (0.05) (0.10) (0.30) (0.09)
------ ------ ------- ------
TOTAL FROM INVESTMENT
OPERATIONS 0.12 0.23 0.04 (0.06)
------ ------ ------- ------
LESS DISTRIBUTIONS
Dividends from net investment
income (0.16) (0.33) (0.33) (0.03)
Dividends from net realized
gains -- -- (0.11) --
In excess of net investment
income -- 0.00(7) -- --
------ ------ ------- ------
TOTAL DISTRIBUTIONS (0.16) (0.33) (0.44) (0.03)
------ ------ ------- ------
Change in net asset value (0.04) (0.10) (0.40) (0.09)
------ ------ ------- ------
NET ASSET VALUE, END OF PERIOD $ 4.52 $ 4.56 $ 4.66 $ 5.06
====== ====== ======= ======
Total return(1) 2.59%(5) 5.07% 0.59% (1.30)%(5)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $7,393 $9,025 $10,665 $575
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3) 1.25%(4) 1.25%(6) 1.25% 1.25%(4)
Net investment income 7.38%(4) 6.95% 6.70% 5.51%(4)
Portfolio turnover 47%(5) 122% 126% 246%(5)
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.87%,
1.98%, 2.05%, 2.36%, 2.69% and 3.22% for the periods ended April 30, 2000,
October 31, 1999, 1998, 1997, 1996 and 1995, respectively.
(3) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 1.62%,
1.73%, 1.80% and 2.11% for the periods ended April 30, 2000, October 31,
1999, 1998 and 1997, respectively.
(4) Annualized.
(5) Not annualized.
(6) For the year ended October 31, 1999, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would not significantly
differ.
(7) Amount is less than $0.01.
See Notes to Financial Statements 9
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix-Goodwin Multi-Sector Short Term Bond Fund (the "Fund") is organized as
a Massachusetts business trust and is registered under the Investment Company
Act of 1940, as amended, as a diversified open-end management investment
company. The Fund's investment objective is to provide high current income
relative to short-term alternatives, while attempting to limit fluctuations in
the net asset value of Fund shares resulting from movements in interest rates.
The Fund offers Class A, Class B and Class C shares. Class A shares are sold
with a front-end sales charge of up to 2.25%. Class B shares are sold with a
contingent deferred sales charge which declines from 2% to zero depending on the
period of time the shares are held. Class C shares are sold with no sales
charge. All classes of shares have identical voting, dividend, liquidation and
other rights and the same terms and conditions, except that each class bears
different distribution expenses and has exclusive voting rights with respect to
its distribution plan. Income and expenses of the Fund are borne pro rata by the
holders of all classes of shares, except that each class bears distribution
expenses unique to that class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. 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 amount of assets, liabilities, revenues
and expenses. Actual results could differ from those estimates.
A. SECURITY VALUATION:
Debt securities are valued on the basis of broker quotations or valuations
provided by a pricing service which utilizes information with respect to 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. Equity securities are valued at the
last sale price, or if there had been no sale that day, at the last bid price.
All other securities and assets are valued at their fair value as determined in
good faith by or under the direction of the Trustees.
B. SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are recorded on the trade date. Interest income is
recorded on the accrual basis. Discounts and premiums are amortized to income
using the effective interest method. Realized gains and losses are determined on
the identified cost basis.
C. INCOME TAXES:
It is the policy of the Fund to comply with the requirements of the Internal
Revenue Code (the "Code") applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders. In
addition, the 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 to shareholders are declared and recorded daily. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences include the treatment of expiring capital loss carryforwards,
foreign currency gain/loss, and losses deferred due to wash sales and excise tax
regulations. Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
E. FOREIGN CURRENCY TRANSLATION:
Foreign securities, other assets and liabilities are valued using the foreign
currency exchange rate effective at the end of the reporting period. Cost of
investments is translated at the currency exchange rate effective at the trade
date. The gain or loss resulting from a change in currency exchange rates
between the trade and settlement dates of a portfolio transaction is treated as
a gain or loss on foreign currency. Likewise, the gain or loss resulting from a
change in currency exchange rates between the date income is accrued and paid is
treated as a gain or loss on foreign currency. The Fund does not separate that
portion of the results of operations arising from changes in exchange rates and
that portion arising from changes in the market prices of securities.
F. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS:
The Fund may engage in when-issued or delayed delivery transactions. The Fund
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 Fund, the adviser, Phoenix Investment
Counsel, Inc. ("PIC"), an indirect majority-owned subsidiary of Phoenix Home
Life Mutual Insurance Company ("PHL"), is entitled to a fee at an annual rate of
0.55% of the average daily net assets of the Fund. The Adviser has agreed to
assume expenses of the Fund in excess of 1.00%, 1.50% and 1.25% of the average
aggregate daily net asset value of Class A, Class B and Class C shares,
respectively. For the six months ended April 30, 2000, the Adviser has
reimbursed the Fund $77,465 for such expenses.
10
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000 (UNAUDITED) (CONTINUED)
As Distributor of the Fund's shares, Phoenix Equity Planning Corp. ("PEPCO"),
an indirect majority-owned subsidiary of PHL, has advised the Fund that it
retained net selling commissions of $906 for Class A shares and deferred sales
charges of $8,608 for Class B shares for the six months ended April 30, 2000. In
addition, the Fund pays PEPCO a distribution fee at an annual rate of 0.25% for
Class A shares, 0.75% for Class B shares and 0.50% for Class C shares of the
average daily net assets of the Fund. The Distribution Plan for Class A shares
provides for fees to be paid up to a maximum on an annual basis of 0.30%; the
Distributor has voluntarily agreed to limit the fee to 0.25%. The Distributor
has advised the Fund that of the total amount expensed for the six months ended
April 30, 2000, $37,190 was retained by the Distributor, $43,468 was paid to
unaffiliated participants, and $7,396 was paid to W.S. Griffith, an indirect
subsidiary of PHL. As Financial Agent of the Fund, 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 Fund's
Transfer Agent with State Street Bank and Trust as sub-transfer agent. For the
six months ended April 30, 2000, transfer agent fees were $33,300 of which PEPCO
retained $3,864 which is net of the fees paid to State Street. At April 30,
2000, PHL and affiliates held 34,255 Class A shares with a value of $154,833.
3. PURCHASE AND SALE OF SECURITIES
During the six months ended April 30, 2000, purchases and sales of
investments, excluding short-term securities and U.S. Government and agency
securities, amounted to $14,024,475 and $18,474,459, respectively. Purchases and
sales of long-term U.S. Government and agency securities amounted to $5,554,245
and $3,754,354, respectively.
4. CREDIT RISK
In countries with limited or developing markets, investments may present
greater risk 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.
5. CAPITAL LOSS CARRYOVERS
The Fund has capital loss carryover of $3,616,548 comprised of $2,039,934 and
$1,576,614 expiring in 2006 and 2007, respectively, which may be used to offset
future capital gains.
This report is not authorized for distribution to prospective investors in the
Phoenix Multi-Sector Short Term Bond Fund unless preceded or accompanied by an
effective prospectus which includes information concerning the sales charge,
Fund's record and other pertinent information.
11
<PAGE>
PHOENIX-GOODWIN MULTI-SECTOR
SHORT TERM BOND FUND
101 Munson Street
Greenfield, Massachusetts 01301
TRUSTEES
Robert Chesek
E. Virgil Conway
Harry Daizell-Payne
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
OFFICERS
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
William R. Moyer, Executive Vice President
John F. Sharry, Executive Vice President
James D. Wehr, Senior Vice President
David L. Albrycht, Vice President
Robert S. Driessen, Vice President
Michael Kearney, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Nancy J. Engberg, Assistant Secretary
INVESTMENT ADVISER
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, CT 06115-0480
PRINCIPAL UNDERWRITER
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
CUSTODIAN
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
HOW TO CONTACT US
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574
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
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Phoenix mutual funds, please call
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contact us at 1-800-243-4361 or
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