I transfered my whole bunch of characters but with the same results...
i did the following:

-opened the utility
-clicked on transfer from I to II
-put my disk phant1copy.st into drive a
-click ok (this is the part that i find to happen so fast)
-put your disk phant2 in drive a
-click ok (this takes a bit more time)

then i restart by double-clicking on your disk phant 2 because when i use the utility to go to the game it asks for a game disk and yours is not accepted this way

so a start a game by double-clicking on _phanrun.prg and i select continue saved game and all characters are there but with lvl 0 and 0/0 hp

question: are they supposed to revert to lvl 1 or keep their current lvl?

if they are supposed to revert, well, i can 'train' them from lvl zero to lvl 1 at no cost

other question: they seem to start with 1024 xp. Is it the way it is supposed to be?

thx :)