<PAGE>
Phoenix Investment Partners
SEMIANNUAL REPORT
OAKHURST
JUNE 30, 2000
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
[LOGO]PHOENIX
INVESTMENT PARTNERS
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR SHAREHOLDER:
We are pleased to provide this semiannual financial summary for the
Phoenix-Oakhurst Strategic Allocation Fund for the six months ended June 30,
2000.
If you have any questions, please call your financial advisor or 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 can also purchase or exchange
shares, check your balance, and review your account history any time by visiting
our INVESTOR CENTER at www.phoenixinvestments.com.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
JUNE 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-OAKHURST STRATEGIC ALLOCATION FUND, INC.
INVESTMENTS AT JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--12.0%
U.S. TREASURY BONDS--2.4%
U.S. Treasury Bonds 6.125%,
8/15/29........................ AAA $ 7,000 $ 7,076,105
U.S. Treasury Bonds 6.25%,
5/15/30........................ AAA 175 183,695
-----------
7,259,800
-----------
U.S. TREASURY NOTES--9.6%
U.S. Treasury Notes 5%,
2/28/01........................ AAA 7,000 6,934,375
U.S. Treasury Notes 6.25%,
6/30/02........................ AAA 30 29,897
U.S. Treasury Notes 5.50%,
1/31/03........................ AAA 5,000 4,895,315
U.S. Treasury Notes 5.75%,
4/30/03........................ AAA 1,250 1,230,860
U.S. Treasury Notes 5.25%,
8/15/03........................ AAA 903 875,628
U.S. Treasury Notes 4.25%,
11/15/03....................... AAA 10,000 9,381,250
U.S. Treasury Notes 4.75%,
2/15/04........................ AAA 1,750 1,663,594
U.S. Treasury Notes 5.50%,
2/15/08........................ AAA 2,275 2,178,313
U.S. Treasury Notes 5.625%,
5/15/08........................ AAA 1,100 1,060,813
U.S. Treasury Notes 6%,
8/15/09........................ AAA 150 148,781
-----------
28,398,826
-----------
-----------------------------------------------------------------
TOTAL U.S. GOVERNMENT SECURITIES
(IDENTIFIED COST $36,653,227) 35,658,626
-----------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES--0.2%
GNMA 6.50%, 6/15/28............ AAA 512 486,278
-----------------------------------------------------------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $509,574) 486,278
-----------------------------------------------------------------
AGENCY NON-MORTGAGE-BACKED
SECURITIES--1.7%
Fannie Mae 6.625%, 9/15/09..... AAA 5,390 5,198,116
-----------------------------------------------------------------
TOTAL AGENCY NON-MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $5,383,476) 5,198,116
-----------------------------------------------------------------
MUNICIPAL BONDS--5.0%
CALIFORNIA--1.7%
Kern County Pension Obligation
Revenue Taxable 7.26%,
8/15/14........................ AAA 1,700 1,641,775
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
CALIFORNIA--CONTINUED
Long Beach Pension Obligation
Taxable 6.87%, 9/1/06.......... AAA $ 905 $ 877,515
Los Angeles County Metropolitan
Transportation Authority
Revenue Series C 5%, 7/1/23.... AAA 1,000 904,230
San Bernardino County Pension
Obligation Revenue Taxable
6.87%, 8/1/08.................. AAA 455 436,440
Ventura County Pension
Obligation Taxable 6.54%,
11/1/05........................ AAA 1,100 1,056,583
-----------
4,916,543
-----------
FLORIDA--2.0%
Miami Beach Special Obligation
Revenue Taxable 8.60%,
9/1/21......................... AAA 3,600 3,756,024
Tampa Solid Waste System
Revenue Taxable Series A 6.23%,
10/1/05........................ AAA 1,800 1,692,486
University of Miami
Exchangeable Revenue Taxable
Series A 7.65%, 4/1/20(e)...... AAA 595 568,933
-----------
6,017,443
-----------
MASSACHUSETTS--0.3%
Massachusetts Turnpike
Authority Metropolitan Highway
System Revenue Series A
5%, 1/1/39..................... AAA 1,000 859,790
NEW YORK--0.7%
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Series B
5%, 6/15/29.................... AAA 1,000 876,080
New York State Dormitory
Authority Revenue Taxable
6.90%, 4/1/03.................. A 600 589,488
New York State Environmental
Facilities Corp. Revenue
Taxable 6.70%, 3/15/08......... AAA 600 570,402
-----------
2,035,970
-----------
</TABLE>
2 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
PENNSYLVANIA--0.3%
Philadelphia Authority For
Industrial Development Pension
Funding Retirement Systems
Revenue Taxable Series A
5.79%, 4/15/09................. AAA $ 1,175 $ 1,042,331
-----------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $15,495,613) 14,872,077
-----------------------------------------------------------------
ASSET-BACKED SECURITIES--3.2%
AESOP Funding II LLC 97-1A, A2
6.40%, 10/20/03................ AAA 1,600 1,572,606
AESOP Funding II LLC 98-1, A
6.14%, 5/20/06................. AAA 1,000 954,039
Capita Equipment Receivables
Trust 97-1, B
6.45%, 8/15/02................. A+ 600 591,844
Discover Card Master Trust I
98-7, A 5.60%, 5/16/06......... AAA 1,500 1,424,400
Ford Credit Auto Owner Trust
99-B, A4 5.80%, 6/15/02........ AAA 500 494,941
Green Tree Financial Corp.
96-2, M1 7.60%, 4/15/27........ AA- 1,150 1,109,588
Honda Auto Lease Trust 99-A, A5
6.65%, 7/15/05(f).............. AAA 1,500 1,489,440
Nations Bank Auto Owner Trust
96-A, B2 6.875%, 5/15/03....... A 500 499,540
Premier Auto Trust 97-2, B
6.53%, 12/6/03................. AA 1,000 987,870
Premier Auto Trust 98-3, B
6.14%, 9/8/04.................. A+ 500 488,575
-----------
9,612,843
-----------
-----------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $9,780,410) 9,612,843
-----------------------------------------------------------------
CORPORATE BONDS--1.9%
AIRLINES--0.2%
Northwest Airlines Corp. Series
2000-1 Class G
8.072%, 4/1/21................. AAA 600 609,114
BUILDING MATERIALS--0.1%
Nortek, Inc. 9.875%, 3/1/04.... B- 400 382,000
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)--0.2%
Computer Associates
International, Inc. Series B
6.375%, 4/15/05................ BBB+ $ 435 $ 407,363
ENTERTAINMENT--0.2%
Capitol Records, Inc. 144A
8.375%, 8/15/09(d)............. BBB+ 600 614,424
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.2%
MGM Grand, Inc.
9.75%, 06/01/07................ BB+ 100 100,500
Station Casinos, Inc. 144A W.I.
9.875%, 7/1/10(d).............. B+ 600 603,000
-----------
703,500
-----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.2%
Boston Scientific Corp.
6.625%, 3/15/05................ BBB 515 485,377
INSURANCE (MULTI-LINE)--0.1%
Willis Corroon Corp.
9%, 2/1/09..................... B+ 425 359,125
RETAIL (FOOD CHAINS)--0.2%
Kroger Co. 7.45%, 3/1/08....... BBB- 525 502,834
TELECOMMUNICATIONS (LONG DISTANCE)--0.3%
Level 3 Communications, Inc.
9.125%, 5/1/08................. B 350 315,875
Nextlink Communications, Inc.
10.75%, 11/15/08............... B 590 584,100
-----------
899,975
-----------
TEXTILES (APPAREL)--0.1%
Collins & Aikman Products Co.
11.50%, 4/15/06................ B 400 387,000
TRUCKS & PARTS--0.1%
Cummins Engine, Inc.
6.45%, 3/1/05.................. BBB+ 240 222,608
-----------------------------------------------------------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $5,832,771) 5,573,320
-----------------------------------------------------------------
NON-AGENCY MORTGAGE-BACKED
SECURITIES--4.8%
CS First Boston Mortgage
Securities Corp. 97-C2, A3
6.55%, 11/17/07................ AAA 2,750 2,615,938
DLJ Commercial Mortgage Corp.
99-CG1, A1B 6.46%, 1/10/09..... Aaa(c) 2,000 1,856,563
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
DLJ Commercial Mortgage Corp.
98-CF2, A1B 6.24%, 11/12/31.... Aaa(c) $ 2,550 $ 2,339,625
First Union - Lehman Brothers
Commercial Mortgage 97-C1, B
7.43%, 4/18/07................. Aa(c) 600 589,734
First Union Commercial Mortgage
Trust 99-C1, A2
6.07%, 10/15/08................ AAA 2,000 1,838,906
G.E. Capital Mortgage Services,
Inc. 96-8, 1M
7.25%, 5/25/26................. AA 238 233,823
LB Commercial Conduit Mortgage
Trust 98-C4, A1B
6.21%, 10/15/08................ AAA 2,000 1,847,786
Lehman Large Loan 97-LLI, B
6.95%, 3/12/07................. AA+ 725 699,209
Nationslink Funding Corp. 96-1,
B 7.69%, 12/20/05.............. AA 325 324,035
Residential Funding Mortgage
Securities I 96-S1, A11
7.10%, 1/25/26................. AAA 1,500 1,438,594
Residential Funding Mortgage
Securities I 96-S4, M1
7.25%, 2/25/26................. AA 474 452,768
-----------------------------------------------------------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $14,964,348) 14,236,981
-----------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES--6.1%
BULGARIA--0.9%
Republic of Bulgaria FLIRB
Bearer Series A
2.75%, 7/28/12(e).............. B+ 1,380 1,016,887
Republic of Bulgaria IAB Series
PDI 7.063%, 7/28/11(e)......... B+ 1,250 992,187
Republic of Bulgaria IAB Series
RPDI 7.063%, 7/28/11(e)........ B+ 750 595,313
-----------
2,604,387
-----------
CHILE--0.4%
Republic of Chile 6.875%
04/28/09....................... A- 1,200 1,110,611
COSTA RICA--0.4%
Republic of Costa Rica 144A
9.335%, 5/15/09(d)............. BB 1,190 1,207,850
CROATIA--0.4%
Croatia Series B
7.0625%, 7/31/06(e)............ BBB- 537 507,526
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
CROATIA--CONTINUED
Croatia Series A
7.0625%, 7/31/10(e)............ BBB- $ 625 $ 572,083
-----------
1,079,609
-----------
EL SALVADOR--0.4%
Republic of El Salvador 144A
9.50%, 8/15/06(d).............. BB+ 1,300 1,342,250
MEXICO--1.2%
United Mexican States
10.375%, 2/17/09............... BB+ 500 531,250
United Mexican States
11.375%, 9/15/16............... BB+ 250 286,500
United Mexican States
11.50%, 5/15/26................ BB+ 2,385 2,876,906
-----------
3,694,656
-----------
PANAMA--0.5%
Republic of Panama
8.875%, 9/30/27................ BB+ 1,750 1,480,938
PHILIPPINES--0.5%
Republic of Philippines
9.875%, 1/15/19................ BB+ 1,850 1,517,000
POLAND--1.0%
Poland Bearer PDI
6%, 10/27/14(e)................ BBB+ 3,260 2,909,550
SOUTH KOREA--0.2%
Republic of Korea
8.875%, 4/15/08................ BBB 725 752,188
TURKEY--0.2%
Republic of Turkey
12.375%, 6/15/09............... B+ 500 531,250
-----------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(IDENTIFIED COST $17,928,892) 18,230,289
-----------------------------------------------------------------
FOREIGN CORPORATE BONDS--1.5%
CAYMAN ISLANDS--0.3%
Pemex Finance Ltd.
7.33%, 5/15/12................. AAA 750 714,600
CHILE--0.2%
Compania Sud Americana de
Vapores SA RegS
7.375%, 12/8/03................ BBB 200 193,532
Petropower I Funding Trust 144A
7.36%, 2/15/14(d).............. BBB 467 408,349
-----------
601,881
-----------
LUXEMBOURG--0.2%
Tyco International Group SA
6.375%, 6/15/05................ A- 750 708,404
MEXICO--0.3%
Grupo Iusacell SA de CV
14.25%, 12/1/06................ B+ 750 791,250
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- -----------
<S> <C> <C> <C>
NETHERLANDS--0.5%
Deutsche Telekom International
Finance BV W.I. 8%, 6/15/10.... AA- $ 630 $ 635,094
HSBC Capital Funding 144A
9.547%, 12/31/49(d)(e)......... A- 850 884,160
-----------
1,519,254
-----------
-----------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(IDENTIFIED COST $4,413,060) 4,335,389
-----------------------------------------------------------------
<CAPTION>
SHARES
--------
COMMON STOCKS--55.8%
<S> <C> <C> <C>
BANKS (MAJOR REGIONAL)--1.9%
FleetBoston Financial Corp..... 42,600 1,448,400
Wells Fargo & Co............... 104,200 4,037,750
-----------
5,486,150
-----------
BEVERAGES (NON-ALCOHOLIC)--1.3%
PepsiCo, Inc................... 90,000 3,999,375
BROADCASTING (TELEVISION, RADIO & CABLE)--1.9%
AMFM, Inc.(b).................. 36,100 2,490,900
AT&T Corp.-Liberty Media Group
Class A(b)..................... 66,200 1,605,350
Clear Channel Communications,
Inc.(b)........................ 19,000 1,425,000
-----------
5,521,250
-----------
CHEMICALS--0.7%
Air Products & Chemicals,
Inc............................ 28,700 884,319
Du Pont (E.I.) de Nemours &
Co............................. 27,600 1,207,500
-----------
2,091,819
-----------
CHEMICALS (SPECIALTY)--0.2%
Ecolab, Inc.................... 12,800 500,000
COMMUNICATIONS EQUIPMENT--1.5%
ADTRAN, Inc.(b)................ 27,300 1,634,587
Harris Corp.................... 21,100 691,025
Lucent Technologies, Inc....... 33,900 2,008,575
-----------
4,334,187
-----------
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
COMPUTERS (HARDWARE)--0.9%
Compaq Computer Corp........... 108,900 $ 2,783,756
COMPUTERS (NETWORKING)--1.8%
Cisco Systems, Inc.(b)......... 84,400 5,364,675
COMPUTERS (SOFTWARE & SERVICES)--2.8%
Affiliated Computer Services,
Inc.(b)........................ 16,100 532,306
America Online, Inc.(b)........ 41,700 2,199,675
American Management Systems,
Inc.(b)........................ 41,500 1,362,367
Microsoft Corp.(b)............. 51,900 4,152,000
-----------
8,246,348
-----------
DISTRIBUTORS (FOOD & HEALTH)--1.0%
Cardinal Health, Inc........... 40,400 2,989,600
ELECTRIC COMPANIES--0.9%
Duke Energy Corp............... 36,000 2,029,500
Edison International........... 35,100 719,550
-----------
2,749,050
-----------
ELECTRICAL EQUIPMENT--2.8%
General Electric Co............ 155,700 8,252,100
ELECTRONICS (INSTRUMENTATION)--0.8%
Waters Corp.(b)................ 20,000 2,496,250
ELECTRONICS (SEMICONDUCTORS)--6.6%
Advanced Micro Devices,
Inc.(b)........................ 48,300 3,731,175
Altera Corp.(b)................ 12,400 1,264,025
Fairchild Semiconductor Corp.
Class A(b)..................... 31,715 1,284,457
Intel Corp..................... 84,700 11,323,331
Linear Technology Corp......... 17,800 1,138,087
Maxim Integrated Products,
Inc.(b)........................ 13,500 917,156
-----------
19,658,231
-----------
ENTERTAINMENT--1.1%
Viacom, Inc. Class B(b)........ 46,872 3,196,084
EQUIPMENT (SEMICONDUCTORS)--0.7%
Kulicke and Soffa Industries,
Inc.(b)........................ 19,500 1,157,812
Teradyne, Inc.(b).............. 14,400 1,058,400
-----------
2,216,212
-----------
FINANCIAL (DIVERSIFIED)--4.4%
Citigroup, Inc................. 116,925 7,044,731
Freddie Mac.................... 40,800 1,652,400
Morgan Stanley Dean Witter &
Co............................. 53,400 4,445,550
-----------
13,142,681
-----------
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
FOODS--0.4%
Dean Foods Co.................. 17,000 $ 538,688
Suiza Foods Corp.(b)........... 11,000 537,625
-----------
1,076,313
-----------
HEALTH CARE (DIVERSIFIED)--1.7%
Abbott Laboratories............ 62,700 2,794,069
Bristol-Myers Squibb Co........ 39,700 2,312,525
-----------
5,106,594
-----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--2.5%
Pfizer, Inc.................... 78,700 3,777,600
Schering-Plough Corp........... 70,300 3,550,150
-----------
7,327,750
-----------
HEALTH CARE (GENERIC AND OTHER)--0.4%
Alpharma, Inc. Class A......... 19,600 1,220,100
HEALTH CARE (HOSPITAL MANAGEMENT)--0.5%
HCA-The Healthcare Co.......... 30,500 926,438
Health Management Associates,
Inc. Class A(b)................ 43,200 564,300
-----------
1,490,738
-----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.6%
Bard (C.R.), Inc............... 38,100 1,833,563
Baxter International, Inc...... 42,100 2,960,156
-----------
4,793,719
-----------
HOUSEHOLD PRODUCTS (NON-DURABLE)--0.3%
Kimberly-Clark Corp............ 17,500 1,004,063
INSURANCE (MULTI-LINE)--1.8%
American International Group,
Inc............................ 44,250 5,199,375
MANUFACTURING (DIVERSIFIED)--2.2%
Tyco International Ltd......... 134,800 6,386,150
NATURAL GAS--0.2%
El Paso Energy Corp............ 12,000 611,250
OIL & GAS (DRILLING & EQUIPMENT)--1.8%
Baker Hughes, Inc.............. 24,700 790,400
Diamond Offshore Drilling,
Inc............................ 17,500 614,688
Halliburton Co................. 18,700 882,406
Schlumberger Ltd............... 12,600 940,275
Tidewater, Inc................. 28,100 1,011,600
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
OIL & GAS (DRILLING & EQUIPMENT)--CONTINUED
Transocean Sedco Forex, Inc.... 23,252 $ 1,242,529
-----------
5,481,898
-----------
OIL & GAS (EXPLORATION & PRODUCTION)--0.8%
Anadarko Petroleum Corp........ 30,000 1,479,375
Unocal Corp.................... 28,400 940,750
-----------
2,420,125
-----------
OIL (DOMESTIC INTEGRATED)--0.9%
Amerada Hess Corp.............. 15,200 938,600
Conoco, Inc. Class A........... 79,600 1,751,200
-----------
2,689,800
-----------
OIL (INTERNATIONAL INTEGRATED)--0.9%
Chevron Corp................... 11,700 992,306
Exxon Mobil Corp............... 21,800 1,712,663
-----------
2,704,969
-----------
PAPER & FOREST PRODUCTS--0.2%
International Paper Co......... 20,500 611,156
RETAIL (BUILDING SUPPLIES)--0.7%
Home Depot, Inc. (The)......... 42,200 2,107,363
RETAIL (FOOD CHAINS)--0.4%
Safeway, Inc.(b)............... 26,400 1,191,300
RETAIL (GENERAL MERCHANDISE)--1.2%
Wal-Mart Stores, Inc........... 62,300 3,590,038
SERVICES (COMMERCIAL & CONSUMER)--0.2%
Viad Corp...................... 23,900 651,275
SERVICES (COMPUTER SYSTEMS)--0.9%
Computer Sciences Corp.(b)..... 16,000 1,195,000
Electronic Data Systems
Corp........................... 36,300 1,497,375
-----------
2,692,375
-----------
SERVICES (DATA PROCESSING)--2.0%
CheckFree Holdings Corp. (b)... 24,700 1,273,594
First Data Corp................ 54,200 2,689,675
Fiserv, Inc.(b)................ 46,100 1,993,825
-----------
5,957,094
-----------
TELECOMMUNICATIONS (LONG DISTANCE)--2.0%
AT&T Corp...................... 91,966 2,908,425
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--CONTINUED
WorldCom, Inc.(b).............. 65,103 $ 2,986,621
-----------
5,895,046
-----------
TELEPHONE--0.9%
SBC Communications, Inc........ 59,200 2,560,400
-----------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $121,787,146) 165,796,659
-----------------------------------------------------------------
FOREIGN COMMON STOCKS--0.7%
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.4%
Elan Corp. PLC Sponsored ADR
(Ireland)(b)................... 24,100 1,167,344
OIL & GAS (DRILLING & EQUIPMENT)--0.3%
Petroleum Geo-Services ASA ADR
(Norway)(b).................... 55,300 943,556
-----------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $1,667,976) 2,110,900
-----------------------------------------------------------------
UNIT INVESTMENT TRUSTS--1.3%
S&P 500 Depository Receipts.... 26,400 3,835,425
-----------------------------------------------------------------
TOTAL UNIT INVESTMENT TRUSTS
(IDENTIFIED COST $3,468,203) 3,835,425
-----------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--94.2%
(IDENTIFIED COST $237,884,696) 279,946,903
-----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--5.3%
COMMERCIAL PAPER--5.3%
SBC Communications, Inc. 6.95% 7/3/00... A-1+ $ 2,680 $ 2,678,965
Ford Motor Credit Co. 6.55% 7/5/00...... A-1 2,500 2,498,181
Ford Motor Credit Co. 6.70%, 7/7/00..... A-1 1,500 1,498,325
General Electric Capital Corp.
6.55%, 7/10/00.......................... A-1+ 200 199,672
Marsh USA, Inc.. 6.80%, 7/10/00......... A-1+ 3,500 3,494,050
Kimberly Clark Corp. 6.52% 7/14/00...... A-1+ 1,505 1,501,457
Dupont (E.I) de Nemours & Co.
6.50%, 7/20/00.......................... A-1+ 2,820 2,810,326
General Electric Capital Corp.
6.55%, 8/14/00.......................... A-1+ 1,000 992,043
--------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $15,672,970) 15,673,019
--------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--99.5%
(IDENTIFIED COST $253,557,666) 295,619,922(a)
Cash and receivables, less liabilities--0.5% 1,496,407
------------
NET ASSETS--100.0% $297,116,329
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $50,275,030 and gross
depreciation of $9,357,892 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purpose was
$254,702,784.
(b) Non-income producing.
(c) As rated by Moodys, Fitch or Duff & Phelps.
(d) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 2000,
these securities amounted to a value of $5,060,033 or 1.7% of net assets.
(e) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(f) All or portion segregated as collateral.
See Notes to Financial Statements 7
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $253,557,666) $ 295,619,922
Cash 4,925
Short-term investments held as collateral for loaned
securities 1,406,200
Receivables
Investment securities sold 2,763,961
Interest and dividends 1,766,238
Fund shares sold 52,437
Prepaid expenses 3,362
--------------
Total assets 301,617,045
--------------
LIABILITIES
Payables
Investment securities purchased 2,473,544
Collateral on securities loaned 1,406,200
Fund shares repurchased 167,172
Investment advisory fee 159,370
Transfer agent fee 92,387
Distribution fee 68,152
Financial agent fee 20,113
Trustees' fee 14,225
Accrued expenses 99,553
--------------
Total liabilities 4,500,716
--------------
NET ASSETS $ 297,116,329
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of common stock $ 235,154,890
Undistributed net investment income 745,167
Accumulated net realized gain 19,154,016
Net unrealized appreciation 42,062,256
--------------
NET ASSETS $ 297,116,329
==============
CLASS A
Shares of common stock, $1 par value, 50,000,000 shares
authorized (Net Assets $286,112,800) 16,488,444
Net asset value per share $17.35
Offering price per share $17.35/(1-5.75%) $18.41
CLASS B
Shares of common stock, $1 par value, 50,000,000 shares
authorized (Net Assets $11,003,529) 642,205
Net asset value and offering price per share $17.13
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 4,380,196
Dividends 691,771
Security lending 31,491
Foreign taxes withheld (3,354)
-------------
Total investment income 5,100,104
-------------
EXPENSES
Investment advisory fee 976,803
Distribution fee, Class A 361,542
Distribution fee, Class B 56,604
Financial agent fee 125,648
Transfer agent 240,899
Printing 54,263
Custodian 19,110
Registration 16,000
Professional 17,741
Trustees 13,898
Miscellaneous 12,148
-------------
Total expenses 1,894,656
-------------
NET INVESTMENT INCOME 3,205,448
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 19,962,867
Net change in unrealized appreciation (depreciation) on
investments (21,598,629)
-------------
NET LOSS ON INVESTMENTS (1,635,762)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,569,686
=============
</TABLE>
8 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended
(Unaudited) 12/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 3,205,448 $ 5,527,275
Net realized gain (loss) 19,962,867 17,640,962
Net change in unrealized appreciation
(depreciation) (21,598,629) 9,726,722
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,569,686 32,894,959
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (2,439,010) (5,970,351)
Net investment income, Class B (63,477) (162,442)
Net realized gains, Class A (2,764,210) (15,905,859)
Net realized gains, Class B (107,897) (633,776)
------------ ------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (5,374,594) (22,672,428)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (108,275
and 295,140 shares, respectively) 1,873,080 5,133,893
Net asset value of shares issued from
reinvestment of distributions
(255,942 and 1,109,473 shares,
respectively) 4,432,908 19,126,265
Cost of shares repurchased (1,367,865
and 2,635,481 shares, respectively) (23,667,315) (45,843,205)
------------ ------------
Total (17,361,327) (21,583,047)
------------ ------------
CLASS B
Proceeds from sales of shares (33,879
and 102,439 shares, respectively) 574,938 1,753,996
Net asset value of shares issued from
reinvestment of distributions
(8,792 and 41,804 shares,
respectively) 150,346 712,883
Cost of shares repurchased (98,389 and
138,332 shares, respectively) (1,686,503) (2,381,916)
------------ ------------
Total (961,219) 84,963
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARE TRANSACTIONS (18,322,546) (21,498,084)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (22,127,454) (11,275,553)
NET ASSETS
Beginning of period 319,243,783 330,519,336
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) OF
$745,167 AND $42,206, RESPECTIVELY] $297,116,329 $319,243,783
============ ============
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Oakhurst Strategic Allocation Fund, Inc.
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 17.56 $ 17.03 $ 15.43 $ 15.52 $ 15.98 $ 14.82
INCOME FROM INVESTMENT OPERATIONS(3)
Net investment income (loss) 0.19 0.32 0.25 0.30 0.31 0.45
Net realized and unrealized gain
(loss) (0.08) 1.51 2.80 2.81 1.10 2.22
-------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS 0.11 1.83 3.05 3.11 1.41 2.67
-------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income (0.15) (0.35) (0.24) (0.30) (0.29) (0.52)
Dividends from net realized gains (0.17) (0.95) (1.21) (2.90) (1.58) (0.99)
-------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.32) (1.30) (1.45) (3.20) (1.87) (1.51)
-------- --------- --------- --------- --------- ---------
Change in net asset value (0.21) 0.53 1.60 (0.09) (0.46) 1.16
-------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 17.35 $ 17.56 $ 17.03 $ 15.43 $ 15.52 $ 15.98
======== ========= ========= ========= ========= =========
Total return(1) 0.63%(7) 10.97% 20.38% 20.68% 8.78% 18.23%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $286,113 $307,130 $318,847 $308,524 $309,678 $361,526
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.23%(6) 1.20%(5) 1.17%(4) 1.17% 1.21% 1.21%
Net investment income 2.16%(6) 1.75% 1.51% 1.68% 1.78% 2.67%
Portfolio turnover 30%(7) 69% 144% 355% 275% 184%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 17.36 $ 16.87 $ 15.30 $ 15.43 $ 15.89 $ 14.79
INCOME FROM INVESTMENT OPERATIONS(3)
Net investment income (loss) 0.11 0.18 0.12 0.18 0.19 0.30(2)
Net realized and unrealized gain
(loss) (0.07) 1.50 2.78 2.77 1.09 2.22
-------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT
OPERATIONS 0.04 1.68 2.90 2.95 1.28 2.52
-------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment
income (0.10) (0.24) (0.12) (0.18) (0.16) (0.43)
Dividends from net realized gains (0.17) (0.95) (1.21) (2.90) (1.58) (0.99)
-------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.27) (1.19) (1.33) (3.08) (1.74) (1.42)
-------- --------- --------- --------- --------- ---------
Change in net asset value (0.23) 0.49 1.57 (0.13) (0.46) 1.10
-------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 17.13 $ 17.36 $ 16.87 $ 15.30 $ 15.43 $ 15.89
======== ========= ========= ========= ========= =========
Total return(1) 0.23%(7) 10.14% 19.53% 19.74% 7.95% 17.31%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $11,003 $12,114 $11,673 $10,931 $9,594 $8,046
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.98%(6) 1.95%(5) 1.92%(4) 1.92% 1.96% 1.97%
Net investment income 1.41%(6) 1.01% 0.75% 0.92% 1.01% 1.88%
Portfolio turnover 30%(7) 69% 144% 355% 275% 184%
</TABLE>
(1) Maximum sales load is not reflected in total return calculation.
(2) Computed using average shares outstanding.
(3) 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.
(4) For the year ended December 31, 1998, 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.
(5) For the year ended December 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 ratios would be 1.19% and 1.94%
for Class A and Class B, respectively.
(6) Annualized.
(7) Not annualized.
10 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix-Oakhurst Strategic Allocation Fund, Inc. (the "Fund") 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 achieve the
highest total return consistent with reasonable risk by investing in stocks,
bonds and money market instruments. The Fund offers both Class A and Class B
shares. Effective April 3, 2000, Class A shares are sold with a front-end sales
charge of up to 5.75%. Prior to that date, the maximum sales charge was 4.75%.
Class B shares are sold with a contingent deferred sales charge which declines
from 5% to zero depending on the period of time the shares are held. Both
classes of shares have identical voting, dividend, liquidation and other rights
and the same terms and conditions, except that each class bears different
distribution expenses and has exclusive voting rights with respect to its
distribution plan. Income and expenses of the Fund are borne pro rata by the
holders of both classes of shares, except that each class bears distribution
expenses unique to that class.
The following is a summary of significant accounting policies consistently
followed by the 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 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 Directors.
B. SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are recorded on the trade date. Dividend income is
recorded on the ex-dividend date or, in the case of certain foreign securities,
as soon as the Fund is notified. Interest income is recorded on the accrual
basis. The Fund does not amortize premiums but does amortize discounts using the
effective interest method. Realized gains or losses are determined on the
identified cost basis.
C. 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 all of its taxable income to its shareholders. In addition, the Fund
intends to distribute an amount sufficient to avoid the 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 recorded on the ex-dividend date. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences include the treatment of non-taxable dividends, expiring
capital loss carryforwards, foreign currency gain/loss, partnerships, and losses
deferred due to wash sales and excise tax regulations. Permanent book and tax
basis differences relating to shareholder distributions will result in
reclassifications to paid in capital.
E. FOREIGN CURRENCY TRANSLATION:
Foreign securities and other assets and liabilities are valued using the
foreign currency exchange rate effective at the end of the reporting period.
Cost of investments is translated at the currency exchange rate effective at the
trade date. The gain or loss resulting from a change in currency exchange rates
between the trade and settlement dates of a portfolio transaction is treated as
a gain or loss on foreign currency. Likewise, the gain or loss resulting from a
change in currency exchange rates between the date income is accrued and paid is
treated as a gain or loss on foreign currency. The 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. OPTIONS:
The 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.
The 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
11
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED) (CONTINUED)
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 Fund 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.
G. LOAN AGREEMENTS:
The Fund 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 Fund'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
Fund 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 Fund generally has
no right to enforce compliance with the terms of the loan agreement with the
borrower. As a result, the Fund may be subject to the credit risk of both the
borrower and the lender that is selling the loan agreement. When the Fund
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.
H. SECURITY LENDING:
The Fund loans securities to qualified brokers through an agreement with State
Street Bank and Trust Company (State Street). Under the terms of the agreement,
the Fund receives collateral with a market value not less than 100% of the
market value of loaned securities. Collateral consists of cash, securities
issued or guaranteed by the U.S. Government or its agencies and the sovereign
debt of foreign countries. Interest earned on the collateral and premiums paid
by the borrower are recorded as income by the Fund net of fees charged by State
Street 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 June 30, 2000, the
Fund had loaned securities with a market value of $8,719,161 and received
collateral of $8,749,575 of which $1,406,200 is cash collateral.
I. 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 Investment Adviser, Phoenix
Investment Counsel, Inc., an indirect majority-owned subsidiary of Phoenix Home
Life Mutual Insurance Company ("PHL"), is entitled to a fee at an annual rate of
0.65% of the average daily net assets of the Fund for the first $1 billion;
0.60% of such value between $1 billion and $2 billion; and 0.55% of such value
in excess of $2 billion.
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 $5,139 for Class A shares and deferred sales
charges of $12,516 for Class B shares for the six months ended June 30, 2000. In
addition, the Fund pays PEPCO a distribution fee at an annual rate of 0.25% for
Class A shares and 1.00% for Class B shares of the average daily net assets of
the Fund. The Distributor has advised the Fund that of the total amount expensed
for the six months ended June 30, 2000, $95,697 was retained by the Distributor,
$301,301 was paid to unaffiliated participants and $21,148 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 minimums and
waivers may apply.
PEPCO serves as the Fund's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the six months ended June 30, 2000 transfer
agent fees were $240,899 of which PEPCO retained $92,782 which is net of the
fees paid to State Street.
For the six months ended June 30, 2000, the Fund paid PXP Securities Corp., a
wholly owned subsidiary of PHL, brokerage commissions of $26,900 in connection
with portfolio transactions effected by it.
At June 30, 2000, PHL and affiliates held 71 Class A shares and 11,780
Class B shares of the Fund with a combined value of $203,023.
12
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED) (CONTINUED)
3. PURCHASE AND SALE OF SECURITIES
During the six months ended June 30, 2000, purchases and sales of investments,
excluding short-term securities and U.S. Government and agency securities,
amounted to $69,164,202 and $99,885,977, respectively. Purchases and sales of
long-term U.S. Government and agency securities amounted to $16,297,601 and
$13,003,091, respectively.
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.
This report is not authorized for distribution to prospective investors in the
Phoenix-Oakhurst Strategic Allocation Fund, Inc. unless preceded or accompanied
by an effective prospectus which includes information concerning the sales
charge, the Fund's record and other pertinent information.
13
<PAGE>
RESULTS OF SHAREHOLDER MEETING (UNAUDITED)
A special meeting of Shareholders of the Phoenix-Oakhurst Strategic Allocation
Fund, Inc. was held on May 31, 2000 to approve the following matter:
1. Approve a new Rule 12b-1 Distribution Plan for Class B Shares
On the record date for this meeting there were 667,282 shares outstanding and
50.93% of the shares outstanding and entitled to vote were present by proxy.
NUMBER OF VOTES
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
--------- --------- ---------
<S> <C> <C> <C>
1. Approve a new Rule 12b-1 Distribution
Plan for Class B Shares 299,795 8,889 31,141
</TABLE>
14
<PAGE>
PHOENIX-OAKHURST STRATEGIC ALLOCATION FUND, INC.
101 Munson Street
Greenfield, Massachusetts 01301
DIRECTORS
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
William R. Moyer, Executive Vice President
John F. Sharry, Executive Vice President
James D. Wehr, Senior Vice President
Steven L. Colton, Vice President
Robert S. Driessen, Vice President
Christopher J. Kelleher, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary and Clerk
INVESTMENT ADVISER
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 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 (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 -----------------
P O Box 2200 | PRSRT STD |
Enfield CT 06083-2200 | U.S. Postage |
| P A I D |
| Andrew |
| Associates |
-----------------
[LOGO] 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 462 (8/00)
