<PAGE>
Phoenix Investment Partners
Semiannual Report
October 31, 1999
Oakhurst
Phoenix-Oakhurst
Income & Growth
Fund
[LOGO] PHOENIX
INVESTMENT PARTNERS
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR SHAREHOLDER:
We are pleased to provide this semiannual financial summary for the
Phoenix-Oakhurst Income & Growth Fund for the six months ended October 31, 1999.
If you have any questions, please call your financial advisor or a customer
service representative at 1-800-243-1574 between 8:00 a.m. and 6:00 p.m. Eastern
Time, Monday through Friday.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
Mutual funds are not insured by the FDIC; are not
deposits or other obligations of a bank and are not
guaranteed by a bank; and are subject to
investment risks, including possible loss of the
principal invested.
1
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
INVESTMENTS AT OCTOBER 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES -- 0.7%
U.S. TREASURY BONDS -- 0.7%
U.S. Treasury Bonds 5.25%,
2/15/29....................... AAA $ 6,200 $ 5,367,052
- -------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT SECURITIES
(IDENTIFIED COST $5,522,676) 5,367,052
- -------------------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES--3.5%
GNMA 6.50%, '23-'28........... AAA 28,416 27,275,661
- -------------------------------------------------------------------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $27,851,231) 27,275,661
- -------------------------------------------------------------------------
AGENCY NON MORTGAGE-BACKED SECURITIES -- 1.6%
Fannie Mae 6.625%, 9/15/09.... Aaa(c) 12,460 12,397,700
- -------------------------------------------------------------------------
TOTAL AGENCY NON MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $12,444,844) 12,397,700
- -------------------------------------------------------------------------
MUNICIPAL BONDS -- 7.5%
CALIFORNIA -- 4.3%
Fresno County Pension
Obligation Revenue Taxable
6.21%, 8/15/06................ AAA 5,600 5,362,000
Kern County Pension Obligation
Revenue Taxable 7.26%,
8/15/14....................... AAA 4,500 4,415,625
Long Beach Pension Obligation
Taxable 6.87%, 9/1/06......... AAA 3,000 2,977,500
Oakland Pension Obligation
Taxable Revenue Series A
6.91%, 12/15/07............... AAA 1,885 1,870,862
Oakland Pension Obligation
Taxable Series A 6.95%,
12/15/08...................... AAA 3,650 3,618,062
Orange County Pension
Obligation Revenue Taxable
Series A 7.62%, 9/1/08........ AAA 4,520 4,678,200
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
CALIFORNIA--CONTINUED
Pasadena Pension Funding
Revenue Taxable Series A
7.15%, 5/15/11................ AAA $ 3,000 $ 2,962,500
San Bernardino County Pension
Obligation Revenue Taxable
6.87%, 8/1/08................. AAA 1,335 1,316,644
San Bernardino County Pension
Obligation Revenue Taxable
6.94%, 8/1/09................. AAA 3,625 3,575,156
Sonoma County Pension
Obligation Revenue Taxable
6.625%, 6/1/13................ AAA 1,700 1,589,500
Ventura County Pension
Obligation Taxable 6.54%,
11/1/05....................... AAA 1,325 1,301,813
---------------------
33,667,862
---------------------
FLORIDA -- 0.3%
Tampa Solid Waste System
Revenue Taxable Series A
6.23%, 10/1/05................ AAA 2,820 2,731,875
ILLINOIS -- 0.4%
Illinois Educational
Facilities Authority-Loyola
University Revenue Taxable
Series A 7.84%, 7/1/24........ AAA 3,410 3,461,150
MASSACHUSETTS -- 0.2%
Massachusetts State Port
Authority Revenue Taxable
Series C 6.05%, 7/1/02........ AA- 1,575 1,551,375
PENNSYLVANIA -- 1.2%
Philadelphia Authority For
Industrial Development Pension
Funding Retirement Systems
Revenue Taxable Series A
5.69%, 4/15/07................ AAA 3,000 2,767,500
Philadelphia Authority For
Industrial Development Pension
Funding Retirement Systems
Revenue Taxable Series A
5.79%, 4/15/09................ AAA 3,020 2,744,425
</TABLE>
2 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
PENNSYLVANIA--CONTINUED
Pittsburgh Pension Obligation
Taxable Series C 6.50%,
3/1/17........................ AAA $ 4,250 $ 3,840,938
---------------------
9,352,863
---------------------
TEXAS -- 1.1%
Dallas-Fort Worth
International Airport Revenue
Taxable 6.40%, 11/1/06........ AAA 4,415 4,271,513
Dallas-Fort Worth
International Airport Revenue
Taxable 6.40%, 11/1/07........ AAA 1,200 1,153,500
Texas Taxable Veterans Limited
Series B 6.05%, 12/1/02....... AA 3,000 2,951,250
---------------------
8,376,263
---------------------
- -------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $61,297,602) 59,141,388
- -------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 4.1%
Associates Manufactured
Housing Pass Through 97-2, A6
7.075%, 3/15/28............... AAA 1,500 1,450,312
Capita Equipment Receivables
Trust 97-1, B 6.45%,
8/15/02....................... A+ 3,500 3,470,355
Discover Card Master Trust I
98-6, A 5.85%, 1/17/06........ AAA 1,250 1,215,000
Discover Card Master Trust I
98-7, A 5.60%, 5/16/06........ AAA 5,000 4,802,500
Ford Credit Auto Owner Trust
98-C, B 6.06%, 2/15/03........ A 4,000 3,936,240
Green Tree Financial Corp.
96-2, M1 7.60%, 4/15/27....... AA- 3,325 3,216,938
Honda Auto Lease Trust 99-A,
A5 6.65%, 7/15/05............. AAA 5,500 5,484,531
Premier Auto Trust 98-3, B
6.14%, 9/8/04................. A+ 2,500 2,483,752
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
Triangle Funding Ltd. 98-2A, 3
144A 8.028%, 10/15/04(b)(d)... BBB $ 6,000 $ 5,962,500
- -------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $32,436,570) 32,022,128
- -------------------------------------------------------------------------
CORPORATE BONDS -- 6.3%
AUTO PARTS & EQUIPMENT -- 0.3%
Collins & Aikman Corp. 11.50%,
4/15/06....................... B 2,500 2,375,000
BANKS (MAJOR REGIONAL) -- 0.5%
U.S. Bank of Minnesota N.A.
6.30%, 7/15/08................ A 1,500 1,410,000
Wachovia Corp. 5.625%,
12/15/08...................... A+ 2,500 2,240,625
---------------------
3,650,625
---------------------
BROADCASTING (TELEVISION, RADIO & CABLE) -- 0.9%
CSC Holdings, Inc. 7.625%,
7/15/18....................... BB+ 3,000 2,775,000
Charter Communications
Holdings LLC 8.625%, 4/1/09... B+ 900 852,750
Turner Broadcasting System,
Inc. 8.375%, 7/1/13........... BBB 3,000 3,183,750
---------------------
6,811,500
---------------------
COMMUNICATIONS EQUIPMENT -- 0.2%
Metromedia Fiber Network, Inc.
Series B 10%, 11/15/08........ B 2,000 1,980,000
COMPUTERS (SOFTWARE & SERVICES) -- 0.3%
Computer Associates
International, Inc. Series B
6.375%, 4/15/05............... BBB+ 2,350 2,191,375
ENTERTAINMENT -- 0.5%
Capitol Records, Inc. 144A
8.375% 8/15/09(b)............. BBB+ 4,400 4,334,000
GAMING, LOTTERY & PARI-MUTUEL COMPANIES -- 0.7%
Harrahs Operating Co., Inc.
7.875%, 12/15/05.............. BB+ 3,000 2,872,500
Station Casinos, Inc. 8.875%,
12/1/08....................... B+ 2,630 2,544,525
---------------------
5,417,025
---------------------
HEALTH CARE (HOSPITAL MANAGEMENT) -- 0.6%
Tenet Healthcare Corp. 8%,
1/15/05....................... BB+ 5,000 4,706,250
</TABLE>
See Notes to Financial Statements 3
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES) -- 0.3%
Boston Scientific Corp.
6.625%, 3/15/05............... BBB $ 2,425 $ 2,279,500
LEISURE TIME (PRODUCTS) -- 0.3%
Bally Total Fitness Holding
Corp. Series D 9.875%,
10/15/07...................... B- 2,500 2,368,750
METALS MINING -- 0.3%
Level 3 Communications, Inc.
9.125%, 5/1/08................ B 2,565 2,379,037
PAPER & FOREST PRODUCTS -- 0.6%
Buckeye Technologies, Inc.
8.50%, 12/15/05............... BB- 5,000 4,862,500
PERSONAL CARE -- 0.1%
Revlon Consumer Products Corp.
9%, 11/1/06................... B 810 639,900
SERVICES (COMMERCIAL & CONSUMER) -- 0.3%
Budget Group, Inc. Senior
Notes 9.125%, 4/1/06.......... BB- 2,500 2,200,000
TELEPHONE -- 0.3%
Century Telephone Enterprises,
Inc. Series F 6.30%,
1/15/08....................... BBB+ 2,500 2,309,375
TRUCKS & PARTS -- 0.1%
Cummins Engine Co., Inc.
6.45%, 3/1/05................. BBB+ 1,250 1,182,813
- -------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $52,885,545) 49,687,650
- -------------------------------------------------------------------------
NON-AGENCY MORTGAGE-BACKED SECURITIES -- 13.6%
CS First Boston Mortgage
Securities Corp. 97-C2, A3
6.55%, 11/17/07............... AAA 5,000 4,779,687
CS First Boston Mortgage
Securities Corp. 97-C2, B
6.72%, 11/17/07............... Aa(c) 11,000 10,395,000
DLJ Commercial Mortgage Corp.
98-CF2, A1B 6.24%, 11/12/31... Aaa(c) 2,800 2,609,250
DLJ Commercial Mortgage Corp.
99-CG1, A1B 6.46%, 1/10/09.... Aaa(c) 2,000 1,895,625
DLJ Mortgage Acceptance Corp.
96-CF1, A1B 144A 7.58%,
2/12/06 (b)................... AAA 4,400 4,435,750
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
DLJ Mortgage Acceptance Corp.
97-CF2, B2 144A 7.14%,
11/15/08(b)................... BBB- $ 5,000 $ 4,384,375
First Union - Lehman Brothers
- -Bank of America 98-C2, A2
6.56%, 11/18/08............... AAA 2,000 1,909,713
First Union - Lehman Brothers
- -Bank of America 98-C2, D
6.778%, 3/18/13............... BBB 5,500 4,773,431
First Union - Lehman Brothers
Commercial Mortgage 97-C1, B
7.43%, 4/18/07................ Aa(c) 2,500 2,489,343
First Union Commercial
Mortgage Trust 99-C1, A2
6.07%, 10/15/08............... AAA 1,800 1,668,727
G.E. Capital Mortgage
Services, Inc. 94-9, M 6.50%,
2/25/24....................... AA 10,699 10,020,269
G.E. Capital Mortgage
Services, Inc. 96-4, A5 7%,
3/25/26....................... AAA 8,629 8,318,500
G.E. Capital Mortgage
Services, Inc. 96-8, 1M 7.25%,
5/25/26....................... AA 481 466,987
GMAC Commercial Mortgage
Securities, Inc. 97-C2, B
6.703%, 12/15/07.............. Aa(c) 7,000 6,500,550
LB Commercial Conduit Mortgage
Trust 98-C4, A1B 6.21%,
10/15/08...................... AAA 5,000 4,636,480
Lehman Large Loan 97-LLI, B
6.95%, 3/12/07................ AA 4,340 4,217,628
Nationslink Funding Corp.
96-1, B 7.69%, 12/20/05....... AA 1,500 1,512,246
Norwest Asset Securities Corp.
99-13, B1 6.75%, 5/25/29...... AA(c) 9,156 8,576,755
Prudential Home Mortgage
Securities 94-15, M 6.80%,
5/25/24....................... Aaa(c) 7,999 7,639,857
Residential Funding Mortgage
Securities I 96-S1, A11 7.10%,
1/25/26....................... AAA 2,800 2,717,750
Residential Funding Mortgage
Securities I 96-S4, M1 7.25%,
2/25/26....................... AA 3,828 3,699,585
</TABLE>
4 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
Securitized Asset Sales, Inc.
93-J, 2B 6.808%, 11/28/23..... AA(c) $ 9,325 $ 8,956,179
- -------------------------------------------------------------------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $111,251,829) 106,603,687
- -------------------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES -- 7.5%
BULGARIA -- 0.9%
Republic of Bulgaria FLIRB
Series A Bearer 2.75%,
7/28/12(d).................... B(c) 9,305 6,280,875
Repulic of Bulgaria IAB Series
PDI 6.50%, 07/28/11(d)........ B(c) 1,500 1,147,500
---------------------
7,428,375
---------------------
COLOMBIA -- 0.3%
Republic of Colombia 10.875%,
3/9/04........................ BB+ 2,450 2,468,375
COSTA RICA -- 0.5%
Republic of Costa Rica 144A
9.335%, 5/15/09(b)............ BB 4,185 4,216,387
CROATIA -- 0.8%
Croatia Series A 6.456%,
7/31/10(d).................... BBB- 4,300 3,483,000
Croatia Series B 6.456%,
7/31/06(d).................... BBB- 3,462 2,972,786
---------------------
6,455,786
---------------------
EL SALVADOR -- 0.3%
Republic of El Salvador 144A
9.50%, 8/15/06(b)............. BB+ 2,500 2,487,500
MEXICO -- 2.0%
United Mexican States Global
Bond 11.375%, 9/15/16......... BB 1,750 1,874,687
United Mexican States Global
Bond 11.50%, 5/15/26.......... BB 12,050 13,471,900
---------------------
15,346,587
---------------------
PANAMA -- 0.2%
Republic of Panama 9.375%,
4/1/29........................ BB+ 1,350 1,275,750
PHILIPPINES -- 1.1%
Republic of Philippines
8.875%, 4/15/08............... BB+ 3,900 3,807,375
Republic of Philippines 9.50%,
10/21/24...................... BB+ 2,000 2,035,000
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
PHILIPPINES--CONTINUED
Republic of Philippines
9.875%, 1/15/19............... BB+ $ 2,750 $ 2,670,938
---------------------
8,513,313
---------------------
POLAND -- 0.6%
Poland Bearer PDI 6%,
10/27/14(d)................... BBB 1,475 1,309,063
Poland Registered PDI 6%,
10/27/14(d)................... BBB 4,000 3,550,000
---------------------
4,859,063
---------------------
SOUTH KOREA -- 0.8%
Republic of Korea 8.875%,
4/15/08....................... BBB- 6,000 6,242,250
- -------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(IDENTIFIED COST $58,825,277) 59,293,386
- -------------------------------------------------------------------------
FOREIGN CORPORATE BONDS -- 2.4%
ARGENTINA -- 0.5%
Compania de
Radiocomunicaciones Moviles SA
144A 9.25%, 5/8/08(b)......... BBB- 1,500 1,305,000
Compania de
Radiocomunicaciones Moviles SA
9.25%, 5/8/08................. BBB- 1,300 1,131,000
Telecom Argentina - France
Telecom SA EMTN 144A 9.75%,
7/12/01(b).................... BBB- 1,250 1,250,000
---------------------
3,686,000
---------------------
CHILE -- 0.3%
Compania Sud Americana de
Vapores SA RegS 144A 7.375%,
12/8/03(b).................... BBB 610 579,500
Petropower I Funding Trust
144A 7.36%, 2/15/14(b)........ BBB 2,296 1,974,675
---------------------
2,554,175
---------------------
JAPAN -- 0.6%
SB Treasury Co. LLC Series A
144A 9.40%, 12/29/49(b)(d).... BB+ 4,880 4,906,903
LUXEMBOURG -- 0.6%
Tyco International Group SA
6.375%, 6/15/05............... A- 4,800 4,548,000
POLAND -- 0.3%
TPSA Finance BV 144A 7.75%,
12/10/08(b)................... BBB 2,410 2,274,438
</TABLE>
See Notes to Financial Statements 5
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
UNITED KINGDOM -- 0.1%
Orange PLC 144A 8.75%,
6/1/06(b)..................... BB- $ 1,000 $ 1,030,000
- -------------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(IDENTIFIED COST $20,033,906) 18,999,516
- -------------------------------------------------------------------------
CONVERTIBLE BONDS -- 9.6%
BROADCASTING (TELEVISION, RADIO & CABLE) -- 0.4%
Clear Channel Communications,
Inc. Cv. 2.625%, 4/1/03....... BBB- 2,100 2,963,625
COMPUTERS (HARDWARE) -- 0.8%
Hewlett-Packard Co. Cv. 0%,
10/14/17...................... AA 11,000 6,476,250
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS) -- 0.5%
Roche Holdings, Inc. Cv. 144A
0%, 5/6/12(b)................. NR 7,800 3,939,000
HEALTH CARE (SPECIALIZED SERVICES) -- 0.4%
Healthsouth Corp Cv. 3.25%,
4/1/03........................ BBB- 4,000 2,990,000
INSURANCE (PROPERTY-CASUALTY) -- 1.1%
Berkshire Hathaway, Inc. Cv.
1%, 12/2/01................... Aaa(c) 3,475 8,465,969
LODGING-HOTELS -- 0.5%
Hilton Hotels Corp. Cv. 5%,
5/15/06....................... BBB- 4,500 3,493,125
MANUFACTURING (DIVERSIFIED) -- 0.6%
Thermo Electron Corp. Cv. 144A
4.25%, 1/1/03(b).............. BBB 5,200 4,342,000
OIL & GAS (DRILLING & EQUIPMENT) -- 0.8%
Baker Hughes, Inc. Cv. 0%,
5/5/08........................ A 2,100 1,504,125
Diamond Offshore Drilling,
Inc. Cv. 3.75%, 2/15/07....... A- 4,950 5,067,562
---------------------
6,571,687
---------------------
PUBLISHING (NEWSPAPERS) -- 0.2%
Times Mirror Co. Cv. 144A 0%,
4/15/17(b).................... A- 3,500 1,741,250
RETAIL (DRUG STORES) -- 0.4%
Rite Aid Corp. Cv. 144A 5.25%,
9/15/02(b).................... BB 5,175 3,454,312
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
<S> <C> <C> <C>
RETAIL (SPECIALTY) -- 0.8%
Office Depot, Inc. Cv. 0%,
11/1/08....................... BBB- $ 3,350 $ 2,265,438
Pep Boys - Manny, Moe & Jack
(The) Cv. 0%, 9/20/11......... BB+ 7,775 4,169,344
---------------------
6,434,782
---------------------
SERVICES (ADVERTISING/MARKETING) -- 1.3%
Interpublic Group (The) Cv.
144A 1.80%, 9/16/04(b)........ NR 2,500 2,921,875
Omnicom Group, Inc. Cv. 144A
2.25%, 1/6/13(b).............. A- 4,000 7,135,000
---------------------
10,056,875
---------------------
TELECOMMUNICATIONS (CELLULAR/WIRELESS) -- 0.6%
United States Cellular Corp.
Cv. 0%, 6/15/15............... BBB- 6,000 5,017,500
TELEPHONE -- 0.4%
Bell Atlantic Financial
Services Cv. 144A 4.25%,
9/15/05(b).................... A+ 3,250 3,428,750
WASTE MANAGEMENT -- 0.8%
Waste Management, Inc. Cv. 2%,
1/24/05....................... BBB- 4,710 3,850,425
Waste Management, Inc. Cv. 4%,
2/1/02........................ BBB- 2,650 2,328,688
---------------------
6,179,113
---------------------
- -------------------------------------------------------------------------
TOTAL CONVERTIBLE BONDS
(IDENTIFIED COST $73,340,817) 75,554,238
- -------------------------------------------------------------------------
FOREIGN CONVERTIBLE BONDS -- 0.5%
SWITZERLAND -- 0.5%
Novartis AG Cv. 144A 2%,
10/6/02(b).................... Aaa(c) 1,330 1,901,900
Novartis AG Cv. 2%, 10/6/02... Aaa(c) 1,500 2,145,000
- -------------------------------------------------------------------------
TOTAL FOREIGN CONVERTIBLE BONDS
(IDENTIFIED COST $3,602,616) 4,046,900
- -------------------------------------------------------------------------
</TABLE>
6 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
------- ---------------------
COMMON STOCKS -- 38.7%
<S> <C> <C> <C>
AEROSPACE/DEFENSE -- 0.6%
Boeing Co. (The).............. 30,100 $ 1,386,481
Cordant Technologies, Inc..... 4,300 134,106
General Dynamics Corp......... 47,000 2,605,562
Goodrich (B.F.) Co. (The)..... 38,600 914,337
---------------------
5,040,486
---------------------
AIRLINES -- 0.0%
COMAIR Holdings, Inc.......... 6,900 159,239
AUTOMOBILES -- 1.1%
Ford Motor Co................. 140,200 7,693,475
General Motors Corp........... 11,300 793,825
---------------------
8,487,300
---------------------
BANKS (MAJOR REGIONAL) -- 1.1%
Bank One Corp................. 100,300 3,767,519
Fleet Boston Corp............. 19,600 855,050
Mellon Financial Corp......... 14,800 546,675
Wells Fargo Co................ 66,200 3,169,325
---------------------
8,338,569
---------------------
BANKS (MONEY CENTER) -- 1.7%
Bank of America Corp.......... 31,100 2,002,062
Chase Manhattan Corp. (The)... 107,400 9,384,075
First Union Corp.............. 6,700 286,006
Morgan (J.P.) & Co., Inc...... 14,800 1,936,950
---------------------
13,609,093
---------------------
BANKS (REGIONAL) -- 0.4%
City National Corp............ 23,300 902,875
UnionBanCal Corp.............. 55,500 2,410,781
---------------------
3,313,656
---------------------
BEVERAGES (ALCOHOLIC) -- 0.3%
Anheuser-Busch Companies,
Inc........................... 29,700 2,132,831
BIOTECHNOLOGY -- 0.3%
Amgen, Inc.(e)................ 29,600 2,360,600
BROADCASTING (TELEVISION, RADIO & CABLE) -- 0.0%
CBS Corp.(e).................. 4,300 209,894
BUILDING MATERIALS -- 0.1%
Lafarge Corp.................. 11,000 326,562
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
BUILDING MATERIALS--CONTINUED
Owens Corning................. 5,300 $ 108,650
---------------------
435,212
---------------------
CHEMICALS -- 0.0%
Dow Chemical Co............... 1,200 141,900
CHEMICALS (SPECIALTY) -- 0.1%
Lubrizol Corp. (The).......... 16,300 417,687
W.R. Grace & Co.(e)........... 17,200 256,925
---------------------
674,612
---------------------
COMMUNICATIONS EQUIPMENT -- 1.3%
Comverse Technology,
Inc.(e)....................... 11,400 1,293,900
Lucent Technologies, Inc...... 119,500 7,677,875
Motorola, Inc................. 4,900 477,444
Tellabs, Inc.(e).............. 14,000 885,500
---------------------
10,334,719
---------------------
COMPUTERS (HARDWARE) -- 2.0%
Adaptec, Inc.(e).............. 19,500 877,500
Apple Computer, Inc.(e)....... 11,400 913,425
Dell Computer Corp.(e)........ 49,600 1,990,200
Electronics for Imaging,
Inc.(e)....................... 2,500 100,781
Hewlett-Packard Co............ 41,300 3,058,781
International Business
Machines Corp................. 70,200 6,905,925
NCR Corp.(e).................. 12,800 424,000
Sun Microsystems, Inc.(e)..... 16,800 1,777,650
---------------------
16,048,262
---------------------
COMPUTERS (NETWORKING) -- 0.6%
Cisco Systems, Inc.(e)........ 69,000 5,106,000
COMPUTERS (PERIPHERALS) -- 0.3%
EMC Corp.(e).................. 36,600 2,671,800
COMPUTERS (SOFTWARE & SERVICES) -- 2.9%
America Online, Inc.(e)....... 29,600 3,838,750
Computer Associates
International, Inc............ 26,900 1,519,850
Compuware Corp.(e)............ 12,600 350,437
Microsoft Corp.(e)............ 138,600 12,829,162
Oracle Corp.(e)............... 29,300 1,393,581
Sterling Software, Inc.(e).... 22,500 493,594
Synopsys, Inc.(e)............. 11,500 716,594
USWeb Corp.(e)................ 7,600 294,500
Unisys Corp.(e)............... 49,600 1,202,800
---------------------
22,639,268
---------------------
</TABLE>
See Notes to Financial Statements 7
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
CONSTRUCTION (CEMENT & AGGREGATES) -- 0.0%
Centex Construction Products,
Inc........................... 600 $ 21,337
CONSUMER FINANCE -- 0.1%
Countrywide Credit Industries,
Inc........................... 13,200 447,975
DISTRIBUTORS (FOOD & HEALTH) -- 0.1%
AmeriSource Health Corp. Class
A(e).......................... 6,100 91,500
Andrx Corp.(e)................ 4,000 191,000
SUPERVALU, INC................ 26,300 552,300
---------------------
834,800
---------------------
ELECTRIC COMPANIES -- 1.7%
Consolidated Edison, Inc...... 24,900 950,869
DTE Energy Co................. 73,300 2,432,644
Dominion Resources, Inc....... 10,900 524,562
Duke Energy Corp.............. 13,000 734,500
FPL Group, Inc................ 2,100 105,656
LG&E Energy Corp.............. 69,400 1,526,800
Minnesota Power, Inc.......... 112,000 2,072,000
Texas Utilities Co............ 27,500 1,065,625
UtiliCorp United, Inc......... 184,200 3,983,325
---------------------
13,395,981
---------------------
ELECTRICAL EQUIPMENT -- 1.0%
General Electric Co........... 53,300 7,225,481
Rockwell International
Corp.......................... 16,800 813,750
---------------------
8,039,231
---------------------
ELECTRONICS (INSTRUMENTATION) -- 0.1%
PerkinElmer, Inc.............. 23,100 942,769
ELECTRONICS (SEMICONDUCTORS) -- 1.4%
Integrated Device Technology,
Inc.(e)....................... 27,200 559,300
Intel Corp.................... 107,600 8,332,275
Texas Instruments, Inc........ 21,400 1,920,650
---------------------
10,812,225
---------------------
ENGINEERING & CONSTRUCTION -- 0.0%
McDermott International,
Inc........................... 7,800 141,375
ENTERTAINMENT -- 0.3%
Time Warner, Inc.............. 18,800 1,310,125
Viacom, Inc. Class B(e)....... 25,400 1,136,650
---------------------
2,446,775
---------------------
EQUIPMENT (SEMICONDUCTOR) -- 0.1%
Applied Materials, Inc.(e).... 5,900 529,894
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
EQUIPMENT (SEMICONDUCTOR)--CONTINUED
Lam Research Corp.(e)......... 7,000 $ 591,062
---------------------
1,120,956
---------------------
FINANCIAL (DIVERSIFIED) -- 2.8%
Citigroup, Inc................ 144,800 7,837,300
Fannie Mae.................... 104,100 7,365,075
Freddie Mac................... 5,100 275,719
Morgan Stanley Dean Witter &
Co............................ 57,800 6,376,062
---------------------
21,854,156
---------------------
FOODS -- 0.8%
Earthgrains Co. (The)......... 31,100 709,469
General Mills, Inc............ 15,100 1,316,531
Quaker Oats Co. (The)......... 61,900 4,333,000
---------------------
6,359,000
---------------------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES -- 0.0%
International Game
Technology(e)................. 10,500 195,562
HEALTH CARE (DIVERSIFIED) -- 0.4%
Bristol-Myers Squibb Co....... 21,200 1,628,425
Warner-Lambert Co............. 20,400 1,628,175
---------------------
3,256,600
---------------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS) -- 2.2%
Forest Laboratories,
Inc.(e)....................... 7,800 357,825
Lilly (Eli) & Co.............. 36,700 2,527,712
Medicis Pharmaceutical Corp.
Class A(e).................... 5,300 161,650
Merck & Co., Inc.............. 68,600 5,457,987
Pfizer, Inc................... 110,000 4,345,000
Pharmacia & Upjohn, Inc....... 25,300 1,364,619
Schering-Plough Corp.......... 55,800 2,762,100
---------------------
16,976,893
---------------------
HEALTH CARE (GENERIC AND OTHER) -- 0.0%
Barr Laboratories, Inc.(e).... 2,400 72,750
Jones Pharma, Inc............. 5,600 173,600
---------------------
246,350
---------------------
HEALTH CARE (MANAGED CARE) -- 0.2%
Aetna, Inc.................... 4,000 201,000
PacifiCare Health Systems,
Inc.(e)....................... 17,000 670,437
Trigon Healthcare, Inc.(e).... 11,300 320,637
Wellpoint Health Networks,
Inc.(e)....................... 10,400 603,200
---------------------
1,795,274
---------------------
</TABLE>
8 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES) -- 0.1%
Baxter International, Inc..... 12,000 $ 778,500
HOMEBUILDING -- 0.1%
Centex Corp................... 9,900 265,444
Fleetwood Enterprises, Inc.... 6,300 137,419
Kaufman and Broad Home
Corp.......................... 2,900 58,181
Lennar Corp................... 10,700 175,881
Pulte Corp.................... 4,100 82,512
---------------------
719,437
---------------------
HOUSEHOLD FURNISHINGS & APPLIANCES -- 0.1%
Maytag Corp................... 2,000 80,125
Whirlpool Corp................ 11,400 794,437
---------------------
874,562
---------------------
HOUSEHOLD PRODUCTS (NON-DURABLE) -- 0.8%
Church & Dwight Co., Inc...... 58,200 1,516,837
Kimberly-Clark Corp........... 12,700 801,687
Procter & Gamble Co. (The).... 37,300 3,911,837
---------------------
6,230,361
---------------------
HOUSEWARES -- 0.2%
Tupperware Corp............... 66,300 1,313,569
INSURANCE (LIFE/HEALTH) -- 0.5%
Lincoln National Corp......... 80,600 3,717,675
INSURANCE (MULTI-LINE) -- 0.1%
American International Group,
Inc........................... 1,625 167,273
Hartford Financial Services
Group, Inc. (The)............. 5,000 259,063
Loews Corp.................... 6,100 432,338
---------------------
858,674
---------------------
INSURANCE (PROPERTY-CASUALTY) -- 0.0%
HCC Insurance Holdings,
Inc........................... 1,900 21,375
INSURANCE BROKERS -- 0.7%
Gallagher (Arthur J.) & Co.... 32,900 1,702,575
Marsh & McLennan Companies,
Inc........................... 53,100 4,198,219
---------------------
5,900,794
---------------------
INVESTMENT BANKING/BROKERAGE -- 0.6%
AXA Financial, Inc............ 58,600 1,878,863
Lehman Brothers Holdings,
Inc........................... 5,000 368,438
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
INVESTMENT BANKING/BROKERAGE--CONTINUED
Merrill Lynch & Co., Inc...... 30,600 $ 2,402,100
---------------------
4,649,401
---------------------
LEISURE TIME (PRODUCTS) -- 0.0%
Brunswick Corp................ 3,400 76,925
Hasbro, Inc................... 8,700 179,438
---------------------
256,363
---------------------
MACHINERY (DIVERSIFIED) -- 0.2%
Ingersoll-Rand Co............. 25,300 1,321,925
Tecumseh Products Co. Class
A............................. 7,800 373,913
---------------------
1,695,838
---------------------
MANUFACTURING (DIVERSIFIED) -- 0.8%
National Service Industries,
Inc........................... 3,800 122,550
Pentair, Inc.................. 4,600 173,075
Tyco International Ltd........ 78,400 3,131,100
United Technologies Corp...... 41,800 2,528,900
---------------------
5,955,625
---------------------
MANUFACTURING (SPECIALIZED) -- 0.2%
Brady Corp. Class A........... 23,800 690,200
Briggs & Stratton Corp........ 7,100 414,906
Teleflex, Inc................. 5,700 194,156
York International Corp....... 13,300 313,381
---------------------
1,612,643
---------------------
METAL FABRICATORS -- 0.1%
Mueller Industries, Inc.(e)... 18,800 600,425
NATURAL GAS -- 0.4%
El Paso Energy Corp........... 6,200 254,200
Equitable Resources,Inc....... 31,100 1,135,150
MDU Resources Group, Inc...... 15,500 362,313
Sempra Energy................. 69,300 1,416,319
---------------------
3,167,982
---------------------
OIL & GAS (DRILLING & EQUIPMENT) -- 0.0%
Halliburton Co................ 2,200 82,913
Tidewater, Inc................ 2,300 69,000
---------------------
151,913
---------------------
OIL & GAS (EXPLORATION & PRODUCTION) -- 0.5%
Anadarko Petroleum Corp....... 75,600 2,329,425
</TABLE>
See Notes to Financial Statements 9
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
OIL & GAS (EXPLORATION & PRODUCTION)--CONTINUED
Apache Corp................... 37,600 $ 1,466,400
---------------------
3,795,825
---------------------
OIL & GAS (REFINING & MARKETING) -- 0.1%
Ultramar Diamond Shamrock
Corp.......................... 30,600 749,700
OIL (DOMESTIC INTEGRATED) -- 0.3%
Atlantic Richfield Co......... 22,000 2,050,125
OIL (INTERNATIONAL INTEGRATED) -- 0.3%
Exxon Corp.................... 21,900 1,621,969
Mobil Corp.................... 4,800 463,200
---------------------
2,085,169
---------------------
PAPER & FOREST PRODUCTS -- 0.3%
Georgia-Pacific Group......... 30,600 1,214,438
Louisiana-Pacific Corp........ 84,600 1,073,363
---------------------
2,287,801
---------------------
PERSONAL CARE -- 0.0%
Alberto-Culver Co. Class B.... 5,600 131,950
PHOTOGRAPHY/IMAGING -- 0.3%
Eastman Kodak Co.............. 37,300 2,571,369
PUBLISHING (NEWSPAPERS) -- 0.2%
Knight-Ridder, Inc............ 27,400 1,739,900
RAILROADS -- 0.1%
Union Pacific Corp............ 7,600 423,700
RESTAURANTS -- 0.1%
Darden Restaurants, Inc....... 20,000 381,250
Tricon Global Restaurants,
Inc.(e)....................... 2,800 112,525
---------------------
493,775
---------------------
RETAIL (BUILDING SUPPLIES) -- 1.1%
Home Depot, Inc. (The)........ 95,749 7,229,050
Lowe's Companies, Inc......... 25,500 1,402,500
---------------------
8,631,550
---------------------
RETAIL (COMPUTERS & ELECTRONICS) -- 0.1%
Best Buy Co., Inc.(e)......... 9,800 544,513
RETAIL (DEPARTMENT STORES) -- 0.1%
Federated Department Stores,
Inc.(e)....................... 15,400 657,388
RETAIL (DISCOUNTERS) -- 0.1%
Ross Stores, Inc.............. 30,000 618,750
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
RETAIL (GENERAL MERCHANDISE) -- 1.4%
Dayton Hudson Corp............ 26,000 $ 1,680,250
Kmart Corp.(e)................ 30,200 303,888
Wal-Mart Stores, Inc.......... 164,000 9,368,500
---------------------
11,352,638
---------------------
RETAIL (SPECIALTY) -- 0.1%
Zale Corp.(e)................. 11,200 469,000
RETAIL (SPECIALTY-APPAREL) -- 0.2%
Abercrombie & Fitch Co. Class
A(e).......................... 4,000 109,000
AnnTaylor Stores Corp.(e)..... 4,300 183,019
Gap, Inc. (The)............... 12,150 451,069
TJX Companies, Inc. (The)..... 34,100 924,963
---------------------
1,668,051
---------------------
SERVICES (ADVERTISING/MARKETING) -- 0.2%
Omnicom Group, Inc............ 15,300 1,346,400
SERVICES (COMMERCIAL & CONSUMER) -- 0.1%
Block (H&R), Inc.............. 7,800 331,988
Cendant Corp.(e).............. 20,900 344,850
Hertz Corp. (The) Class A..... 7,100 307,963
---------------------
984,801
---------------------
SERVICES (COMPUTER SYSTEMS) -- 0.0%
CSG Systems International,
Inc.(e)....................... 7,500 257,344
SERVICES (DATA PROCESSING) -- 0.1%
Paychex, Inc.................. 18,100 712,688
SPECIALTY PRINTING -- 0.3%
Deluxe Corp................... 81,300 2,296,725
TELECOMMUNICATIONS (LONG DISTANCE) -- 1.2%
AT&T Corp..................... 139,300 6,512,275
MCI WorldCom, Inc.(e)......... 34,500 2,960,531
---------------------
9,472,806
---------------------
TELEPHONE -- 1.9%
Bell Atlantic Corp............ 6,000 389,625
BellSouth Corp................ 152,400 6,858,000
GTE Corp...................... 34,400 2,580,000
SBC Communications, Inc....... 93,438 4,759,498
---------------------
14,587,123
---------------------
TEXTILES (APPAREL) -- 0.2%
Jones Apparel Group,
Inc.(e)....................... 25,200 796,950
</TABLE>
10 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
------- ---------------------
<S> <C> <C> <C>
TEXTILES (APPAREL)--CONTINUED
Tommy Hilfiger Corp.(e)....... 21,800 $ 615,850
---------------------
1,412,800
---------------------
TOBACCO -- 0.4%
Philip Morris Companies,
Inc........................... 119,800 3,017,463
TRUCKS & PARTS -- 0.1%
PACCAR, Inc................... 9,600 452,400
- -------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $229,435,942) 303,907,591
- -------------------------------------------------------------------------
FOREIGN COMMON STOCKS -- 0.5%
COMMUNICATIONS EQUIPMENT -- 0.1%
Nortel Networks Corp.
(Canada)...................... 12,000 743,250
OIL (INTERNATIONAL INTEGRATED) -- 0.4%
Royal Dutch Petroleum Co. NY
Registered Shares
(Netherlands)................. 46,700 2,799,081
- -------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $2,699,689) 3,542,331
- -------------------------------------------------------------------------
UNIT INVESTMENT TRUSTS -- 1.8%
S&P 500 Depository Receipts... 105,500 14,427,125
- -------------------------------------------------------------------------
TOTAL UNIT INVESTMENT TRUSTS
(IDENTIFIED COST $13,759,274) 14,427,125
- -------------------------------------------------------------------------
WARRANTS -- 0.0%
FOREIGN GOVERNMENT -- 0.0%
Republic of Argentina
Warrants(e)................... 3,713 9,561
- -------------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 9,561
- -------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS -- 98.3%
(IDENTIFIED COST $705,387,818) 772,275,914
- -------------------------------------------------------------------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- ------- ---------------------
SHORT-TERM OBLIGATIONS -- 1.1%
<S> <C> <C> <C>
COMMERCIAL PAPER -- 1.0%
Gannett Co., Inc. 5.30%,
11/1/99....................... A-1 $ 4,100 $ 4,100,000
Exxon Imperial Funding U.S.,
Inc. 5.30%, 11/2/99........... A-1+ 3,645 3,644,463
Greenwich Funding Corp. 5.36%,
11/2/99....................... A-1+ 250 249,963
---------------------
7,994,426
---------------------
FEDERAL AGENCY SECURITIES -- 0.1%
FMC Discount Note 5.16%,
11/1/99....................... 655 655,000
- -------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $8,649,426) 8,649,426
- -------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.4%
(IDENTIFIED COST $714,037,244) 780,925,340(a)
Cash and receivables, less liabilities-- 0.6% 4,473,524
---------------------
NET ASSETS -- 100.0% $ 785,398,864
=====================
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $101,651,381 and gross
depreciation of $35,243,734 for federal income tax purposes. At October 31,
1999, the aggregate cost of securities for federal income tax purposes was
$714,517,693.
(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 October 31,
1999, these securities amounted to a value of $68,005,115 or 8.7% of net
assets.
(c) As rated by Moodys, Fitch or Duff&Phelps.
(d) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
(e) Non-income producing.
See Notes to Financial Statements
11
<PAGE>
PHOENIX-OAKHURST INCOME AND GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $714,037,244) $780,925,340
Cash 12,275
Receivables
Dividends and interest 6,306,330
Investment securities sold 1,631,399
Fund shares sold 162,726
Prepaid expenses 16,124
------------
Total assets 789,054,194
------------
LIABILITIES
Payables
Investment securities purchased 1,472,083
Fund shares repurchased 927,036
Investment advisory fee 458,126
Distribution fee 339,579
Transfer agent fee 186,950
Financial agent fee 32,180
Trustees' fee 6,735
Accrued expenses 232,641
------------
Total liabilities 3,655,330
------------
NET ASSETS $785,398,864
============
NET ASSETS CONSIST OF:
Capital paid in on shares of
beneficial interest $716,072,326
Undistributed net investment income 2,900,094
Accumulated net realized loss (461,652)
Net unrealized appreciation 66,888,096
------------
NET ASSETS $785,398,864
============
CLASS A
Shares of beneficial interest
outstanding, $0.0001 par value,
unlimited authorization (Net
Assets $515,811,139) 54,192,019
Net asset value per share $9.52
Offering price per share
$9.52/(1-4.75%) $9.99
CLASS B
Shares of beneficial interest
outstanding, $0.0001 par value,
unlimited authorization (Net
Assets $269,429,001) 28,229,711
Net asset value and offering price
per share $9.54
CLASS C
Shares of beneficial interest
outstanding, $0.0001 par value,
unlimited authorization (Net
Assets $158,724) 16,562
Net asset value and offering price
per share $9.58
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 17,661,071
Dividends 2,374,079
Foreign taxes withheld (31,789)
------------
Total investment income 20,003,361
------------
EXPENSES
Investment advisory fee 2,887,455
Distribution fee, Class A 670,369
Distribution fee, Class B 1,443,280
Distribution fee, Class C 178
Financial agent fee 198,547
Transfer agent 571,449
Printing 69,793
Registration 41,201
Custodian 33,801
Professional 19,851
Trustees 8,570
Miscellaneous 16,822
------------
Total expenses 5,961,316
Custodian fees paid indirectly (1,702)
------------
Net expenses 5,959,614
------------
NET INVESTMENT INCOME 14,043,747
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain on securities 2,731,605
Net change in unrealized
appreciation (depreciation) on
investments (19,141,721)
------------
NET LOSS ON INVESTMENTS (16,410,116)
------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ (2,366,369)
============
</TABLE>
12 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME AND GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
10/31/99 YEAR ENDED
(UNAUDITED) 4/30/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 14,043,747 $ 28,357,686
Net realized gain (loss) 2,731,605 7,074,081
Net change in unrealized appreciation (depreciation) (19,141,721) 26,170,493
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS (2,366,369) 61,602,260
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (8,804,352) (19,397,606)
Net investment income, Class B (3,073,454) (10,518,250)
Net investment income, Class C (250) --
Net realized gains, Class A -- (43,303,686)
Net realized gains, Class B -- (24,388,234)
In excess of net realized gains, Class A -- (1,947,627)
In excess of net realized gains, Class B -- (1,096,886)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (11,878,056) (100,652,289)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (729,454 and 4,894,329
shares, respectively) 6,935,198 49,000,837
Net asset value of shares issued from Convertible Fund
merger (0 and 16,132,079 shares, respectively) -- 156,615,165
Net asset value of shares issued from reinvestment of
distributions
(718,463 and 5,607,651 shares, respectively) 6,768,731 52,935,795
Cost of shares repurchased (5,640,309 and 13,333,886,
respectively) (53,613,866) (131,232,769)
------------ ------------
Total (39,909,937) 127,319,028
------------ ------------
CLASS B
Proceeds from sales of shares (339,549 and 1,583,031
shares, respectively) 3,225,378 15,437,928
Net asset value of shares issued from Convertible Fund
merger (0 and 740,793 shares, respectively) -- 7,207,950
Net asset value of shares issued from reinvestment of
distributions
(255,732 and 3,039,308 shares, respectively) 2,414,650 28,805,790
Cost of shares repurchased (4,441,459 and 8,694,838,
respectively) (42,303,841) (85,529,726)
------------ ------------
Total (36,663,813) (34,078,058)
------------ ------------
CLASS C
Proceeds from sales of shares (16,535 and 0 shares,
respectively) 157,869 --
Net asset value of shares issued from reinvestment of
distributions
(27 and 0 shares, respectively) 250 --
------------ ------------
Total 158,119 --
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS (76,415,631) 93,240,970
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (90,660,056) 54,190,941
NET ASSETS
Beginning of period 876,058,920 821,867,979
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME OF
$2,900,094 AND $734,403, RESPECTIVELY] $785,398,864 $876,058,920
============ ============
</TABLE>
See Notes to Financial Statements 13
<PAGE>
PHOENIX-OAKHURST INCOME AND GROWTH FUND
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED APRIL 30,
10/31/99 --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.68 $ 10.20 $ 9.86 $ 10.08 $ 8.88 $ 9.33
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.18(5) 0.36 0.38 0.40 0.44 0.46
Net realized and unrealized gain (loss) (0.18) 0.29 1.63 0.66 1.22 0.03
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS -- 0.65 2.01 1.06 1.66 0.49
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment income (0.16) (0.38) (0.39) (0.40) (0.42) (0.45)
Dividends from net realized gains -- (0.76) (1.28) (0.88) (0.04) (0.33)
In excess of net realized gains -- (0.03) -- -- -- (0.16)
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS (0.16) (1.17) (1.67) (1.28) (0.46) (0.94)
-------- -------- -------- -------- -------- --------
Change in net asset value (0.16) (0.52) 0.34 (0.22) 1.20 (0.45)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.52 $ 9.68 $ 10.20 $ 9.86 $ 10.08 $ 8.88
======== ======== ======== ======== ======== ========
Total return(1) 0.00%(4) 6.97% 21.87% 10.93% 19.01% 5.95%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $515,811 $565,276 $459,992 $451,439 $493,454 $490,225
RATIO TO AVERAGE NET ASSETS OF:
Expenses 1.18%(2)(3) 1.17%(2) 1.13% 1.18% 1.18% 1.16%
Net investment income 3.66%(3) 3.64% 3.61% 3.82% 4.39% 5.07%
Portfolio turnover 29%(4) 68% 155% 111% 107% 90%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED APRIL 30,
10/31/99 --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.69 $ 10.22 $ 9.87 $ 10.09 $ 8.88 $ 9.32
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.14(5) 0.29 0.30 0.31 0.36 0.39
Net realized and unrealized gain (loss) (0.19) 0.29 1.64 0.67 1.23 0.04
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS (0.05) 0.58 1.94 0.98 1.59 0.43
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment income (0.10) (0.32) (0.31) (0.32) (0.34) (0.38)
Dividends from net realized gains -- (0.76) (1.28) (0.88) (0.04) (0.33)
In excess of net realized gains -- (0.03) -- -- -- (0.16)
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS (0.10) (1.11) (1.59) (1.20) (0.38) (0.87)
-------- -------- -------- -------- -------- --------
Change in net asset value (0.15) (0.53) 0.35 (0.22) 1.21 (0.44)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.54 $ 9.69 $ 10.22 $ 9.87 $ 10.09 $ 8.88
======== ======== ======== ======== ======== ========
Total return(1) (0.46)%(4) 6.18% 21.03% 10.05% 18.14% 5.23%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $269,429 $310,783 $361,876 $370,929 $396,169 $386,515
RATIO TO AVERAGE NET ASSETS OF:
Expenses 1.93%(2)(3) 1.92%(2) 1.88% 1.93% 1.93% 1.91%
Net investment income 2.91%(3) 2.92% 2.86% 3.06% 3.64% 4.32%
Portfolio turnover 29%(4) 68% 155% 111% 107% 90%
</TABLE>
<TABLE>
<C> <S>
(1) Maximum sales charge is not reflected in the total return
calculation.
(2) The ratio of operating expenses to average net assets
excludes the effects of expense offsets for custodian fees;
if expense offsets were included, the ratio would not
significantly differ.
(3) Annualized.
(4) Not Annualized.
(5) Computed using average shares outstanding.
</TABLE>
14 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME AND GROWTH FUND
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS C
-----------
FROM
INCEPTION
8/27/99 TO
10/31/99
(UNAUDITED)
<S> <C>
Net asset value, beginning of period $ 9.61
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.05(5)
Net realized and unrealized gain (loss) (0.06)
--------
TOTAL FROM INVESTMENT OPERATIONS (0.01)
--------
LESS DISTRIBUTIONS
Dividends from net investment income (0.02)
--------
TOTAL DISTRIBUTIONS (0.02)
--------
Change in net asset value (0.03)
--------
NET ASSET VALUE, END OF PERIOD $ 9.58
========
Total return(1) (0.06)%(4)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $159
RATIO TO AVERAGE NET ASSETS OF:
Expenses 1.94 %(2)(3)
Net investment income 2.91 %(3)
Portfolio turnover 29 %(4)
</TABLE>
<TABLE>
<C> <S>
(1) Maximum sales charge is not reflected in the total return
calculation.
(2) The ratio of operating expenses to average net assets
excludes the effects of expense offsets for custodian fees;
if expense offsets were included, the ratio would not
significantly differ.
(3) Annualized.
(4) Not Annualized.
(5) Computed using average shares outstanding.
</TABLE>
See Notes to Financial Statements 15
<PAGE>
PHOENIX-OAKHURST INCOME AND GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1999 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix-Oakhurst Income and Growth 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 primary investment objective is to invest in a diversified group of
securities that are selected for current yield consistent with preservation of
capital. 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 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. 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 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 generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses.
Actual results could differ from those estimates.
A. SECURITY VALUATION:
Equity securities are valued at the last sale price, or if there had been no
sale that day, at the last bid price. Debt securities are valued on the basis of
broker quotations or valuations provided by a pricing service which utilizes
information with respect to 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 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. 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. Discounts 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 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 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, 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.
G. SECURITY LENDING:
The Fund loans securities to qualified brokers through an agreement with State
Street Bank & Trust (the Custodian). 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 is adjusted daily in connection with changes in
the market value of securities on loan. Collateral consists of cash, securities
16
<PAGE>
PHOENIX-OAKHURST INCOME AND GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1999 (UNAUDITED) (CONTINUED)
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 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.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
Effective June 1, 1998, National Securities and Research Corporation assigned
its investment advisory agreement to Phoenix Investment Counsel, Inc. ("PIC"),
both an indirect majority-owned subsidiary of Phoenix Home Life Mutual Insurance
Company ("PHL"). PIC is entitled to a fee at an annual rate of 0.70% of the
average daily net assets of the Fund for the first $1.0 billion and 0.65% for
the second $1.0 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 $14,169 for Class A shares and deferred
sales charges of $171,901 for Class B shares for the six months ended
October 31, 1999. In addition, the Fund pays PEPCO a distribution fee at an
annual rate of 0.25% for Class A shares, 1.00% for Class B shares and 1.00% for
Class C shares applied to 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 October 31, 1999, $1,279,762 was earned
by the Distributor, $789,118 was paid to unaffiliated participants and $44,947
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
Company as sub-transfer agent. For the six months ended October 31, 1999,
transfer agent fees were $571,449 of which PEPCO retained $265,755 which is net
of fees paid to State Street.
At October 31, 1999, PHL and affiliates held 162 Class A shares, 22 Class B
shares, 10,432 Class C shares of the Fund with a combined value of $101,691.
3. PURCHASE AND SALE OF SECURITIES
During the six months ended October 31, 1999, purchases and sales of
investments, excluding short-term securities and U.S. Government and agency
securities, amounted to $161,975,811 and $213,139,165, respectively. Purchases
and sales of long-term U.S. Government and agency securities amounted to
$75,542,173 and $114,921,245, 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 Income and Growth Fund unless preceded or accompanied by an
effective prospectus which includes information concerning the sales charge, the
Fund's record and other pertinent information.
17
<PAGE>
PHOENIX-OAKHURST INCOME AND GROWTH FUND
101 Munson Street
Greenfield, Massachusetts 01301
TRUSTEES
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
OFFICERS
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
William R. Moyer, Executive Vice President
John F. Sharry, Executive Vice President
James D. Wehr, Senior Vice President
Steven L. Colton, Vice President
Michael Kearney, Vice President
Christopher J. Kelleher, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
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
<TABLE>
<S> <C>
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
</TABLE>
World Wide Web address:
WWW.PHOENIXINVESTMENTS.COM
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION
PO Box 2200
Enfield CT 06083-2200
[LOGO] PHOENIX
INVESTMENT PARTNERS
PRSRT STD
U.S. Postage
PAID
Andrews
Associates
PXP 661 (11/99)
