<PAGE>
Phoenix Investment Partners
SEMIANNUAL REPORT
OCTOBER 31, 2000
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, 2000.
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
OCTOBER 31, 2000
Mutual funds are not insured by the FDIC; are not
deposits or other obligations of a bank and are not
guaranteed by a bank; and are subject to
investment risks, including possible loss of the
principal invested.
1
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
INVESTMENTS AT OCTOBER 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ------------
<S> <C> <C> <C>
AGENCY MORTGAGE-BACKED SECURITIES--3.8%
GNMA 6.50%, '23-'28..................... AAA $ 25,190 $ 24,466,543
---------------------------------------------------------------------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $24,780,234) 24,466,543
---------------------------------------------------------------------------
MUNICIPAL BONDS -- 6.4%
CALIFORNIA--2.7%
Fresno County Pension Obligation Revenue
Taxable 6.21%, 8/15/06.................. AAA 5,600 5,403,552
Kern County Pension Obligation Revenue
Taxable 7.26%, 8/15/14.................. AAA 1,500 1,475,505
Long Beach Pension Obligation Taxable
6.87%, 9/1/06........................... AAA 2,750 2,738,862
Oakland Pension Obligation Taxable
Revenue Series A 6.91%, 12/15/07........ AAA 1,885 1,872,785
Pasadena Pension Funding Revenue Taxable
Series A 7.15%, 5/15/11................. AAA 1,000 988,010
San Bernardino County Pension Obligation
Revenue Taxable 6.87%, 8/1/08........... AAA 1,335 1,316,524
Sonoma County Pension Obligation Revenue
Taxable 6.625%, 6/1/13.................. AAA 2,100 1,966,083
Ventura County Pension Obligation
Taxable 6.54%, 11/1/05.................. AAA 1,325 1,305,642
------------
17,066,963
------------
FLORIDA--0.4%
Tampa Solid Waste System Revenue Taxable
Series A 6.23%, 10/1/05................. AAA 2,820 2,719,834
ILLINOIS--0.5%
Illinois Educational Facilities
Authority-Loyola University Revenue
Taxable Series A 7.84%, 7/1/24.......... AAA 3,410 3,361,169
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ------------
<S> <C> <C> <C>
MASSACHUSETTS--0.2%
Massachusetts Port Authority Revenue
Taxable Series C 6.05%, 7/1/02.......... AA- $ 1,575 $ 1,559,691
NEW JERSEY--0.3%
New Jersey Sports & Exposition Authority
Revenue Taxable Series A 6.75%,
3/1/10.................................. AAA 1,780 1,720,406
OREGON--0.4%
Multnomah County Pension Obligation
Revenue Taxable 7.20%, 6/1/10........... Aaa(c) 2,590 2,579,769
PENNSYLVANIA--1.0%
Philadelphia Authority For Industrial
Development Pension Funding Retirement
Systems Revenue Taxable Series A 5.69%,
4/15/07................................. AAA 3,000 2,794,110
Pittsburgh Pension Obligation Taxable
Series C 6.50%, 3/1/17.................. AAA 4,250 3,827,677
------------
6,621,787
------------
TEXAS--0.9%
Dallas-Fort Worth International Airport
Revenue Taxable 6.40%, 11/1/06.......... AAA 4,415 4,308,069
Dallas-Fort Worth International Airport
Revenue Taxable 6.40%, 11/1/07.......... AAA 1,200 1,158,984
------------
5,467,053
------------
---------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $42,676,189) 41,096,672
---------------------------------------------------------------------------
ASSET-BACKED SECURITIES--4.2%
Associates Manufactured Housing Pass
Through 97-2, A6 7.075%, 3/15/28........ AAA 1,500 1,449,706
Capita Equipment Receivables Trust 97-1,
B 6.45%, 8/15/02........................ A+ 3,500 3,478,125
Discover Card Master Trust I 98-6, A
5.85%, 1/17/06.......................... AAA 1,250 1,222,352
</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>
Ford Credit Auto Owner Trust 98-C, B
6.06%, 2/15/03.......................... AA $ 4,000 $ 3,960,848
Green Tree Financial Corp. 96-2, M1
7.60%, 4/15/27.......................... AA- 3,325 3,247,530
Honda Auto Lease Trust 99-A, A5 6.65%,
7/15/05................................. AAA 5,500 5,479,481
Premier Auto Trust 98-3, B 6.14%,
9/8/04.................................. A+ 2,500 2,468,383
Triangle Funding Ltd. 98-2A, 3 8.58%,
10/15/04(d)............................. BBB 6,000 5,979,516
---------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $27,643,321) 27,285,941
---------------------------------------------------------------------------
CORPORATE BONDS--7.5%
AIRLINES--0.2%
Northwest Airlines Corp. Series 2000-1
Class G 8.072%, 10/1/19................. AAA 1,000 1,033,020
BANKS (MAJOR REGIONAL)--0.6%
U.S. Bank of Minnesota N.A. 6.30%,
7/15/08................................. A 1,500 1,385,940
Wachovia Corp. 5.625%, 12/15/08......... A+ 2,500 2,216,620
------------
3,602,560
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.0%
CSC Holdings, Inc. 7.625%, 7/15/18...... BB+ 2,000 1,768,134
Charter Communications Holdings LLC
8.625%, 4/1/09.......................... B+ 1,900 1,719,500
Turner Broadcasting System, Inc. 8.375%,
7/1/13.................................. BBB 3,000 3,157,788
------------
6,645,422
------------
COMMUNICATIONS EQUIPMENT--0.7%
Metromedia Fiber Network, Inc. Series B
10%, 11/15/08........................... B+ 2,000 1,780,000
Spectrasite Holdings, Inc. Series B 0%,
3/15/10(d).............................. B- 2,250 1,102,500
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ------------
<S> <C> <C> <C>
COMMUNICATIONS EQUIPMENT--CONTINUED
Williams Communications Group, Inc.
10.875%, 10/1/09........................ B+ $ 2,000 $ 1,695,000
------------
4,577,500
------------
COMPUTERS (SOFTWARE & SERVICES)--0.3%
Computer Associates International, Inc.
Series B 6.375%, 4/15/05................ BBB+ 2,350 2,171,008
ENTERTAINMENT--0.4%
Capitol Records, Inc. 144A 8.375%,
8/15/09(b).............................. BBB+ 2,400 2,477,770
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.5%
MGM Mirage, Inc. 9.75%, 6/1/07.......... BB+ 550 563,750
Station Casinos, Inc. 8.875%, 12/1/08... B+ 2,630 2,537,950
------------
3,101,700
------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.4%
Tenet Healthcare Corp. 8%, 1/15/05...... BB+ 2,500 2,471,875
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.5%
Boston Scientific Corp. 6.625%,
3/15/05................................. BBB 2,425 2,277,109
Fresenius Medical Capital Trust I 9%,
12/1/06................................. B+ 600 588,000
------------
2,865,109
------------
HEALTH CARE (SPECIALIZED SERVICES)--0.3%
HEALTHASOUTH Corp. 144A 10.75%
10/1/08(b).............................. BB+ 2,000 2,016,444
LEISURE TIME (PRODUCTS)--0.4%
Bally Total Fitness Holding Corp.
Series D 9.875%, 10/15/07............... B- 2,500 2,337,500
OIL & GAS (EXPLORATION & PRODUCTION)--0.2%
Triton Energy Ltd.144A, 8.875%,
10/1/07(b).............................. BB- 1,450 1,459,062
PAPER & FOREST PRODUCTS--0.4%
Buckeye Technologies, Inc. 8.50%,
12/15/05................................ BB- 2,500 2,437,500
TELECOMMUNICATIONS (LONG DISTANCE)--0.8%
Level 3 Communications, Inc. 9.125%,
5/1/08.................................. B 2,565 2,084,062
NTL Communications Corp. 144A 11.875%,
10/1/10(b).............................. B 1,500 1,395,000
</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>
TELECOMMUNICATIONS (LONG DISTANCE)--CONTINUED
Nextlink Communications, Inc. 10.75%,
11/15/08................................ B $ 2,000 $ 1,760,000
------------
5,239,062
------------
TELEPHONE--0.3%
Century Telephone Enterprises, Inc.
Series F 6.30%, 1/15/08................. BBB+ 2,500 2,210,485
TEXTILES (APPAREL)--0.3%
Collins & Aikman Products Co. 11.50%,
4/15/06................................. B 2,500 2,168,750
TRUCKS & PARTS--0.2%
Cummins Engine, Inc. 6.45%, 3/1/05...... BBB+ 1,250 1,148,323
---------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $51,366,313) 47,963,090
---------------------------------------------------------------------------
NON-AGENCY MORTGAGE-BACKED
SECURITIES--16.2%
CS First Boston Mortgage Securities
Corp. 97-C2, B 6.72%, 11/17/07.......... Aa(c) 11,000 10,680,956
DLJ Mortgage Acceptance Corp. 96-CF1,
A1B 7.58%, 2/12/06...................... AAA 4,400 4,459,125
DLJ Commercial Mortgage Corp. 99-CG1,
A1B 6.46%, 1/10/09...................... Aaa(c) 2,000 1,921,250
DLJ Commercial Mortgage Corp. 98-CF2,
A1B 6.24%, 11/12/31..................... Aaa(c) 2,800 2,657,375
First Union - Lehman Brothers Commercial
Mortgage 97-C1, B 7.43%, 4/18/07........ Aa(c) 2,500 2,515,616
First Union - Lehman Brothers - Bank of
America 98-C2, D 6.778%, 3/18/13........ BBB 5,500 4,991,140
First Union Commercial Mortgage Trust
99-C1, A2 6.07%, 10/15/08............... AAA 1,800 1,695,094
Fleet Credit Card Master Trust II,
2000-C Class A 7.02%, 2/15/08........... AAA 5,000 5,055,355
G.E. Capital Mortgage Services, Inc.
94-9, M 6.50%, 2/25/24.................. AA 10,218 9,531,996
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ------------
<S> <C> <C> <C>
G.E. Capital Mortgage Services, Inc.
96-4, A5 7%, 3/25/26.................... AAA $ 8,477 $ 8,187,918
G.E. Capital Mortgage Services, Inc.
96-8, 1M 7.25%, 5/25/26................. AA 473 461,834
GMAC Commercial Mortgage Securities,
Inc. 97-C2, B 6.703%, 12/15/07.......... Aa(c) 7,000 6,695,937
LB Commercial Conduit Mortgage Trust
98-C4, A1B 6.21%, 10/15/08.............. AAA 5,000 4,749,539
LB Commercial Conduit Mortgage Trust
99-C2, A2 7.325%, 9/15/09............... Aaa(c) 2,000 2,013,750
Lehman Large Loan 97-LLI, B 6.95%,
3/12/07................................. AA+ 4,340 4,226,075
Nationslink Funding Corp. 96-1, B 7.69%,
12/20/05................................ AA 1,500 1,524,492
Norwest Asset Securities Corp. 99-13, B1
6.75%, 5/25/29.......................... AA(c) 9,057 8,519,648
Prudential Home Mortgage Securities
94-15, M 6.80%, 5/25/24................. Aaa(c) 7,665 7,375,598
Residential Funding Mortgage Securities
I 96-S1, A11 7.10%, 1/25/26............. AAA 2,800 2,716,875
Residential Funding Mortgage Securities
I 96-S4, M1 7.25%, 2/25/26.............. AA 3,769 3,671,159
Securitized Asset Sales, Inc. 93-J, 2B
6.808%, 11/28/23........................ AAA(c) 8,828 8,549,064
Structured Asset Securities Corp. 00-C2,
L 8.37%, 3/20/03........................ BB 2,407 2,335,110
---------------------------------------------------------------------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $107,147,545) 104,534,906
---------------------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES--7.7%
BULGARIA--0.8%
Republic of Bulgaria IAB PDI Euro 7.75%,
7/28/11(d).............................. B+(c) 2,675 2,006,250
Republic of Bulgaria FLIRB Series A
Bearer 3%, 7/28/12(d)................... B+ 4,205 3,027,600
------------
5,033,850
------------
</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>
CHILE--0.5%
Republic of Chile 6.875% 4/28/09........ A- $ 3,300 $ 3,051,467
COSTA RICA--0.8%
Republic of Costa Rica 144A 9.335%,
5/15/09(b).............................. BB 4,185 4,205,925
Republic of Costa Rica 144A 9.995%,
8/1/20(b)............................... BB 1,000 1,002,500
------------
5,208,425
------------
CROATIA--1.0%
Croatia Series B 7.75%, 7/31/06(d)...... BBB- 3,147 2,997,556
Croatia Series A 7.75%, 7/31/10(d)...... BBB- 3,909 3,615,905
------------
6,613,461
------------
EL SALVADOR--0.4%
Republic of El Salvador 144A 9.50%,
8/15/06(b).............................. BB+ 2,500 2,600,000
MEXICO--1.7%
United Mexican States Global Bond
10.375%, 2/17/09........................ BB+ 750 798,750
United Mexican States Global Bond
11.375%, 9/15/16........................ BB+ 2,750 3,123,312
United Mexican States Global Bond
11.50%, 5/15/26......................... BB+ 6,000 7,089,000
------------
11,011,062
------------
PANAMA--0.7%
Republic of Panama 8.875%, 9/30/27...... BB+ 3,000 2,542,500
Republic of Panama 9.375%, 4/1/29....... BB+ 2,000 1,931,000
------------
4,473,500
------------
PHILIPPINES--0.6%
Republic of Philippines 9.875%,
1/15/19................................. BB+ 5,000 3,737,500
POLAND--1.1%
Poland Bearer PDI 6%, 10/27/14(d)....... BBB+ 3,785 3,503,491
Poland Registered PDI 6%, 10/27/14(d)... BBB 4,000 3,702,500
------------
7,205,991
------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ------------
<S> <C> <C> <C>
SOUTH KOREA--0.1%
Republic of Korea 8.875%, 4/15/08....... BBB $ 590 $ 616,550
---------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(IDENTIFIED COST $49,584,691) 49,551,806
---------------------------------------------------------------------------
FOREIGN CORPORATE BONDS--2.2%
BERMUDA--0.3%
Global Crossing Holdings Ltd. 9.125%,
11/15/06................................ BB 1,935 1,855,181
CAYMAN ISLANDS--0.2%
Pemex Finance Ltd. 7.33%, 5/15/12....... AAA 1,000 999,800
CHILE--0.4%
Compania Sud Americana de Vapores SA
RegS 7.375%, 12/8/03.................... BBB 610 590,456
Petropower I Funding Trust 144A 7.36%,
2/15/14(b).............................. BBB 2,186 1,915,271
------------
2,505,727
------------
ISRAEL--0.1%
Partner Communications Series DTC 13%,
8/15/10................................. B- 1,000 822,500
LUXEMBOURG--0.7%
Tyco International Group SA 6.375%,
6/15/05................................. A- 4,800 4,644,351
NETHERLANDS--0.5%
Deutsche Telekom International Finance
BV W.I. 8%, 6/15/10..................... A- 1,875 1,915,236
Telefonica Europe BV 7.75% 9/15/10...... A+ 1,200 1,207,579
------------
3,122,815
------------
---------------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(IDENTIFIED COST $14,523,640) 13,950,374
---------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix-Oakhurst Income & Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
COMMON STOCKS--46.2%
<S> <C> <C> <C>
AEROSPACE/DEFENSE--0.9%
Boeing Co. (The)........................ 34,800 $ 2,359,875
General Dynamics Corp................... 27,600 1,975,125
Northrop Grumman Corp................... 17,700 1,486,800
------------
5,821,800
------------
AIR FREIGHT--0.0%
FedEx Corp.(e).......................... 7,300 342,078
AIRLINES--0.3%
AMR Corp.(e)............................ 11,500 376,625
Delta Air Lines, Inc.................... 13,600 642,600
Southwest Airlines Co................... 27,700 789,450
------------
1,808,675
------------
ALUMINUM--0.4%
Alcoa, Inc.............................. 80,200 2,300,737
AUTO PARTS & EQUIPMENT--0.1%
Visteon Corp.(e)........................ 37,800 668,587
AUTOMOBILES--0.8%
Ford Motor Co........................... 157,400 4,112,075
General Motors Corp..................... 13,900 863,537
------------
4,975,612
------------
BANKS (MAJOR REGIONAL)--0.8%
Bank of New York Co., Inc. (The)........ 5,800 333,862
Firstar Corp............................ 42,000 826,875
FleetBoston Financial Corp.............. 100,100 3,803,800
------------
4,964,537
------------
BANKS (MONEY CENTER)--0.9%
Bank of America Corp.................... 34,600 1,662,962
Chase Manhattan Corp. (The)............. 88,100 4,008,550
------------
5,671,512
------------
BANKS (REGIONAL)--0.2%
Silicon Valley Bancshares(e)............ 33,200 1,535,500
BIOTECHNOLOGY--0.1%
Amgen, Inc.(e).......................... 16,400 950,175
BROADCASTING (TELEVISION, RADIO & CABLE)--0.1%
Clear Channel Communications, Inc.(e)... 9,900 594,619
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
CHEMICALS--0.7%
Air Products & Chemicals, Inc........... 9,400 $ 350,737
Dow Chemical Co. (The).................. 55,800 1,708,875
Du Pont (E.I.) de Nemours & Co.......... 51,100 2,318,662
------------
4,378,274
------------
COMMUNICATIONS EQUIPMENT--1.4%
ADC Telecommunications, Inc.(e)......... 42,300 904,162
ADTRAN, Inc.(e)......................... 8,000 304,000
Comverse Technology, Inc.(e)............ 12,800 1,430,400
Corning, Inc............................ 17,500 1,338,750
Ditech Communications Corp.(e).......... 9,200 316,825
Motorola, Inc........................... 74,000 1,845,375
QUALCOMM, Inc.(e)....................... 19,200 1,250,100
Sawtek, Inc.(e)......................... 7,300 371,387
Scientific-Atlanta, Inc................. 10,800 739,125
Tellabs, Inc.(e)........................ 5,100 254,681
Terayon Communication Systems, Inc.(e).. 7,600 170,050
------------
8,924,855
------------
COMPUTERS (HARDWARE)--2.6%
Apple Computer, Inc.(e)................. 34,000 665,125
Compaq Computer Corp.................... 49,000 1,490,090
Dell Computer Corp.(e).................. 47,400 1,398,300
Gateway, Inc.(e)........................ 24,500 1,264,445
Hewlett-Packard Co.(e).................. 62,000 2,879,125
International Business Machines Corp.... 51,400 5,062,900
Sun Microsystems, Inc.(e)............... 35,100 3,891,712
------------
16,651,697
------------
COMPUTERS (NETWORKING)--1.4%
Cisco Systems, Inc.(e).................. 165,400 8,910,925
COMPUTERS (PERIPHERALS)--0.5%
EMC Corp.(e)............................ 40,000 3,562,500
COMPUTERS (SOFTWARE & SERVICES)--2.9%
Adobe Systems, Inc...................... 10,800 821,475
America Online, Inc.(e)................. 59,200 2,985,456
Microsoft Corp.(e)...................... 129,300 8,905,537
Oracle Corp.(e)......................... 129,800 4,283,400
Symantec Corp.(e)....................... 6,800 265,625
Verity, Inc. (e)........................ 15,400 361,900
Yahoo!, Inc.(e)......................... 14,100 826,612
------------
18,450,005
------------
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Income & Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
CONSUMER FINANCE--0.1%
PMI Group, Inc. (The)................... 7,300 $ 539,287
Providian Financial Corp................ 2,700 280,800
------------
820,087
------------
DISTRIBUTORS (FOOD & HEALTH)--0.5%
AmeriSource Health Corp. Class A(e)..... 7,700 334,469
Cardinal Health, Inc.................... 14,000 1,326,500
SYSCO Corp.............................. 28,200 1,471,687
------------
3,132,656
------------
ELECTRIC COMPANIES--1.2%
ALLETE.................................. 21,000 452,812
DTE Energy Co........................... 6,800 245,650
Edison International.................... 20,800 496,600
Entergy Corp............................ 39,000 1,494,187
Exelon Corp............................. 9,700 583,212
PG&E Corp............................... 56,400 1,519,275
Public Service Enterprise Group, Inc.... 7,700 319,550
TXU Corp................................ 20,700 767,194
UtiliCorp United, Inc................... 59,400 1,577,812
------------
7,456,292
------------
ELECTRICAL EQUIPMENT--2.7%
AVX Corp................................ 23,600 675,550
General Electric Co..................... 266,000 14,580,125
KEMET Corp.(e).......................... 24,000 669,000
Solectron Corp.(e)...................... 20,400 897,600
Vishay Intertechnology, Inc.(e)......... 19,100 573,000
------------
17,395,275
------------
ELECTRONICS (SEMICONDUCTORS)--2.1%
Advanced Micro Devices, Inc.(e)......... 14,000 316,750
Analog Devices, Inc.(e)................. 6,200 403,000
Cypress Semiconductor Corp.(e).......... 14,500 542,844
Integrated Device Technology, Inc.(e)... 7,400 416,712
Intel Corp.............................. 167,200 7,524,000
International Rectifier Corp.(e)........ 6,700 298,987
Micron Technology, Inc.(e).............. 49,400 1,716,650
National Semiconductor Corp.(e)......... 14,400 374,400
Texas Instruments, Inc.................. 42,800 2,099,875
------------
13,693,218
------------
ENGINEERING & CONSTRUCTION--0.0%
Dycom Industries, Inc.(e)............... 3,600 135,450
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
ENGINEERING & CONSTRUCTION--CONTINUED
Quanta Services, Inc.(e)................ 5,400 $ 167,737
------------
303,187
------------
ENTERTAINMENT--0.5%
Time Warner, Inc........................ 23,400 1,776,294
Viacom, Inc. Class B(e)................. 20,200 1,148,875
Walt Disney Co. (The)................... 8,200 293,662
------------
3,218,831
------------
EQUIPMENT (SEMICONDUCTORS)--0.5%
Applied Materials, Inc.(e).............. 22,400 1,190,000
Credence Systems Corp.(e)............... 13,200 247,500
KLA-Tencor Corp.(e)..................... 7,400 250,212
Lam Research Corp.(e)................... 23,000 445,625
Novellus Systems, Inc.(e)............... 7,300 298,844
Teradyne, Inc.(e)....................... 19,400 606,250
------------
3,038,431
------------
FINANCIAL (DIVERSIFIED)--3.8%
Ace Ltd................................. 33,000 1,295,250
Ambac Financial Group, Inc.............. 5,500 438,969
American Express Co..................... 34,600 2,076,000
Citigroup, Inc.......................... 193,066 10,160,098
Fannie Mae.............................. 32,400 2,494,800
Morgan (J.P.) & Co., Inc................ 17,000 2,813,500
Morgan Stanley Dean Witter & Co......... 66,000 5,300,625
------------
24,579,242
------------
FOODS--1.0%
ConAgra Foods, Inc...................... 46,700 998,212
Kellogg Co.............................. 9,000 228,375
McCormick & Co., Inc.................... 22,200 703,462
PepsiCo, Inc............................ 64,400 3,119,375
Quaker Oats Co. (The)................... 14,800 1,207,125
------------
6,256,549
------------
FOOTWEAR--0.0%
Timberland Co. (The) Class A(e)......... 4,900 252,963
HARDWARE & TOOLS--0.1%
Stanley Works, The...................... 13,500 359,438
HEALTH CARE (DIVERSIFIED)--1.3%
Abbott Laboratories..................... 40,200 2,123,063
Bristol-Myers Squibb Co................. 31,700 1,931,719
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix-Oakhurst Income & Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
HEALTH CARE (DIVERSIFIED)--CONTINUED
Johnson & Johnson....................... 46,000 $ 4,237,750
------------
8,292,532
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--3.0%
Lilly (Eli) & Co........................ 29,600 2,645,500
Merck & Co., Inc........................ 59,200 5,324,300
Pfizer, Inc............................. 168,050 7,257,659
Pharmacia Corp.......................... 17,731 975,205
Schering-Plough Corp.................... 55,800 2,884,163
------------
19,086,827
------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.1%
Tenet Healthcare Corp................... 22,700 892,394
HEALTH CARE (MANAGED CARE)--0.7%
Oxford Health Plans, Inc.(e)............ 29,100 982,125
UnitedHealth Group, Inc................. 22,000 2,406,250
Wellpoint Health Networks, Inc.(e)...... 10,400 1,216,150
------------
4,604,525
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.1%
Beckman Coulter Inc..................... 8,000 560,500
HOUSEHOLD PRODUCTS (NON-DURABLE)--0.3%
Clorox Co. (The)........................ 19,200 856,800
Colgate-Palmolive Co.................... 5,800 340,808
Kimberly-Clark Corp..................... 12,700 838,200
------------
2,035,808
------------
HOUSEWARES--0.2%
Tupperware Corp......................... 66,300 1,135,388
INSURANCE (LIFE/HEALTH)--0.3%
Lincoln National Corp................... 35,400 1,712,475
INSURANCE (MULTI-LINE)--0.4%
CIGNA Corp.............................. 13,700 1,670,715
Hartford Financial Services Group, Inc.
(The)................................... 2,100 156,319
Loews Corp.............................. 11,600 1,054,875
------------
2,881,909
------------
INSURANCE (PROPERTY-CASUALTY)--0.2%
MGIC Investment Corp.................... 7,600 517,750
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
INSURANCE (PROPERTY-CASUALTY)--CONTINUED
Radian Group, Inc....................... 10,000 $ 708,750
------------
1,226,500
------------
INSURANCE BROKERS--0.3%
Gallagher (Arthur J.) & Co.............. 29,300 1,849,563
INVESTMENT BANKING/BROKERAGE--0.6%
Goldman Sachs Group, Inc. (The)......... 10,600 1,058,013
Lehman Brothers Holdings, Inc........... 10,000 645,000
Merrill Lynch & Co., Inc................ 35,900 2,513,000
------------
4,216,013
------------
LODGING-HOTELS--0.2%
Marriott International, Inc. Class A.... 11,200 453,600
Starwood Hotels & Resorts Worldwide,
Inc..................................... 18,900 559,913
------------
1,013,513
------------
MACHINERY (DIVERSIFIED)--0.2%
Dover Corp.............................. 30,000 1,273,125
MANUFACTURING (DIVERSIFIED)--1.0%
ITT Industries, Inc..................... 9,200 299,575
Johnson Controls, Inc................... 14,600 870,525
Minnesota Mining and Manufacturing
Co...................................... 9,600 927,600
Parker-Hannifin Corp.................... 18,600 769,575
Textron, Inc............................ 13,600 685,950
United Technologies Corp................ 41,800 2,918,163
------------
6,471,388
------------
MANUFACTURING (SPECIALIZED)--0.1%
Cognex Corp.(e)......................... 7,800 261,300
Millipore Corp.......................... 2,900 152,250
------------
413,550
------------
NATURAL GAS--0.5%
Equitable Resources, Inc................ 31,100 1,803,800
Sempra Energy........................... 69,300 1,433,644
------------
3,237,444
------------
OIL & GAS (EXPLORATION & PRODUCTION)--0.6%
Apache Corp............................. 14,700 813,094
</TABLE>
8 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Income & Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
OIL & GAS (EXPLORATION & PRODUCTION)--CONTINUED
Kerr-McGee Corp......................... 26,000 $ 1,698,125
Unocal Corp............................. 34,500 1,177,313
------------
3,688,532
------------
OIL & GAS (REFINING & MARKETING)--0.2%
Ultramar Diamond Shamrock Corp.......... 40,600 1,065,750
OIL (DOMESTIC INTEGRATED)--0.4%
Amerada Hess Corp....................... 12,800 793,600
Occidental Petroleum Corp............... 56,000 1,113,000
Phillips Petroleum Co................... 9,800 605,150
------------
2,511,750
------------
OIL (INTERNATIONAL INTEGRATED)--1.5%
Chevron Corp............................ 18,700 1,535,738
Exxon Mobil Corp........................ 84,500 7,536,344
Texaco, Inc............................. 15,200 897,750
------------
9,969,832
------------
PAPER & FOREST PRODUCTS--0.1%
International Paper Co.................. 9,800 358,925
Westvaco Corp........................... 7,700 219,450
Weyerhaeuser Co......................... 6,100 286,319
------------
864,694
------------
PERSONAL CARE--0.1%
Estee Lauder Cos., Inc. (The) Class A... 16,800 780,150
PUBLISHING (NEWSPAPERS)--0.8%
Dow Jones & Co., Inc.................... 21,700 1,277,588
Gannett Co., Inc........................ 17,700 1,026,600
Knight-Ridder, Inc...................... 27,400 1,376,850
New York Times Co. (The) Class A........ 35,200 1,293,600
------------
4,974,638
------------
RAILROADS--0.0%
Union Pacific Corp...................... 7,600 356,250
RETAIL (BUILDING SUPPLIES)--0.4%
Home Depot, Inc. (The).................. 29,000 1,247,000
Lowe's Cos., Inc........................ 25,500 1,165,031
------------
2,412,031
------------
RETAIL (COMPUTERS & ELECTRONICS)--0.4%
Best Buy Co., Inc.(e)................... 12,000 602,250
RadioShack Corp......................... 4,500 268,313
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
RETAIL (COMPUTERS & ELECTRONICS)--CONTINUED
Tech Data Corp.(e)...................... 41,100 $ 1,710,788
------------
2,581,351
------------
RETAIL (DEPARTMENT STORES)--0.1%
Neiman Marcus Group, Inc. (The)
Class A(e).............................. 17,300 642,263
RETAIL (FOOD CHAINS)--0.1%
Safeway, Inc.(e)........................ 17,300 946,094
RETAIL (GENERAL MERCHANDISE)--0.8%
BJ's Wholesale Club, Inc.(e)............ 8,800 289,850
Sears, Roebuck & Co..................... 23,000 683,790
Target Corp............................. 16,000 442,000
Wal-Mart Stores, Inc.................... 85,600 3,884,100
------------
5,299,740
------------
RETAIL (SPECIALTY)--0.1%
Tiffany & Co............................ 10,000 426,875
Zale Corp.(e)........................... 13,800 467,475
------------
894,350
------------
RETAIL (SPECIALTY-APPAREL)--0.1%
Talbots, Inc. (The)..................... 6,000 474,375
SERVICES (ADVERTISING/MARKETING)--0.2%
Interpublic Group of Cos., Inc. (The)... 17,000 729,938
Omnicom Group, Inc...................... 3,900 359,775
------------
1,089,713
------------
SERVICES (COMMERCIAL & CONSUMER)--0.2%
Cendant Corp.(e)........................ 100,200 1,202,400
SERVICES (COMPUTER SYSTEMS)--0.3%
Computer Sciences Corp.(e).............. 9,100 573,300
Electronic Data Systems Corp............ 28,600 1,342,413
------------
1,915,713
------------
SERVICES (DATA PROCESSING)--0.1%
First Data Corp......................... 17,300 867,163
SERVICES (EMPLOYMENT)--0.1%
Manpower, Inc........................... 15,100 525,669
SHIPPING--0.1%
Teekay Shipping Corp.................... 11,500 429,813
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Oakhurst Income & Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.4%
Nextel Communications, Inc.
Class A(e).............................. 22,400 $ 861,000
Sprint Corp. (PCS Group)(e)............. 38,700 1,475,438
------------
2,336,438
------------
TELECOMMUNICATIONS (LONG DISTANCE)--0.4%
AT&T Corp............................... 19,500 452,156
WorldCom, Inc.(e)....................... 77,600 1,843,000
------------
2,295,156
------------
TELEPHONE--1.9%
BellSouth Corp.......................... 81,900 3,956,794
Qwest Communications International,
Inc.(e)................................. 24,200 1,176,725
SBC Communications, Inc................. 48,500 2,797,844
Telephone & Data Systems, Inc........... 2,900 305,950
Verizon Communications.................. 68,500 3,960,156
------------
12,197,469
------------
TEXTILES (APPAREL)--0.2%
Jones Apparel Group, Inc.(e)............ 26,800 745,375
Liz Claiborne, Inc...................... 11,300 480,250
------------
1,225,625
------------
TOBACCO--0.5%
Philip Morris Cos., Inc................. 95,100 3,483,038
---------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $238,936,132) 296,951,708
---------------------------------------------------------------------------
FOREIGN COMMON STOCKS--1.7%
COMMUNICATIONS EQUIPMENT--0.5%
Nortel Networks Corp. (Canada).......... 67,300 3,062,150
ELECTRICAL EQUIPMENT--0.1%
Flextronics International Ltd.
(Singapore)(e).......................... 9,000 342,000
FOODS--0.2%
Unilever NV NY Registered Shares
(Netherlands)........................... 22,300 1,133,119
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
MANUFACTURING (DIVERSIFIED)--0.5%
Tyco International Ltd. (Bermuda)....... 61,800 $ 3,503,287
OIL (INTERNATIONAL INTEGRATED)--0.4%
Royal Dutch Petroleum Co. NY Registered
Shares (Netherlands).................... 46,800 2,778,750
---------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $9,098,230) 10,819,306
---------------------------------------------------------------------------
UNIT INVESTMENT TRUSTS--2.0%
S&P 500 Depository Receipts............. 91,700 13,118,831
---------------------------------------------------------------------------
TOTAL UNIT INVESTMENT TRUSTS
(IDENTIFIED COST $12,921,561) 13,118,831
---------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--97.9%
(IDENTIFIED COST $578,677,856) 629,739,177
---------------------------------------------------------------------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
--------- --------
SHORT-TERM OBLIGATIONS--2.0%
<S> <C> <C> <C>
COMMERCIAL PAPER--2.0%
`Ford Motor Credit Co. 6.59%, 11/1/00... A-1 $ 3,000 3,000,000
Greenwich Funding Corp. 6.54%,
11/1/00................................. A-1+ 545 545,000
Kellogg Co. 6.50%, 11/1/00.............. A-1+ 1,280 1,280,000
Exxon Imperial U.S., Inc. 6.52%,
11/2/00................................. A-1+ 1,789 1,788,676
AT&T Corp. 6.56%, 11/6/00............... A-1 3,000 2,997,267
American Home Products 6.48%, 11/6/00... A-1 375 374,662
Wal-Mart Stores, Inc. 6.55%, 11/7/00.... A-1+ 1,765 1,763,073
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Income & Growth Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- -------- ------------
COMMERCIAL PAPER--CONTINUED
<S> <C> <C> <C>
AT&T Corp. 6.53%, 11/30/00.............. A-1 $ 1,000 $ 994,740
---------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $12,743,418) 12,743,418
---------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--99.9%
(IDENTIFIED COST $591,421,274) 642,482,595(a)
Cash and receivables, less liabilities--0.1% 962,788
------------
NET ASSETS--100.0% $643,445,383
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $81,611,626 and gross
depreciation of $30,612,751 for federal income tax purposes. At October 31,
2000, the aggregate cost of securities for federal income tax purposes was
$591,483,720.
(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,
2000, these securities amounted to a value of $19,549,742 or 3.0% of net
assets.
(c) As rated by Moody's, 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 & GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $591,421,274) $ 642,482,595
Cash 6,215
Receivables
Dividends and interest 4,432,783
Investment securities sold 818,215
Fund shares sold 47,765
Prepaid expenses 6,402
--------------
Total assets 647,793,975
--------------
LIABILITIES
Payables
Investment securities purchased 2,314,611
Fund shares repurchased 992,423
Investment advisory fee 379,744
Distribution fee 253,899
Transfer agent fee 216,370
Financial agent fee 30,472
Trustees' fee 11,198
Accrued expenses 149,875
--------------
Total liabilities 4,348,592
--------------
NET ASSETS $ 643,445,383
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 561,784,783
Undistributed net investment income 2,011,449
Accumulated net realized gain 28,587,830
Net unrealized appreciation 51,061,321
--------------
NET ASSETS $ 643,445,383
==============
CLASS A
Shares of beneficial interest outstanding, $0.0001 par
value, unlimited authorization (Net Assets $457,314,204) 47,317,219
Net asset value per share $9.66
Offering price per share $9.66/(1-5.75%) $10.25
CLASS B
Shares of beneficial interest outstanding, $0.0001 par
value, unlimited authorization (Net Assets $185,744,061) 19,186,315
Net asset value and offering price per share $9.68
CLASS C
Shares of beneficial interest outstanding, $0.0001 par
value, unlimited authorization (Net Assets $387,118) 39,684
Net asset value and offering price per share $9.76
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 13,654,479
Dividends 2,125,554
Foreign taxes withheld (24,139)
--------------
Total investment income 15,755,894
--------------
EXPENSES
Investment advisory fee 2,381,141
Distribution fee, Class A 589,250
Distribution fee, Class B 1,042,856
Distribution fee, Class C 1,772
Financial agent fee 188,331
Transfer agent 596,697
Printing 170,199
Custodian 47,909
Registration 27,516
Professional 18,525
Trustees 13,324
Miscellaneous 16,329
--------------
Total expenses 5,093,849
Custodian fees paid indirectly (2,410)
--------------
Net expenses 5,091,439
--------------
NET INVESTMENT INCOME 10,664,455
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 11,354,110
Net change in unrealized appreciation (depreciation) on
investments (16,264,569)
--------------
NET LOSS ON INVESTMENTS (4,910,459)
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,753,996
==============
</TABLE>
12 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
10/31/00 ENDED
(UNAUDITED) 4/30/00
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 10,664,455 $ 26,194,379
Net realized gain (loss) 11,354,110 20,554,052
Net change in unrealized appreciation
(depreciation) (16,264,569) (18,703,927)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 5,753,996 28,044,504
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (8,296,508) (17,689,945)
Net investment income, Class B (3,019,202) (6,703,782)
Net investment income, Class C (5,211) (3,929)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS (11,320,921) (24,397,656)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (2,193,173 and
2,180,916 shares, respectively) 21,491,622 21,015,756
Net asset value of shares issued from
reinvestment of distributions
(648,664 and 1,424,076 shares, respectively) 6,295,089 13,693,891
Cost of shares repurchased (4,334,008 and
13,180,013 shares, respectively) (42,361,565) (126,494,460)
------------ ------------
Total (14,574,854) (91,784,813)
------------ ------------
CLASS B
Proceeds from sales of shares (199,710 and
610,440 shares, respectively) 1,953,671 5,852,733
Net asset value of shares issued from
reinvestment of distributions
(248,153 and 564,766 shares, respectively) 2,415,101 5,454,908
Cost of shares repurchased (4,489,312 and
10,023,331 shares, respectively) (44,019,521) (96,376,342)
------------ ------------
Total (39,650,749) (85,068,701)
------------ ------------
CLASS C
Proceeds from sales of shares (15,347 and 35,821
shares, respectively) 152,291 346,138
Net asset value of shares issued from
reinvestment of distributions
(504 and 383 shares, respectively) 4,947 3,800
Cost of shares repurchased (12,371 and 0 shares,
respectively) (121,519) --
------------ ------------
Total 35,719 349,938
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS (54,189,884) (176,503,576)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (59,756,809) (172,856,728)
NET ASSETS
Beginning of period 703,202,192 876,058,920
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS)
OF $2,011,449 AND $2,667,915, RESPECTIVELY] $643,445,383 $703,202,192
============ ============
</TABLE>
See Notes to Financial Statements 13
<PAGE>
PHOENIX-OAKHURST INCOME & 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,
10/31/00 -----------------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.75 $ 9.68 $ 10.20 $ 9.86 $ 10.08 $ 8.88
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.17(3) 0.34(3) 0.36 0.38 0.40 0.44
Net realized and unrealized gain (loss) (0.09) 0.06 0.29 1.63 0.66 1.22
-------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.08 0.40 0.65 2.01 1.06 1.66
-------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.17) (0.33) (0.38) (0.39) (0.40) (0.42)
Dividends from net realized gains (0.76) (1.28) (0.88) (0.04)
In excess of net realized gains -- -- (0.03) -- -- --
-------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.17) (0.33) (1.17) (1.67) (1.28) (0.46)
-------- --------- --------- --------- --------- ---------
Change in net asset value (0.09) 0.07 (0.52) 0.34 (0.22) 1.20
-------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.66 $ 9.75 $ 9.68 $ 10.20 $ 9.86 $ 10.08
======== ========= ========= ========= ========= =========
Total return(1) 0.86%(5) 4.24% 6.97% 21.87% 10.93% 19.01%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $457,314 $475,854 $565,276 $459,992 $451,439 $493,454
RATIO TO AVERAGE NET ASSETS OF:
Expenses 1.27%(2)(4) 1.18%(2) 1.17%(2) 1.13% 1.18% 1.18%
Net investment income 3.36%(4) 3.59% 3.64% 3.61% 3.82% 4.39%
Portfolio turnover 27%(5) 58% 68% 155% 111% 107%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED APRIL 30,
10/31/00 -----------------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.77 $ 9.69 $ 10.22 $ 9.87 $ 10.09 $ 8.88
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.13(3) 0.27(3) 0.29 0.30 0.31 0.36
Net realized and unrealized gain (loss) (0.08) 0.06 0.29 1.64 0.67 1.23
-------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.05 0.33 0.58 1.94 0.98 1.59
-------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.14) (0.25) (0.32) (0.31) (0.32) (0.34)
Dividends from net realized gains (0.76) (1.28) (0.88) (0.04)
In excess of net realized gains -- -- (0.03) -- -- --
-------- --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.14) (0.25) (1.11) (1.59) (1.20) (0.38)
-------- --------- --------- --------- --------- ---------
Change in net asset value (0.09) 0.08 (0.53) 0.35 (0.22) 1.21
-------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.68 $ 9.77 $ 9.69 $ 10.22 $ 9.87 $ 10.09
======== ========= ========= ========= ========= =========
Total return(1) 0.56%(5) 3.40% 6.18% 21.03% 10.05% 18.14%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $185,744 $226,992 $310,783 $361,876 $370,929 $396,169
RATIO TO AVERAGE NET ASSETS OF:
Expenses 2.01%(2)(4) 1.93%(2) 1.92%(2) 1.88% 1.93% 1.93%
Net investment income 2.62%(4) 2.84% 2.92% 2.86% 3.06% 3.64%
Portfolio turnover 27%(5) 58% 68% 155% 111% 107%
</TABLE>
(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) Computed using average shares outstanding.
(4) Annualized.
(5) Not annualized.
14 See Notes to Financial Statements
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS C
--------------------------
SIX MONTHS FROM
ENDED INCEPTION
10/31/00 8/27/99 TO
(UNAUDITED) 4/30/00
<S> <C> <C>
Net asset value, beginning of period $ 9.85 $ 9.61
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.13(3) 0.18(3)
Net realized and unrealized gain (loss) (0.08) 0.23
------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.05 0.41
------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.14) (0.17)
------ ------
TOTAL DISTRIBUTIONS (0.14) (0.17)
------ ------
Change in net asset value (0.09) 0.24
------ ------
NET ASSET VALUE, END OF PERIOD $ 9.76 $ 9.85
====== ======
Total return(1) 0.65%(5) 4.12%(5)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $387 $356
RATIO TO AVERAGE NET ASSETS OF:
Expenses 2.01%(2)(4) 1.93%(2)(4)
Net investment income 2.62%(4) 2.81%(4)
Portfolio turnover 27%(5) 58%(5)
</TABLE>
(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) Computed using average shares outstanding.
(4) Annualized.
(5) Not Annualized.
See Notes to Financial Statements 15
<PAGE>
PHOENIX-OAKHURST INCOME & GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Effective August 17, 2000, Phoenix-Oakhurst Income & Growth Fund (the "Fund")
is organized as a Delaware Business Trust. Prior to that date, the Fund was
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. 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. 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 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 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 & GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000 (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
As compensation for its services to the Fund, the adviser, Phoenix Investment
Counsel, Inc. ("PIC"), an indirect majority-owned subsidiary of Phoenix Home
Life Mutual Insurance Company ("PHL"), is entitled to a fee at an annual rate of
0.70% 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 $7,444 for Class A shares, deferred sales
charges of $69,560 for Class B shares and $26 for Class C shares for the six
months ended October 31, 2000. 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, 2000, $880,931 was earned
by the Distributor, $714,816 was paid to unaffiliated participants and $38,131
was paid to W.S. Griffith, an indirect subsidiary of PHL.
For the six months ended October 31, 2000, the Fund paid PXP Securities Corp.,
a wholly-owned subsidiary of Phoenix Investment Partners Ltd., brokerage
commissions of $34,545 in connection with portfolio transactions effected by it.
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. For the six months ended October 31, 2000, financial agent fees
were $188,331 of which PEPCO received $20,860. 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 subtransfer agent. For the six months ended October 31, 2000,
transfer agent fees were $596,697 of which PEPCO retained $221,243 which is net
of fees paid to State Street.
At April 30, 2000, PHL and affiliates held 189 Class A shares and 10,654
Class C shares of the Fund with a combined value of $105,809.
3. PURCHASE AND SALE OF SECURITIES
During the six months ended October 31, 2000, purchases and sales of
investments, excluding short-term securities and U.S. Government and agency
securities, amounted to $175,241,923 and $221,575,632, respectively. Purchases
and sales of long-term U.S. Government and agency securities amounted to
$4,410,113 and $7,814,609, 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 & Growth Fund unless preceded or accompanied by an
effective Prospectus which includes information concerning the sales charge,
Fund's record and other pertinent information.
17
<PAGE>
PHOENIX-OAKHURST INCOME & 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
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
Nancy J. Engberg, Assistant Secretary
INVESTMENT ADVISER
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
PRINCIPAL UNDERWRITER
Phoenix Equity Planning Corporation
56 Prospect Street
Hartford, Connecticut 06115-0480
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
CUSTODIAN
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
HOW TO CONTACT US
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574
Investment Strategy Hotline 1-800-243-4361 (option 2)
Marketing Department 1-800-243-4361 (option 3)
Text Telephone 1-800-243-1926
www.phoenixinvestments.com
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION PRSRT STD
PO Box 150480 U.S. Postage
Hartford CT 06115-0480 PAID
Andrew
[LOGO] PHOENIX Associates
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 661 (12/00)