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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 42886
<DIVIDEND-INCOME> 479
<INTEREST-INCOME> 36
<OTHER-INCOME> 0
<EXPENSES-NET> (568)
<NET-INVESTMENT-INCOME> (53)
<REALIZED-GAINS-CURRENT> 193
<APPREC-INCREASE-CURRENT> 10202
<NET-CHANGE-FROM-OPS> 10342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (29)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1081
<NUMBER-OF-SHARES-REDEEMED> (514)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 12408
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 726
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<PER-SHARE-NAV-BEGIN> 8.11
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 3.31
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.41
<EXPENSE-RATIO> 1.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001045018
<NAME> PHOENIX-INVESTMENT TRUST 97
<SERIES>
<NUMBER> 022
<NAME> SMALL CAP VALUE FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 38209
<INVESTMENTS-AT-VALUE> 41670
<RECEIVABLES> 2189
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 39
<TOTAL-ASSETS> 43898
<PAYABLE-FOR-SECURITIES> 780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 232
<TOTAL-LIABILITIES> 1012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39330
<SHARES-COMMON-STOCK> 843
<SHARES-COMMON-PRIOR> 734
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 95
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3461
<NET-ASSETS> 42886
<DIVIDEND-INCOME> 479
<INTEREST-INCOME> 36
<OTHER-INCOME> 0
<EXPENSES-NET> (568)
<NET-INVESTMENT-INCOME> (53)
<REALIZED-GAINS-CURRENT> 193
<APPREC-INCREASE-CURRENT> 10202
<NET-CHANGE-FROM-OPS> 10342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (12)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 329
<NUMBER-OF-SHARES-REDEEMED> (221)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 3572
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 2.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001045018
<NAME> PHOENIX-INVESTMENT TRUST 97
<SERIES>
<NUMBER> 023
<NAME> SMALL CAP VALUE FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 38209
<INVESTMENTS-AT-VALUE> 41670
<RECEIVABLES> 2189
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 39
<TOTAL-ASSETS> 43898
<PAYABLE-FOR-SECURITIES> 780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 232
<TOTAL-LIABILITIES> 1012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39330
<SHARES-COMMON-STOCK> 574
<SHARES-COMMON-PRIOR> 343
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 95
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3461
<NET-ASSETS> 42886
<DIVIDEND-INCOME> 479
<INTEREST-INCOME> 36
<OTHER-INCOME> 0
<EXPENSES-NET> (568)
<NET-INVESTMENT-INCOME> (53)
<REALIZED-GAINS-CURRENT> 193
<APPREC-INCREASE-CURRENT> 10202
<NET-CHANGE-FROM-OPS> 10342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (6)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 338
<NUMBER-OF-SHARES-REDEEMED> (108)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 3696
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13)
<GROSS-ADVISORY-FEES> 304
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 726
<AVERAGE-NET-ASSETS> 33855
<PER-SHARE-NAV-BEGIN> 8.07
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 3.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 2.15
</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
To the Shareholders and Trustees of
Phoenix Investment Trust 97
In planning and performing our audit of the financial
statements and financial highlights of the Phoenix-Hollister
Small Cap Value Fund and Phoenix-Hollister Value Equity Fund
(constituting the Phoenix Investment Trust 97, hereinafter
referred to as the "Trust") for the year ended August 31,
1999, we considered its internal control, including control
activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements and financial highlights for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal controls, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by errors or fraud in amounts that
would be material in relation to the financial statements
and financial highlights being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above
as of August 31, 1999.
This report is intended solely for the information and use
of management, the Trustees of the Trust, and the Securities
and Exchange Commission.
PricewaterhouseCoopers LLP
Philadelphia, PA
October 8, 1999
