PHILLIPS CAPITAL INVESTMENTS INC
NSAR-A/A, 1999-08-27
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<PAGE>      PAGE  1
000 A000000 06/30/99
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001 A000000 PHILLIPS CAPITAL INVESTMENTS, INC.
001 B000000 811-5425
001 C000000 9724582448
002 A000000 15400 KNOLL TRAIL, SUITE 100
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020 A000001 MORGAN KEEGAN & COMPANY, INC.
020 B000001 64-0474907
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022 A000001 ROBERT W. BAIRD & CO., INC.
022 B000001 39-6037917
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022 A000002 MORGAN KEEGAN & COMPANY, INC.
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080 A000000 FIDELITY AND DEPOSIT COMPANY OF MARYLAND
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SIGNATURE   RICHARD SPIRES
TITLE       VICE PRESIDENT



<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000826659
<NAME> PHILLIPS CAPITAL INVESTMENTS, INC.

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                        3,962,344
<INVESTMENTS-AT-VALUE>                       4,290,051
<RECEIVABLES>                                   26,818
<ASSETS-OTHER>                                 226,364
<OTHER-ITEMS-ASSETS>                             1,645
<TOTAL-ASSETS>                               4,544,878
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      102,052
<TOTAL-LIABILITIES>                            102,052
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     2,591,250
<SHARES-COMMON-STOCK>                          283,175
<SHARES-COMMON-PRIOR>                          363,466
<ACCUMULATED-NII-CURRENT>                       43,627
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        202,944
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,315,546
<NET-ASSETS>                                 4,442,826
<DIVIDEND-INCOME>                               27,141
<INTEREST-INCOME>                               43,598
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  27,112
<NET-INVESTMENT-INCOME>                         43,627
<REALIZED-GAINS-CURRENT>                       200,381
<APPREC-INCREASE-CURRENT>                      (9,651)
<NET-CHANGE-FROM-OPS>                          234,357
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         10,860
<NUMBER-OF-SHARES-REDEEMED>                     91,151
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (959,480)
<ACCUMULATED-NII-PRIOR>                          6,284
<ACCUMULATED-GAINS-PRIOR>                        2,563
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           20,279
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 27,112
<AVERAGE-NET-ASSETS>                         4,574,263
<PER-SHARE-NAV-BEGIN>                            14.86
<PER-SHARE-NII>                                    .16
<PER-SHARE-GAIN-APPREC>                            .67
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.69
<EXPENSE-RATIO>                                   1.19


</TABLE>


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