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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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076 000700 0.00
SIGNATURE JACQUELINE M. PORTER
TITLE ASSISTANT TREASURER
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<NAME> PHOENIX TAX EXEMPT BOND PORTFOLIO CLASS B
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<NAME> PHOENIX MID CAP PORTFOLIO CLASS A
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<NAME> PHOENIX INTERNATIONAL PORTFOLIO CLASS B
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<NAME> PHOENIX ENDOWMENT EQUITY PORTFOLIO
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<NAME> PHOENIX DIVERSIFIED INCOME PORTFOLIO
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<NAME> PHOENIX REAL ESTATE SECURITIES PORTFOLIO CLASS A
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<NAME> PHOENIX REAL ESTATE SECURITIES PORTFOLIO CLASS B
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