<PAGE>
Phoenix Investment Partners
APRIL 30, 1999
SEMIANNUAL REPORT
Phoenix Multi-Sector
Fixed Income Fund, Inc.
[LOGO] PHOENIX
INVESTMENT PARTNERS
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR SHAREHOLDER:
[PHOTO]
We are pleased to provide this semiannual financial summary for the Phoenix
Multi-Sector Fixed Income Fund, Inc. for the six months ended April 30, 1999.
If you have any questions, please contact your financial advisor or call us at
1-800-243-1574 (option 0), 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 Multi-Sector Fixed Income Fund, Inc.
INVESTMENTS AT APRIL 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--4.9%
CALIFORNIA--0.2%
Fresno Pension Obligation Taxable 7.80%,
6/1/14.................................. AAA $ 500 $ 555,625
CONNECTICUT--0.9%
Mashantucket Western Pequot Tribe
Revenue Taxable Series A 144A 6.91%,
9/1/12(b)............................... AAA 1,400 1,421,000
Mashantucket Western Pequot Tribe
Revenue Taxable Series A 144A 6.57%,
9/1/13(b)............................... AAA 1,075 1,061,562
------------
2,482,562
------------
FLORIDA--1.5%
Palm Beach County Solid Waste Industrial
Development Project B Revenue Taxable
10.50%, 1/1/11(g)(h).................... NR 3,750 1,875,000
University of Miami Exchangeable Revenue
Taxable Series A 7.65%, 4/1/20(j)....... AAA 2,000 2,090,000
------------
3,965,000
------------
ILLINOIS--0.8%
Illinois Educational Facilities
Authority-Loyola University Revenue
Taxable Series A 7.84%, 7/1/24.......... AAA 2,000 2,127,500
PENNSYLVANIA--1.5%
Pennsylvania Economic Development
Financing Authority Panderosa Fibres
Project Revenue Series B 9.50%,
1/1/12(g)(h)............................ NR 3,650 912,500
Pittsburgh Pension General Obligation
Taxable Series B 6.35%, 3/1/13(j)....... AAA 3,000 2,981,250
------------
3,893,750
------------
- ------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $16,796,195) 13,024,437
- ------------------------------------------------------------------------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
ASSET-BACKED SECURITIES--4.9%
ContiMortgage Home Equity Loan Trust
98-1, B 7.86%, 4/15/29.................. BBB- $ 8,495 $ 8,123,344
Green Tree Financial Corp. 94-1, B2
7.85%, 4/15/19.......................... Baa(c) 2,000 1,852,500
Team Fleet Financing Corp. 96-1, B 144A
7.10%, 12/15/02(b)...................... BBB 3,000 2,962,969
- ------------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $13,630,206) 12,938,813
- ------------------------------------------------------------------------------
CORPORATE BONDS--28.8%
AEROSPACE/DEFENSE--0.8%
BE Aerospace, Inc. 9.50%, 11/1/08....... B 2,000 2,140,000
AUTOMOBILES--0.7%
Titan Tire Corp. 7%, 2/11/00............ NR 2,000 1,980,000
BROADCASTING (TELEVISION, RADIO & CABLE)--1.4%
Century Communications Corp. 8.75%,
10/1/07................................. BB- 500 523,750
Fox/Liberty Networks LLC 8.875%,
8/15/07................................. B 3,000 3,285,000
------------
3,808,750
------------
BUILDING MATERIALS--0.4%
Nortek, Inc. Series B 9.125%, 9/1/07.... B+ 900 942,750
COMMUNICATIONS EQUIPMENT--1.6%
Metromedia Fiber Network, Inc. 144A 10%,
11/15/08(b)............................. B 3,930 4,264,050
COMPUTERS (SOFTWARE & SERVICES)--1.4%
ICG Holdings, Inc. 0%, 9/15/05(d)....... NR 2,650 2,418,125
PSINet, Inc. Series B 10%, 2/15/05...... B- 1,100 1,155,000
------------
3,573,125
------------
</TABLE>
2 See Notes to Financial Statements
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
ENTERTAINMENT--0.6%
SFX Entertainment, Inc. 144A 9.125%,
12/1/08(b).............................. B- $ 1,500 $ 1,556,250
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--2.8%
Isle of Capri Casinos, Inc. 144A 8.75%,
4/15/09(b).............................. B 2,000 1,995,000
Majestic Star Casino LLC 12.75%,
5/15/03................................. B 1,000 1,123,750
Mohegan Tribal Gaming 144A 8.125%,
1/1/06(b)............................... BB 500 515,000
Mohegan Tribal Gaming 144A 8.75%,
1/1/09(b)............................... BB- 500 519,375
Station Casinos, Inc. 10.125%,
3/15/06................................. B+ 3,000 3,202,500
------------
7,355,625
------------
HOMEBUILDING--0.7%
Horton (D.R.), Inc. 8%, 2/1/09.......... BB 1,750 1,736,875
INSURANCE (MULTI-LINE)--3.3%
Middletown Trust Series C 11.75%,
7/15/10(i).............................. A+ 6,782 6,672,000
Willis Corroon Corp. 144A 9%,
2/1/09(b)............................... B+ 2,100 2,136,750
------------
8,808,750
------------
LEISURE TIME (PRODUCTS)--1.5%
Bally Total Fitness Holding Corp. Series
B 9.875%, 10/15/07...................... B- 3,785 3,884,356
METALS MINING--0.2%
NSM Steel Ltd. Sr. 144A 12%, 2/1/06(b).. CC 3,000 607,500
OIL & GAS (EXPLORATION & PRODUCTION)--0.0%
Lomak Petroleum, Inc. 8.75%, 1/15/07.... B 75 63,000
PERSONAL CARE--2.0%
Revlon Consumer Products Corp. 9%,
11/1/06................................. B 2,690 2,750,525
Revlon Consumer Products Corp. 8.625%,
2/1/08.................................. B- 2,675 2,574,687
------------
5,325,212
------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
PUBLISHING--0.8%
American Lawyer Media, Inc. Series B
9.75%, 12/15/07......................... B $ 2,000 $ 2,085,000
RETAIL (SPECIALTY)--0.8%
Musicland Group, Inc. 9%, 6/15/03....... B- 2,000 2,020,000
SERVICES (COMMERCIAL & CONSUMER)--0.7%
ARA Services, Inc. 10.625%, 8/1/00...... BBB- 54 56,632
IT Group, Inc. (The) 144A 11.25%,
4/1/09(b)............................... B+ 1,665 1,694,138
------------
1,750,770
------------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.4%
Nextel Commmunications, Inc. 0%,
10/31/07(d)............................. B- 1,500 1,155,000
TELECOMMUNICATIONS (LONG DISTANCE)--3.7%
EchoStar DBS Corp. 144A 9.375%,
2/1/09(b)............................... B 2,000 2,090,000
Interamericas Communications Corp. 14%,
10/27/07................................ NR 3,930 2,692,050
RCN Corp. Series B 0%, 2/15/08(d)....... B(c) 7,775 5,102,344
------------
9,884,394
------------
TELEPHONE--1.3%
Teligent, Inc. 11.50%, 12/1/07.......... CCC 3,330 3,330,000
TEXTILES (APPAREL)--1.9%
Collins & Aikman Corp. 11.50%, 4/15/06.. B 4,750 5,094,375
TRUCKERS --1.8%
American Commercial Lines LLC Series B
10.25%, 6/30/08......................... B 3,150 3,252,375
Hvide Marine, Inc. 8.375%, 2/15/08...... CCC+ 2,500 1,525,000
------------
4,777,375
------------
- ------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST $79,000,160) 76,143,157
- ------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
NON-AGENCY MORTGAGE-BACKED
SECURITIES--24.3%
CS First Boston Mortgage Securities
Corp. 97-SPCE, D 144A 7.332%,
4/20/08(b).............................. BBB(c) $ 4,928 $ 4,817,120
CS First Boston Mortgage Securities
Corp. 98-C1, A1B 6.48%, 5/17/08......... AAA 5,000 4,974,219
CS First Boston Mortgage Securities
Corp. 97-1R, 1M4 144A 7.259%,
2/28/22(b).............................. Baa(c) 5,755 5,549,681
Criimi Mae Trust I 96-C1, A2 144A 7.56%,
6/30/33(b).............................. BBB 5,125 4,920,000
DLJ Mortgage Acceptance Corp. 97-CF2, B2
144A 7.14%, 11/15/08(b)................. BBB- 4,000 3,677,500
First Boston Mortgage Securities Corp.
93-5, B2 7.30%, 7/25/23................. A+(c) 3,042 3,063,971
First Chicago/Lennar Trust 97-CHL1, D
144A 8.098%, 5/29/08(b)................. BB(c) 4,000 3,365,625
First Union Lehman Brothers Bank of
America 98-C2, D 6.778%, 3/18/13........ BBB 3,000 2,739,102
General Growth Properties 97-1, D2 144A
6.992%, 11/15/07(b)(d).................. Baa(c) 5,000 4,762,150
LB Commercial Conduit Mortgage Trust
98-C4, D 6.50%, 12/15/08................ BBB 2,000 1,869,062
Norwest Asset Securities Corp. 96-3, B1
7.25%, 9/25/26.......................... A(c) 3,417 3,443,405
Norwest Asset Securities Corp. 96-3, B2
7.25%, 9/25/26.......................... BBB(c) 2,279 2,255,859
Norwest Asset Securities Corp. 97-18, B2
6.75%, 12/25/27......................... BBB(c) 1,036 991,051
Norwest Asset Securities Corp. 98-22, B3
6.25%, 9/25/28.......................... BBB(c) 622 566,626
Norwest Asset Securities Corp. 99-3, B3
6%, 1/25/29............................. BBB(c) 748 666,221
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
Norwest Asset Securities Corp. 99-6, B3
6%, 3/25/29............................. BBB(c) $ 438 $ 390,802
Norwest Asset Securities Corp. 99-12, B3
6.25%, 5/25/29.......................... BBB(c) 500 453,497
Norwest Asset Securities Corp. 99-17, BB
6.25%, 6/25/29(k)....................... BBB(c) 563 514,688
Resolution Trust Corp. 92-C3, B 9.05%,
8/25/23................................. AA 1,729 1,728,380
Ryland Mortgage Securities Corp. III
92-A, 1A 8.255%, 3/29/30................ A- 266 265,106
Structured Asset Securities Corp. 95-C1,
D 7.375%, 9/25/24....................... BBB 5,110 5,117,879
Structured Asset Securities Corp. 93-C1,
B 6.60%, 10/25/24....................... A+ 5,250 5,227,849
Wilshire Funding Corp. 97-WFC1, M3
7.25%, 8/25/27.......................... Baa(c) 3,371 3,125,469
- ------------------------------------------------------------------------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $65,212,953) 64,485,262
- ------------------------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES--21.2%
ARGENTINA--4.8%
Republic of Argentina RegS 8.75%,
7/10/02(f).............................. BBB- 3,200 2,929,084
Republic of Argentina RegS 11.75%,
2/12/07(f).............................. BBB- 3,750 3,526,305
Republic of Argentina 144A 11.75%,
2/12/07(f)(b)........................... BBB- 3,000 2,821,044
Republic of Argentina Bocon Pro1 M1 PIK
interest capitalization, 2.877%,
4/1/07(f)(d)............................ BBB- 2,654 1,970,858
Republic of Argentina 12.125%, 2/25/19.. BB 1,440 1,503,000
------------
12,750,291
------------
BRAZIL--3.1%
Republic of Brazil 11.625%, 4/15/04..... B+ 2,000 1,960,000
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
BRAZIL--CONTINUED
Republic of Brazil Series El-L 5.875%,
4/15/06(d).............................. B+ $ 950 $ 757,625
Republic of Brazil C Bond, PIK interest
capitalization, 8%, 4/15/14............. B+ 7,949 5,514,350
------------
8,231,975
------------
BULGARIA--1.2%
Republic of Bulgaria IAB Series PDI Euro
5.875%, 7/28/11(d)...................... B(c) 1,900 1,288,437
Republic of Bulgaria FLIRB Series A
Bearer 2.50%, 7/28/12(d)................ B(c) 3,250 1,980,469
------------
3,268,906
------------
COLOMBIA--2.3%
Republic of Colombia 10.875%, 3/9/04.... BBB- 2,300 2,423,625
Republic of Colombia 7.625%, 2/15/07.... BBB- 1,750 1,531,250
Republic of Colombia 9.75%, 4/23/09..... BBB- 1,500 1,449,300
Republic of Colombia Global Bond 8.375%,
2/15/27................................. BBB- 750 601,875
------------
6,006,050
------------
COSTA RICA--1.0%
Republic of Costa Rica 144A 9.335%,
5/15/09(b)(k)........................... BB 2,750 2,724,150
CROATIA--1.7%
Croatia Series B 5.813%, 7/31/06(d)..... BBB- 3,894 3,193,477
Croatia Series A 5.813%, 7/31/10(d)..... BBB- 1,700 1,330,250
------------
4,523,727
------------
IVORY COAST--0.2%
Ivory Coast FLIRB Series US1 2%,
3/29/18(d).............................. NR 2,506 651,560
MEXICO--2.7%
United Mexican States Global Bond
11.50%, 5/15/26......................... BB 6,000 7,132,500
PANAMA--1.4%
Republic of Panama 9.375%, 4/1/29....... BB+ 3,500 3,606,750
PHILIPPINES--0.6%
Republic of Philippines 8.875%,
4/15/08................................. BB+ 1,510 1,543,975
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
POLAND--0.3%
Poland Bearer PDI 5%, 10/27/14(d)....... BBB- $ 750 $ 695,156
RUSSIA--0.9%
Russia Treasury Bill OFZ Linked Notes
14%, 9/12/01(e)......................... NR 41,898 147,720
Russian Federation RegS 8.75%, 7/24/05.. CC 2,000 820,000
Russian Federation RegS 10%, 6/26/07.... CC 3,500 1,404,375
------------
2,372,095
------------
VENEZUELA--1.0%
Republic of Venezuela 9.25%, 9/15/27.... B+ 3,700 2,696,375
- ------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(IDENTIFIED COST $59,671,913) 56,203,510
- ------------------------------------------------------------------------------
FOREIGN CORPORATE BONDS--11.1%
BERMUDA--0.1%
AES China Generating Co. 10.125%,
12/15/06................................ BB- 400 272,000
BRAZIL--1.4%
Globo Communicacoes e Participacoes SA
144A 10.625%, 12/5/08(b)................ B+ 3,500 2,800,000
Radio e Televisao Bandeirantes Ltd. 144A
12.875%, 5/15/06(b)..................... B- 2,000 890,000
------------
3,690,000
------------
CANADA--1.9%
Clearnet Communications, Inc. 0%,
5/1/09(d)............................... B(c) 4,000 2,490,000
Metronet Communications Corp. 0%,
6/15/08(d).............................. B 3,300 2,582,250
------------
5,072,250
------------
CHILE--1.4%
Compania Sud Americana de Vapores 144A
7.375%, 12/8/03(b)...................... BBB 2,500 2,375,000
Petropower I Funding Trust 144A 7.36%,
2/15/14(b).............................. BBB 1,419 1,319,765
------------
3,694,765
------------
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
CHINA--0.8%
Greater Beijing First Expressways Ltd.
9.25%, 6/15/04.......................... BB $ 2,000 $ 1,100,000
Greater Beijing First Expressways Ltd.
9.50%, 6/15/07.......................... BB 1,700 969,000
------------
2,069,000
------------
INDONESIA--0.7%
APP Finance II Mauritius Ltd. 12%,
12/29/49(d)............................. CCC+ 3,670 1,848,762
JAPAN--0.4%
SB Treasury Co. LLC Series A 144A 9.40%,
12/29/49(b)(d).......................... BB+ 1,000 1,003,071
MEXICO--2.5%
Banco Nacional de Mexico SA US$
Remittance Master Trust 144A 7.57%,
12/31/00(b)............................. BBB+(c) 3,886 3,864,982
Innova S de R.L. 12.875%, 4/1/07........ B 2,100 1,848,000
Transportacion Maritima Mexicana 0%,
6/15/09(d).............................. B+ 1,500 956,250
------------
6,669,232
------------
NETHERLANDS--0.9%
Netia Holdings BV Series B 0%,
11/1/07(d).............................. B 3,250 2,307,500
POLAND--0.4%
TPSA Finance BV 144A 7.75%,
12/10/08(b)............................. BBB- 1,175 1,186,750
UNITED KINGDOM--0.6%
RSL Communications PLC 0%, 3/1/08(d).... B- 2,500 1,637,500
- ------------------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(IDENTIFIED COST $33,714,353) 29,450,830
- ------------------------------------------------------------------------------
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
<S> <C> <C> <C>
FOREIGN CONVERTIBLE BONDS--1.0%
CANADA--0.1%
PLD Telekom Cv. 144A 9%, 6/1/06(b)...... NR $ 600 $ 286,500
RUSSIA--0.9%
Lukinter Finance Cv. RegS 3.50%,
5/6/02.................................. CCC- 3,375 2,278,125
- ------------------------------------------------------------------------------
TOTAL FOREIGN CONVERTIBLE BONDS
(IDENTIFIED COST $4,898,153) 2,564,625
- ------------------------------------------------------------------------------
<CAPTION>
SHARES
---------
<S> <C> <C> <C>
PREFERRED STOCKS--2.2%
TELECOMMUNICATIONS (LONG DISTANCE)--2.2%
Global Crossing Holdings Ltd. PIK 10.50%........... 50,000 5,800,000
- ------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(IDENTIFIED COST $4,956,875) 5,800,000
- ------------------------------------------------------------------------------
WARRANTS--0.1%
FirstCom Corp. 144A Warrants(b)(h)................. 137,550 343,875
Republic of Argentina Warrants(h).................. 1,440 4,716
Republic of Argentina Warrants(h).................. 3,500 12,250
- ------------------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 360,841
- ------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--98.5%
(IDENTIFIED COST $277,880,808) 260,971,475
- ------------------------------------------------------------------------------
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
--------- --------- ------------
SHORT-TERM OBLIGATIONS--0.1%
<S> <C> <C> <C>
COMMERCIAL PAPER--0.1%
Goldman Sachs Group, L.P. 4.92%,
5/3/99.................................. A-1+ $ 220 $ 219,940
- ------------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $219,940) 219,940
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS--98.6%
(IDENTIFIED COST $278,100,748) 261,191,415(a)
Cash and receivables, less liabilities--1.4% 3,646,765
--------------
NET ASSETS--100.0% $ 264,838,180
--------------
--------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $8,035,622 and gross
depreciation of $24,976,008 for federal income tax purposes. At April 30,
1999, the aggregate cost of securities for federal income tax purposes was
$278,131,801.
(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 April 30,
1999, these securities amounted to a value of $67,530,807 or 25.5% 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) Par value represents Russian Rubles.
(f) Par value represents Argentine Pesos.
(g) Security in default.
(h) Non-income producing.
(i) Security valued at fair value as determined in good faith by or under the
direction of the Directors.
(j) All or a portion segregated as collateral.
(k) When issued.
See Notes to Financial Statements
7
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investments securities at value
(Identified cost $278,100,748) $ 261,191,415
Foreign currency at value
(Identified cost $122,857) 118,400
Cash 15,699
Receivables
Interest 4,997,949
Investment securities sold 4,108,193
Fund shares sold 92,948
Other receivables 8,171
Prepaid expenses 6,802
--------------
Total assets 270,539,577
--------------
LIABILITIES
Payables
Investment securities purchased 4,513,469
Fund shares repurchased 386,972
Income distribution payable 276,180
Distribution fee 132,428
Investment advisory fee 108,821
Transfer agent fee 89,989
Financial agent fee 24,526
Directors' fee 7,184
Accrued expenses 161,828
--------------
Total liabilities 5,701,397
--------------
NET ASSETS $ 264,838,180
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of common stock $ 313,166,341
Undistributed net investment loss (223,064)
Accumulated net realized loss (31,191,307)
Net unrealized depreciation (16,913,790)
--------------
NET ASSETS $ 264,838,180
--------------
--------------
CLASS A
Shares of common stock outstanding, $0.10 par value,
166,666,667 shares authorized (Net Assets $144,958,840) 12,541,866
Net asset value per share $11.56
Offering price per share $11.56/(1-4.75%) $12.14
CLASS B
Shares of common stock outstanding, $0.10 par value,
166,666,667 shares authorized (Net Assets $112,420,553) 9,739,277
Net asset value and offering price per share $11.54
CLASS C
Shares of common stock outstanding, $0.10 par value,
166,666,666 shares authorized (Net Assets $7,458,787) 644,517
Net asset value and offering price per share $11.57
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 13,247,405
Foreign taxes withheld (1,036)
--------------
Total investment income 13,246,369
--------------
EXPENSES
Investment advisory fee 752,692
Distribution fee, Class A 187,115
Distribution fee, Class B 587,011
Distribution fee, Class C 33,054
Financial agent fee 113,734
Transfer agent 213,638
Printing 40,511
Custodian 31,389
Professional 23,314
Registration 20,323
Directors 8,601
Miscellaneous 20,080
--------------
Total expenses 2,031,462
--------------
NET INVESTMENT INCOME 11,214,907
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized loss on securities (19,844,519)
Net realized loss on foreign currency (575,208)
Net change in unrealized appreciation (depreciation)
on investments 29,632,328
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions 271,897
--------------
NET GAIN ON INVESTMENTS 9,484,498
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 20,699,405
--------------
--------------
</TABLE>
8 See Notes to Financial Statements
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
4/30/99 Year Ended
(Unaudited) 10/31/98
------------- -------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 11,214,907 $ 26,783,292
Net realized gain (loss) (20,419,727) (8,960,343)
Net change in unrealized appreciation (depreciation) 29,904,225 (41,335,563)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 20,699,405 (23,512,614)
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (7,004,181) (15,872,614)
Net investment income, Class B (5,032,979) (11,337,234)
Net investment income, Class C (281,122) (293,230)
Net investment income, Class M -- (18,101)
Net realized gains, Class A -- (5,130,635)
Net realized gains, Class B -- (4,099,438)
Net realized gains, Class C -- (23,783)
Net realized gains, Class M -- (3,353)
In excess of net realized gains, Class A -- (902,131)
In excess of net realized gains, Class B -- (720,813)
In excess of net realized gains, Class C -- (4,182)
In excess of net realized gains, Class M -- (589)
------------- -------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (12,318,282) (38,406,103)
------------- -------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (638,686 and 3,001,172
shares, respectively) 7,238,576 38,782,884
Net asset value of shares issued from reinvestment of
distributions
(386,644 and 1,178,336 shares, respectively) 4,386,181 15,112,655
Cost of shares repurchased (2,440,978 and 4,402,648
shares, respectively) (27,562,989) (54,806,672)
------------- -------------
Total (15,938,232) (911,133)
------------- -------------
CLASS B
Proceeds from sales of shares (282,723 and 1,791,306
shares, respectively) 3,210,286 23,227,300
Net asset value of shares issued from reinvestment of
distributions
(207,274 and 616,801 shares, respectively) 2,349,010 7,896,496
Cost of shares repurchased (1,844,091 and 2,809,056
shares, respectively) (20,783,572) (35,444,257)
------------- -------------
Total (15,224,276) (4,320,461)
------------- -------------
CLASS C
Proceeds from sales of shares (154,054 and 595,059 shares,
respectively) 1,733,534 7,751,415
Net asset value of shares issued from reinvestment of
distributions
(16,313 and 18,346 shares, respectively) 185,262 227,373
Cost of shares repurchased (55,472 and 104,857 shares,
respectively) (627,714) (1,306,530)
------------- -------------
Total 1,291,082 6,672,258
------------- -------------
CLASS M
Proceeds from sales of shares (0 and 13,228 shares,
respectively) -- 176,977
Net asset value of shares issued from reinvestment of
distributions
(0 and 1,085 shares, respectively) -- 13,901
Cost of shares repurchased (0 and 23,542 shares,
respectively) -- (268,015)
------------- -------------
Total -- (77,137)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARES TRANSACTIONS (29,871,426) 1,363,527
------------- -------------
NET DECREASE IN NET ASSETS (21,490,303) (60,555,190)
NET ASSETS
Beginning of period 286,328,483 346,883,673
------------- -------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF
($223,064) AND $880,311, RESPECTIVELY] $ 264,838,180 $ 286,328,483
------------- -------------
------------- -------------
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix Multi-Sector Fixed Income Fund, Inc.
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31
4/30/99 ---------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.20 $ 13.50 $ 13.27 $ 12.56 $ 11.94 $ 14.13
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.48 1.07 1.03 0.94 0.96 0.76
Net realized and unrealized gain
(loss) 0.41 (1.88) 0.18 0.72 0.61 (1.35)
------ --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 0.89 (0.81) 1.21 1.66 1.57 (0.59)
------ --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.53) (1.07) (0.98) (0.95) (0.95) (0.77)
Dividends from net realized gains -- (0.36) -- -- -- (0.63)
In excess of net investment income -- -- -- -- -- (0.05)
In excess of net realized gains -- (0.06) -- -- -- --
Tax return of capital -- -- -- -- -- (0.15)
------ --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (0.53) (1.49) (0.98) (0.95) (0.95) (1.60)
------ --------- --------- --------- --------- ---------
CHANGE IN NET ASSET VALUE 0.36 (2.30) 0.23 0.71 0.62 (2.19)
------ --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 11.56 $ 11.20 $ 13.50 $ 13.27 $ 12.56 $ 11.94
------ --------- --------- --------- --------- ---------
------ --------- --------- --------- --------- ---------
Total return(1) 8.11%(3) (6.86)% 9.22% 13.75% 13.83% (4.57)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $144,959 $156,317 $191,486 $169,664 $168,875 $172,966
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.14%(4) 1.08% 1.04%(2) 1.07% 1.10% 1.13%
Net investment income 8.53%(4) 8.17% 7.28% 7.56% 8.10% 7.05%
Portfolio turnover 52%(3) 157% 295% 255% 201% 123%
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) For the year ended October 31, 1997, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would not significantly
differ.
(3) Not annualized
(4) Annualized
10
See Notes to Financial Statements
<PAGE>
Phoenix Multi-Sector Fixed Income Fund Inc.
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B
--------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31
4/30/99 ------------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.18 $ 13.48 $ 13.25 $ 12.54 $ 11.93 $ 14.10
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.44 0.96 0.92 0.85 0.86 0.68
Net realized and unrealized gain
(loss) 0.40 (1.87) 0.18 0.71 0.61 (1.36)
----- ----- ----- ----- ----- -----
TOTAL FROM INVESTMENT
OPERATIONS 0.84 (0.91) 1.10 1.56 1.47 (0.68)
----- ----- ----- ----- ----- -----
LESS DISTRIBUTIONS
Dividends from net investment
income (0.48) (0.97) (0.87) (0.85) (0.86) (0.67)
Dividends from net realized gains -- (0.36) -- -- -- (0.63)
In excess of net investment income -- -- -- -- -- (0.05)
In excess of net realized gains -- (0.06) -- -- -- --
Tax return of capital -- -- -- -- -- (0.14)
----- ----- ----- ----- ----- -----
TOTAL DISTRIBUTIONS (0.48) (1.39) (0.87) (0.85) (0.86) (1.49)
----- ----- ----- ----- ----- -----
CHANGE IN NET ASSET VALUE 0.36 (2.30) 0.23 0.71 0.61 (2.17)
----- ----- ----- ----- ----- -----
NET ASSET VALUE, END OF PERIOD $ 11.54 $ 11.18 $ 13.48 $ 13.25 $ 12.54 $ 11.93
----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- -----
Total return(1) 7.60%(3) (7.51)% 8.42% 12.84% 12.96% (5.21)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $112,421 $124,075 $154,989 $142,869 $144,020 $156,629
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.89%(4) 1.84% 1.79%(2) 1.82% 1.85% 1.78%
Net investment income 7.79%(4) 7.36% 6.52% 6.80% 7.30% 6.46%
Portfolio turnover 52%(3) 157% 295% 255% 201% 123%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
--------------------------------------
SIX MONTHS FROM
ENDED YEAR INCEPTION
4/30/99 ENDED 10/1/97 TO
(UNAUDITED) 10/31/98 10/31/97
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.21 $ 13.48 $ 14.22
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.44 0.97 0.04
Net realized and unrealized gain
(loss) 0.40 (1.85) (0.74)
----- ----- -----
TOTAL FROM INVESTMENT
OPERATIONS 0.84 (0.88) (0.70)
----- ----- -----
LESS DISTRIBUTIONS
Dividends from net investment
income (0.48) (0.97) (0.04)
Dividends from net realized gains -- (0.36) --
In excess of net realized gains -- (0.06) --
----- ----- -----
TOTAL DISTRIBUTIONS (0.48) (1.39) (0.04)
----- ----- -----
CHANGE IN NET ASSET VALUE 0.36 (2.27) (0.74)
----- ----- -----
NET ASSET VALUE, END OF PERIOD $ 11.57 $ 11.21 $ 13.48
----- ----- -----
----- ----- -----
Total return(1) 7.68%(3) (7.36)% (5.00)%(4)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $ 7,459 $ 5,937 $ 284
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.90%(4) 1.88% 1.62 (2)(4
Net investment income 7.74%(4) 7.46% 4.75%(4)
Portfolio turnover 52%(3) 157% 295%(3)
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) For the year ended October 31, 1997, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would not significantly
differ.
(3) Not annualized
(4) Annualized
See Notes to Financial Statements
11
<PAGE>
PHOENIX MULTI-SECTOR FIXED INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1999 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix Multi-Sector Fixed Income Fund, Inc. (the "Fund") is organized as a
Maryland corporation and is registered under the Investment Company Act of 1940,
as amended, as a diversified, open-end management investment company. The Fund's
investment objective is to maximize current income consistent with the
preservation of capital by investing in fixed income securities. The Fund offers
Class A, Class B and Class C shares. Class M shares have been closed. 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 all 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:
Debt securities are valued on the basis of broker quotations or valuations
provided by a pricing service which utilizes information with respect to recent
sales, 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 Directors.
B. SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are recorded on the trade date. Interest income is
recorded on the accrual basis. Discounts and premiums 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 substantially 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 declared and recorded daily. 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 expiring capital loss carryforwards,
foreign currency gain/loss, 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 and 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. OPTIONS
The Fund may write covered options or purchase options contracts for the
purpose of hedging against changes in the market value of the underlying
securities or foreign currencies.
The Fund will realize a gain or loss upon the expiration or closing of the
option transaction. Gains and losses on written options are reported separately
in the Statement of Operations. When a written option is exercised, the proceeds
on sales or amounts paid are adjusted by the amount of premium received. Options
written are reported as a liability in the Statement of Assets and Liabilities
and subsequently marked-to-market to reflect the current value of the option.
The risk associated with written options is that the change in value of options
contracts may not correspond to the change in value of the hedged instruments.
In addition, losses may arise from changes in the value of the underlying
instruments, or if a liquid secondary market does not exist for the contracts.
12
<PAGE>
PHOENIX MULTI-SECTOR FIXED INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1999 (UNAUDITED) (CONTINUED)
The Fund may purchase options which are included in the Schedule of
Investments and subsequently marked-to-market to reflect the current value of
the option. When a purchased option is exercised, the cost of the security is
adjusted by the amount of premium paid. The risk associated with purchased
options is limited to the premium paid.
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
0.55% for the first $1 billion of the average daily net assets of the Fund.
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 $11,669 for Class A shares, and deferred
sales charges of $118,666 for Class B and $1,904 for Class C shares for the six
months ended April 30, 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 of 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 April 30, 1999, $513,180 was retained
by the Distributor, $269,177 was paid to unaffiliated participants, and $24,823
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 of
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 April 30, 1999, transfer
agent fees were $213,638 of which PEPCO retained $95,511 which is net of the
fees paid to State Street.
At April 30, 1999, PHL and affiliates held 92,331 Class A shares, 14 Class B
shares and 8,133 Class C shares of the Fund with a combined value of $1,161,609.
3. PURCHASE AND SALE OF SECURITIES
During the six months ended April 30, 1999, purchases and sales of
investments, excluding short-term securities and U.S. Government and agency
,securities, amounted to $125,537,824 and $151,772,085, respectively. Purchases
and sales of long-term U.S. Government and agency securities amounted to
$16,759,578, and $18,332,047, 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.
5. LOAN AGREEMENTS
The Fund may invest in direct debt instruments, which are interests in amounts
owed by a corporate, governmental, or other borrower to lenders or lending
syndicates. The Fund's investments in loans may be in the form of participations
in loans or assignments of all or a portion of loans from third parties. A loan
is often administered by a bank or other financial institution (the lender) that
acts as agent for all holders. The agent administers the terms of the loan, as
specified in the loan agreement. When investing in a loan participation, the
Fund has the right to receive payments of principal, interest and any fees to
which it is entitled only from the lender selling the loan agreement and only
upon receipt by the lender of payments from the borrower. The Fund generally has
no right to enforce compliance with the terms of the loan agreement with the
borrower. As a result, the Fund may be subject to the credit risk of both the
borrower and the lender that is selling the loan agreement. For loans which the
Fund is a participant, the Fund may not sell its participation in the loan
without the lender's prior consent. When the Fund purchases assignments from
lenders it acquires direct rights against the borrower on the loan. Direct
indebtedness of emerging countries involves a risk that the government entities
responsible for the repayment of the debt may be unable, or unwilling to pay the
principal and interest when due.
6. CAPITAL LOSS CARRYFORWARDS
The Fund has a capital loss carryover of $8,638,419 expiring in 2006, which
may be used to offset future capital gains.
This report is not authorized for distribution to prospective investors in the
Phoenix Multi-Sector Fixed Income Fund, Inc. unless preceded or accompanied by
an effective Prospectus which includes information concerning the sales charge,
Fund's record and other pertinent information.
13
<PAGE>
PHOENIX MULTI-SECTOR FIXED
INCOME FUND, INC.
101 Munson Street
Greenfield, Massachusetts 01301
DIRECTORS
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
John F. Sharry, Executive Vice President
James D. Wehr, Senior Vice President
David L. Albrycht, Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, 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
HOW TO CONTACT US
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
World Wide Web address:
WWW.PHOENIXINVESTMENTS.COM
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION ---------------
PO Box 2200 Bulk Rate Mail
Enfield CT 06083-2200 U.S. Postage
PAID
Springfield, MA
Permit No. 444
---------------
[LOGO] PHOENIX
INVESTMENT PARTNERS
PXP 741 (6/99)
