<ARTICLE> 5
<CIK> 0000724332
<NAME> PHOENIX ASSOCIATES
       
                                                  
<PERIOD-TYPE>                   YEAR                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1998
<PERIOD-START>                             JAN-01-1997             JAN-01-1998
<PERIOD-END>                               DEC-31-1997             JUN-30-1998
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