Phoenix Reshuffles
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Monday, June 24, 2002

Phoenix Reshuffles

There are some big changes going on at Phoenix Investment Partners. The firm plans to name new money managers to fives of its Zweig funds and close down the remaining two funds.

As of July 1, the Phoenix-Zweig Managed Assets (PZMAX) and Strategy Funds (PZSAX) will be managed by Oakhurst Asset Managers. The Appreciation Fund (PZAAX) will be managed by Hollister Investment Management. Goodwin Capital Advisers will oversee the Government Cash Fund. And Capital West Asset Management will manage the Phoenix-Eclid Market Neutral Fund.

The funds will also be rebranded. The new money manages' brand name will be included in the brand name. So, for instance, it will now be the Phoenix-Oakhurst Managed Assets Funds. According to the firm, the investment objectives of the funds will not change.

The Phoenix-Zweig Growth & Income (PZIAX) and Government Funds will both be closed and their assets liquidated.

None of these changes affect the Zweig closed-end funds, which are managed by a separate investment team and governed by separate boards. Dr. Martin Zweig will no longer continue as president of the seven aforementioned funds. He will continue as chairman of the board and president of the closed-end funds.

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