Ancient stage

Phonology

Bolded consonants can also be finals.

Manner	Labial	Dental	Retroflex	Palatal	Velar	Notes
Plosive	p	t	ʈ	c	k	Some reconstruct additional voiced plosives.
Pre-nasalised Plosives	ⁿp	ⁿt	ⁿʈ	ⁿc	ⁿk	ɴC or (m,n..)C is another valid style of transcription, as is C̃
Nasals	m	n	ɳ	ɲ	ŋ
Voiceless Nasals	m̊	n̊	ɳ̊	ɲ̊	ŋ̊	qC or hC is another valid style of transcription
Sonorants	w	l	r	y	ʀ	These are also sometimes analysed as appearing between initials and vowels.*
Voiceless Sonorants	ẘ	l̥	r̊	ẙ	ʀ̊
Fricatives	h*	s*	ʂ	ç	x

*In analyses where the sonorants are seen as possible glides between initials and the nucleus, the distribution of initials changes quite heavily.
There is also a glottal stop, sometimes written as <q>.
<h> represents would-be /ɸ/, but this sound, when constructed, is meant to suggest a sound change before the voiceless labial sonorant arose. Some do not reconstruct it at all.
<s> is argued by some to be /θ/.

There are considerably less vowels than consonants, but these have a large number of environmental allophones.

Height	+y	+l	+Ø	+r	+ʀ	+w
Closed	i	ɪ	ɨ	ə	ɯ	u
Mid	e	ɜ	ǝ	ə	ʌ	o
Open	æ	æ	a	a	ɑ	ɑ

Each syllable has a structure of CVC, better described as Initial-Nucleus-Final.