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<NAME> PHOENIX CORE EQUITY FUND - M CLASS
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<EXPENSES-NET> (252)
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<NAME> PHOENIX EQUITY SERIES FUND
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<TABLE> <S> <C>
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<NAME> PHOENIX EQUITY SERIES FUND
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<TABLE> <S> <C>
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<NAME> PHOENIX EQUITY SERIES FUND
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<TABLE> <S> <C>
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<NAME> PHOENIX EQUITY SERIES FUND
<SERIES>
<NUMBER> 024
<NAME> PHOENIX GROWTH AND INCOME FUND - M CLASS
<MULTIPLIER> 1000
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<REALIZED-GAINS-CURRENT> 1301
<APPREC-INCREASE-CURRENT> (17174)
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<DISTRIBUTIONS-OF-GAINS> (1)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1015
<AVERAGE-NET-ASSETS> 50787
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .05
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</TABLE>
EXHIBIT INDEX
EXHIBIT A:
ATTACHMENT TO ITEM 77B: ACCOUNTANT'S REPORT ON INTERNAL CONTROL
- ------------------------------------------------------------------------
EXHIBIT A:
October 14, 1998
To the Shareholders and Trustees of
Phoenix Equity Series Fund
In planning and performing our audit of the financial statements of the
Phoenix Equity Series Fund (the "Fund") for the year ended August 31, 1998, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain
to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of August 31, 1998.
This report is intended solely for the information and use of management and
the Trustees of the Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
