PHOENIX EQUITY SERIES FUND
Supplement dated March 17, 2000 to
Prospectus dated December 29, 1999
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the funds will be 5.75%. The reduced sales charges payable on investments
over certain amounts and the dealer discounts applicable to Class A Shares have
also changed. These changes do not affect shareholders' existing investments in
the funds. However, any future investments in Class A Shares on or after April
3, 2000, including amounts invested under an automatic investment plan, will be
subject to the revised sales charge schedule. The prospectus is hereby amended
as described below.
The chart below provides restated Class A share average annual total returns
(for calendar year periods) for each of the funds based on the deduction of the
new maximum sales charge of 5.75%. This chart replaces Class A share performance
information in the current prospectus on page 3 for the Core Equity Fund and
page 9 for the Growth & Income Fund. All other performance information contained
in the current prospectus remains unchanged.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------- -------------------------- ----------------------------
AVERAGE ANNUAL TOTAL RETURNS (for periods ending 12/31/98)(1) ONE YEAR LIFE OF THE FUND(2)
- ------------------------------------------------------------------------- -------------------------- ----------------------------
<S> <C> <C>
Core Equity Fund Class A Shares 11.55% 13.17%
- ------------------------------------------------------------------------- -------------------------- ----------------------------
Growth & Income Fund Class A Shares 23.35% 22.42%
- ------------------------------------------------------------------------- -------------------------- ----------------------------
</TABLE>
(1) Average annual total returns in the table above reflect the deduction
of the maximum sales charge (5.75%) for an investment in the fund's
Class A shares.
(2) Since September 25, 1997.
The "Fund Expenses" tables on pages 4 and 10 of the current prospectus are
amended to reflect that the maximum sales charge (load) imposed on purchases of
Class A Shares, as a percentage of the offering price, is 5.75%.
The first of the Example tables in the current prospectus on page 5 for the Core
Equity Fund and page 11 for the Growth & Income Fund are amended as follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Core Equity Fund Class A Shares $712 $1,001 $1,312 $2,190
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Growth & Income Fund Class A Shares $703 $ 972 $1,262 $2,084
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
</TABLE>
All other information contained in the Example tables remains unchanged.
Under the heading "Sales Charges: Class A Shares" on page 17 of the current
prospectus, the first sentence is amended to read: "If you purchase Class A
Shares, you will pay a sales charge at the time of purchase equal to 5.75% of
the offering price (6.10% of the amount invested)." The remainder of that
paragraph remains unchanged.
The table under the heading "Sales Charge you may pay to purchase Class A
Shares" on page 17 of the current prospectus is replaced in its entirety by the
following:
<TABLE>
<CAPTION>
SALES CHARGES AS A PERCENTAGE OF
--------------------------------
AMOUNT OF TRANSACTION AT OFFERING PRICE OFFERING PRICE NET AMOUNT INVESTED
- --------------------------------------- -------------- -------------------
<S> <C> <C>
Under $50,000 5.75% 6.10%
$50,000 but under $100,000 4.75% 4.99%
$100,000 but under $250,000 3.75% 3.90%
$250,000 but under $500,000 2.75% 2.83%
$500,000 but under $1,000,000 2.00% 2.04%
$1,000,000 or more None None
</TABLE>
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE.
PXP 2089/SC (3/00)
<PAGE>
PHOENIX EQUITY SERIES FUND
Supplement dated March 17, 2000 to
Statement of Additional Information dated December 29, 1999,
as supplemented January 10, 2000
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the funds will be 5.75%. The reduced sales charges payable on investments
over certain amounts and the dealer discounts applicable to Class A Shares have
also changed. These changes do not affect shareholders' existing investments in
the funds. However, any future investments in Class A Shares on or after April
3, 2000, including amounts invested under an automatic investment plan, will be
subject to the revised sales charge schedule. The Statement of Additional
Information is hereby amended as described below.
The chart below provides restated Class A share average annual total returns
(for fiscal year periods) for each of the funds based on the deduction of the
new maximum sales charge of 5.75%. This chart replaces Class A share performance
information on page 10 of the current Statement of Additional Information. All
other performance information contained in the current Statement of Additional
Information remains unchanged.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------- -------------------------- ----------------------------
AVERAGE ANNUAL TOTAL RETURNS (for periods ending 8/31/99)(1) ONE YEAR LIFE OF THE FUND(2)
- ------------------------------------------------------------------------- -------------------------- ----------------------------
<S> <C> <C>
Core Equity Fund Class A Shares 18.87% 8.82%
- ------------------------------------------------------------------------- -------------------------- ----------------------------
Growth & Income Fund Class A Shares 32.63% 18.90%
- ------------------------------------------------------------------------- -------------------------- ----------------------------
</TABLE>
(1) Average annual total returns in the table above reflect the deduction
of the maximum sales charge (5.75%) for an investment in the funds'
Class A shares.
(2) Since September 25, 1997.
Under the heading "Performance Information" on page 10 of the current Statement
of Additional Information, the third sentence in paragraph 6 is amended to read
as follows: "Calculation of aggregate total return reflects payment of the Class
A Shares' maximum sales charge of 5.75% and assumes reinvestment of all income
dividends and capital gain distributions during the period." The remainder of
that paragraph remains unchanged.
The table under the heading "Dealer Concessions" on page 20 of the current
Statement of Additional Information is replaced in its entirety by the
following:
<TABLE>
<CAPTION>
SALES CHARGES AS A PERCENTAGE OF DEALER DISCOUNT AS A PERCENTAGE
-------------------------------- -------------------------------
AMOUNT OF TRANSACTION AT OFFERING PRICE OFFERING PRICE NET AMOUNT INVESTED OF OFFERING PRICE
- --------------------------------------- -------------- ------------------- -----------------
<S> <C> <C> <C>
Under $50,000 5.75% 6.10% 5.25%
$50,000 but under $100,000 4.75% 4.99% 4.25%
$100,000 but under $250,000 3.75% 3.90% 3.25%
$250,000 but under $500,000 2.75% 2.83% 2.25%
$500,000 but under $1,000,000 2.00% 2.04% 1.75%
$1,000,000 or more None None None
</TABLE>
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE STATEMENT OF
ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
PXP 2005B/SC (3/00)
