PHOENIX INVESTMENT TRUST 97
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 Small Cap Value Fund and
page 8 for the Value Equity 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>
Small Cap Value Fund Class A Shares -3.32% -0.09%
- ------------------------------------------------------------------------- -------------------------- ----------------------------
Value Equity Fund Class A Shares 10.48% 9.70%
- ------------------------------------------------------------------------- -------------------------- ----------------------------
</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 November 5, 1997 for the Small Cap Value Fund and November 20,
1997 for the Value Equity Fund.
The "Fund Expenses" tables on pages 4 and 9 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
Small Cap Value Fund and page 10 for the Value Equity Fund are amended as
follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Small Cap Value Fund Class A Shares $754 $1,129 $1,528 $2,639
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Value Equity Fund Class A Shares $726 $1,042 $1,381 $2,335
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
</TABLE>
All other information contained in the Example tables remains unchanged.
Under the heading "Sales Charges: Class A Shares" on page 15 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 16 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 2053/SC (3/00)
<PAGE>
PHOENIX INVESTMENT TRUST 97
Supplement dated March 17, 2000 to
Statement of Additional Information dated December 29, 1999,
as supplemented January 10, 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 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 under the heading "Performance Information" on page 10, paragraph 3,
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 08/31/99)(1) 1 YEAR SINCE INCEPTION(2)
- -------------------------------------------------------------------- ------------------- --------------------------------
<S> <C> <C>
Small Cap Value Fund Class A Shares 32.80% 4.45%
- -------------------------------------------------------------------- ------------------- --------------------------------
Value Equity Fund Class A Shares 28.08% 7.92%
- -------------------------------------------------------------------- ------------------- --------------------------------
</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 November 5, 1997 for the Small Cap Value Fund and November 20,
1997 for the Value Equity Fund.
Under the heading "Performance Information" on page 10 of the current Statement
of Additional Information, the third sentence in paragraph 4 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 19 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 2053B/SC (3/00)
