PHOENIX-EUCLID MARKET NEUTRAL FUND
Supplement dated April 3, 2000 to
Prospectus dated February 28, 2000, as supplemented March 17, 2000
THE INFORMATION CONTAINED IN THIS SUPPLEMENT DATED APRIL 3, 2000
SUPERCEDES THAT CONTAINED IN THE SUPPLEMENT DATED MARCH 17, 2000
THIS SUPPLEMENT REVISES THE CLASS A SHARES PERFORMANCE INFORMATION
FOR THE PERIODS ENDING 12/31/99.
ADDITIONALLY, THIS SUPPLEMENT CONTAINS NEW DISCLOSURE UPDATING
THE "PORTFOLIO MANAGEMENT" SECTION OF THE PROSPECTUS.
SALES CHARGES PAYABLE ON CLASS A SHARES
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the fund 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
fund. 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 the fund based on the deduction of the new
maximum sales charge of 5.75%. This chart replaces Class A share performance
information on page 3 in the current prospectus. All other performance
information contained in the current prospectus remains unchanged.
<TABLE>
- ------------------------------------------------------------------------- -------------------------- ----------------------------
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS (for periods ending 12/31/99)(1) ONE YEAR LIFE OF THE FUND(2)
- ------------------------------------------------------------------------- -------------------------- ----------------------------
<S> <C> <C>
Class A Shares -10.96% -7.46%
- ------------------------------------------------------------------------- -------------------------- ----------------------------
</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 May 1, 1998.
The "Fund Expenses" table on pages 4 of the current prospectus is 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 is amended
as follows:
<TABLE>
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Class A Shares $943 $1,691 $2,455 $4,443
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
</TABLE>
All other information contained in the Example tables remains unchanged.
Under the heading "Sales Charges: Class A Shares" on page 9 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 10 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> <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>
<PAGE>
PORTFOLIO MANAGEMENT
Effective March 21, 2000, the Co-Portfolio Managers for the Phoenix-Euclid
Market Neutral Fund are Carlton Neel and David Dickerson. Accordingly, the
section "Portfolio Management" on page 7 of the current prospectus is hereby
replaced with the following:
Carlton Neel and David Dickerson serve as Co-Portfolio Managers of the
fund. Mr. Neel is a Senior Vice President of the fund, Euclid Advisors
LLC and Zweig/Glaser Advisers LLC. He has served as the Senior
Portfolio Manager for the Phoenix-Zweig Strategy Fund, Phoenix-Zweig
Appreciation Fund and Phoenix-Zweig Growth & Income Fund since January
2000; for Phoenix-Zweig Managed Assets and Phoenix-Zweig Government
Fund since July 1995; and for the Phoenix-Zweig Foreign Equity Fund
since its inception in November 1997. Mr. Neel received a dual B.A. in
Economics and Political Science from Brown University. Prior to joining
the Zweig Companies, he was a Vice President with J.P. Morgan & Co.,
Inc. Mr. Dickerson began his investment career at Zweig/Glaser Advisers
in 1993. He was promoted to Assistant Portfolio Manager of Zweig
Managed Assets in 1996, where he was responsible for managing the U.S.
stock portion of the fund. He was promoted to Co-Portfolio Manager of
Phoenix-Zweig Strategy Fund in January 2000. Mr. Dickerson earned a B.A
in Psychology from Harvard University and an M.B.A. in Finance and
Economics from New York University (Stern School of Business).
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE.
PXP 1349/SC-R (4/00)
<PAGE>
PHOENIX-EUCLID MARKET NEUTRAL FUND
Supplement dated April 3, 2000 to Statement of Additional Information
dated February 28, 2000, as supplemented March 17, 2000
THE INFORMATION CONTAINED IN THIS SUPPLEMENT DATED APRIL 3, 2000
SUPERCEDES THAT CONTAINED IN THE SUPPLEMENT DATED MARCH 17, 2000
THIS SUPPLEMENT REVISES THE CLASS A SHARES PERFORMANCE INFORMATION
FOR THE PERIODS ENDING 10/31/99.
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the fund 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
fund. 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 the fund 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 6 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 10/31/99)(1) 1 YEAR SINCE INCEPTION(2)
- -------------------------------------------------------------------- ------------------- ------------------------------------
<S> <C> <C>
Class A Shares -6.13% -6.96%
- -------------------------------------------------------------------- ------------------- ------------------------------------
</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 May 1, 1998.
The table under the heading "Dealer Concessions" on page 17 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
-------------------------------- --------------------
AMOUNT OF TRANSACTION AT OFFERING PRICE OFFERING PRICE NET AMOUNT INVESTED PERCENTAGE OF OFFERING PRICE
- --------------------------------------- -------------- ------------------- ----------------------------
<S> <C> <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 1206/SC-R (4/00)
