PHOENIX-ZWEIG TRUST
Supplement dated January 1, 2000 to
Prospectus dated May 1, 1999, as supplemented August 20, 1999 and
September 2, 1999
PORTFOLIO MANAGEMENT
Effective January 1, 2000, the section "Portfolio Management" on page 37 of the
current prospectus is replaced in its entirety with the following:
Investment and trading decisions for the funds are made by a team of
investment professionals. Dr. Martin E. Zweig, President of Zweig
Consulting, and a team of analysts determine the overall asset
allocation strategy for each of the funds, except the Government Cash
Fund. Carlton Neel and his team of portfolio managers are primarily
responsible for the day-to-day investment decisions related to the
funds.
Carlton Neel has served as the senior portfolio manager for the
Strategy Fund, Appreciation Fund and Growth & Income Fund since January
1, 2000, for Managed Assets and the Government Fund since July 5, 1995,
and for the Foreign Equity Fund since its inception. Mr. Neel is First
Vice President of the Trust and of Zweig/Glaser Advisers LLC. 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.
Beth Abraham has served as portfolio manager for the Government Cash
Fund and as an Assistant Vice President of the Trust since 1995. Ms.
Abraham's experience includes consulting to the mutual fund industry
and acting as a Senior Compliance Examiner in the New York Regional
Office of the Securities and Exchange Commission.
PHOENIX-ZWEIG STRATEGY FUND
The following hereby replaces the first bullet point under "Principal Investment
Strategies" on page 32 of the current prospectus:
[arrow] The fund will invest in stocks. Up to 200 stocks will be
selected from among approximately 750 domestic stocks that the
portfolio manager considers to be comparable in market
capitalization and liquidity to the stocks in the Standard &
Poor's 500 Composite Stock Price Index.
Additionally, the first paragraph under "Principal Risks" on page 32 is hereby
deleted.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE.
PXP 1196PM (01/00)
