PHOENIX-ZWEIG TRUST
Supplement dated March 17, 2000 to
Prospectus dated May 1, 1999, as supplemented
September 2, 1999 and January 1, 2000
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the Appreciation Fund, Foreign Equity Fund, Growth & Income Fund, Managed
Assets and Strategy Fund will be 5.75%. For the Government Fund, the maximum
sales charge payable on Class A Shares remains unchanged. 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.
For the Government Cash Fund, there is no sales charge payable on Class A Shares
and the Government Cash Fund is not affected by this supplement. 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 Appreciation Fund, Foreign Equity Fund,
Growth & Income Fund, Managed Assets and Strategy Fund 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 6 for the Appreciation
Fund, page 11 of the Foreign Equity Fund, page 24 for the Growth & Income Fund,
page 29 for Managed Assets and page 33 for the Strategy Fund. All other
performance information contained in the current prospectus remains unchanged.
<TABLE>
<CAPTION>
- ------------------------------------------------------------ ------------------- ------------------ -------------------------
AVERAGE ANNUAL TOTAL RETURNS ONE YEAR FIVE YEARS LIFE OF THE FUND(2)
(for periods ending 12/31/98)(1)
- ------------------------------------------------------------ ------------------- ------------------ -------------------------
<S> <C> <C> <C>
Appreciation Fund Class A Shares -6.42% 10.23% 11.31%
- ------------------------------------------------------------ ------------------- ------------------ -------------------------
Foreign Equity Fund Class A Shares 3.08% NA 3.82%
- ------------------------------------------------------------ ------------------- ------------------ -------------------------
Growth & Income Fund Class A Shares -7.02% NA 6.90%
- ------------------------------------------------------------ ------------------- ------------------ -------------------------
Managed Assets Class A Shares 8.55% 9.21% 9.48%
- ------------------------------------------------------------ ------------------- ------------------ -------------------------
Strategy Fund Class A Shares -7.27% 9.38% 9.88%
- ------------------------------------------------------------ ------------------- ------------------ -------------------------
</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 October 7, 1991 for the Appreciation Fund, November 21, 1997 for
the Foreign Equity Fund, November 26, 1996 for the Growth & Income
Fund, February 8, 1993 for Managed Assets and December 29, 1989 for the
Strategy Fund.
The "Fund Expenses" tables on pages 7, 12, 25, 30 and 34 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%.
Both of the Example tables in the current prospectus on page 8 for the
Appreciation Fund, page 13 for the Foreign Equity Fund, page 26 for the Growth &
Income Fund, page 31 for Managed Assets and page 35 for the Strategy Fund are
amended as follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Appreciation Fund Class A Shares $721 $1,028 $1,356 $2,283
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Foreign Equity Fund Class A Shares $954 $1,723 $2,508 $4,539
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Growth & Income Fund Class A Shares $729 $1,054 $1,401 $2,376
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Managed Assets Class A Shares $720 $1,025 $1,351 $2,273
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Strategy Fund Class A Shares $694 $ 946 $1,217 $1,989
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
</TABLE>
All other information contained in the Example tables remains unchanged.
Under the heading "Sales Charges: Class A Shares" on page 39 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) for the Appreciation Fund,
Foreign Equity Fund, Growth & Income Fund, Managed Assets and Strategy Fund and
4.75% of the offering price (4.99% of the amount invested) for the Government
Fund." The remainder of that paragraph remains unchanged.
<PAGE>
The tables under the heading "Sales Charges: Sales charge you may pay to
purchase Class A Shares" on page 41 for the current prospectus are replaced in
its entirety by the following:
<TABLE>
<CAPTION>
SALES CHARGES AS A PERCENTAGE OF
AMOUNT OF TRANSACTION AT OFFERING PRICE --------------------------------
(ALL FUNDS, EXCEPT GOVERNMENT AND GOVERNMENT CASH FUNDS) 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
GOVERNMENT FUND
- ---------------
Under $50,000 4.75% 4.99%
$50,000 but under $100,000 4.50% 4.71%
$100,000 but under $250,000 3.50% 3.63%
$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 1196/SC (3/00)
<PAGE>
PHOENIX-ZWEIG TRUST
Supplement dated March 17, 2000 to
Statement of Additional Information dated May 1, 1999
as supplemented September 2, 1999
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the Appreciation Fund, Foreign Equity Fund, Growth & Income Fund, Managed
Assets and Strategy Fund will be 5.75%. For the Government Fund, the maximum
sales charge payable on Class A Shares remains unchanged. 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.
For the Government Cash Fund, there is no sales charge payable on Class A Shares
and the Government Cash Fund is not affected by this supplement. 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 Appreciation Fund, Foreign Equity Fund, Growth
& Income Fund, Managed Assets and Strategy Fund based on the deduction of the
new maximum sales charge of 5.75%. This chart replaces Class A share performance
information on pages 10 and 11 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 ONE YEAR FIVE YEARS LIFE OF THE FUND(2)
(for periods ending 12/31/98)(1)
- -------------------------------------------------------------- -------------- ---------------- ------------------------------
<S> <C> <C> <C>
Appreciation Fund Class A Shares -6.42% 10.23% 11.31%
- -------------------------------------------------------------- -------------- ---------------- ------------------------------
Foreign Equity Fund Class A Shares 3.08% NA 3.82%
- -------------------------------------------------------------- -------------- ---------------- ------------------------------
Growth & Income Fund Class A Shares -7.02% NA 6.90%
- -------------------------------------------------------------- -------------- ---------------- ------------------------------
Managed Assets Class A Shares 8.55% 9.21% 9.48%
- -------------------------------------------------------------- -------------- ---------------- ------------------------------
Strategy Fund Class A Shares -7.27% 9.38% 9.88%
- -------------------------------------------------------------- -------------- ---------------- ------------------------------
</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 October 7, 1991 for the Appreciation Fund, November 21, 1997 for
the Foreign Equity Fund, November 26, 1996 for the Growth & Income
Fund, February 8, 1993 for Managed Assets and December 29, 1989 for the
Strategy Fund.
The tables under the heading "Dealer Concessions" on page 24 of the current
Statement of Additional Information are replaced in its entirety by the
following:
CLASS A SHARES - ALL FUNDS (EXCEPT THE GOVERNMENT AND GOVERNMENT CASH FUNDS)
<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>
CLASS A SHARES - GOVERNMENT FUND
<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 4.75% 4.99% 4.25%
$50,000 but under $100,000 4.50% 4.71% 4.00%
$100,000 but under $250,000 3.50% 3.63% 3.00%
$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 1202/SC (3/00)
