PHOENIX STRATEGIC EQUITY SERIES FUND
Supplement dated December 19, 1996 to Prospectus and
Statement of Additional Information dated August 28, 1996
Small Cap Series
The following replaces the last sentence under "Phoenix Small Cap Fund" on the
cover page of the Prospectus.
Effective December 19, 1996 the Small Cap Fund will accept new
investment accounts according to the provisions set forth in this Prospectus
(see "How to Buy Shares)."
Investment Objectives and Policies
The last sentence of the first paragraph under "Small Cap Series" on page 10 of
the Prospectus is hereby deleted. In addition, the following replaces the third
sentence in the same paragraph.
Under normal circumstances, at least 65% of the Series' total assets
will be invested in stocks of companies with a total market capitalization of
$750 million or less at the time of acquisition.
Investor Accounts and Services Available
The following replaces the first two sentences in the seventh paragraph under
"Exchange Privileges" on page 24 of the Prospectus.
Because excessive trading can hurt Fund performance and harm
shareholders, the Fund reserves the right to temporarily or permanently
terminate exchange privileges or reject any specific order for any dealer,
shareholder or person whose transactions seem to follow a timing pattern,
including those who request more than one exchange out of a fund within any 30
day period. The Distributor has entered into agreements with certain dealers and
investment advisors permitting them to exchange their clients' shares by
telephone. These privileges are limited under those agreements and the
Distributor has the right to reject or suspend those privileges.
How to Buy Shares
The paragraphs under the heading, "Special Purchase Rules Regarding Small Cap
Series" found on page 11 of the Statement of Additional Information are hereby
deleted.
