Phoenix Strategic Equity Series
Supplement dated February 28, 1997 to
Prospectus dated August 28, 1996
as Supplemented December 19, 1996
How to obtain Reduced Sales Charges - Class A Shares
Item (16) is hereby deleted from the paragraph describing "Qualified Purchasers"
on page 20 of the Prospectus. In addition, the following should be inserted
after the first paragraph under the heading "Qualified Purchasers."
In addition, Class A shares purchased by the following investors are not
subject to any Class A sales charge: (1) investment advisors and financial
planners who charge an advisory, consulting or other fee for their
services and buy shares for their own accounts or the accounts of their
clients, and (2) retirement plans and deferred compensation plans and
trusts used to fund those plans (including, for example, plans qualified
or created under sections 401(a), 403(b) or 457 of the Internal Revenue
Code), and "rabbi trusts" that buy shares for their own accounts, in each
case if those purchases are made through a broker or agent or other
financial intermediary that has made special arrangements with the
Distributor for those purchases; (3) clients of such investment advisors
or financial planners who buy shares for their own accounts may also
purchase shares without sales charge but only if their accounts are linked
to a master account of their investment advisor or financial planner on
the books and records of the broker, agent or financial intermediary with
which the Distributor has made such special arrangements (each of these
investors may be charged a fee by the broker, agent or financial
intermediary for purchasing shares).
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 Redeem Shares
The following replaces the fourth sentence in the second paragraph describing
"How to Redeem Shares" on page 25 of the Prospectus.
In addition, each Series maintains a continuous offer to repurchase its
shares, and shareholders may normally sell their shares through securities
dealers, brokers, or agents, who may charge customary commissions or fees
for their services.
