PHOENIX STRATEGIC EQUITY SERIES FUND
Supplement dated March 17, 2000 to
Prospectus dated August 27, 1999
SALES CHARGES PAYABLE ON CLASS A SHARES
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the funds 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 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. 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 each of the funds 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 3 for Small Cap Fund, on page 9
for Equity Opportunities Fund and on page 17 for Strategic Theme Fund. All other
performance information contained in the current prospectus remains unchanged.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------- -------------- ------------- --------------- -----------------
AVERAGE ANNUAL TOTAL RETURNS (for periods ending 12/31/98)(1) ONE YEAR FIVE YEARS TEN YEARS LIFE OF THE
FUND(2)
- ----------------------------------------------------------------- -------------- ------------- --------------- -----------------
<S> <C> <C> <C> <C>
Small Cap Fund Class A Shares 4.99% NA NA 23.95%
- ----------------------------------------------------------------- -------------- ------------- --------------- -----------------
Equity Opportunities Fund Class A Shares 17.71% 12.75% 13.40% NA
- ----------------------------------------------------------------- -------------- ------------- --------------- -----------------
Strategic Theme Fund Class A Shares 36.21% NA NA 24.36%
- ----------------------------------------------------------------- -------------- ------------- --------------- -----------------
</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 16, 1995 for Small Cap Fund and for Strategic Theme Fund.
The "Fund Expenses" tables on pages 4, 10 and 17 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%.
The first of the Example tables in the current prospectus on page 5 for the
Small Cap Fund, page 11 for the Equity Opportunities Fund and page 18 Strategic
Theme Fund are amended as follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Small Cap Fund Class A Shares $715 $1,010 $1,327 $2,221
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Equity Opportunities Fund Class A Shares $694 $ 946 $1,217 $1,989
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
Strategic Theme Fund Class A Shares $707 $ 987 $1,287 $2,137
- ---------------------------------------------------------- ----------------- ----------------- ---------------- -----------------
</TABLE>
All other information contained in the Example tables remains unchanged.
Under the heading "Sales Charges: Class A Shares" on page 22 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.) The remainder of that
paragraph remains unchanged.
The table under the heading "Sales Charge you may pay to purchase Class A
Shares" on page 23 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>
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--PHOENIX-ENGEMANN SMALL CAP FUND
The disclosure under the heading "Portfolio Management" on page 6 of
the current prospectus is hereby replaced with the following:
Roger Engemann, Jim Mair and John Tilson oversee the research and portfolio
management function at Engemann. Each is a Managing Director, Equities of
Phoenix. The portfolio managers named below are responsible for the
day-to-day management of the fund's portfolio. Mr. Engemann has been
President of Engemann since it inception. Messrs. Mair and Tilson are both
Executive Vice Presidents of Portfolio Management of Engemann and both have
been with Engemann since 1983. Messrs. Engemann and Mair earned the right
to use the Chartered Financial Analyst designation in 1972, and Mr. Tilson
earned the right to use the Chartered Financial Analyst designation in
1974.
Lou Abel and Yossi Lipsker serve as co-portfolio managers of the fund and
as such are responsible for the day-to-day management of the fund's
portfolio. Messrs. Abel and Lipsker are both Vice Presidents of Engemann
and have been with Engemann since 1991 and 1995, respectively. Messrs. Abel
and Lipsker also serve as co-portfolio managers of the Phoenix-Engemann
Small & Mid Cap Growth Fund of the Phoenix-Engemann Funds, and Mr. Lipsker
serves as co-portfolio manager of the Phoenix-Engemann Nifty Fifty Fund of
the Phoenix-Engemann Funds. Mr. Abel earned the right to use the Chartered
Financial Analyst designations in 1993.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR
FUTURE REFERENCE.
PXP 690/SC (3/00)
<PAGE>
PHOENIX STRATEGIC EQUITY SERIES FUND
Supplement dated March 17, 2000 to
Statement of Additional Information dated August 27, 1999,
as supplemented January 10, 1999
Effective April 3, 2000, the maximum sales charge payable on Class A Shares
of the funds 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 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. 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 each of the funds 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 10, paragraph 5,
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 04/30/99)(1) 1 YEAR 5 YEAR 10 YEAR SINCE
INCEPTION(2)
- -------------------------------------------------------------------- ---------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Small Cap Fund Class A Shares -11.09% NA NA 20.21%
- -------------------------------------------------------------------- ---------------- -------------- -------------- ---------------
Equity Opportunities Fund Class A Shares 10.35% 15.25% 12.66% NA
- -------------------------------------------------------------------- ---------------- -------------- -------------- ---------------
Strategic Theme Fund Class A Shares 35.58% NA NA 25.68%
- -------------------------------------------------------------------- ---------------- -------------- -------------- ---------------
</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 16, 1995 for Small Cap Fund and for Strategic Theme Fund.
Under the heading "Performance Information" on page 10 of the current Statement
of Additional Information, the third and fourth sentence in paragraph 6 is
amended to read as follows: "Calculation of aggregate total return reflects
payment of the Class A Shares' maximum sales charge of 5.75% and assumes
reinvestment of all income dividends and capital gain distributions during the
period. Based on the foregoing for the Equity Opportunities Fund, the Class A
Share's aggregate cumulative total return quotation for the period commencing
August 1, 1944 and ending April 30, 1999 was 33,620.00%." The remainder of that
paragraph remains unchanged.
The table under the heading "Dealer Concessions" on page 20 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 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>
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE STATEMENT OF ADDITIONAL
INFORMATION FOR FUTURE REFERENCE.
PXP 731/SC (3/00)
