PHOENIX-SENECA FUNDS
                            PHOENIX-SENECA BOND FUND

        Supplement dated May 6, 2002 to Prospectus dated January 29, 2002

         The disclosure in the fourth paragraph on page 21 under the heading
"Portfolio Management" is hereby replaced in its entirety with the following:

         Albert Gutierrez. Albert Gutierrez is a team leader for the
         Phoenix-Seneca Bond Fund. He has been Chief Investment Officer, Fixed
         Income of Seneca since April 2002. Prior to joining Seneca, Mr.
         Gutierrez was Executive Vice President and Head of Portfolio Management
         and Trading at American General Investment Management, where he was
         responsible for management of $75 billion in fixed income assets, from
         2000 to 2001. He served in an almost identical role from 1988 to 2000
         with Conseco Capital Management. Mr. Gutierrez began his fixed income
         career in research and trading at Kidder, Peabody & Co. in New York in
         1983. He earned the right to use the Chartered Financial Analyst
         designation in 1990.

           INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
                             FOR FUTURE REFERENCE.

PXP 2069/PM (05/02)