PHOENIX-SENECA FUNDS
            Supplement dated January 6, 2006 to the Prospectus dated
             January 28, 2005, as supplemented June 17, 2005,
                      August 8, 2005 and December 15, 2005

IMPORTANT NOTICE TO INVESTORS

The Prospectus is amended and supplemented to reflect changes to the portfolio
management team of the PHOENIX EARNINGS DRIVEN GROWTH FUND. Effective December
31, 2005, Ronald K. Jacks and Richard D. Little retired from Seneca Capital
Management LLC, the subadviser to the fund, and no longer serve on the portfolio
management team. Portfolio management responsibilities previously handled by
these individuals have been assumed by the remaining members of the team, Ms.
Cooley and Mr. Couden, who have served on the portfolio management team since
2005 and 2004, respectively. Accordingly, the disclosure under the subheading
"Portfolio Management" as set forth in the Supplement dated August 8, 2005 to
the current Prospectus is hereby replaced with the following:

     PORTFOLIO MANAGEMENT

     EARNINGS DRIVEN GROWTH FUND. Investment and trading decisions for the fund
     are made by a team of investment professionals who are jointly and
     primarily responsible for the day-to-day management of the fund's
     portfolio. The team's members are:

     FRAN GILLIN COOLEY. Ms. Cooley has served on the fund's portfolio
     management team since 2005. She also serves on the portfolio management
     team of the Phoenix Large-Cap Growth Fund and the Phoenix Strategic Growth
     Fund. Ms. Cooley is a Portfolio Manager and Equity Analyst at Seneca
     focused primarily on the consumer, materials and industrial sectors. Prior
     to joining Seneca in 1995, she served in private placements at a San
     Francisco merchant bank. Ms. Cooley has 12 years of investment experience.

     DOUGLAS COUDEN, CFA. Mr. Couden has served on the fund's portfolio
     management team since 2004. He also serves on the portfolio management team
     of the Phoenix Large-Cap Growth Fund and the Phoenix Strategic Growth Fund.
     Mr. Couden is a Senior Portfolio Manager and Director of Equity at Seneca
     focused primarily on the industrial, telecom, consumer and information
     technology sectors. Prior to joining Seneca in 1996, he was a business
     analyst with PaineWebber. Mr. Couden has 12 years investment experience.

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

PXP 2069/PortMgmt (1/06)