Phoenix Gold

Fund

Fund Investment Objectives

The Fund seeks to participate in a resurgence of the price of gold by purchasing shares in gold mining companies. On occasions, it might also purchase gold bullion and bullion options. The Fund will invest primarily in listed securities of companies whose principal business is gold mining, or whose income is primarily derived from gold mining or gold mining royalty. The Investment Manager will attempt through fundamental analysis and company visits, to identify companies with operational leverage to the price of gold. The Fund may also buy gold bullion, gold bullion futures contracts and call options on bullion subject to the Investment Restrictions of the Fund. $500,000 minimum investment for US investors, $150,000 for non-US investors