0001029869-97-001104 Sample Contracts

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Exhibit 13 Initial Capital Agreement INITIAL CAPITAL AGREEMENT
Capital Agreement • September 23rd, 1997 • Phoenix Equity Series Fund

Phoenix Equity Series Fund (the "Trust") proposes to issue and sell shares of beneficial interest of its Series (the "Shares") pursuant to a registration statement on Form N-1A (the "Registration Statement") filed with the Securities and Exchange Commission. The undersigned hereby offers to purchase such number of Shares contemporaneous with the effective date of the Registration Statement (or such earlier date as may be agreed upon) required in order to provide the Trust with a net worth of at least $100,000 as required by Section 14 of the Investment Company Act of 1940, as amended.

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