Bound inside this issue is another Phantasm feature supplement, a 20-page chapbook of Joanna Thompson's poem," Into Dark."

An index to the first two volumes of Phantasm is listed and, for the first time in Phantasm, a word puzzle is published.

Artwork is native American imagery by Colorado Blackfoot artist Carole Bourdo.

Susan Bent interviews Larry Jackson for an illustrated article published in the Butte College Roadrunner, "'Phantasm' prints local poets" (February 1, 1978).

Vista, a Chico, California, alternative newspaper reprints Max Norris' Sacramento Bee column as a feature article (January 1978) illustrated with the cover of Phantasm, vol. 1, no. 4, by Jack Proctor.

Vista writes its own review illustrated with the cover of vol. 1, no. 3: "Phantasm, a Magazine Worth Your Money" (February 1978). "I must admit, I was impressed. Two short stories … are two of the finest efforts I've read in some time. …Thanks to a young publisher by the name of Larry Jackson, his bimonthly magazine Phantasm is offering a place for writers to get their stories before the public. … The quality of the publication matched their artistic endeavors."

The rate for a one-year Phantasm subscription of six issues is increased from five dollars to eight dollars.