Phoenix Duff & Phelps Institutional Mutual Funds
Supplement Dated November 22, 1996 to Prospectus
and Statement of Additional Information Dated September 3, 1996
The Portfolio Managers
The following replaces the paragraph under "Balanced Portfolio" on page 18
of the Prospectus.
Mr. C. Edwin Riley, Jr. serves as portfolio manager of the Balanced
Portfolio and as such is responsible for the day-to-day management of the
Portfolio's holdings. Mr. Riley has served as portfolio manager of the Phoenix
Balanced Series of the Phoenix Series Fund since 1995. From 1988 to 1995, Mr.
Riley served as Senior Vice President and Director of Equity Management for
Nationsbank Investment Management.
