Phoenix Duff & Phelps Institutional Mutual Funds
Supplement Dated June 30, 1997 to
Prospectus and Statement of Additional
Information dated May 1, 1997 for the
Money Market and Growth Stock Portfolios
Investment Techniques and Related Risks
The following replaces the first sentence under the heading "Repurchase
Agreements" on page 16 of the Prospectus.
Each Portfolio may agree to purchase portfolio securities subject to
the seller's agreement to repurchase them at a mutually agreed upon
date and price.
Portfolio Managers
The following replaces the paragraph under the heading "Money Market Portfolio"
on page 18 of the Prospectus.
Ms. Julie Sapia is the portfolio manager of the Money Market Portfolio
and as such is primarily responsible for the day-to-day management of
the Portfolio. Ms. Sapia is also Vice President and portfolio manager
for The Phoenix Edge Series Fund, Money Market Series and Phoenix
Series Fund, Money Market Fund Series. She is also Vice President of
the Phoenix-Aberdeen Series Fund. From April, 1997 to the present she
has been Head Money Market Trader of PIC; from 1995 to 1997 she served
as Money Market Trader of PIC; from 1991 to 1995 she served as Money
Market Trader for Phoenix Home Life Mutual Insurance Company.
Trustees and Officers
The following paragraph should be inserted into page 24 of the Statement of
Additional Information.
Julie L. Sapia Vice President Head Money Market Trader (1997-present),
Phoenix Investment Counsel, Inc. Vice
President (1997-present), The Phoenix
Edge Series Fund, Phoenix Series Fund
and Phoenix-Aberdeen Series Fund. Money
Market Trader (1995-1997), Phoenix
Investment Counsel, Inc. Money Market
Trader (1991-1995), Phoenix Home Life
Mutual Insurance Company.
