Phoenix Duff & Phelps Institutional Mutual Funds
Real Estate Equity Securities Portfolio
Supplement dated July 24, 1998 to the Prospectus dated May 1, 1998
How to Buy Shares
The following should be inserted at the end of the fourth paragraph following
the heading "How to Buy Shares" located on page 12 of the Prospectus.
Equity Planning may pay broker-dealers and financial institutions
exempt from registration pursuant to the Securities Exchange Act of 1934, as
amended, and related regulations ("exempt financial institutions"), from its
own profits and resources, a percentage of the net asset value of any shares
sold as set forth below.
<TABLE>
<CAPTION>
Purchase Amount Payment Amount
--------------- --------------
<S> <C>
$0 to $5,000,000 0.50%
$5,000,001 to $10,000,000 0.25%
$10,000,001 or more 0.10%
</TABLE>
<PAGE>
Phoenix Duff & Phelps Institutional Mutual Funds
Core Equity Portfolio
Supplement dated July 24, 1998 to the Prospectus dated April 14, 1998
How to Buy Shares
The following should be inserted at the end of the fourth paragraph following
the heading "How to Buy Shares" located on page 12 of the Prospectus.
Equity Planning may pay broker-dealers and financial institutions
exempt from registration pursuant to the Securities Exchange Act of 1934, as
amended, and related regulations ("exempt financial institutions"), from its
own profits and resources, a percentage of the net asset value of any shares
sold as set forth below.
<TABLE>
<CAPTION>
Purchase Amount Payment Amount
--------------- --------------
<S> <C>
$0 to $5,000,000 0.50%
$5,000,001 to $10,000,000 0.25%
$10,000,001 or more 0.10%
</TABLE>
