Phoenix Duff & Phelps Institutional Mutual Funds
Real Estate Equity Securities Portfolio
Supplement dated September 1, 1998
to the Prospectus dated May 1, 1998 as supplemented July 24, 1998
Management of the Fund
The following should be inserted at the end of the third paragraph following the
heading "The Adviser" located on page 11 of the Prospectus.
Effective September 1, 1998, the calculation of the performance adjustment
is based on the Portfolio's gross annual performance as compared to the
NAREIT Equity Total Return Index, which is also calculated on a gross return
basis.
