Phoenix Duff & Phelps Institutional Mutual Funds
Supplement Dated March 3, 1998 for the
Real Estate Equity Securities Portfolio in the Prospectus
and Statement of Additional Information dated September 30, 1997
The Board of Trustees of the Fund has approved the assignment of the
Investment Advisory Agreement between the Fund, on behalf of the Real Estate
Equity Securities Portfolio, and Phoenix Realty Securities, Inc. ("PRS") to Duff
& Phelps Investment Management Co. ("DPIM"). Phoenix Realty Securities, Inc. and
Duff & Phelps Investment Management Co. are affiliates under the common control
of Phoenix Home Life Mutual Insurance Company. As a result, upon the advice of
counsel the Trustees concluded that this assignment of the Investment Advisory
Agreement did not constitute a change in control as defined under the Investment
Company Act of 1940. DPIM has replaced PRS as the new Adviser under the terms of
the original Investment Advisory Agreement. By this supplement, all references
to PRS in the Prospectus and Statement of Additional Information are hereby
replaced by DPIM. Simultaneously, the Portfolio Manager for the Real Estate
Portfolio is Michael Schatt. All references to a Co-Manager are hereby deleted.
