Phoenix Duff & Phelps Institutional Mutual Funds
U.S. Government Securities Portfolio, Balanced Portfolio
and Money Market Portfolio
Supplement dated September 18, 1998 to the Prospectus dated May 1, 1998
On August 26, 1998, the Board of Trustees of Phoenix Duff & Phelps
Institutional Mutual Funds voted to direct the mandatory redemption of all
shares of all classes of the U.S. Government Securities Portfolio, the Balanced
Portfolio and the Money Market Portfolio. The Trustees determined that
liquidation is in the best interests of the shareholders based upon
consideration of the expense of maintaining these Portfolios. The U.S.
Government Securities Portfolio, the Balanced Portfolio and the Money Market
Portfolio are therefore closed to new investors.
On October 28, 1998, these Portfolios will be closed to all investor
deposits and will be liquidated at their respective net asset values. Prior to
such time, any shareholder may exchange their shares of the U.S. Government
Securities Portfolio, the Balanced Portfolio or the Money Market Portfolio for
shares of the same class of any other Portfolio of Phoenix Duff & Phelps
Institutional Mutual Funds.
PDP 039P (9/98)
