PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
CORE EQUITY PORTFOLIO, REAL ESTATE EQUITY SECURITIES
PORTFOLIO AND ENHANCED RESERVES PORTFOLIO
Supplement dated September 16, 1999 to the Prospectus
dated May 1, 1999,
as supplemented August 17, 1999
On August 25, 1999, 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 Core Equity Portfolio,
Real Estate Equity Securities Portfolio and Enhanced Reserves
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 Core Equity Portfolio, Real Estate
Equity Securities Portfolio and Enhanced Reserves Portfolio are
therefore closed to new investors.
On or about October 27, 1999, these Portfolios will be closed
to all investor deposits and will be liquidated at their respective net
asset values.
PXP 3090P (9/99)
