PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
GROWTH STOCK PORTFOLIO
Supplement dated August 17, 1999 to the Prospectus dated May 1, 1999
At a meeting held on August 6, 1999, the shareholders of the Growth
Stock Portfolio of Phoenix Duff & Phelps Institutional Mutual Funds voted to
approve the retention of Seneca Capital Management LLC ("Seneca") as subadviser
for the Growth Stock Portfolio.
The following paragraph is hereby inserted following the management fee table on
page 17 of the prospectus:
Seneca Capital Management LLC ("Seneca") is the investment subadviser
to the portfolio and is located at 909 Montgomery Street, San
Francisco, California 94133. As subadviser, Seneca is responsible for
day-to-day management of the portfolio's investments. Seneca acts as
subadviser to eleven other mutual funds and acts as investment adviser
to institutions and individuals. As of June 30, 1999, Seneca had $6.8
billion in assets under management. Seneca has been (with its
predecessor GMG/Seneca Capital Management LP ("GMG/Seneca")) an
investment adviser since 1989. Phoenix pays Seneca a subadvisory fee at
the following rates:
<TABLE>
------------------------------- ---------------------------- ----------------------------
<CAPTION>
RATE FOR FIRST RATE FOR NEXT RATE FOR EXCESS
$67,800,000 $932,200,000 OVER $1 BILLION
------------------------------- ---------------------------- ----------------------------
<S> <C> <C> <C>
0.10% 0.30% 0.275%
------------------------------- ---------------------------- ----------------------------
</TABLE>
The following information replaces the information under the heading "Portfolio
Management" on page 17 of the prospectus:
Investment and trading decisions for the portfolio are made by a team
of managers and analysts headed by Gail P. Seneca. The team leaders,
which include Ms. Seneca, Richard D. Little and Ronald K. Jacks, are
primarily responsible for the day-to-day decisions related to the
portfolio.
Gail P. Seneca. Ms. Seneca has been the Chief Executive and Investment
Officer of Seneca or GMG/Seneca since November 1989. Ms. Seneca serves
as Co-Manager of the Phoenix-Seneca Mid Cap Fund of Phoenix
Multi-Portfolio Fund, the Phoenix-Seneca Equity Opportunities Fund and
Phoenix-Seneca Strategic Theme Fund of Phoenix Strategic Equity Series
Fund, as well as Seneca Mid Cap Value Series and Strategic Theme Series
of The Phoenix Edge Series Fund. She also serves as a team leader for
each of the Phoenix-Seneca Funds.
Richard D. Little. Mr. Little has been Director of Equities with Seneca
or GMG/Seneca since December 1989. Mr. Little serves as Co-Manager of
the Phoenix-Seneca Mid Cap Fund of Phoenix Multi-Portfolio Fund, the
Phoenix-Seneca Equity Opportunities Fund and Phoenix-Seneca Strategic
Theme Fund of Phoenix Strategic Equity Series Fund, as well as Seneca
Mid Cap Value Series and Strategic Theme Series of The Phoenix Edge
Series Fund. He also serves as Portfolio Manager for the Phoenix-Seneca
Growth Fund and Phoenix-Seneca Mid Cap "EDGE" fund of the
Phoenix-Seneca Funds.
Ronald K. Jacks. Mr. Jacks has been a Portfolio Manager with Seneca or
GMG/Seneca since December 1970. Mr. Jacks serves as Co-Manager of the
Phoenix-Seneca Mid Cap Fund of Phoenix Multi-Portfolio Fund, the
Phoenix-Seneca Equity Opportunities Fund and Phoenix-Seneca Strategic
Theme Fund of Phoenix Strategic Equity Series Fund, as well as Seneca
Mid Cap Value Series and Strategic Theme Series of The Phoenix Edge
Series Fund. He also serves as Portfolio Manager for the Phoenix-Seneca
Growth Fund and Phoenix-Seneca Mid Cap "EDGE" fund of the
Phoenix-Seneca Funds. He was a Secretary of Phoenix-Seneca Funds from
February 1996 to February 1998 and was a Trustee of Phoenix-Seneca
Funds from February 1996 to June 1997.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THEIR PROSPECTUS
FOR FUTURE REFERENCE.
PXP 3090GS (8/99)
