PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
Supplement dated January 10, 2000 to
Statement of Additional Information dated May 1,1999
The disclosure contained in the Statement of Additional Information dated
May 1, 1999 is hereby supplemented as described below.
Under the heading "Brokerage Allocation," insert the following
paragraph prior to the last paragraph in that section on page 18:
The Adviser may use its broker/dealer affiliates, or other
firms that sell shares of the Portfolios, to buy and sell securities
for the Portfolios, provided they have the execution capability and
that their commission rates are comparable to those of other
unaffiliated broker/dealers. Directors of PXP Securities Corp. or its
affiliates receive indirect benefits from the Portfolios as a result of
its usual and customary brokerage commissions that PXP Securities Corp.
may receive for acting as broker to the Portfolios in the purchase and
sale of portfolio securities. The investment advisory agreement does
not provide for a reduction of the advisory fee by any portion of the
brokerage fees generated by portfolio transactions of the Portfolios
that PXP Securities Corp. may receive.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE STATEMENT OF ADDITIONAL
INFORMATION FOR FUTURE REFERENCE.
PXP 3090B/PSC (01/00)
