PHOENIX MULTI-PORTFOLIO FUND
Supplemented dated June 3, 1996 to
Prospectus and Statement of Additional Information
dated March 8, 1996 as
supplemented March 9, 1996
Series' Name Change
The name of the "Phoenix Capital Appreciation Portfolio" has been changed to the
"Phoenix Mid Cap Portfolio and all references to the former name of such
Portfolio are revised accordingly.
Investment Objectives And Policies
The following replaces the second paragraph appearing on page 12 of the
Prospectus under the heading "Capital Appreciation":
Under normal circumstances, at least 65% of the total assets of the Mid
Cap Portfolio will be invested in the common stock of medium
capitalization companies considered by PIC to have appreciation
potential. The Mid Cap Portfolio defines mid-cap companies as companies
with individual market capitalization at the time of acquisition that
place them in the mid-range of market capitalization of companies as
measured by the Wilshire 5,000 Index or a comparable index or indices
selected by PIC. Up to one third of the assets of the Mid Cap Portfolio
may be invested in foreign securities. See "International Portfolio",
including "Risk Considerations", below for relevant information about
investing in foreign securities. Unlike the International Portfolio,
whose assets will be invested for a combination growth and income, the
Mid Cap Portfolio will invest in foreign securities with the objective
of capital appreciation.
The following replaces the second paragraph appearing on page 13 of the
Prospectus under the sub-heading "Risk Considerations":
Since investments normally will consist primarily of mid-cap securities
considered to have appreciation potential, the assets of the Mid Cap
Portfolio may be considered to be subject to greater risks than would be
involved if the Portfolio invested in a broader range of securities
which do not have such potential.
The Portfolio Managers
The following replaces the paragraph appearing on page 24 of the Prospectus
under the heading "Capital Appreciation Portfolio":
Mr. Matthew Considine has served as portfolio manager of the Mid Cap
Portfolio since May 1996, and as such is primarily responsible for the
day-to-day management of the Portfolio. He has been an Equity Analyst
with Phoenix Investment Counsel, Inc. since April 1994. From April 1993
to January 1994, Mr. Considine was Technology Analyst with Robertson
Stephens Investment Management, and from 1989 to March 1993, he was Vice
President/Equity Analyst-Portfolio Manager with CIGNA Investments.
