Phoenix Multi-Portfolio Fund
Supplement dated August 1, 1997 to Prospectus and
Statement of Additional Information dated March 28, 1997
Effective August 1, 1997, Duff & Phelps Investment Management Co. ("DPIM")
replaced ABKB/LaSalle Securities Limited Partnership ("ABKB") as sub-advisor for
the Real Estate Securities Portfolio. By this Supplement, all references to ABKB
in the Prospectus and Statement of Additional Information are deleted and DPIM
is substituted therefor. In addition, this Supplement will effect the following
changes.
Management of the Fund - The Advisers
The following language replaces the description of ABKB in the second full
paragraph on page 25 of the Prospectus:
Duff & Phelps Investment Management ("DPIM"), an affiliate of the Adviser,
serves as subadviser to the Real Estate Portfolio. DPIM is a subsidiary of
Phoenix Duff & Phelps Corporation ("PD&P"), an affiliate of the Adviser, and is
located at 55 East Monroe Street, Suite 3600, Chicago, Illinois 60603. PD&P is a
New York Stock Exchange traded company that provides investment management and
related services to institutional investors, corporations and individuals
through operating subsidiaries. As of December 31, 1996, DPIM had approximately
$14 billion in assets under management on a discretionary basis.
Management of the Fund - The Portfolio Managers
The following replaces the paragraph under "Real Estate Portfolio" on page 26 of
the Prospectus:
Barbara Rubin and Michael Schatt are responsible for managing the assets of
the Real Estate Portfolio. Ms. Rubin, President of the Adviser, is also Vice
President and Co-Portfolio Manager for the Real Estate Equity Securities
Portfolio of Phoenix Duff & Phelps Institutional Mutual Funds and the Real
Estate Securities Series of The Phoenix Edge Series Fund. She has over 21 years
real estate experience and has been associated with Phoenix for the past 15
years. Michael Schatt is employed as Managing Director of PD&P and is a Senior
Vice President of the Adviser and Vice President of DPIM. His current
responsibilities include serving as Co-Portfolio Manager of the Real Estate
Equity Securities Portfolio of Phoenix Duff & Phelps Institutional Mutual Funds
and managing the real estate investment securities of Duff & Phelps Utilities
Income Inc. Previously he served as Director of the Real Estate Advisory
Practice for Coopers & Lybrand, LLC and has over 16 years experience in the real
estate industry.
Trustees and Officers
The following is inserted on page 23 of the Statement of Additional Information:
<TABLE>
<S> <C> <C>
Michael Schatt Vice President Vice President, Phoenix Realty Securities, Inc.
(1997-present). Vice President, Duff & Phelps Investment
Management Co. (1997-present). Vice President, The Phoenix
Edge Series Fund, Phoenix Multi-Portfolio Fund, Phoenix Duff
& Phelps Institutional Mutual Funds, Duff & Phelps Utilities
Income Inc. (1997-present). Managing Director, Phoenix Duff
& Phelps Corporation (1994-present). Director, Real Estate
Advisory Practice, Coopers & Lybrand, LLC (1990-1994).
</TABLE>
