Phoenix Multi-Portfolio Fund
Phoenix Mid Cap Portfolio
Supplement dated June 26, 1998 to Prospectus dated March 27, 1998
as supplemented May 28, 1998
On June 25, 1998, the Board of Trustees of Phoenix Multi-Portfolio Fund
approved a change of the portfolio management of the Mid Cap Portfolio,
appointing Seneca Capital Management LLC subadvisor for Mid Cap Portfolio
through October 31, 1998 and recommending to shareholders that Seneca Capital
Management LLC be retained as subadvisor on a long-term basis. This
recommendation will be submitted to shareholders of the Mid Cap Portfolio in a
proxy statement in the coming months.
Management of the Trust
The following paragraph should be inserted as the second paragraph under the
heading "The Advisers" located on page 31 of the Prospectus.
Seneca Capital Management LLC ("Seneca") serves as subadvisor to the Mid
Cap Portfolio and as such is responsible for making investment decisions
and selecting broker-dealers to execute transactions for the Mid Cap
Portfolio. For its services, Seneca is paid a fee by PIC equal to 0.20% of
the average daily net assets of the Mid Cap Portfolio up to $340 million,
0.375% of such value between $340 million and $1 billion, 0.35% of such
value between $1 billion and $2 billion, and 0.325% of such value in
excess of $2 billion. Seneca (including its predecessor GMG/Seneca Capital
Management, L.P.) has been an investment adviser since 1989 managing
equity and fixed income securities portfolios primarily for institutions
and individuals. Seneca has also served as advisor to the Seneca Funds
since their inception in March 1996. Seneca is owned by certain of its
employees, including Gail P. Seneca, and Phoenix Investment Partners, Ltd.
Seneca's principal office is located at 909 Montgomery Street, San
Francisco, California 94133.
The Portfolio Managers
The following replaces the paragraph under the heading "Mid Cap Portfolio"
located on page 32 of the Prospectus.
The investment and trading decisions for the Mid Cap 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 management of the Mid Cap
Portfolio's investments. Ms. Seneca has been President and a Trustee of
Seneca Funds since February 1996. Since July 1, 1996, she has been
President, Chief Executive and Investment Officer of Seneca Capital
Management LLC ("Seneca"). Ms. Seneca has been a team leader and portfolio
manager of each of the Seneca Funds since inception in 1996. From November
1989, Ms. Seneca has also been Chief Executive and Investment Officer and
a managing partner of GMG/Seneca Capital Management, L.P. ("GMG/Seneca").
Mr. Little has been a team leader and portfolio manager of Seneca Growth
Fund and Seneca Mid-Cap "EDGE"(sm) Fund since inception in 1996. Mr.
Little currently is a general partner and director of Equities and has
been an employee of GMG/Seneca since 1989. Mr. Jacks was Secretary of the
Seneca Funds from February 1996 through February 1998. Mr. Jacks was a
Trustee of Seneca Funds from February 1996 through June 1997. Since July
1990, Mr. Jacks has been a Portfolio Manager of GMG/Seneca and since July
1996, he has been a portfolio manager of Seneca.
Investors should retain this supplement with their prospectus for
future reference.
PXP 467MC (6/98)
