Phoenix Multi-Portfolio Fund
Phoenix International Portfolio and Phoenix Mid Cap Portfolio
Supplement dated November 2, 1998 to Prospectus dated March 27, 1998
as supplemented May 28, 1998 and June 26, 1998
INTERNATIONAL PORTFOLIO
At a meeting held on October 27, 1998, the shareholders of the
International Portfolio voted to approve the retention of Aberdeen Fund
Managers, Inc. as subadviser to the International Portfolio.
Management of the Trust
The following should be inserted as the third paragraph under the
heading "The Advisers" on page 31 of the Prospectus:
Aberdeen Fund Managers, Inc. ("Aberdeen") serves as subadviser to the
International Portfolio as such is responsible for making investment
decisions and selecting broker-dealers to execute transactions for the
International Portfolio. For its services, Aberdeen is paid a fee by
PIC equal to 0.375% of the average daily net assets of the
International Portfolio up to $1 billion, 0.35% of such value between
$1 billion and $2 billion, and 0.325% of such value in excess of $2
billion. Aberdeen has been an investment adviser since 1995 and is a
subsidiary of Aberdeen Asset Management PLC which was established in
1983. As of September 30, 1998, Aberdeen managed in excess of $1.27
billion in assets for institutions. Aberdeen also serves as subadviser
to Phoenix-Aberdeen Series Fund, Phoenix Worldwide Opportunities Fund
and the Aberdeen New Asia Series of The Phoenix Edge Series Fund.
Aberdeen's principal offices are located at 1 Financial Plaza, Suite
2210, Nations Bank Tower, Fort Lauderdale, Florida 33394.
The Portfolio Managers
The following replaces the paragraph under the heading "International
Portfolio located on page 32 of the Prospectus and the paragraph under the same
heading contained in the Supplement dated May 28, 1998.
The investment and trading decisions for the International Portfolio
are made by a team of Aberdeen's equity professionals.
PHOENIX MID CAP PORTFOLIO
At a meeting held on October 27, 1998, the shareholders of the Mid Cap
Portfolio voted to approve the retention of Seneca Capital Management LLC as
subadviser to the Mid Cap Portfolio.
Please refer to the Supplement dated June 26, 1998 for information
about Seneca and a description of the subadvisory arrangements.
Investors should retain this supplement with their prospectus for
future reference.
PXP 467MC2 (11/98)
