Phoenix Multi-Portfolio Fund
Supplement dated March 3, 1998 to Prospectus and
Statement of Additional Information dated March 28, 1997
as supplemented August 1, 1997, September 22, 1997 and November 11, 1997
The Board of Trustees of the Fund has approved the assignment of the Investment
Advisory Agreement between the Fund, on behalf of the Real Estate Securities
Portfolio, and Phoenix Realty Securities, Inc. ("PRS") to Duff & Phelps
Investment Management Co. ("DPIM"). Phoenix Realty Securities, Inc. and Duff &
Phelps Investment Management Co. are affiliates under the common control of
Phoenix Home Life Mutual Insurance Company. As a result, upon the advice of
counsel the Trustees concluded that this assignment of the Investment Advisory
Agreement did not constitute a change in control as defined under the Investment
Company Act of 1940. DPIM, which has served as the Real Estate Securities
Portfolio's Subadviser since August 1997, has replaced PRS as the new Adviser
under the terms of the original Investment Advisory Agreement. By this
supplement, all references to PRS in the Prospectus and Statement of Additional
Information are hereby replaced by DPIM. Additionally, all references to the
Subadviser are deleted. Simultaneously, the Portfolio Manager for the Real
Estate Portfolio is Michael Schatt. All references to a Co-Manager are hereby
deleted.
