PHOENIX SERIES FUND
Supplement dated March 10, 1997 to
Prospectus dated February 28, 1997
INVESTMENT OBJECTIVES AND POLICIES
The following should be inserted after the first sentence in the first paragraph
under the heading "Phoenix High Yield Fund Series" located on page 18 of the
Prospectus.
This Series intends to invest at least 65% of the value of its total assets
in a diversified portfolio of high yield, high risk fixed income securities
(commonly referred to as "junk" bonds).
The following replaces the second sentence in the first paragraph under the
heading "Phoenix U.S. Government Securities Fund Series" located on page 19 of
the Prospectus.
This Series intends to invest at least 80% of the value of its total assets
in securities which are issued or guaranteed by the U.S. Government or its
agencies and instrumentalities and backed by the full faith and credit of
the United States ("U.S. Government Securities"), those which are supported
by the ability to borrow from the U.S. Treasury or by the credit of an
agency or instrumentality and those otherwise supported by the U.S.
Government.
INVESTMENT RESTRICTIONS
The following replaces the first sentence in the first paragraph under
"Investment Restrictions" on page 23 of the Prospectus.
The Trust may not invest more than 25% of the assets of any one Series in
any one industry, except the Money Market Series may invest more than 25%
of its assets in the domestic banking industry.
INVESTMENT POLICIES
The following replaces the paragraph under the heading "Nonpublicly Offered Debt
Securities" found on page 6 of the Statement of Additional Information.
The High Yield Series may purchase securities which cannot be sold in the
public market without first being registered with the Securities and
Exchange Commission ("SEC") provided that the Adviser has determined that
such securities meet prescribed standards for being considered as "liquid"
securities. See "Investment Restrictions". Liquid restricted securities may
offer higher yields than comparable publicly traded securities. Such
securities ordinarily can be sold by the Trust in secondary market
transactions to certain qualified investors pursuant to rules established
by the SEC, in privately negotiated transactions to a limited number of
purchasers or in a public offering made pursuant to an effective
registration statement under governing law. Private sales of such
securities may involve significant delays and expense. Private sales often
require negotiation with one or more purchasers and may produce less
favorable prices than the sale of similar unrestricted securities. Public
sales of previously restricted securities generally involve the time and
expense of the preparation and processing of a registration statement (and
the possible decline in value of the securities during such period) and may
involve the payment of underwriting commissions. In some instances, the
Trust may have to bear certain costs of registration in order to sell such
shares publicly.
