Fund Description

The fund was incepted in September 1940 and is managed by Phoenix Investment Counsel. The fund has a primary investment objective of investing in a diversified group of securities that are selected for current yield consistent with the preservation of capital. The fund has a secondary investment objective to achieve capital appreciation when it is consistent with the fund's primary objective. To pursue its investment objective, the fund invests in income-producing securities including common stocks, convertible securities, mutual funds and all types of fixed income securities, including high yield-high risk (junk bonds) securities, mortgage-backed and asset-backed securities, government securities, corporate securities and municipal debt obligations. The fund may invest in both U.S. and foreign (non-U.S.) securities, including issuers in 'emerging market' countries and may invest in companies of any size. Under normal circumstances, at least 65% of the fund's assets are invested in securities that produce income and achieve capital growth. The fund offers dividends and capital gains annually.