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SUPPLEMENT TO PROSPECTUS FOR LIFESTYLE VARIABLE ANNUITY (ISSUED BY SEPARATE
ACCOUNT TWO OF THE MANUFACTURERS LIFE INSURANCE COMPANY OF AMERICA) DATED MAY
1, 1996 AS AMENDED AUGUST 14, 1996

AND SUPPLEMENT TO PROSPECTUS FOR MANULIFE SERIES FUND, INC. DATED AUGUST 14,
1996


This Supplement updates certain information in the Prospectuses named above.
Please read it and keep it with your Prospectuses for future reference.


On September 27, 1996, at a meeting of the Board of Directors of Manulife
Series Fund, Inc. (the "Fund"), the Board voted to approve a reorganization
(the "Reorganization") of the Fund that will combine each of the nine
portfolios of the Fund with a newly created or existing portfolio of NASL
Series Trust (the "Trust"), an open end management investment company advised
by NASL Financial Services, Inc. ("NASL Financial"), the ultimate parent of
which is The Manufacturers Life Insurance Company ("Manulife").  Manulife is
also the ultimate parent of the Fund's current investment adviser,
Manufacturers Adviser Corporation.  The Reorganization is scheduled to take
effect December 31, 1996.

The Reorganization will be effected by transferring all of the assets and
liabilities of a Fund portfolio to the corresponding portfolio of the Trust in
exchange for shares of such corresponding Trust portfolio.  As a result of the
Reorganization, each shareholder of a Fund portfolio will receive that number of
shares of the corresponding Trust portfolio equal in value at the time of the
exchange to the value of such shareholder's shares of the Fund portfolio on such
date.  However, because the per share value of the two Money Market portfolios
will differ, shareholders of the Fund Money-Market portfolio will, after
completion of the Reorganization, own a different number of shares of the
Trust Money Market portfolio, even though the value of their shares will not
have changed.

The table below identifies the specific Trust portfolio into which each Fund
portfolio will reorganize as well as the adviser, subadviser, and advisory fees
and other expenses for the Trust portfolio.  NASL Financial is the adviser to
each Trust portfolio although each portfolio will have a subadviser as noted
below.  The Money-Market Portfolio of the Fund will reorganize into the Trust
Money Market Portfolio, an existing series of the Trust which has substantially
similar investment objectives to the Fund Money-Market Portfolio.  The Common
Stock, Pacific Rim Emerging Markets, Real Estate Securities, Capital Growth Bond
and Equity Index Portfolios of the Fund will reorganize into newly organized
series of the Trust created for the purpose of operating as successors to the
corresponding Fund portfolio.  The investment objectives of these Fund
portfolios will remain substantially the same and Manufacturers Adviser
Corporation ("MAC") will manage the corresponding portfolios in a subadviser
capacity.  The International, Emerging Growth Equity and Balanced Assets
portfolios will reorganize into newly organized portfolios of the Trust that
will be subadvised by an adviser other than MAC with objectives that are similar
but not identical to those of the corresponding Fund portfolio.




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                                                                                                                     Total Fund
Fund Portfolio        Newly Organized       Trust Portfolio      Trust Portfolio        Advisory        Other        Operating
                      Trust Portfolio       Adviser              SubAdviser             Fee             Expenses***  Expenses
                                                                                                   

Money-Market Fund     Money Market Trust    NASL Financial       Manufacturers          0.50%           0.04%        0.54%
                                                                 Adviser Corporation

International Fund    International Stock   NASL Financial       Rowe Price-            1.05%           0.20%        1.25%
                      Trust                                      Fleming
                                                                 International, Inc.

Emerging Growth       Emerging Growth       NASL Financial       Warburg, Pincus        1.05%           0.10%        1.15%
Equity Fund           Trust                                      Counsellors, Inc.
                                                                                                                     
Balanced Assets Fund  Balanced Trust        NASL Financial       Founders Asset         0.80%           0.15%        0.95%
                                                                 Management, Inc.

Common Stock Fund     Common Stock Trust    NASL Financial       Manufacturers          0.44%**         0.06%        0.50%**
                                                                 Adviser Corporation

Pacific Rim           Pacific Rim           NASL Financial       Manufacturers          0.85%           0.30%        1.15%
Emerging Markets      Emerging Markets                           Adviser Corporation
Fund                  Trust

Real Estate           Real Estate           NASL Financial       Manufacturers          0.40%**         0.10%        0.50%**
Securities Fund       Securities Trust                           Adviser Corporation

Capital Growth Bond   Capital Growth Bond   NASL Financial       Manufacturers          0.40%**         0.10%        0.50%**
Fund                  Trust                                      Adviser Corporation

Equity Index Fund     Equity Index Trust    NASL Financial       Manufacturers          0.25%           0.15%        0.40%
                                                                 Adviser Corporation   


   The Reorganization is subject to the approval of the shareholders of each
   Fund portfolio and a shareholders meeting is scheduled to be held December
   20, 1996 regarding this matter.  Therefore, shareholders of record of the
   Fund on October 23, 1996 will receive notice of this meeting as well as a
   proxy statement which will explain in more detail the terms of the
   Reorganization.

 **"Total Fund Operating Expenses" reflect the agreement by NASL Financial
   voluntarily to waive fees payable to it and/or reimburse expenses for a
   period of one year following the consummation of the Reorganization to the
   extent necessary to prevent "Total Fund Operating Expenses" for each
   indicated NASL portfolio for such period from exceeding .50% of average net
   assets. "Advisory Fees" for each indicated NASL portfolio reflect estimated
   fee waivers by NASL Financial pursuant to such agreement; absent such
   waivers, "Advisory Fees" would be .70%, .70% and .65% for the NASL Common
   Stock Trust, NASL Real Estate Securities Trust and NASL Capital Growth Bond
   Trust, respectively.

***"Other Expenses" include custody fees, registration fees, legal fees, audit
   fees, trustees' fees, insurance fees and other miscellaneous expenses. The
   amounts in the table above are expense estimates for the first year based on
   historical NASL new portfolio cash inflows. NASL Financial has agreed to
   reduce its advisory fee or reimburse the Trust to the extent expenses
   (excluding taxes, portfolio brokerage, commissions, interest, litigation and
   indemnification expenses and other extraordinary expenses not incurred in the
   ordinary course of business) exceed 0.75% for the International Stock Trust
   and Pacific Rim Emerging Markets Trust, 0.15% for the Equity Index Trust, and
   0.50% in the case of the other portfolios of the Trust of the average annual
   net assets of such Trust portfolio.

The last four sentences of the third paragraph of the Capital Growth Bond Fund
disclosure on page 12 of the prospectus are replaced with the following:

   "Government obligations in which the Capital Growth Bond Fund may invest
   include those of foreign governments provided they are denominated in U.S.
   dollars. The Fund may purchase other securities issued by non U.S. issuers if
   denominated in U.S. dollars and issued pursuant to U.S. federal securities
   regulations. The Fund may also purchase securities on a forward-commitment,
   when-issued or delayed-delivery basis. For a discussion of these securities,
   please see the Statement of Additional Information."

   The Date of this Supplement is October 1, 1996.