-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OvRLbR1kHqxX0FfrUq0ChyqBLk0C2U+Q0e09h8DeHSHw0+k8vhA0ku85bdvxtvSo HIb3OjvkhDpltkgaOYdQnA== 0000935069-05-000340.txt : 20050225 0000935069-05-000340.hdr.sgml : 20050225 20050225160906 ACCESSION NUMBER: 0000935069-05-000340 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050225 DATE AS OF CHANGE: 20050225 EFFECTIVENESS DATE: 20050225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHOENIX SENECA FUNDS CENTRAL INDEX KEY: 0001005020 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07455 FILM NUMBER: 05641490 BUSINESS ADDRESS: STREET 1: 909 MONTGOMERY STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94133 BUSINESS PHONE: 415 677-1570 MAIL ADDRESS: STREET 1: 56 PROSPECT STREET STREET 2: P.O. BOX 150480 CITY: HARTFORD STATE: CT ZIP: 06115-0480 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FUNDS DATE OF NAME CHANGE: 19951218 N-Q 1 g15447_seneca.txt PHOENIX SENECA NQ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-07455 Phoenix-Seneca Funds --------------------------------------------------------------------- (Exact name of registrant as specified in charter) 101 Munson Street Greenfield, MA 01301 --------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Matthew A. Swendiman, Esq. John R. Flores, Esq. Counsel & Chief Legal Officer for Vice President, Counsel Litigation/Employment Registrant Phoenix Life Insurance Company Phoenix Life Insurance Company One American Row One American Row Hartford, CT 06102 Hartford, CT 06102 --------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (800) 243-1574 --------------- Date of fiscal year end: September 30 ------------- Date of reporting period: December 31, 2004 ------------------ Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. Phoenix-Seneca Bond Fund SCHEDULE OF INVESTMENTS AT DECEMBER 31, 2004 (UNAUDITED) MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- U.S. GOVERNMENT SECURITIES--8.8% U.S. TREASURY BONDS--4.4% U.S. Treasury Bond 5.375%, 2/15/31 Aaa $3,195 $ 3,454,843 U.S. TREASURY NOTES--4.4% U.S. Treasury Note 1.625%, 2/28/06 Aaa 405 399,510 U.S. Treasury Note 3.50%, 12/15/09 Aaa 260 258,740 U.S. Treasury Note 5%, 2/15/11 Aaa 1,105 1,175,487 U.S. Treasury Inflationary Note 3%, 7/15/12(d) Aaa 1,000 1,184,593 U.S. Treasury Note 4.75%, 5/15/14 Aaa 385 401,212 ----------- 3,419,542 ----------- - ----------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $6,711,924) 6,874,385 - ----------------------------------------------------------------------------- AGENCY MORTGAGE-BACKED SECURITIES--22.6% Fannie Mae 4%, 2/25/19 Aaa 1,350 1,254,295 Fannie Mae 4%, 4/25/19 Aaa 1,455 1,345,193 Fannie Mae 4%, 5/25/19 Aaa 2,035 1,875,774 Fannie Mae 7%, 5/1/32 Aaa 1,740 1,844,400 Fannie Mae 4.50%, 3/1/34 Aaa 580 561,082 Fannie Mae 7%, 12/25/34 Aaa 1,434 1,520,170 Fannie Mae 7%, 12/25/34 Aaa 1,434 1,520,170 Freddie Mac 5.50%, '16-'22 Aaa 4,254 4,270,432 Freddie Mac 5%, 3/15/19 Aaa 455 456,775 Freddie Mac 4%, 4/15/19 Aaa 1,470 1,351,711 Freddie Mac 4%, 4/15/19 Aaa 1,050 969,066 Freddie Mac 7%, 1/1/33 Aaa 643 681,292 - ----------------------------------------------------------------------------- TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $17,394,671) 17,650,360 - ----------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--35.3% AEROSPACE & DEFENSE--0.7% Boeing Capital Corp. 6.10%, 3/1/11 A 345 376,313 Goodrich Corp. 7.625%, 12/15/12 Baa 138 163,635 ----------- 539,948 ----------- AUTOMOBILE MANUFACTURERS--0.9% DaimlerChrysler NA Holdings 2.34%, 9/10/07(e) A 210 210,688 Ford Motor Co. 6.625%, 10/1/28 Baa 260 242,514 MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- DOMESTIC CORPORATE BONDS (continued) AUTOMOBILE MANUFACTURERS (CONTINUED) General Motors Corp. 8.375%, 7/15/33 Baa $ 215 $ 222,758 ----------- 675,960 ----------- BIOTECHNOLOGY--0.4% Amgen, Inc. 144A 4.85%, 11/18/14(b) A 305 304,983 BROADCASTING & CABLE TV--3.9% Clear Channel Communications, Inc. 8%, 11/1/08 Baa 349 392,189 Cox Communications, Inc. 6.75%, 3/15/11 Baa 5 5,475 CSC Holdings 144A 6.75%, 4/15/12(b) B 185 191,475 CSC Holdings, Inc. 10.50%, 5/15/16 B 555 632,700 CSC Holdings, Inc. Series B 7.625%, 4/1/11 B 365 395,112 Echostar DBS Corp. 5.75%, 10/1/08 Ba 360 366,300 Echostar DBS Corp. 9.125%, 1/15/09 Ba 625 690,625 Echostar DBS Corp. 144A 6.625%, 10/1/14(b) Ba 140 142,450 Lenfest Communications, Inc. 10.50%, 6/15/06 Ba 231 252,945 ----------- 3,069,271 ----------- BUILDING PRODUCTS--0.5% American Standard, Inc. 7.625%, 2/15/10 Baa 328 375,150 CASINOS & GAMING--0.5% Caesars Entertainment, Inc. 7.875%, 12/15/05 Ba 360 374,400 CONSUMER FINANCE--2.4% American General Finance Corp. 4%, 3/15/11 A 410 397,620 General Electric Capital Corp. 3.75%, 12/15/09 Aaa 275 270,641 Hertz Corp. 6.35%, 6/15/10 Baa 340 348,461 Household Finance Corp. 4.75%, 5/15/09 A 370 379,408 MBNA America Bank NA 5.375%, 1/15/08 Baa 479 500,286 ----------- 1,896,416 ----------- 1 Phoenix-Seneca Bond Fund MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- DOMESTIC CORPORATE BONDS (continued) DIVERSIFIED BANKS--0.3% Wachovia Corp. 4.875%, 2/15/14 A $ 240 $ 239,203 DIVERSIFIED CHEMICALS--0.3% Du Pont (E.I.) de Nemours & Co. 4.125%, 4/30/10 Aa 250 252,037 ELECTRIC UTILITIES--1.1% FirstEnergy Corp. Series B 6.45%, 11/15/11 Baa 360 391,674 Pacific Gas & Electric Co. 4.20%, 3/1/11 Baa 130 128,536 Southern California Edison Co. 8%, 2/15/07 A 330 359,364 ----------- 879,574 ----------- ENVIRONMENTAL SERVICES--0.8% Waste Management, Inc. 6.50%, 11/15/08 Baa 550 598,841 GAS UTILITIES--0.9% NiSource Finance Corp. 7.625%, 11/15/05 Baa 656 679,897 HEALTH CARE DISTRIBUTORS--1.7% Cardinal Healthcare, Inc. 6.75%, 2/15/11 Baa 365 401,515 Omnicare, Inc. 8.125%, 3/15/11 Ba 580 626,400 Owens & Minor, Inc. 8.50%, 7/15/11 Ba 300 332,250 ----------- 1,360,165 ----------- HEALTH CARE EQUIPMENT--0.2% Fisher Scientific International, Inc. 8%, 9/1/13 Ba 155 176,700 HEALTH CARE FACILITIES--0.4% HCA, Inc. 5.75%, 3/15/14 Ba 290 281,423 HCA, Inc. 6.375%, 1/15/15 Ba 45 45,265 ----------- 326,688 ----------- HEALTH CARE SERVICES--0.5% Fresenius Medical Capital Trust II 7.875%, 2/1/08 Ba 335 364,312 HOMEBUILDING--3.0% D.R. Horton, Inc. 7.50%, 12/1/07 Ba 234 254,767 D.R. Horton, Inc. 5.625%, 9/15/14 Ba 395 395,987 K. Hovnanian Enterprises 144A 6.25%, 1/15/15(b) Ba 415 409,813 NVR, Inc. 5%, 6/15/10 Baa 589 591,945 MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- DOMESTIC CORPORATE BONDS (continued) HOMEBUILDING (CONTINUED) Toll Corp. 8%, 5/1/09 Ba $ 350 $ 365,750 Toll Corp. 8.25%, 12/1/11 Ba 290 321,900 ----------- 2,340,162 ----------- HOTELS, RESORTS & CRUISE LINES--0.8% Hilton Hotels Corp. 7.625%, 12/1/12 Baa 344 402,894 Royal Caribbean Cruises Ltd. 8%, 5/15/10 Ba 30 34,050 Royal Caribbean Cruises Ltd. 8.75%, 2/2/11 Ba 130 154,213 Royal Caribbean Cruises Ltd. 7.25%, 3/15/18 Ba 22 24,310 ----------- 615,467 ----------- HOUSEWARES & SPECIALTIES--0.5% American Greetings Corp. Class A 6.10%, 8/1/28 Ba 389 417,202 INTEGRATED OIL & GAS--0.8% ConocoPhillips 5.90%, 10/15/32 A 585 612,064 INTEGRATED TELECOMMUNICATION SERVICES--1.6% Sprint Capital Corp. 8.75%, 3/15/32 Baa 515 686,139 Verizon Global Funding Corp. 7.75%, 12/1/30 A 465 578,147 ----------- 1,264,286 ----------- INVESTMENT BANKING & BROKERAGE--1.5% Bear Stearns Cos., Inc. (The) 2.875%, 7/2/08 A 85 82,209 Goldman Sachs Group, Inc. 5.25%, 10/15/13 Aa 155 158,580 Goldman Sachs Group, Inc. 6.125%, 2/15/33 Aa 440 457,103 Lehman Brothers Holdings, Inc. 4%, 1/22/08 A 2 2,014 Merrill Lynch & Co., Inc. 4.125%, 9/10/09 Aa 440 439,700 Morgan Stanley 6.75%, 4/15/11 Aa 40 44,866 ----------- 1,184,472 ----------- LIFE & HEALTH INSURANCE--1.2% Protective Life Secured Trust 4%, 4/1/11 Aa 930 907,670 METAL & GLASS CONTAINERS--1.0% Ball Corp. 6.875%, 12/15/12 Ba 306 330,480 2 Phoenix-Seneca Bond Fund MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- DOMESTIC CORPORATE BONDS (continued) METAL & GLASS CONTAINERS (CONTINUED) Owens-Brockway Glass Container, Inc. 8.875%, 2/15/09 B $ 298 $ 325,193 Owens-Illinois, Inc. 7.15%, 5/15/05 B 150 152,250 ----------- 807,923 ----------- MOVIES & ENTERTAINMENT--0.7% Time Warner, Inc. 9.125%, 1/15/13 Baa 424 545,069 MULTI-UTILITIES & UNREGULATED POWER--0.3% Reliant Energy, Inc. 9.25%, 7/15/10 B 100 112,000 Reliant Resources, Inc. 9.50%, 7/15/13 B 95 108,419 ----------- 220,419 ----------- OIL & GAS EXPLORATION & PRODUCTION--0.5% Pioneer Natural Resource Co. 5.875%, 7/15/16 Baa 350 365,649 OIL & GAS REFINING, MARKETING & TRANSPORTATION--0.3% Kinder Morgan Energy Partners 7.30%, 8/15/33 Baa 195 225,878 OTHER DIVERSIFIED FINANCIAL SERVICES--0.3% Citigroup, Inc. 144A 5%, 9/15/14(b) Aa 230 231,110 PACKAGED FOODS & MEATS--1.2% Dean Foods Co. 8.15%, 8/1/07 Ba 443 485,085 Kraft Foods, Inc. 5.625%, 11/1/11 A 445 471,229 ----------- 956,314 ----------- PAPER PRODUCTS--0.6% Bowater, Inc. 9%, 8/1/09 Ba 435 485,831 PHARMACEUTICALS--0.3% Wyeth 5.50%, 2/1/14 Baa 225 232,782 PROPERTY & CASUALTY INSURANCE--0.7% Fund American Cos., Inc. 5.875%, 5/15/13 Baa 515 524,144 PUBLISHING & PRINTING--0.6% News America, Inc. 144A 6.20%, 12/15/34(b) Baa 425 430,745 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.9% LNR Property Corp. 7.625%, 7/15/13 Caa 235 267,900 LNR Property Corp. 7.25%, 10/15/13 Caa 365 412,906 ----------- 680,806 ----------- MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- DOMESTIC CORPORATE BONDS (continued) REGIONAL BANKS--0.5% Colonial Bank 9.375%, 6/1/11 Ba $ 338 $ 401,478 REITS--0.3% Archstone-Smith Trust 7.90%, 2/15/16 Baa 191 223,983 RESTAURANTS--0.2% Yum! Brands, Inc. 7.70%, 7/1/12 Baa 153 181,264 THRIFTS & MORTGAGE FINANCE--1.0% Sovereign Bank Class A-1, 144A 10.20%, 6/30/05(b) Baa 800 814,854 TOBACCO--0.5% Altria Group, Inc. 7%, 11/4/13 Baa 380 411,749 WIRELESS TELECOMMUNICATION SERVICES--0.5% Nextel Communications, Inc. 6.875%, 10/31/13 Ba 375 408,750 - ----------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $26,552,369) 27,603,616 - ----------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--16.7% Banc of America Commercial Mortgage, Inc. 00-1, A1A 7.109%, 11/15/31 Aaa 413 440,414 Citigroup Mortgage Loan Trust, Inc. 04-NCM2, 1CB3 7.50%, 8/25/34 Aaa 687 713,543 Citigroup Mortgage Loan Trust, Inc. 04-NCM2, 2CB3 8%, 8/25/34 Aaa 814 858,603 Countrywide Alternative Loan Trust 04-5CB, 1A1 6%, 3/25/34 Aaa 928 940,057 CS First Boston Mortgage Securities Corp. 03-23, 5A1 7%, 12/25/33 Aaa 371 384,748 CS First Boston Mortgage Securities Corp. 04-1, 2A1 6.50%, 2/25/34 Aaa 783 808,680 Master Asset Securitization Trust Alternative Loans Trust 03-7, 5A1 6.25%, 11/25/33 AAA(c) 567 581,783 Master Asset Securitization Trust Alternative Loans Trust 04-1, 3A1 7%, 1/25/34 AAA(c) 568 583,803 Master Asset Securitization Trust Alternative Loans Trust 04-3, 5A1 6.50%, 3/25/34 Aaa 706 733,107 3 Phoenix-Seneca Bond Fund MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- NON-AGENCY MORTGAGE-BACKED SECURITIES (continued) Master Asset Securitization Trust Alternative Loans Trust 04-3, 6A1 6.50%, 4/25/34 Aaa $1,189 $ 1,218,374 Master Asset Securitization Trust Alternative Loans Trust 04-5, 6A1 7%, 6/25/34 Aaa 496 507,601 Master Asset Securitization Trust Alternative Loans Trust 04-6, 6A1 6.50%, 7/25/34 AAA(c) 1,608 1,670,399 Morgan Stanley Mortgage Loan Trust 04-3, 3A 6%, 4/25/34 Aaa 1,516 1,556,699 Residential Asset Mortgage Products, Inc. 04-Sl1, A4 6.50%, 11/25/31 AAA(c) 1,153 1,172,203 Residential Asset Mortgage Products, Inc. 04-Sl32, A3 8.50%, 12/25/31 AAA(c) 845 889,594 - ----------------------------------------------------------------------------- TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $13,155,142) 13,059,608 - ----------------------------------------------------------------------------- FOREIGN GOVERNMENT SECURITIES--2.9% MEXICO--0.5% United Mexican States 6.75%, 9/27/34 Baa 355 350,563 POLAND--0.4% Republic of Poland 5.25%, 1/15/14 A 305 314,531 SWEDEN--2.0% Swedish Export Credit Corp. 0%, 6/5/07 Aa 1,690 1,590,148 - ----------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT SECURITIES (IDENTIFIED COST $2,341,874) 2,255,242 - ----------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(f)--6.9% BERMUDA--0.5% Endurance Specialty Holdings Ltd. 7%, 7/15/34 Baa 350 360,394 CANADA--3.0% Abitibi-Consolidated, Inc. 8.30%, 8/1/05 Ba 345 354,487 Cascades, Inc. 7.25%, 2/15/13 Ba 361 384,465 Corus Entertainment, Inc. 8.75%, 3/1/12 B 82 90,405 Norske Skog Canada Ltd. Series D 8.625%, 6/15/11 Ba 180 193,950 Rogers Cablesystems Ltd. Series B 10%, 3/15/05 Ba 270 275,063 Tembec Industries, Inc. 8.50%, 2/1/11 Ba 375 378,750 TransCanada Pipelines Ltd. 4%, 6/15/13 A 470 445,168 MOODY'S PAR VALUE RATING (000) VALUE ------- --------- ----------- FOREIGN CORPORATE BONDS (continued) CANADA (CONTINUED) Videotron Ltd. 6.875%, 1/15/14 Ba $ 205 $ 212,944 ----------- 2,335,232 ----------- FRANCE--0.5% Crown European Holdings SA 9.50%, 3/1/11 B 365 417,925 HONG KONG--0.5% Hutchison Whampoa International Ltd. 144A 6.25%, 1/24/14(b) A 385 405,444 ITALY--0.5% Telecom Italia Capital 144A 6%, 9/30/34(b) Baa 415 405,727 NETHERLANDS--0.3% ABN AMRO Bank NV 4.65%, 6/4/18 A 240 225,936 UNITED KINGDOM--0.3% BP Capital Markets plc 2.625%, 3/15/07 Aa 200 197,303 British Sky Broadcasting Group plc 8.20%, 7/15/09 Baa 30 34,677 ----------- 231,980 ----------- UNITED STATES--1.3% ICI Wilmington, Inc. 5.625%, 12/1/13 Baa 255 264,102 Tyco International Group SA 6%, 11/15/13 Baa 405 441,232 Tyco International Group SA Participation Certificate Trust 144A 4.436%, 6/15/07(b) Baa 260 264,170 ----------- 969,504 ----------- - ----------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $5,204,307) 5,352,142 - ----------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--93.2% (IDENTIFIED COST $71,360,287) 72,795,353 - ----------------------------------------------------------------------------- STANDARD & POOR'S PAR VALUE RATING (000) VALUE ---------- --------- ----------- SHORT-TERM INVESTMENTS--5.6% FEDERAL AGENCY SECURITIES--5.6% FHLB 1%, 1/3/05 A-1+ 4,400 4,400,000 4 Phoenix-Seneca Bond Fund - ----------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $4,399,756) 4,400,000 - ----------------------------------------------------------------------------- TOTAL INVESTMENTS--98.8% (IDENTIFIED COST $75,760,043) 77,195,353(a) Other assets and liabilities, net--1.2% 960,596 ----------- NET ASSETS--100.0% $78,155,949 =========== (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $1,817,475 and gross depreciation of $408,842 for federal income tax purposes. At December 31,2004, the aggregate cost of securities for federal income tax purposes was $75,786,720. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2004, these securities amounted to a value of $3,600,771 or 4.6% of net assets. (c) As rated by Standard & Poor's or Fitch. (d) Principal amount is adjusted daily pursuant to the change in the Consumer Price Index. (e) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (f) Foreign corporate bonds are determined based on the country in which the security is issued. The country at risk, noted in the header, is determined based on criteria described in Note 1F "Foreign Security Country Determination" in the Notes to Schedules of Investments. 5 Phoenix-Seneca Equity Income Fund SCHEDULE OF INVESTMENTS AT DECEMBER 31, 2004 (UNAUDITED) SHARES VALUE ------ ---------- DOMESTIC COMMON STOCKS--95.1% REAL ESTATE INVESTMENT TRUSTS--85.7% DIVERSIFIED--7.6% Equity Lifestyle Properties, Inc. 8,500 $ 303,875 iStar Financial, Inc. 14,080 637,261 Vornado Realty Trust 19,650 1,495,954 - ----------------------------------------------------------------------------- TOTAL DIVERSIFIED 2,437,090 - ----------------------------------------------------------------------------- INDUSTRIAL/OFFICE--20.2% INDUSTRIAL--7.5% AMB Property Corp. 23,380 944,318 ProLogis 33,800 1,464,554 ----------- 2,408,872 ----------- MIXED--3.0% Duke Realty Corp. 18,490 631,249 Reckson Associates Realty Corp. 9,680 317,601 ----------- 948,850 ----------- OFFICE--9.7% Boston Properties, Inc. 18,190 1,176,347 Equity Office Properties Trust 22,965 668,741 Glenborough Realty Trust, Inc. 13,000 276,640 Trizec Properties, Inc. 50,900 963,028 ----------- 3,084,756 ----------- - ----------------------------------------------------------------------------- TOTAL INDUSTRIAL/OFFICE 6,442,478 - ----------------------------------------------------------------------------- LODGING/RESORTS--2.9% Host Marriott Corp. 53,960 933,508 MORTGAGE--1.8% COMMERCIAL FINANCING--1.8% RAIT Investment Trust 10,460 292,566 Capital Trust, Inc. 9,280 284,989 - ----------------------------------------------------------------------------- TOTAL MORTGAGE 577,555 - ----------------------------------------------------------------------------- RESIDENTIAL--17.5% APARTMENTS--17.5% Archstone-Smith Trust 30,176 1,155,741 Avalonbay Communities, Inc. 15,250 1,148,325 BRE Properties, Inc. Class A 11,000 443,410 Equity Residential Properties 40,590 1,468,546 Essex Property Trust, Inc. 8,230 689,674 United Dominion Realty Trust, Inc. 27,410 679,768 SHARES VALUE ------ ---------- DOMESTIC COMMON STOCKS (continued) REAL ESTATE INVESTMENT TRUSTS (CONTINUED) - ----------------------------------------------------------------------------- TOTAL RESIDENTIAL 5,585,464 - ----------------------------------------------------------------------------- RETAIL--35.7% REGIONAL MALLS--20.0% General Growth Properties, Inc. 61,390 $ 2,219,863 Macerich Co. (The) 13,600 854,080 Mills Corp. (The) 13,520 862,035 Simon Property Group, Inc. 32,915 2,128,613 Taubman Centers, Inc. 11,500 344,425 ----------- 6,409,016 ----------- SHOPPING CENTERS--15.7% Developers Diversified Realty Corp. 22,490 997,881 Equity One, Inc. 20,080 476,498 Kimco Realty Corp. 19,910 1,154,581 Regency Centers Corp. 21,850 1,210,490 Tanger Factory Outlet Centers, Inc. 18,340 485,276 Weingarten Realty Investors 17,115 686,312 ----------- 5,011,038 ----------- - ----------------------------------------------------------------------------- TOTAL RETAIL 11,420,054 - ----------------------------------------------------------------------------- TOTAL REAL ESTATE INVESTMENT TRUSTS (IDENTIFIED COST $21,774,546) 27,396,149 - ----------------------------------------------------------------------------- HOTELS, RESORTS & CRUISE LINES--7.8% La Quinta Corp.(b) 73,460 667,751 Mariott International, Inc. Class A 11,020 694,040 Starwood Hotels & Resorts Worldwide, Inc. 19,630 1,146,392 ----------- (Identified cost $1,946,853) 2,508,183 ----------- INVESTMENT BANKING & BROKERAGE--1.1% Northstar Capital Investment Corp. 144A(c)(d)(e) 35,000 335,300 (Identified cost $720,625) PACKAGED FOODS--0.5% B&G Foods, Inc. 10,170 152,347 (Identified cost $152,765) - ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $24,594,789) 30,391,979 - ----------------------------------------------------------------------------- 1 Phoenix-Seneca Equity Income Fund SHARES VALUE --------- ---------- DOMESTIC PREFERRED STOCKS--0.6% THRIFTS & MORTGAGE FINANCE--0.6% Accredited Mortgage Loan REIT Trust Series A Pfd 9.75%(b) 7,700 $ 197,890 (Identified cost $192,500) - ----------------------------------------------------------------------------- TOTAL DOMESTIC PREFERRED STOCKS (IDENTIFIED COST $192,500) 197,890 - ----------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--95.7% (IDENTIFIED COST $24,787,289) 30,589,869 - ----------------------------------------------------------------------------- PAR VALUE (000) --------- SHORT-TERM OBLIGATIONS--4.0% REPURCHASE AGREEMENTS--4.0% State Street Bank and Trust Co. repurchase agreement 0.80% dated 12/31/04, due 1/3/05 repurchase price $1,290,086 collateralized by U.S. Treasury Bond 6.375%, 8/15/27 market value $1,317,938. $1,290 1,290,000 - ----------------------------------------------------------------------------- TOTAL SHORT-TERM OBLIGATIONS (IDENTIFIED COST $1,290,000) 1,290,000 - ----------------------------------------------------------------------------- TOTAL INVESTMENTS--99.7% (IDENTIFIED COST $26,077,289) 31,879,869(a) Other assets and liabilities, net--0.3% 82,208 ----------- NET ASSETS--100.0% $31,962,077 =========== (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $6,349,672 and gross depreciation of $391,254 for federal income tax purposes. At December 31, 2004, the aggregate cost of securities for federal income tax purposes was $25,921,451. (b) Non-income producing. (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2004 this security amounted to a value of $335,300 or 1.1% of the net assets. (d) Illiquid. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2004, this security amounted to a value of $335,300 or 1.1% of net assets. (e) Restricted Security. For acquisition information, please see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. 2 Phoenix-Seneca Mid-Cap "EDGE" Fund SCHEDULE OF INVESTMENTS AT DECEMBER 31, 2004 (UNAUDITED) SHARES VALUE ------ ---------- DOMESTIC COMMON STOCKS--101.5% AEROSPACE & DEFENSE--3.4% L-3 Communications Holdings, Inc. 40,820 $ 2,989,657 APPAREL RETAIL--3.0% Chico's FAS, Inc.(b) 57,800 2,631,634 APPAREL, ACCESSORIES & LUXURY GOODS--3.8% Coach, Inc.(b) 58,630 3,306,732 BIOTECHNOLOGY--2.6% Genzyme Corp.(b) 39,590 2,298,991 CASINOS & GAMING--5.6% International Game Technology 65,410 2,248,796 Station Casinos, Inc. 48,150 2,632,842 ----------- 4,881,638 ----------- COMMODITY CHEMICALS--3.0% Lyondell Chemical Co. 91,350 2,641,842 COMMUNICATIONS EQUIPMENT--5.8% Comverse Technology, Inc.(b) 74,150 1,812,967 Juniper Networks, Inc.(b) 119,900 3,260,081 ----------- 5,073,048 ----------- COMPUTER & ELECTRONICS RETAIL--1.6% RadioShack Corp. 41,220 1,355,313 COMPUTER STORAGE & PERIPHERALS--3.0% Lexmark International, Inc. Class A(b) 30,770 2,615,450 DATA PROCESSING & OUTSOURCED SERVICES--6.9% Alliance Data Systems Corp.(b) 63,080 2,995,038 Global Payments, Inc. 51,670 3,024,762 ----------- 6,019,800 ----------- ELECTRONIC MANUFACTURING SERVICES--2.7% Jabil Circuit, Inc.(b) 93,620 2,394,800 HEALTH CARE EQUIPMENT--4.0% Kinetic Concepts, Inc.(b) 45,570 3,476,991 HEALTH CARE FACILITIES--3.3% Triad Hospitals, Inc.(b) 77,380 2,879,310 HEALTH CARE SERVICES--3.1% Caremark Rx, Inc.(b) 68,600 2,704,898 HOTELS, RESORTS & CRUISE LINES--2.9% Marriott International, Inc. Class A 40,140 2,528,017 SHARES VALUE ------ ---------- DOMESTIC COMMON STOCKS (continued) INTERNET SOFTWARE & SERVICES--3.6% VeriSign, Inc.(b) 94,880 $ 3,180,378 MOVIES & ENTERTAINMENT--3.1% DreamWorks Animation SKG, Inc. Class A(b) 72,900 2,734,479 OIL & GAS EQUIPMENT & SERVICES--2.1% BJ Services Co. 38,870 1,809,010 PAPER PRODUCTS--2.7% Georgia-Pacific Corp. 62,320 2,335,754 PERSONAL PRODUCTS--3.2% Estee Lauder Cos., Inc. (The) Class A 61,110 2,797,005 PHARMACEUTICALS--3.1% Sepracor, Inc.(b) 45,250 2,686,492 RESTAURANTS--2.7% Darden Restaurants, Inc. 85,650 2,375,931 SEMICONDUCTOR EQUIPMENT--2.1% KLA-Tencor Corp.(b) 40,250 1,874,845 SEMICONDUCTORS--2.0% Microchip Technology, Inc. 66,830 1,781,688 SPECIALTY CHEMICALS--2.6% Rohm & Haas Co. 52,310 2,313,671 SPECIALTY STORES--7.8% Bed Bath & Beyond, Inc.(b) 49,900 1,987,517 Staples, Inc. 65,570 2,210,365 Williams-Sonoma, Inc.(b) 74,700 2,617,488 ----------- 6,815,370 ----------- SYSTEMS SOFTWARE--3.0% Adobe Systems, Inc. 41,890 2,628,179 THRIFTS & MORTGAGE FINANCE--2.7% MGIC Investment Corp. 34,680 2,389,799 TRADING COMPANIES & DISTRIBUTORS--3.0% Grainger (W.W.), Inc. 38,850 2,588,187 WIRELESS TELECOMMUNICATION SERVICES--3.1% Nextel Partners, Inc. Class A(b) 136,760 2,672,290 - ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $74,785,541) 88,781,199 - ----------------------------------------------------------------------------- 1 Phoenix-Seneca Mid-Cap "EDGE" Fund TOTAL INVESTMENTS--101.5% (IDENTIFIED COST $74,785,541) 88,781,199(a) Other assets and liabilities, net--(1.5)% (1,332,883) ----------- NET ASSETS--100.0% $87,448,316 =========== (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $14,799,235 and gross depreciation of $803,577 for federal income tax purposes. At December 31,2004, the aggregate cost of securities for federal income tax purposes was $74,785,541. (b) Non-income producing. 2 PHOENIX-SENECA FUNDS NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2004 (UNAUDITED) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its Schedules of Investments. The preparation of Schedules of Investments requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates. A. SECURITY VALUATION Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded, or if no closing price is available, at the last bid price. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which in determining value utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities. As required, some securities and assets are valued at fair value as determined in good faith by or under the direction of the Trustees. Certain foreign common stocks may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its net asset value (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. In these cases, information from an external vendor may be utilized to adjust closing market prices of certain foreign common stocks to reflect their fair value. Because the frequency of significant events is not predictable, fair valuation of certain foreign common stocks may occur on a frequent basis. Short-term investments having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market. B. SECURITY TRANSACTIONS AND RELATED INCOME Security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Realized gains and losses are determined on the identified cost basis. C. FOREIGN CURRENCY TRANSLATION Foreign securities and other assets and liabilities are valued using the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. D. REPURCHASE AGREEMENTS A repurchase agreement is a transaction where a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. Each Fund, through its custodian, takes possession of securities collateralizing the repurchase agreement. The collateral is marked-to-market daily to ensure that the market value of the underlying assets remains sufficient to protect the Fund in the event of default by the seller. If the seller defaults and the value of the collateral declines, or if the seller enters insolvency proceedings, realization of collateral may be delayed or limited. E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS Each Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued and delayed delivery securities on the trade date and maintains collateral for the securities purchased. F. FOREIGN SECURITY COUNTRY DETERMINATION A combination of the following criteria is used to assign the countries of risk listed in the Schedules of Investments: country of incorporation, actual building address, primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. NOTE 2--ILLIQUID AND RESTRICTED SECURITIES Investments shall be considered illiquid if they cannot be disposed of in seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund. Additionally, the following information is also considered in determining illiquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment. Illiquid securities are footnoted as such at the end of the Fund's Schedule of Investments where applicable. Restricted securities are illiquid securities, as defined above, not registered under the Securities Act of 1933. Generally, 144A securities are excluded from this category, except where defined as illiquid. At December 31, 2004 the Trust held the following restricted securities:
Market % of Acquisition Acquisition Value Net Assets Equity Income Fund Date Cost at 12/31/04 at 12/31/04 ------------------ ---- ---- ----------- ----------- NorthStar Capital Investment Corp. Shares 20,000 12/17/97 $400,000 Shares 15,000 3/24/98 320,625 -------- $720,625 $335,300 1.05% --------
At the end of the period, the value of restricted securities amounted to $335,300 or 1.05% of net assets. The Fund will bear any costs, including those involved in registration under the Securities Act of 1933, in connection with the disposition of such securities. ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Phoenix-Seneca Funds ---------------------------------------------------------------- By (Signature and Title)* /s/ George R. Aylward --------------------------------------------------- George R. Aylward, Executive Vice President (principal executive officer) Date February 24, 2005 ------------------------------------------------------------------------ Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ George R. Aylward --------------------------------------------------- George R. Aylward, Executive Vice President (principal executive officer) Date February 24, 2005 ------------------------------------------------------------------------ By (Signature and Title)* /s/ W. Patrick Bradley --------------------------------------------------- W. Patrick Bradley, Treasurer (principal financial officer) Date February 24, 2005 ------------------------------------------------------------------------ * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g15447_302cert.txt 302 CERTIFICATION CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, George R. Aylward, certify that: 1. I have reviewed this report on Form N-Q of Phoenix-Seneca Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 24, 2005 /s/ George R. Aylward ----------------------- --------------------------------------------- George R. Aylward, Executive Vice President (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, W. Patrick Bradley, certify that: 1. I have reviewed this report on Form N-Q of Phoenix-Seneca Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 24, 2005 /s/ W. Patrick Bradley ----------------------- --------------------------------------------- W. Patrick Bradley, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----