-----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, SWx/pY6DpSWl4BBIvwjnvi02bGtfq/2J3FXV+HYQ8q88wgXmBtB0Co7igmJefjRH YpJRBQmzSESsijYtiFBCbw== 0000935069-05-002314.txt : 20050826 0000935069-05-002314.hdr.sgml : 20050826 20050826120623 ACCESSION NUMBER: 0000935069-05-002314 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050826 DATE AS OF CHANGE: 20050826 EFFECTIVENESS DATE: 20050826 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: 051050864 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 g19808seneca_nq0605.txt FORM N-Q 6-30-2005 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) 909 Montgomery Street San Francisco, CA 94113 -------------------------------------------------- (Address of principal executive offices) (Zip code) Kevin J. Carr, Esq. John R. Flores, Esq. Vice President, Chief Legal Officer, Vice President Counsel and Secretary for Registrant Litigation/Employment Counsel 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: June 30, 2005 ------------- 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 Schedule(s) of Investments is attached herewith. PHOENIX-SENECA FUNDS JUNE 30, 2005 (UNAUDITED) GLOSSARY CONSUMER PRICE INDEX (CPI) Measures the change in consumer prices of goods and services, including housing, electricity, food and transportation as determined by a monthly survey of the U.S. Bureau of Labor Statistics. Also called the cost-of-living index. REAL ESTATE INVESTMENT TRUSTS (REITS) Real estate investment trusts are typically publicly traded companies that own, develop and operate income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties. REPURCHASE AGREEMENT 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. TREASURY-INFLATION PROTECTED SECURITIES (TIPS) U.S. Treasury bonds and notes whose value is adjusted according to the changes in inflation rate every six months, as measured by the consumer price index. As inflation occurs the value of TIPS increases. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS Securities purchased on a when-issued or forward commitment basis are also known as delayed-delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date ordinarily up to 90 days later. When-issued or forward commitments enable a Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Phoenix Bond Fund (Formerly Phoenix-Seneca Bond Fund) SCHEDULE OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) PAR VALUE (000) VALUE ----------- ----------- U.S. GOVERNMENT SECURITIES--15.5% U.S. TREASURY BONDS--3.0% U.S. Treasury Bond 5.375%, 2/15/31(f) $ 1,810 $ 2,135,800 U.S. TREASURY NOTES--12.5% U.S. Treasury Note 2.50%, 9/30/06(f) 1,890 1,864,899 U.S. Treasury Note 5%, 2/15/11 735 780,909 U.S. Treasury Inflationary Note 3%, 7/15/12(d)(f) 1,000 1,188,501 U.S. Treasury Note 4%, 11/15/12(f) 2,900 2,932,512 U.S. Treasury Note 4.75%, 5/15/14(f) 2,000 2,122,188 ----------- 8,889,009 ----------- - -------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $10,724,115) 11,024,809 - -------------------------------------------------------------------------------- AGENCY MORTGAGE-BACKED SECURITIES--30.6% FHLMC 5.50%, '17-'22 1,595 1,610,923 FHLMC 5%, 3/15/19(f) 455 456,149 FHLMC 7%, 1/1/33 526 554,387 FHLMC 3.536%, 2/1/34(e) 591 592,775 FNMA 3.309%, 7/1/33(e) 592 593,622 FNMA 5.50%, 8/25/33(e)(g) 5,045 5,104,909 FNMA 3.214%, 9/1/33(e) 434 434,256 FNMA 3.454%, 11/1/33(e) 618 621,163 FNMA 3.48%, 12/1/33(e) 403 404,329 FNMA 3.51%, 3/1/34(e) 717 722,794 FNMA 3.597%, 4/1/34(e) 351 352,082 FNMA 4.50%, 1/1/35 570 558,245 FNMA 5.373%, 5/1/35(e) 6,933 7,049,970 FNMA 4.50%, 7/1/35(e)(g) 2,790 2,728,095 - -------------------------------------------------------------------------------- TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $21,745,242) 21,783,699 - -------------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--9.8% Banc of America Commercial Mortgage, Inc. 00-1, A1A 7.109%, 11/15/31 371 389,829 Citigroup Mortgage Loan Trust, Inc. 04-NCM2, 2CB3 8%, 8/25/34 435 459,736 CS First Boston Mortgage Securities Corp. 03-29, 5A1 7%, 12/25/33 240 247,930 Master Asset Securitization Trust Alternative Loans Trust 03-7, 5A1 6.25%, 11/25/33 428 434,312 PAR VALUE (000) VALUE ----------- ----------- NON-AGENCY MORTGAGE-BACKED SECURITIES (continued) Master Asset Securitization Trust Alternative Loans Trust 04-1, 3A1 7%, 1/25/34 $ 338 $ 341,409 Master Asset Securitization Trust Alternative Loans Trust 04-3, 6A1 6.50%, 4/25/34 871 883,226 Master Asset Securitization Trust Alternative Loans Trust 04-5, 6A1 7%, 6/25/34 301 306,188 Master Asset Securitization Trust Alternative Loans Trust 04-6, 6A1 6.50%, 7/25/34 1,251 1,280,288 Merrill Lynch Mortgage Trust 05-MCP1, A2 4.556%, 6/12/43 725 732,108 Morgan Stanley Mortgage Loan Trust 04-3, 3A 6%, 4/25/34 1,180 1,201,308 Residential Asset Mortgage Products, Inc. 04-SL3, A4 8.50%, 12/25/31 670 708,047 - -------------------------------------------------------------------------------- TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $7,035,415) 6,984,381 - -------------------------------------------------------------------------------- FOREIGN GOVERNMENT SECURITIES--2.5% POLAND--0.3% Republic of Poland 5.25%, 1/15/14 170 179,265 SWEDEN--2.2% Swedish Export Credit Corp. 0%, 6/5/07(f) 1,690 1,594,725 - -------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT SECURITIES (IDENTIFIED COST $1,859,822) 1,773,990 - -------------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(c)--6.4% CANADA--2.1% Cascades, Inc. 7.25%, 2/15/13 361 354,682 Corus Entertainment, Inc. 8.75%, 3/1/12 82 88,355 Intrawest Corp. 7.50%, 10/15/13 385 397,031 TransCanada Pipelines Ltd. 4%, 6/15/13(f) 470 453,103 Videotron Ltd. 6.875%, 1/15/14 205 209,613 ----------- 1,502,784 ----------- CHILE--0.3% Celulosa Arauco y Constitucion S.A. 144A 5.625%, 4/20/15(b) 235 239,961 FRANCE--0.6% Crown European Holdings SA 9.50%, 3/1/11 365 405,150 1 Phoenix Bond Fund PAR VALUE (000) VALUE ----------- ----------- FOREIGN CORPORATE BONDS (continued) HONG KONG--0.6% Hutchison Whampoa International Ltd. 144A 7.45%, 11/24/33(b) $ 355 $ 417,688 ITALY--0.4% Telecom Italia Capital 144A 4.95%, 9/30/14(b) 300 297,043 NETHERLANDS--0.3% ABN AMRO Bank NV 4.65%, 6/4/18 240 236,605 UNITED KINGDOM--0.7% BP Capital Markets plc 2.625%, 3/15/07 200 196,215 British Sky Broadcasting Group plc 8.20%, 7/15/09 30 33,960 Scottish Power plc 5.375%, 3/15/15 230 235,761 ----------- 465,936 ----------- UNITED STATES--1.4% Endurance Specialty Holdings Ltd. 7%, 7/15/34 175 195,774 Tyco International Group SA 6%, 11/15/13 400 434,998 Tyco International Group SA Participation Certificate Trust 144A 4.436%, 6/15/07(b) 260 260,518 Willis Group NA, Inc. 5.625%, 7/15/15(g) 90 90,579 ----------- 981,869 ----------- - -------------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $4,494,680) 4,547,036 - -------------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--31.6% AEROSPACE & DEFENSE--1.0% Boeing Capital Corp. 6.10%, 3/1/11 175 190,250 Goodrich Corp. 7.625%, 12/15/12(f) 248 291,152 United Technologies Corp. 4.875%, 5/1/15 215 219,928 ----------- 701,330 ----------- AGRICULTURAL PRODUCTS--0.5% United Agriculture Products 8.25%, 12/15/11(f) 355 369,200 AUTOMOBILE MANUFACTURERS--0.6% DaimlerChrysler NA Holding Corp. 4.875%, 6/15/10 190 189,126 DaimlerChrysler NA Holdings Corp. 3.859%, 9/10/07(e) 210 209,992 ----------- 399,118 ----------- BIOTECHNOLOGY--0.4% Amgen, Inc. 4.85%, 11/18/14 305 313,305 PAR VALUE (000) VALUE ----------- ----------- DOMESTIC CORPORATE BONDS (continued) BROADCASTING & CABLE TV--3.9% Clear Channel Communications, Inc. 5.50%, 9/15/14 $ 385 $ 365,156 Comcast Corp. 5.30%, 1/15/14 70 71,961 Cox Communications, Inc. 6.75%, 3/15/11 5 5,444 CSC Holdings, Inc. 10.50%, 5/15/16 525 567,000 CSC Holdings, Inc. 144A 6.75%, 4/15/12(b) 185 174,825 Echostar DBS Corp. 5.75%, 10/1/08 360 359,550 Echostar DBS Corp. 9.125%, 1/15/09 625 667,188 Lenfest Communications, Inc. 10.50%, 6/15/06 231 243,220 Liberty Media Corp. 5.70%, 5/15/13 330 307,408 ----------- 2,761,752 ----------- BUILDING PRODUCTS--0.5% American Standard, Inc. 7.625%, 2/15/10 328 366,452 CASINOS & GAMING--0.5% Caesars Entertainment, Inc. 7.875%, 12/15/05 360 366,300 COMMERCIAL PRINTING--0.4% Donnelley (R.R.) & Sons Co. 144A 5.50%, 5/15/15(b) 275 279,167 CONSUMER FINANCE--1.4% American General Finance Corp. 4%, 3/15/11 410 395,895 General Electric Capital Corp. 4.875%, 3/4/15 380 389,739 Residential Capital Corp. 144A 6.375%, 6/30/10(b) 220 221,059 ----------- 1,006,693 ----------- DIVERSIFIED BANKS--1.0% Barclays Bank plc 6.278%, 12/15/49(e) 70 71,225 HSBC Bank USA 5.875%, 11/1/34(f) 370 403,201 Wachovia Corp. 4.875%, 2/15/14(f) 240 243,954 ----------- 718,380 ----------- DIVERSIFIED CHEMICALS--0.3% Du Pont (E.I.) de Nemours & Co. 4.125%, 4/30/10 250 250,150 ELECTRIC UTILITIES--1.2% Carolina Power & Light 5.70%, 4/1/35 125 133,625 FirstEnergy Corp. Series B 6.45%, 11/15/11(f) 360 393,862 Reliant Energy, Inc. 9.25%, 7/15/10 100 109,500 Reliant Energy, Inc. 9.50%, 7/15/13 95 105,925 Southern California Edison Co. 5.55%, 1/15/36 75 79,005 ----------- 821,917 ----------- 2 Phoenix Bond Fund PAR VALUE (000) VALUE ----------- ----------- DOMESTIC CORPORATE BONDS (continued) FOOD RETAIL--0.3% Ahold Lease USA, Inc. A-2 8.62%, 1/2/25(e) $ 30 $ 32,869 Albertson's, Inc. 7.45%, 8/1/29 165 187,892 ----------- 220,761 ----------- HEALTH CARE DISTRIBUTORS--1.0% Cardinal Healthcare, Inc. 6.75%, 2/15/11 365 401,960 Owens & Minor, Inc. 8.50%, 7/15/11 300 322,500 ----------- 724,460 ----------- HEALTH CARE EQUIPMENT--0.2% Fisher Scientific International, Inc. 8%, 9/1/13 155 177,862 HEALTH CARE FACILITIES--0.5% HCA, Inc. 5.75%, 3/15/14(f) 290 289,444 HCA, Inc. 6.375%, 1/15/15 45 46,805 ----------- 336,249 ----------- HEALTH CARE SERVICES--1.4% Fresenius Medical Capital Trust II 7.875%, 2/1/08 335 350,913 Omnicare, Inc. Series B 8.125%, 3/15/11(f) 580 614,800 ----------- 965,713 ----------- HOMEBUILDING--1.9% D.R. Horton, Inc. 7.50%, 12/1/07 234 248,820 D.R. Horton, Inc. 5.625%, 9/15/14 395 396,406 K Hovnanian Enterprises 6.25%, 1/15/15 415 411,887 Toll Corp. 8.25%, 12/1/11 290 313,200 ----------- 1,370,313 ----------- HOTELS, RESORTS & CRUISE LINES--0.9% Hilton Hotels Corp. 7.625%, 12/1/12(f) 344 397,800 Royal Caribbean Cruises Ltd. 8%, 5/15/10 30 33,375 Royal Caribbean Cruises Ltd. 8.75%, 2/2/11 130 150,475 Royal Caribbean Cruises Ltd. 7.25%, 3/15/18 22 24,310 ----------- 605,960 ----------- INTEGRATED OIL & GAS--0.5% ConocoPhillips 5.90%, 10/15/32 335 376,350 INTEGRATED TELECOMMUNICATION SERVICES--1.5% Cincinnati Bell, Inc. 7.25%, 7/15/13 175 184,625 Qwest Corp. 8.875%, 3/15/12 170 185,725 Sprint Capital Corp. 8.75%, 3/15/32 300 417,334 Verizon Global Funding Corp. 7.75%, 12/1/30 230 296,987 ----------- 1,084,671 ----------- PAR VALUE (000) VALUE ----------- ----------- DOMESTIC CORPORATE BONDS (continued) INVESTMENT BANKING & BROKERAGE--1.1% Goldman Sachs Group, Inc. 5.25%, 10/15/13 $ 375 $ 386,964 Lehman Brothers Holdings, Inc. 8.25%, 6/15/07 5 5,386 Merrill Lynch & Co. 4.25%, 2/8/10 370 369,082 Morgan Stanley 6.75%, 4/15/11 40 44,289 ----------- 805,721 ----------- LIFE & HEALTH INSURANCE--1.2% Metlife, Inc. 5.70%, 6/15/35 275 283,491 Protective Life Secured Trust 3.22%, 1/14/08(e) 260 259,989 Protective Life Secured Trust 4%, 4/1/11 300 295,069 ----------- 838,549 ----------- MANAGED HEALTH CARE--0.3% UnitedHealth Group, Inc. 3.30%, 1/30/08 190 185,599 METAL & GLASS CONTAINERS--0.9% Ball Corp. 6.875%, 12/15/12 306 322,830 Owens-Brockway Glass Container, Inc. 8.875%, 2/15/09 298 318,115 ----------- 640,945 ----------- MOVIES & ENTERTAINMENT--0.3% Time Warner, Inc. 9.125%, 1/15/13 150 189,548 MULTI-LINE INSURANCE--0.5% Loews Corp. 6%, 2/1/35(f) 380 386,874 OIL & GAS EXPLORATION & PRODUCTION--0.7% Chesapeake Energy Corp. 144A 6.25%, 1/15/18(b) 115 113,850 Pioneer Natural Resource Co. 5.875%, 7/15/16 350 352,960 ----------- 466,810 ----------- OIL & GAS STORAGE & TRANSPORTATION--0.3% Kinder Morgan Energy Partners 7.30%, 8/15/33(f) 195 236,552 OTHER DIVERSIFIED FINANCIAL SERVICES--0.3% Citigroup, Inc. 5%, 9/15/14 230 235,278 PACKAGED FOODS & MEATS--1.0% Dean Foods Co. 8.15%, 8/1/07 443 469,580 Kraft Foods, Inc. 5.625%, 11/1/11 235 249,293 ----------- 718,873 ----------- PAPER PRODUCTS--0.7% Bowater, Inc. 9%, 8/1/09(f) 435 473,063 PHARMACEUTICALS--0.6% Merck & Co., Inc. 4.75%, 3/1/15 160 161,428 3 Phoenix Bond Fund PAR VALUE (000) VALUE ----------- ----------- DOMESTIC CORPORATE BONDS (continued) PHARMACEUTICALS (CONTINUED) Wyeth 5.50%, 3/15/13 $ 225 $ 236,801 ----------- 398,229 ----------- PROPERTY & CASUALTY INSURANCE--0.6% Fund American Cos., Inc. 5.875%, 5/15/13(f) 430 447,869 PUBLISHING & PRINTING--0.8% News America, Inc. 5.30%, 12/15/14 430 441,185 Reed Elsevier Capital, Inc. 4.625%, 6/15/12 155 154,285 ----------- 595,470 ----------- REGIONAL BANKS--0.6% Colonial Bank 9.375%, 6/1/11 338 402,903 REITS--0.7% Archstone-Smith Trust 7.90%, 2/15/16 191 226,204 Camden Property Trust 5%, 6/15/15 90 89,161 iStar Financial, Inc. 5.125%, 4/1/11 185 184,503 ----------- 499,868 ----------- RESTAURANTS--0.3% Yum! Brands, Inc. 7.70%, 7/1/12 153 179,661 TOBACCO--0.2% Reynolds (R.J.) Tobacco Holdings, Inc. 144A 6.50%, 7/15/10(b) 80 80,200 Reynolds (R.J.) Tobacco Holdings, Inc. 144A 7.30%, 7/15/15(b) 80 80,400 ----------- 160,600 ----------- WIRELESS TELECOMMUNICATION SERVICES--0.6% Nextel Communications, Inc. 6.875%, 10/31/13 375 402,656 - -------------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $21,880,179) 22,481,171 - -------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--96.4% (IDENTIFIED COST $67,739,453) 68,595,086 - -------------------------------------------------------------------------------- PAR VALUE (000) VALUE ----------- ----------- SHORT-TERM INVESTMENTS--16.8% FEDERAL AGENCY SECURITIES--16.8% FHLB 2.50%, 7/1/05 $ 11,900 $ 11,900,000 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $11,900,000) 11,900,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS--113.2% (IDENTIFIED COST $79,639,453) 80,495,086(a) Other assets and liabilities, net--(13.2)% (9,384,717) ------------ NET ASSETS--100.0% $ 71,110,369 ============ (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $1,142,301 and gross depreciation of $341,681 for federal income tax purposes. At June 30, 2005, the aggregate cost of securities for federal income tax purposes was $79,694,466. (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 June 30, 2005, these securities amounted to a value of $2,164,711 or 3.0% of net assets. (c) Foreign corporate bonds are determined based on the country in which the security is issued. The country of risk is determined based on criteria described in Note 1D "Foreign security country determination" in the Notes to Schedules of Investments. (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) All or a portion segregated as collateral for a when-issued security. (g) When-issued security. 4 Phoenix Earnings Driven Growth Fund (Formerly Phoenix-Seneca Mid-Cap "EDGE"(SM) Fund) SCHEDULE OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) SHARES VALUE -------- ---------- DOMESTIC COMMON STOCKS--97.8% APPAREL RETAIL--4.3% Foot Locker, Inc. 54,470 $ 1,482,673 Urban Outfitters, Inc.(b) 25,500 1,445,595 ----------- 2,928,268 ----------- APPAREL, ACCESSORIES & LUXURY GOODS--3.5% Coach, Inc.(b) 71,660 2,405,626 BIOTECHNOLOGY--5.7% Genzyme Corp.(b) 39,590 2,378,963 Protein Design Labs, Inc.(b) 73,370 1,482,808 ----------- 3,861,771 ----------- BROADCASTING & CABLE TV--2.7% Univision Communications, Inc. Class A(b) 66,300 1,826,565 CASINOS & GAMING--2.6% Station Casinos, Inc. 27,050 1,796,120 COMMUNICATIONS EQUIPMENT--2.4% Comverse Technology, Inc.(b) 69,850 1,651,952 COMPUTER STORAGE & PERIPHERALS--2.9% Network Appliance, Inc.(b) 70,600 1,995,862 CONSTRUCTION, FARM MACHINERY & HEAVY TRUCKS--2.1% Oshkosh Truck Corp. 18,100 1,416,868 DATA PROCESSING & OUTSOURCED SERVICES--5.4% Alliance Data Systems Corp.(b) 46,680 1,893,341 Global Payments, Inc. 26,940 1,826,532 ----------- 3,719,873 ----------- ELECTRONIC MANUFACTURING SERVICES--4.6% Jabil Circuit, Inc.(b) 102,430 3,147,674 ENVIRONMENTAL SERVICES--2.0% Stericycle, Inc.(b) 26,640 1,340,525 HEALTH CARE EQUIPMENT--5.7% Fisher Scientific International, Inc.(b) 38,000 2,466,200 Kinetic Concepts, Inc.(b) 23,260 1,395,600 ----------- 3,861,800 ----------- HEALTH CARE SERVICES--3.1% Quest Diagnostics, Inc. 39,540 2,106,296 SHARES VALUE -------- ---------- DOMESTIC COMMON STOCKS (continued) HOMEFURNISHING RETAIL--6.2% Bed Bath & Beyond, Inc.(b) 49,900 $ 2,084,822 Williams-Sonoma, Inc.(b) 54,100 2,140,737 ----------- 4,225,559 ----------- HOTELS, RESORTS & CRUISE LINES--2.8% Starwood Hotels & Resorts Worldwide, Inc. 32,500 1,903,525 INDUSTRIAL MACHINERY--2.1% Harsco Corp. 26,210 1,429,755 INTERNET SOFTWARE & SERVICES--3.6% VeriSign, Inc.(b) 84,760 2,437,698 MANAGED HEALTH CARE--2.7% PacifiCare Health Systems, Inc.(b) 25,820 1,844,839 OFFICE ELECTRONICS--0.9% Zebra Technologies Corp. Class A(b) 13,700 599,923 PHARMACEUTICALS--2.1% Sepracor, Inc.(b) 24,250 1,455,243 REGIONAL BANKS--2.6% Marshall & Ilsley Corp. 40,100 1,782,445 RESTAURANTS--3.0% Darden Restaurants, Inc. 62,750 2,069,495 SEMICONDUCTOR EQUIPMENT--1.9% KLA-Tencor Corp. 30,250 1,321,925 SEMICONDUCTORS--10.2% Analog Devices, Inc. 36,900 1,376,739 Intersil Corp. Class A 77,910 1,462,371 Microchip Technology, Inc. 66,830 1,979,504 Xilinx, Inc. 82,950 2,115,225 ----------- 6,933,839 ----------- SOFT DRINKS--2.8% Coca-Cola Enterprises, Inc. 88,380 1,945,244 SPECIALTY CHEMICALS--3.0% Rohm & Haas Co. 43,810 2,030,155 SYSTEMS SOFTWARE--3.5% Adobe Systems, Inc. 83,780 2,397,784 1 Phoenix Earnings Driven Growth Fund SHARES VALUE ---------- ------------ DOMESTIC COMMON STOCKS (continued) WIRELESS TELECOMMUNICATION SERVICES--3.4% Nextel Partners, Inc. Class A(b) 92,810 $ 2,336,028 - -------------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $57,654,348) 66,772,657 - -------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--97.8% (IDENTIFIED COST $57,654,348) 66,772,657 - -------------------------------------------------------------------------------- PAR VALUE (000) VALUE ---------- ------------ SHORT-TERM INVESTMENTS--2.2% REPURCHASE AGREEMENTS--2.2% State Street Bank & Trust Co. repurchase agreement 1.80% dated 6/30/05, due 7/1/05 repurchase price $1,485,074 collateralized by U.S. Treasury Note 3.625%, 6/30/07 market value $1,518,100 $1,485 1,485,000 - -------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $1,485,000) 1,485,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS--100.0% (IDENTIFIED COST $59,139,348) 68,257,657(a) Other assets and liabilities, net--0.0% (8,552) ------------ NET ASSETS--100.0% $ 68,249,105 ============ (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $9,830,578 and gross depreciation of $712,269 for federal income tax purposes. At June 30, 2005, the aggregate cost of securities for federal income tax purposes was $59,139,348. (b) Non-income producing. Phoenix Equity Income Fund (Formerly Phoenix-Seneca Equity Income Fund) SCHEDULE OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) SHARES VALUE --------- ----------- DOMESTIC COMMON STOCKS--98.4% REAL ESTATE INVESTMENT TRUSTS--87.6% DIVERSIFIED--6.8% iStar Financial, Inc. 14,080 $ 585,587 Vornado Realty Trust 17,980 1,445,592 - -------------------------------------------------------------------------------- TOTAL DIVERSIFIED 2,031,179 - -------------------------------------------------------------------------------- INDUSTRIAL/OFFICE--24.7% INDUSTRIAL--9.0% AMB Property Corp. 27,650 1,200,840 ProLogis 37,170 1,495,721 ----------- 2,696,561 ----------- MIXED--3.0% Duke Realty Corp. 28,020 887,113 OFFICE--12.7% Boston Properties, Inc. 21,850 1,529,500 Equity Office Properties Trust 30,505 1,009,715 Trizec Properties, Inc. 59,880 1,231,732 ----------- 3,770,947 ----------- - -------------------------------------------------------------------------------- TOTAL INDUSTRIAL/OFFICE 7,354,621 - -------------------------------------------------------------------------------- LODGING/RESORTS--2.5% Host Marriott Corp. 43,080 753,900 MORTGAGE--3.9% COMMERCIAL FINANCING--3.9% Capital Trust, Inc. Class A 15,410 514,848 RAIT Investment Trust 21,600 646,920 - -------------------------------------------------------------------------------- TOTAL MORTGAGE 1,161,768 - -------------------------------------------------------------------------------- RESIDENTIAL--16.5% APARTMENTS--16.5% Archstone-Smith Trust 30,176 1,165,397 AvalonBay Communities, Inc. 12,790 1,033,432 Equity Residential 37,450 1,378,909 Essex Property Trust, Inc. 8,230 683,584 United Dominion Realty Trust, Inc. 27,410 659,210 - -------------------------------------------------------------------------------- TOTAL RESIDENTIAL 4,920,532 - -------------------------------------------------------------------------------- SHARES VALUE --------- ----------- DOMESTIC COMMON STOCKS (continued) REAL ESTATE INVESTMENT TRUSTS (CONTINUED) RETAIL--30.2% REGIONAL MALLS--15.7% General Growth Properties, Inc. 43,760 $ 1,798,099 Macerich Co. (The) 11,280 756,324 Mills Corp. (The) 6,460 392,703 Simon Property Group, Inc. 23,885 1,731,424 ----------- 4,678,550 ----------- SHOPPING CENTERS--14.5% Developers Diversified Realty Corp. 19,430 893,003 Equity One, Inc. 20,080 455,816 Kimco Realty Corp. 18,000 1,060,380 Regency Centers Corp. 18,340 1,049,048 Tanger Factory Outlet Centers, Inc. 31,050 836,176 ----------- 4,294,423 ----------- - -------------------------------------------------------------------------------- TOTAL RETAIL 8,972,973 - -------------------------------------------------------------------------------- SELF STORAGE--3.0% Public Storage, Inc. 14,090 891,193 - -------------------------------------------------------------------------------- TOTAL REAL ESTATE INVESTMENT TRUSTS (IDENTIFIED COST $20,284,311) 26,086,166 - -------------------------------------------------------------------------------- HOTELS, RESORTS & CRUISE LINES--7.3% La Quinta Corp.(b) 73,460 685,382 Marriott International, Inc. Class A 11,020 751,784 Starwood Hotels & Resorts Worldwide, Inc. 12,400 726,268 (Identified cost $1,662,288) ----------- 2,163,434 ----------- INVESTMENT BANKING & BROKERAGE--0.7% Northstar Capital Investment Corp. 144A(b)(c)(d) 35,000 225,400 (Identified cost $720,625) PACKAGED FOODS--2.8% B&G Foods, Inc. 56,650 829,356 (Identified cost $860,121) - -------------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $23,527,345) 29,304,356 - -------------------------------------------------------------------------------- 1 Phoenix Equity Income Fund SHARES VALUE ----------- ----------- DOMESTIC PREFERRED STOCKS--1.0% THRIFTS & MORTGAGE FINANCE--1.0% Accredited Mortgage Loan REIT Trust Series A Pfd 9.75% 11,360 $ 300,131 (Identified cost $289,540) - -------------------------------------------------------------------------------- TOTAL DOMESTIC PREFERRED STOCKS (IDENTIFIED COST $289,540) 300,131 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $23,816,885) 29,604,487(a) Other assets and liabilities, net--0.6% 169,930 ----------- NET ASSETS--100.0% $29,774,417 =========== (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $6,456,276 and gross depreciation of $534,834 for federal income tax purposes. At June 30, 2005, the aggregate cost of securities for federal income tax purposes was $23,683,045. (b) Non-income producing. (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2005 this security amounted to a value of $225,400 or 0.7% of the net assets. (d) Illiquid and restricted security. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At June 30, 2005, this security amounted to a value of $225,400 or 0.7% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. PHOENIX-SENECA FUNDS NOTES TO SCHEDULES OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Phoenix-Seneca Funds in the preparation of the Schedules of Investments. The preparation of the Schedules of Investments requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities at the date of the Schedule of Investments. 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 may be 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 the 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. FOREIGN SECURITY COUNTRY DETERMINATION A combination of the following criteria is used to assign the countries of risk listed in the Schedule 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. PHOENIX-SENECA FUNDS NOTES TO SCHEDULES OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) E. REIT INVESTMENTS Dividend income is recorded using management's estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. F. 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. G. 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. 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 June 30, 2005, the Equity Income Fund held the following restricted security:
MARKET % OF ACQUISITION ACQUISITION VALUE NET ASSETS DATE COST AT 6/30/05 AT 6/30/05 ---- ---- ---------- ---------- NorthStar Capital Investment Corp. Shares 20,000...... 12/17/97 $400,000 Shares 15,000...... 3/24/98 320,625 -------- $720,625 $225,400 0.7%
The Fund will bear any costs, including those involved in registration under the Securities Act of 1933, in connection with the disposition of restricted 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 August 19, 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 August 19, 2005 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ W. Patrick Bradley ------------------------------------------------------- W. Patrick Bradley, Treasurer and Chief Financial Officer (principal financial officer) Date August 17, 2005 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g19808seneca_cert302.txt PHOENIX SENECA CERTIFICATION 302 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: August 19, 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: August 17, 2005 /s/ W. Patrick Bradley --------------- ---------------------------------- W. Patrick Bradley, Treasurer and Chief Financial Officer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----