UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07643
--------------
Phoenix Partner Select Funds
--------------------------------------------------
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301
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(Address of principal executive offices) (Zip code)
Matthew A. Swendiman, Esq. John R. Flores, Esq.
Counsel & Chief Legal Officer for Vice President, Litigation/Employment Counsel
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: July 31
--------
Date of reporting period: January 31, 2005
-----------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 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. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
Semiannual Report
[GRAPHIC OMITTED] JANUARY 31, 2005
[GRAPHIC OMITTED] PHOENIX
PARTNER SELECT
Phoenix Partner Select Wealth Builder Fund
Phoenix Partner Select Wealth Guardian Fund
[GRAPHIC OMITTED]
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[GRAPHIC OMITTED] PHOENIX
INVESTMENT PARTNERS, LTD
COMMITTED TO INVESTOR SUCCESS(R)
-----------------------------------------------------------------
Mutual funds are not insured by the FDIC; are not deposits or
other obligations of a bank and are not guaranteed by a bank; and
are subject to investment risks, including possible loss of the
principal invested.
-----------------------------------------------------------------
This report is not authorized for distribution to prospective investors in the
Phoenix Partner Select Funds unless preceded or accompanied by an effective
Prospectus which includes information concerning the sales charge, each Fund's
record and other pertinent information.
MESSAGE FROM THE CHAIRMAN
DEAR SHAREHOLDER:
I encourage you to review this semiannual report for the Phoenix Partner
Select Funds for the six-month period ended January 31, 2005.
As we begin a new year, the U.S. economy appears to be growing. Gross
domestic product (GDP), the most comprehensive measure of U.S. economic
activity, grew at a healthy 4.4% rate in 2004. Adding to the positives,
employment growth also accelerated in the fourth quarter. The markets finished
the year strong, particularly the U.S. equity market following a strong
post-election rally. Looking at the year ahead, the Federal Reserve Board's
ongoing commitment to raising interest rates, combined with record oil prices
and deficits, are likely to slow the pace of economic growth, posing both
challenges as well as opportunities for investors in both the equity and bond
markets.
No matter what the market brings, short-term performance changes should
not distract you from your long-term financial plan. Now may be an opportune
time for you to review your portfolio with your financial advisor to make sure
that your asset allocation remains on target for you. Keep in mind that finding
the best balance of performance and protection requires discipline and
diversification.1 Your Phoenix Partner Select Fund allocation may help in this
effort.
For updates on all Phoenix Funds, including performance, please visit
PhoenixInvestments.com.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
Chairman, Phoenix Funds
FEBRUARY 2005
1 DIVERSIFICATION DOES NOT GUARANTEE AGAINST A LOSS, AND THERE IS NO GUARANTEE
THAT A DIVERSIFIED PORTFOLIO WILL OUTPERFORM A NON-DIVERSIFIED PORTFOLIO.
The preceding information is the opinion of the Chairman of the Phoenix Funds
Board of Trustees. There is no guarantee that market forecasts discussed will be
realized.
1
TABLE OF CONTENTS
Glossary .................................................................... 3
Phoenix Partner Select Wealth Builder Fund .................................. 5
Phoenix Partner Select Wealth Guardian Fund ................................. 10
Notes to Financial Statements ............................................... 15
2
GLOSSARY
FEDERAL RESERVE (THE "FED")
The central bank of the U.S., responsible for controlling the money supply,
interest rates and credit with the goal of keeping the U.S. economy and currency
stable. Governed by a seven-member board, the system includes 12 regional
Federal Reserve Banks, 25 branches and all national and state banks that are
part of the system.
FUND OF FUNDS
A mutual fund that invests in the shares of other open-end mutual funds
according to an established asset allocation model, resulting in a diversified
portfolio of asset classes and investment strategies appropriate for pursuit of
the overall investment objective.
GROSS DOMESTIC PRODUCT (GDP)
An important measure of U.S. economic performance, GDP is the total market value
of all final goods and services produced in the U.S. during any quarter or year.
3
COMPOSITION BY UNDERLYING FUND
AS A PERCENTAGE OF TOTAL INVESTMENTS
AS OF JANUARY 31, 2005
(UNAUDITED)
Wealth Builder Fund Wealth Guardian Fund
------------------- --------------------
Phoenix Growth & Income Fund Class A ........................ 20.2% 17.8%
Phoenix Institutional Bond Fund Class Y ..................... 7.6% 15.0%
Phoenix Market Neutral Fund Class A ......................... 5.1% 5.0%
Phoenix-Duff & Phelps Real Estate Securities Fund Class A ... 9.8% 9.6%
Phoenix-Goodwin Multi-Sector Short Term Bond Fund Class A ... 5.2% 10.1%
Phoenix-Kayne Rising Dividends Fund Class A ................. 19.3% 17.3%
Phoenix-Kayne Small-Mid Cap Fund Class A .................... 25.2% 10.3%
Phoenix-Seneca Bond Fund .................................... 7.6% 14.9%
----- -----
Total .............................................. 100.0% 100.0%
===== =====
4
PHOENIX PARTNER SELECT WEALTH BUILDER FUND
ABOUT YOUR FUND'S EXPENSES
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Wealth Builder Fund, you incur two types of costs: (1) transaction costs,
including sales charges on purchases of Class A shares and contingent deferred
sales charges on Class C shares; and (2) ongoing costs, including investment
advisory fees; distribution and service fees; and other expenses. These examples
are intended to help you understand your ongoing costs (in dollars) of investing
in the Fund and to compare these costs with the ongoing costs of investing in
other mutual funds. These examples are based on an investment of $1,000 invested
at the beginning of the period and held for the entire six-month period.
ACTUAL EXPENSES
The first line of the accompanying tables provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the accompanying tables provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not your Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in your Fund and other funds. To do so, compare these
5% hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the accompanying tables are meant to
highlight your ongoing costs only and do not reflect any transactional costs,
such as sales charges or contingent deferred sales charges. Therefore, the
second line of the accompanying tables is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs could have been higher. The calculations assume no shares were bought or
sold during the period. Your actual costs may have been higher or lower,
depending on the amount of your investment and the timing of any purchases or
redemptions.
Beginning Ending Expenses Paid
Wealth Builder Fund Account Value Account Value During
Class A July 31, 2004 January 31, 2005 Period*
- --------------------------------------------------------------------------------
Actual $1,000.00 $1,065.20 $2.08
Hypothetical (5% return
before expenses) 1,000.00 1,023.16 2.04
*EXPENSES ARE EQUAL TO THE FUND'S CLASS A ANNUALIZED EXPENSE RATIO OF 0.40%,
WHICH INCLUDES WAIVED FEES AND REIMBURSED EXPENSES, IF APPLICABLE, MULTIPLIED
BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS
IN THE MOST RECENT FISCAL HALF-YEAR, THEN DIVIDED BY 365 TO REFLECT THE
ONE-HALF YEAR PERIOD.
Beginning Ending Expenses Paid
Wealth Builder Fund Account Value Account Value During
Class C July 31, 2004 January 31, 2005 Period*
- --------------------------------------------------------------------------------
Actual $1,000.00 $1,062.10 $5.98
Hypothetical (5% return
before expenses) 1,000.00 1,019.34 5.87
*EXPENSES ARE EQUAL TO THE FUND'S CLASS C ANNUALIZED EXPENSE RATIO OF 1.15%,
WHICH INCLUDES WAIVED FEES AND REIMBURSED EXPENSES, IF APPLICABLE, MULTIPLIED
BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS
IN THE MOST RECENT FISCAL HALF-YEAR, THEN DIVIDED BY 365 TO REFLECT THE
ONE-HALF YEAR PERIOD.
THE ANNUALIZED EXPENSE RATIOS NOTED ABOVE DO NOT REFLECT FEES AND EXPENSES
ASSOCIATED WITH THE UNDERLYING FUNDS. IF SUCH FEES AND EXPENSES HAD BEEN
INCLUDED, THE EXPENSES WOULD HAVE BEEN HIGHER.
YOU CAN FIND MORE INFORMATION ABOUT THE FUND'S EXPENSES IN THE FINANCIAL
STATEMENTS SECTION THAT FOLLOWS. FOR ADDITIONAL INFORMATION ON OPERATING
EXPENSES AND OTHER SHAREHOLDER COSTS, PLEASE REFER TO THE PROSPECTUS.
5
Phoenix Partner Select Wealth Builder Fund
- --------------------------------------------------------------------------------
FUND INVESTMENT ALLOCATION (UNAUDITED) 1/31/2005
- --------------------------------------------------------------------------------
As a percentage of total investments
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA USED IN PRINTED GRAPHIC AS FOLLOWS:
Equity Funds 80%
Fixed Income Funds 20
SCHEDULE OF INVESTMENTS AT JANUARY 31, 2005
(UNAUDITED)
SHARES VALUE
--------- ------------
MUTUAL FUNDS--100.1%
EQUITY FUNDS--79.7%
Phoenix-Duff & Phelps Real Estate Securities
Fund Class A ................................ 496,121 $ 11,381,017
Phoenix Growth & Income Fund Class A ........ 1,661,020 23,387,170
Phoenix-Kayne Rising Dividends Fund
Class A ..................................... 1,443,581 22,418,812
Phoenix-Kayne Small-Mid Cap Fund
Class A(b) .................................. 1,481,861 29,207,496
Phoenix Market Neutral Fund Class A(b) ...... 501,199 5,894,101
------------
92,288,596
------------
SHARES VALUE
--------- ------------
FIXED-INCOME FUNDS--20.4%
Phoenix-Goodwin Multi-Sector Short Term
Bond Fund Class A ........................... 1,238,127 $ 5,967,771
Phoenix Institutional Bond Fund Class Y ..... 277,306 8,840,508
Phoenix-Seneca Bond Fund Class A ............ 827,354 8,769,953
------------
23,578,232
------------
- ----------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(IDENTIFIED COST $109,611,547) 115,866,828
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS--100.1%
(IDENTIFIED COST $109,611,547) 115,866,828(a)
Other assets and liabilities, net--(0.1)% (64,541)
------------
NET ASSETS--100.0% $115,802,287
============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $6,574,028 and gross
depreciation of $326,330 for federal income tax purposes. At January 31,
2005, the aggregate cost of securities for federal income tax purposes was
$109,619,130.
(b) Non-income producing.
See Notes to Financial Statements
6
Phoenix Partner Select Wealth Builder Fund
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2005
(UNAUDITED)
ASSETS
Investment securities at value
(Identified cost $109,611,547) $115,866,828
Cash 48,518
Receivables
Fund shares sold 1,226,181
Dividends from underlying funds 21,657
Receivable from adviser 2,481
Prepaid expenses 22,111
Trustee retainer 2,625
------------
Total assets 117,190,401
------------
LIABILITIES
Payables
Investment securities purchased 1,062,512
Fund shares repurchased 218,791
Distribution and service fees 47,395
Transfer agent 21,033
Financial agent fee 6,023
Accrued expenses 32,360
------------
Total liabilities 1,388,114
------------
NET ASSETS 115,802,287
============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $108,962,268
Distributions in excess of net investment income (87,484)
Accumulated net realized gain 672,222
Net unrealized appreciation 6,255,281
------------
NET ASSETS $115,802,287
============
CLASS A
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $40,225,884) 3,487,926
Net asset value per share $11.53
Offering price per share $11.53/(1-5.75%) $12.23
CLASS C
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $75,576,403) 6,571,007
Net asset value and offering price per share $11.50
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JANUARY 31, 2005
(UNAUDITED)
INVESTMENT INCOME
Income distributions received from underlying funds $ 786,514
Interest 1,513
----------
Total investment income 788,027
----------
EXPENSES
Investment advisory fee 51,596
Distribution and service fees, Class C 252,707
Financial agent fee 31,937
Transfer agent 61,162
Registration 17,085
Trustees 21,200
Professional 14,414
Printing 10,624
Custodian 8,979
Miscellaneous 6,930
----------
Total expenses 476,634
Less expenses reimbursed by investment adviser (17,538)
----------
Net expenses 459,096
----------
NET INVESTMENT INCOME 328,931
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Capital gains distributions received from the underlying funds 668,785
Net realized gain on investments 4,379
Net change in unrealized appreciation (depreciation)
on investments 5,053,580
----------
NET GAIN ON INVESTMENTS 5,726,744
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $6,055,675
==========
See Notes to Financial Statements
7
Phoenix Partner Select Wealth Builder Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months From
Ended Inception
1/31/05 8/1/03 to
(Unaudited) 7/31/04
------------ -----------
FROM OPERATIONS
Net investment income (loss) $ 328,931 $ 277,274
Net realized gain (loss) 673,164 43,962
Net change in unrealized appreciation (depreciation) 5,053,580 1,201,701
------------ -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 6,055,675 1,522,937
------------ -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (230,107) (170,807)
Net investment income, Class C (207,961) (106,591)
Net realized long-term gains, Class A (8,003) --
Net realized long-term gains, Class C (15,124) --
------------ -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (461,195) (277,398)
------------ -----------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (1,021,732 and 2,952,698 shares, respectively) 11,544,007 31,761,461
Net asset value of shares issued from reinvestment of distributions
(12,960 and 8,770 shares, respectively) 152,791 96,271
Cost of shares repurchased (262,628 and 245,606 shares), respectively (2,982,159) (2,684,948)
------------ -----------
Total 8,714,639 29,172,784
------------ -----------
CLASS C
Proceeds from sales of shares (1,550,767 and 5,572,339 shares), respectively 17,554,371 59,681,667
Net asset value of shares issued from reinvestment of distributions
(5,584 and 2,134 shares, respectively) 65,720 22,942
Cost of shares repurchased (326,441 and 233,376 shares, respectively) (3,704,698) (2,545,157)
------------ -----------
Total 13,915,393 57,159,452
------------ -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS 22,630,032 86,332,236
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS 28,224,512 87,577,775
NET ASSETS
Beginning of period 87,577,775 --
------------ -----------
END OF PERIOD [INCLUDING DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME AND
UNDISTRIBUTED NET INVESTMENT INCOME OF ($87,484) AND $21,653, RESPECTIVELY] $115,802,287 $87,577,775
============ ===========
See Notes to Financial Statements
8
Phoenix Partner Select Wealth Builder Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
CLASS A
-----------------------------------
SIX MONTHS
ENDED 1/31/05 FROM INCEPTION
(UNAUDITED) 8/1/03 TO 7/31/04
Net asset value, beginning of period $10.89 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.06 0.12(3)
Capital gain distributions received from underlying funds 0.07 0.01
Net realized and unrealized gain (loss) 0.58 0.86
------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.71 0.99
------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.07) (0.10)
Distributions from net realized gains --(4) --
------ ------
TOTAL DISTRIBUTIONS (0.07) (0.10)
------ ------
Change in net asset value 0.64 0.89
------ ------
NET ASSET VALUE, END OF PERIOD $11.53 $10.89
====== ======
Total return(1) 6.52%(5) 9.89%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $40,226 $29,566
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses(2) 0.40%(6) 0.40%
Gross operating expenses 0.43%(6) 0.77%
Net investment income 1.03%(6) 1.11%
Portfolio turnover 1%(5) 0%
CLASS C
-----------------------------------
SIX MONTHS
ENDED 1/31/05 FROM INCEPTION
(UNAUDITED) 8/1/03 TO 7/31/04
Net asset value, beginning of period $10.86 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.02 0.04(3)
Capital gain distributions received from underlying funds 0.06 0.01
Net realized and unrealized gain (loss) 0.59 0.85
------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.67 0.90
------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.03) (0.04)
Distributions from net realized gains --(4) --
------ ------
TOTAL DISTRIBUTIONS (0.03) (0.04)
------ ------
Change in net asset value 0.64 0.86
------ ------
NET ASSET VALUE, END OF PERIOD $11.50 $10.86
====== ======
Total return(1) 6.21%(5) 9.03%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $75,576 $58,012
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses(2) 1.15%(6) 1.15%
Gross operating expenses 1.18%(6) 1.47%
Net investment income 0.43%(6) 0.34%
Portfolio turnover 1%(5) 0%
<FN>
(1) Sales charges are not reflected in the total return calculation.
(2) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such
expenses are not included in the calculation of this ratio.
(3) Computed using average shares outstanding.
(4) Amount is less than $0.01.
(5) Not annualized.
(6) Annualized.
</FN>
See Notes to Financial Statements
9
PHOENIX PARTNER SELECT WEALTH GUARDIAN FUND
ABOUT YOUR FUND'S EXPENSES
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Wealth Guardian Fund, you incur two types of costs: (1) transaction costs,
including sales charges on purchases of Class A shares and contingent deferred
sales charges on Class C shares; and (2) ongoing costs, including investment
advisory fees; distribution and service fees; and other expenses. These examples
are intended to help you understand your ongoing costs (in dollars) of investing
in the Fund and to compare these costs with the ongoing costs of investing in
other mutual funds. These examples are based on an investment of $1,000 invested
at the beginning of the period and held for the entire six-month period.
ACTUAL EXPENSES
The first line of the accompanying tables provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the accompanying tables provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not your Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in your Fund and other funds. To do so, compare these
5% hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the accompanying tables are meant to
highlight your ongoing costs only and do not reflect any transactional costs,
such as sales charges or contingent deferred sales charges. Therefore, the
second line of the accompanying tables is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs could have been higher. The calculations assume no shares were bought or
sold during the period. Your actual costs may have been higher or lower,
depending on the amount of your investment and the timing of any purchases or
redemptions.
Beginning Ending Expenses Paid
Wealth Guardian Fund Account Value Account Value During
Class A July 31, 2004 January 31, 2005 Period*
- --------------------------------------------------------------------------------
Actual $1,000.00 $1,054.00 $2.69
Hypothetical (5% return
before expenses) 1,000.00 1,022.55 2.65
*EXPENSES ARE EQUAL TO THE FUND'S CLASS A ANNUALIZED EXPENSE RATIO OF 0.52%,
WHICH INCLUDES WAIVED FEES AND REIMBURSED EXPENSES, IF APPLICABLE, MULTIPLIED
BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS
IN THE MOST RECENT FISCAL HALF-YEAR, THEN DIVIDED BY 365 TO REFLECT THE
ONE-HALF YEAR PERIOD.
Beginning Ending Expenses Paid
Wealth Guardian Fund Account Value Account Value During
Class C July 31, 2004 January 31, 2005 Period*
- --------------------------------------------------------------------------------
Actual $1,000.00 $1,050.80 $6.57
Hypothetical (5% return
before expenses) 1,000.00 1,018.72 6.48
*EXPENSES ARE EQUAL TO THE FUND'S CLASS C ANNUALIZED EXPENSE RATIO OF 1.27%,
WHICH INCLUDES WAIVED FEES AND REIMBURSED EXPENSES, IF APPLICABLE, MULTIPLIED
BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS
IN THE MOST RECENT FISCAL HALF-YEAR, THEN DIVIDED BY 365 TO REFLECT THE
ONE-HALF YEAR PERIOD.
THE ANNUALIZED EXPENSE RATIOS NOTED ABOVE DO NOT REFLECT FEES AND EXPENSES
ASSOCIATED WITH THE UNDERLYING FUNDS. IF SUCH FEES AND EXPENSES HAD BEEN
INCLUDED, THE EXPENSES WOULD HAVE BEEN HIGHER.
YOU CAN FIND MORE INFORMATION ABOUT THE FUND'S EXPENSES IN THE FINANCIAL
STATEMENTS SECTION THAT FOLLOWS. FOR ADDITIONAL INFORMATION ON OPERATING
EXPENSES AND OTHER SHAREHOLDER COSTS, PLEASE REFER TO THE PROSPECTUS.
10
Phoenix Partner Select Wealth Guardian Fund
- --------------------------------------------------------------------------------
FUND INVESTMENT ALLOCATION (UNAUDITED) 1/31/2005
- --------------------------------------------------------------------------------
As a percentage of total investments
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA USED IN PRINTED GRAPHIC AS FOLLOWS:
Equity Funds 60%
Fixed Income Funds 40
SCHEDULE OF INVESTMENTS AT JANUARY 31, 2005
(UNAUDITED)
SHARES VALUE
--------- -----------
MUTUAL FUNDS--99.7%
EQUITY FUNDS--59.8%
Phoenix-Duff & Phelps Real Estate Securities
Fund Class A ................................ 223,730 $ 5,132,361
Phoenix Growth & Income Fund Class A ........ 671,246 9,451,147
Phoenix-Kayne Rising Dividends Fund
Class A ..................................... 590,754 9,174,414
Phoenix-Kayne Small-Mid Cap Fund Class A(b) . 276,594 5,451,675
Phoenix Market Neutral Fund Class A(b) ...... 227,247 2,672,418
-----------
31,882,015
-----------
SHARES VALUE
--------- -----------
FIXED-INCOME FUNDS--39.9%
Phoenix-Goodwin Multi-Sector Short Term Bond
Fund Class A ................................ 1,114,318 $ 5,371,012
Phoenix Institutional Bond Fund Class Y ..... 250,061 7,971,940
Phoenix-Seneca Bond Fund Class A ............ 746,035 7,907,972
-----------
21,250,924
-----------
- ----------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(IDENTIFIED COST $50,995,574) 53,132,939
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS--99.7%
(IDENTIFIED COST $50,995,574) 53,132,939(a)
Other assets and liabilities, net--0.3% 183,007
-----------
NET ASSETS--100.0% $53,315,946
===========
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,299,704 and gross
depreciation of $178,459 for federal income tax purposes. At January 31,
2005, the aggregate cost of securities for federal income tax purposes was
$51,011,694.
(b) Non-income producing.
See Notes to Financial Statements
11
Phoenix Partner Select Wealth Guardian Fund
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2005
(UNAUDITED)
ASSETS
Investment securities at value
(Identified cost $50,995,574) $53,132,939
Cash 141,036
Receivables
Fund shares sold 708,423
Dividends from underlying funds 19,363
Receivable from adviser 7,626
Prepaid expenses 13,496
Trustees' retainer 2,625
-----------
Total assets 54,025,508
-----------
LIABILITIES
Payables
Investment securities purchased 619,145
Fund shares repurchased 24,552
Distribution & service fees 23,124
Transfer agent 10,946
Financial agent fee 6,023
Accrued expenses 25,772
-----------
Total liabilities 709,562
-----------
NET ASSETS 53,315,946
===========
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $50,888,724
Distributions in excess of net investment income (27,021)
Accumulated net realized gain 316,878
Net unrealized appreciation 2,137,365
-----------
NET ASSETS $53,315,946
===========
CLASS A
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $16,092,343) 1,434,263
Net asset value per share $11.22
Offering price per share $11.22/(1-5.75%) $11.90
CLASS C
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $37,223,603) 3,324,667
Net asset value and offering price per share $11.20
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JANUARY 31, 2005
(UNAUDITED)
INVESTMENT INCOME
Income distribution received from underlying funds $ 528,560
Interest 693
----------
Total investment income 529,253
----------
EXPENSES
Investment advisory fee 23,100
Distribution and service fees, Class C 123,694
Financial agent fee 31,937
Transfer agent 35,687
Trustees 21,200
Professional 14,415
Registration 14,320
Printing 7,629
Custodian 6,616
Miscellaneous 5,959
----------
Total expenses 284,557
Less expenses reimbursed by investment adviser (40,744)
----------
Net expenses 243,813
----------
NET INVESTMENT INCOME 285,440
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Capital gain distributions received from underlying funds 321,438
Net realized gain on investments 9,505
Net change in unrealized appreciation (depreciation) on
investments 1,565,570
----------
NET GAIN ON INVESTMENTS 1,896,513
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $2,181,953
==========
See Notes to Financial Statements
12
Phoenix Partner Select Wealth Guardian Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months From
Ended Inception
1/31/05 8/1/03 to
(Unaudited) 7/31/04
------------ -----------
FROM OPERATIONS
Net investment income (loss) $ 285,440 $ 311,187
Net realized gain (loss) 330,943 16,260
Net change in unrealized appreciation (depreciation) 1,565,570 571,795
----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 2,181,953 899,242
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (132,180) (111,767)
Net investment income, Class C (198,262) (199,661)
Net realized long-term gains, Class A (3,604) --
Net realized long-term gains, Class C (8,499) --
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (342,545) (311,428)
----------- -----------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (588,950 and 1,090,593 shares, respectively) 6,552,402 11,572,733
Net asset value of shares issued from reinvestment of distributions
(7,717 and 5,491 shares, respectively) 87,903 59,161
Cost of shares repurchased (110,584 and 147,903 shares, respectively) (1,229,442) (1,571,853)
----------- -----------
Total 5,410,863 10,060,041
----------- -----------
CLASS C
Proceeds from sales of shares (886,596 and 2,772,956 shares, respectively) 9,827,818 29,262,035
Net asset value of shares issued from reinvestment of distributions
(3,759 and 4,063 shares, respectively) 42,778 43,475
Cost of shares repurchased (210,625 and 132,082 shares, respectively) (2,341,773) (1,416,513)
----------- -----------
Total 7,528,823 27,888,997
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS 12,939,686 37,949,038
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS 14,779,094 38,536,852
NET ASSETS
Beginning of period 38,536,852 --
----------- -----------
END OF PERIOD [INCLUDING DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME AND
UNDISTRIBUTED NET INVESTMENT INCOME OF ($27,021) AND $17,981, RESPECTIVELY] $53,315,946 $38,536,852
=========== ===========
See Notes to Financial Statements
13
Phoenix Partner Select Wealth Guardian Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
CLASS A
-----------------------------------
SIX MONTHS
ENDED 1/31/05 FROM INCEPTION
(UNAUDITED) 8/1/03 TO 7/31/04
Net asset value, beginning of period $10.74 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.09 0.17
Capital gain distributions received from underlying funds 0.06 --(3)
Net realized and unrealized gain (loss) 0.43 0.74
------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.58 0.91
------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.10) (0.17)
Distributions from net realized gains --(3) --
------ ------
TOTAL DISTRIBUTIONS (0.10) (0.17)
------ ------
Change in net asset value 0.48 0.74
------ ------
NET ASSET VALUE, END OF PERIOD $11.22 $10.74
====== ======
Total return(1) 5.40%(4) 9.15%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $16,092 $10,182
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses(2) 0.52%(5) 0.52%
Gross operating expenses 0.69%(5) 1.35%
Net investment income 1.88%(5) 1.92%
Portfolio turnover 1%(4) 1%
CLASS C
-----------------------------------
SIX MONTHS
ENDED 1/31/05 FROM INCEPTION
(UNAUDITED) 8/1/03 TO 7/31/04
Net asset value, beginning of period $10.72 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.05 0.12
Capital gain distributions received from underlying funds 0.07 0.01
Net realized and unrealized gain (loss) 0.42 0.70
------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.54 0.83
------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.06) (0.11)
Distributions from net realized gains --(3) --
------ ------
TOTAL DISTRIBUTIONS (0.06) (0.11)
------ ------
Change in net asset value 0.48 0.72
------ ------
NET ASSET VALUE, END OF PERIOD $11.20 $10.72
====== ======
Total return(1) 5.08%(4) 8.29%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $37,224 $28,355
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses(2) 1.27%(5) 1.27%
Gross operating expenses 1.45%(5) 1.98%
Net investment income 0.98%(5) 1.19%
Portfolio turnover 1%(4) 1%
<FN>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such
expenses are not included in the calculation of this ratio.
(3) Amount is less than $0.01.
(4) Not annualized.
(5) Annualized.
</FN>
See Notes to Financial Statements
14
PHOENIX PARTNER SELECT FUNDS
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2005 (UNAUDITED)
1. ORGANIZATION
Phoenix Partner Select Funds (the "Trust") is organized as a Delaware
business trust and is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company.
Currently two Funds are offered for sale (each a "Fund"). The Partner Select
Wealth Builder Fund ("Wealth Builder Fund") is diversified and is a fund of
funds that has an investment objective of seeking capital appreciation. The
Partner Select Wealth Guardian Fund ("Wealth Guardian Fund") is diversified and
is a fund of funds that has an investment objective of long-term capital
appreciation and current income.
Financial information for the underlying funds may be obtained at
www.PhoenixInvestments.com.
Each Fund offers Class A and Class C shares. Class A shares are sold with a
front-end sales charge of up to 5.75%. Class C shares are sold with a 1%
contingent deferred sales charge if redeemed within one year of purchase.
Each class of shares has identical voting, dividend, liquidation and other
rights and the same terms and conditions, except that each class bears different
distribution expenses and has exclusive voting rights with respect to its
distribution plan. Income and expenses and realized and unrealized gains and
losses of each Fund are borne pro rata by the holders of each class of shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements and reported amount of increases and decreases in net
assets from operations during the reporting period. Actual results could differ
from those estimates.
A. SECURITY VALUATION:
Investments in the underlying funds are valued at each Fund's net asset value
determined as of the close of business of the New York Stock Exchange (generally
4:00 pm eastern time).
As required, some investments are valued at fair value as determined in good
faith by or under the direction of the Trustees.
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. Income and capital gain
distributions from the underlying funds, if any, are recorded on the ex-dividend
date. Realized gains and losses are determined on the identified cost basis.
Interest income is recorded on the accrual basis. Each Fund amortizes premiums
and accretes discounts using the effective interest method.
C. INCOME TAXES:
Each Fund is treated as a separate taxable entity. It is the policy of each
Fund to comply with the requirements of the Internal Revenue Code (the "Code"),
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no provision for federal income taxes or excise taxes has been made.
D. DISTRIBUTIONS TO SHAREHOLDERS:
Distributions are recorded by each Fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from accounting principles generally accepted in
the United States of America. These differences may include the treatment of
non-taxable dividends, market premium and discount, non-deductible expenses,
expiring capital loss carryovers, foreign currency gain or loss, gain or loss on
futures contracts, partnerships, operating losses, losses deferred due to wash
sales. Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
E. EXPENSES:
Expenses incurred by the Trust with respect to the Funds are allocated in
proportion to the net assets of each Fund, except where allocation of direct
expense to each Fund or an alternative allocation method can be more
appropriately made.
F. INDEMNIFICATIONS
The trustees and officers of the Trust are indemnified against certain
liabilities arising out of the performance of their duties to the Trust. In
addition, in the normal course of business, the Trust enters into contracts that
provide general indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Trust,
and, therefore cannot be established; however, in management's opinion, based on
experience, the risk of material loss from such claims is remote.
3. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Trust, the Adviser, Phoenix
Investment Counsel, Inc., an indirect, wholly-owned subsidiary of The Phoenix
Companies, Inc. ("PNX"), is entitled to a fee at an annual rate of 0.10% of the
average daily net assets of each Fund.
As a fund of funds, however, each underlying mutual Fund's adviser manages
the daily investments of the underlying mutual Fund's portfolio and receives a
management fee for this service from the underlying funds.
15
PHOENIX PARTNER SELECT FUNDS
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2005 (UNAUDITED) (CONTINUED)
The Adviser has contractually agreed to reimburse through November 30, 2005
each Fund's total operating expenses, (including management fees and 12b-1
distribution and service fees) to the extent that such expenses exceed the
following percentages of average annual net assets:
Class A Class C
Shares Shares
------- -------
Wealth Builder Fund ..................... 0.40% 1.15%
Wealth Guardian Fund .................... 0.52% 1.27%
The Adviser will not seek to recapture any prior years' reimbursed or waived
expenses.
As Distributor of the Fund's shares, Phoenix Equity Planning Corporation
("PEPCO"), an indirect, wholly-owned subsidiary of PNX, has advised the Fund
that it retained net selling commissions and deferred sales charges for the
period ended January 31, 2005, as follows:
Class A Class C
Net Selling Deferred
Commissions Sales Charges
----------- -------------
Wealth Builder Fund ..................... $28,169 $17,468
Wealth Guardian Fund .................... 19,102 9,875
In addition, each Fund pays PEPCO distribution and/or service fees at an
annual rate of 0.75% for Class C shares applied to the average daily net assets
of Class C. Shareholders in each Fund will indirectly bear the Fund's pro rata
share of the fees and expenses of the underlying funds in which each Fund
invests, including service fees of 0.25% incurred as a result of the Fund's
investment in Class A shares or Class Y shares of the underlying funds.
Under certain circumstances, shares of certain Phoenix Funds may be exchanged
for shares of the same class of certain other Phoenix Funds on the basis of the
relative net asset values per share at the time of the exchange. On exchanges
with share classes that carry a contingent deferred sales charge, the CDSC
schedule of the original shares purchased continues to apply.
As Financial Agent of the Trust, PEPCO receives a financial agent fee equal
to the sum of (1) the documented cost to PEPCO to provide tax services and
oversight of the performance of PFPC Inc. (subagent to PEPCO) plus (2) the
documented cost of fund accounting and related services provided by PFPC Inc.
The fee schedule of PFPC Inc. is $40,000 per year per fund. For the period ended
January 31, 2005, the Trust incurred PEPCO financial agent fees totaling
$63,874.
PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company serving as sub-transfer agent. For the period ended January 31, 2005,
transfer agent fees were $96,849 as reported in the Statements of Operations, of
which PEPCO retained the following:
Transfer Agent
Fee Retained
--------------
Wealth Builder Fund .................................. $ --
Wealth Guardian Fund ................................. --
4. PURCHASES AND SALES OF UNDERLYING FUNDS
Purchases and sales of underlying funds for the period ended January 31,
2005, aggregated the following:
Purchases Sales
----------- --------
Wealth Builder Fund ..................... $24,098,407 $757,760
Wealth Guardian Fund .................... 13,508,424 517,158
5. OTHER
At January 31, 2005, Wealth Builder had two omnibus shareholder accounts and
Wealth Guardian had one omnibus shareholder account, comprised of a group of
individual shareholders, which individually amounted to more than 10% of the
total shares outstanding. The omnibus shareholder is not affiliated with PNX.
% of Shares
Outstanding
-----------
Wealth Builder Fund .................................... 56.0%
Wealth Guardian Fund ................................... 52.1%
The Funds do not invest in the underlying funds for the purpose of exercising
management or control; however, investments made by each Fund within each of its
principal investment strategies may represent a significant portion of an
underlying fund's net assets. At January 31, 2005, Wealth Builder Fund was the
owner of record of approximately 15% of the total outstanding shares of
Phoenix-Kayne Rising Dividends Fund, approximately 16% of the total outstanding
shares of Phoenix-Kayne Small-Mid Cap Fund, and approximately 11% of the total
outstanding shares of the Phoenix-Seneca Bond Fund. The Wealth Guardian Fund was
the owner of record of approximately 10% of the total outstanding shares of the
Phoenix-Seneca Bond Fund.
6. PROXY VOTING PROCEDURES
The Adviser votes proxies relating to portfolio securities in accordance with
procedures that have been approved by the Trust's Board of Trustees. You may
obtain a description of these procedures, along with information regarding how
the Funds voted proxies during the most recent twelve-month period ended June
30, free of charge, by calling toll-free 800-243-1574. This information is also
available through the Securities and Exchange Commission's website at
http://www.sec.gov.
7. FORM N-Q INFORMATION
Effective October 31, 2004 each Fund files a complete schedule of portfolio
holdings with the Securities and Exchange Commission (the "SEC") for the first
and third quarters of each fiscal year on Form N-Q. Each Fund's Form N-Q is
available on the SEC's website at http://www.sec.gov. Furthermore, each Fund's
Form N-Q may be reviewed and copied at the SEC's Public Reference Room.
Information on the operation of the SEC's Public Reference Room can be obtained
at http://www.sec.gov/info/edgar/prrules.htm.
16
FUND MANAGEMENT (UNAUDITED)
Information pertaining to the Trustees and officers of the Trust is set
forth below. The statement of additional information (SAI) includes additional
information about the Trustees and is available without charge, upon request, by
calling (800) 243-4361.
The address of each individual, unless otherwise noted, is 56 Prospect
Street, Hartford, CT 06115-0480. There is no stated term of office for Trustees
of the Trust.
INDEPENDENT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX PRINCIPAL OCCUPATION(S)
NAME, ADDRESS LENGTH OF OVERSEEN BY DURING PAST 5 YEARS AND
AND DATE OF BIRTH TIME SERVED TRUSTEE OTHER DIRECTORSHIPS HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
E. Virgil Conway Served since 37 Chairman, Rittenhouse Advisors, LLC (consulting firm) since
Rittenhouse Advisors, LLC 1996. 2001. Trustee/Director, Realty Foundation of New York
101 Park Avenue (1972-present), Josiah Macy, Jr. Foundation (Honorary)
New York, NY 10178 (2004-present), Pace University (Director/Trustee Emeritus)
DOB: 8/2/29 (2003-present), Greater New York Councils, Boy Scouts of
America (1985-present), The Academy of Political Science (Vice
Chairman) (1985-present), Urstadt Biddle Property Corp.
(1989-present), Colgate University (Trustee Emeritus) (since
2004). Director/Trustee, The Harlem Youth Development
Foundation, (Chairman) (1998-2002), Metropolitan Transportation
Authority (Chairman) (1992-2001), Trism, Inc. (1994-2001),
Consolidated Edison Company of New York, Inc. (1970-2002),
Atlantic Mutual Insurance Company (1974-2002), Centennial
Insurance Company (1974-2002), Union Pacific Corp. (1978-2002),
BlackRock Freddie Mac Mortgage Securities Fund (Advisory
Director) (1990-2000), Accuhealth (1994-2002), Pace University
(1978-2003), New York Housing Partnership Development Corp.
(Chairman) (1981-2003), Josiah Macy, Jr. Foundation
(1975-2004).
- ------------------------------------------------------------------------------------------------------------------------------------
Harry Dalzell-Payne Served since 37 Currently retired. Trustee/Director, Phoenix Funds Complex
The Flat, Elmore Court 1996. (1988-present).
Elmore, GL0S, GL2 3NT
U.K.
DOB: 9/8/29
- ------------------------------------------------------------------------------------------------------------------------------------
S. Leland Dill Served since 35 Currently retired. Trustee, Phoenix Funds Complex
7721 Blue Heron Way 2004. (1989-present). Trustee, Scudder Investments (33 portfolios)
West Palm Beach, FL 33412 (1986-present). Director, Coutts & Co. Trust Holdings Limited
DOB: 3/28/30 (1991-2000), Coutts & Co. Group (1991-2000) and Coutts & Co.
International (USA) (private banking) (1991-2000).
- ------------------------------------------------------------------------------------------------------------------------------------
Francis E. Jeffries Served since 37 Director, The Empire District Electric Company (1984-2004).
8477 Bay Colony Dr. #902 1996. Trustee/Director, Phoenix Funds Complex (1995-present).
Naples, FL 34108
DOB: 9/23/30
- ------------------------------------------------------------------------------------------------------------------------------------
Leroy Keith, Jr. Served since 35 Partner, Stonington Partners, Inc. (private equity fund) since
Stonington Partners, Inc. 1996. 2001. Director/Trustee, Evergreen Funds (six portfolios).
736 Market Street, Trustee, Phoenix Funds Complex (1980-present). Chairman (1998
Ste. 1430 to 2000) and Chief Executive Officer (1995-1998), Carson
Chattanooga, TN 37402 Products Company (cosmetics).
DOB: 2/14/39
- ------------------------------------------------------------------------------------------------------------------------------------
17
FUND MANAGEMENT (UNAUDITED) (CONTINUED)
INDEPENDENT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX PRINCIPAL OCCUPATION(S)
NAME, ADDRESS LENGTH OF OVERSEEN BY DURING PAST 5 YEARS AND
AND DATE OF BIRTH TIME SERVED TRUSTEE OTHER DIRECTORSHIPS HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Geraldine M. McNamara Served since 37 Managing Director, U.S. Trust Company of New York (private
U.S. Trust Company of 2001. bank) (1982- present). Trustee/Director, Phoenix Funds Complex
New York (2001-present).
11 West 54th Street
New York, NY 10019
DOB: 4/17/51
- ------------------------------------------------------------------------------------------------------------------------------------
Everett L. Morris Served since 37 Currently retired. Trustee/Director, Phoenix Funds Complex
164 Laird Road 1996. (1995-present). Director, W.H. Reaves and Company
Colts Neck, NJ 07722 (2004-present). Vice President, W.H. Reaves and Company
DOB: 5/26/28 (investment management) (1993-2003).
- ------------------------------------------------------------------------------------------------------------------------------------
James M. Oates Served since 35 Chairman, Hudson Castle Group, Inc. (Formerly IBEX Capital
c/o Northeast Partners 1996. Markets, Inc.) (financial services) (1997-present). Managing
150 Federal Street, Director Wydown Group (consulting firm) (1994-present).
Suite 1000 Director, Investors Financial Service Corporation
Boston, MA 02110 (1995-present), Investors Bank & Trust Corporation
DOB: 5/31/46 (1995-present), Stifel Financial (1996-present), Connecticut
River Bancorp (1998-present), Connecticut River Bank
(1999-present), Trust Company of New Hampshire (2002-present).
Chairman, Emerson Investment Management, Inc. (2000-present).
Vice Chairman, Massachusetts Housing Partnership (1994-1999).
Director/Trustee, John Hancock Trust (2004-present), Blue Cross
and Blue Shield of New Hampshire (1994-1999), AIB Govett Funds
(1991-2000) and Command Systems, Inc. (1998-2000), Phoenix
Investment Partners, Ltd. (1995-2001), 1Mind, Inc. (2000-2002),
1Mind.com, Plymouth Rubber Co. (1995-2003). Director and
Treasurer, Endowment for Health, Inc. (2000-2004).
- ------------------------------------------------------------------------------------------------------------------------------------
Donald B. Romans Served since 35 Currently retired. President, Romans & Company (private
39 S. Sheridan Road 2004. investors and financial consultants) (1987-2003).
Lake Forest, IL 60045 Trustee/Director, Phoenix Funds Complex (1985- present).
DOB: 4/22/31 Trustee, Burnham Investors Trust (5 portfolios) (1967-2003).
- ------------------------------------------------------------------------------------------------------------------------------------
Richard E. Segerson Served since 35 Managing Director, Northway Management Company (1998-present).
Northway Management 1996. Trustee/Director, Phoenix Funds Complex (1988-present).
Company
164 Mason Street
Greenwich, CT 06830
DOB: 2/16/46
- ------------------------------------------------------------------------------------------------------------------------------------
Ferdinand L. J. Verdonck Served since 35 Director, Banco Urquijo (Chairman). Trustee, Phoenix Funds
Nederpolder, 7 2004. Complex (2004-present). Director EASDAQ (Chairman), The Fleming
B-9000 Gent, Belgium Continental European Investment Trust, Groupe SNEF, Degussa
DOB: 7/30/42 Antwerpen N.V., Santens N.V. Managing Director, Almanij N.V.
(1992-2003); Director, KBC Bank and Insurance Holding Company
(Euronext) (1992-2003), KBC Bank (1992-2003), KBC Insurance
(1992-2003), Kredietbank, S.A. Luxembourgeoise (1992-2003),
Investco N.V. (1992-2003), Gevaert N.V. (1992-2003), Fidea N.V.
(1992-2003), Almafin N.V. (1992-2003), Centea N.V. (1992-2003),
Dutch Chamber of Commerce for Belgium and Luxemburg, Phoenix
Investment Partners, Ltd. (1995-2001).
- ------------------------------------------------------------------------------------------------------------------------------------
18
FUND MANAGEMENT (UNAUDITED) (CONTINUED)
INDEPENDENT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX PRINCIPAL OCCUPATION(S)
NAME, ADDRESS LENGTH OF OVERSEEN BY DURING PAST 5 YEARS AND
AND DATE OF BIRTH TIME SERVED TRUSTEE OTHER DIRECTORSHIPS HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Lowell P. Weicker, Jr. Served since 35 Director, Medallion Financial New York (2003-present),
7 Little Point Street 1996. Compuware (1996-present), WWF, Inc. (2000-present). President,
Essex, CT 06426 The Trust for America's Health (non-profit) (2001-present).
DOB: 5/16/31 (Trustee/Director), Phoenix Funds Complex (1995-present).
Director, UST, Inc. (1995-2004) ), HPSC Inc. (1995-2004).
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES
Each of the individuals listed below is an "interested person" of the
Trust, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as
amended, and the rules and regulations thereunder.
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX PRINCIPAL OCCUPATION(S)
NAME, ADDRESS LENGTH OF OVERSEEN BY DURING PAST 5 YEARS AND
AND DATE OF BIRTH TIME SERVED TRUSTEE OTHER DIRECTORSHIPS HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
*Marilyn E. LaMarche Served since 35 Limited Managing Director, Lazard Freres & Co. LLC
Lazard Freres & Co. LLC 2002. (1997-present). Director, The Phoenix Companies, Inc.
30 Rockefeller Plaza, (2001-present) and Phoenix Life Insurance Company
59th Floor (1989-present). Trustee/Director, Phoenix Funds Complex (2002-
New York, NY 10020 present).
DOB: 5/11/34
- ------------------------------------------------------------------------------------------------------------------------------------
**Philip R. McLoughlin Served since 67 Director, PXRE Corporation (Delaware) (1985-present), World
DOB: 10/23/46 1996. Trust Fund (1991-present). Management Consultant (2002-2004),
Chairman (1997-2002), Chief Executive Officer (1995-2002),
Director (1995-2002) and Vice Chairman (1995-1997), Phoenix
Investment Partners, Ltd. Director and Executive Vice
President, The Phoenix Companies, Inc. (2000-2002). Director
(1994-2002) and Executive Vice President, Investments
(1987-2002), Phoenix Life Insurance Company. Director
(1983-2002) and Chairman (1995-2002), Phoenix Investment
Counsel, Inc. Director (1982-2002) and President (1990-2000),
Phoenix Equity Planning Corporation. Chairman and President,
Phoenix/Zweig Advisers LLC (2001-2002). Director (2001-2002)
and President (April 2002-September 2002), Phoenix Investment
Management Company. Director and Executive Vice President,
Phoenix Life and Annuity Company (1996-2002). Director
(1995-2000) and Executive Vice President (1994-2002) and Chief
Investment Counsel (1994-2002), PHL Variable Insurance Company.
Director, Phoenix National Trust Holding Company (2001-2002).
Director (1985-2002) and Vice President (1986-2002) and
Executive Vice President (2002-2002), PM Holdings, Inc.
Director, W.S. Griffith Associates, Inc. (1995-2002). Director
(1992-2002) and President (1993-1994), W.S. Griffith
Securities, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
* Ms. LaMarche is an "interested person" as defined in the 1940 Act, by reason of her position as Director of The Phoenix
Companies, Inc. and Phoenix Life Insurance Company.
** Mr. McLoughlin is an "interested person" as defined in the Investment Company Act of 1940, by reason of his former relationship
with Phoenix Investment Partners, Ltd. and its affiliates.
</FN>
19
FUND MANAGEMENT (UNAUDITED) (CONTINUED)
OFFICERS OF THE TRUST WHO ARE NOT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
POSITION(S) HELD WITH
NAME, ADDRESS AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH TIME SERVED DURING PAST 5 YEARS
- ------------------------------------------------------------------------------------------------------------------------------------
Daniel T. Geraci President since 2004. Executive Vice President, Asset Management, The Phoenix Companies, Inc.
DOB: 6/12/57 (wealth management) (since 2003). President and Chief Executive Officer,
Phoenix Investment Partners, Ltd. (since 2003). President, certain Funds
within the Phoenix Fund Complex (2004-present), President and Chief
Executive Officer of North American investment operations, Pioneer
Investment Management USA, Inc. (2001-2003). President of Private Wealth
Management Group (2000-2001), Executive Vice President of Distribution and
Marketing for U.S. institutional services business (1998-2000) and
Executive Vice President of Distribution and Marketing for Fidelity Canada
(1996-1998), Fidelity Investments.
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George Aylward Executive Vice President Senior Vice President and Chief Executive Officer, Asset Management, The
DOB: 8/17/64 since 2004. Phoenix Companies, Inc. (2004-present). Executive Vice President and Chief
Operating Officer, Phoenix Investment Partners, Ltd. (2004-present). Vice
President Phoenix Life Insurance Company (2002-2004). Vice President, The
Phoenix Companies, Inc. (2001-2004). Assistant Controller, Phoenix
Investment Partners, Ltd. (1996-2001).
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Francis G. Waltman Senior Vice President Vice President, Chief Administrative Officer (2003-present), Senior Vice
DOB: 7/27/62 since 2004. President, Chief Administrative Officer, Private Client Group (1999-2003),
Phoenix Investment Partners, Ltd. Senior Vice President, certain funds
within the Phoenix Fund Complex (2004-present).
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Nancy G. Curtiss Treasurer since 1996. Vice President, Fund Accounting (1994-2000), Treasurer (1996-2000),
DOB: 11/24/52 Assistant Treasurer (2001-present), Phoenix Equity Planning Corporation.
Vice President (2003-present), Phoenix Investment Partners, Ltd. Treasurer
or Assistant Treasurer, certain funds within the Phoenix Fund Complex
(1994-present).
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Matthew A. Swendiman Secretary since 2004. Counsel, Phoenix Life Insurance Company (2002-present). Vice President,
One American Row Counsel, Chief Legal Officer and Secretary, certain of the funds within the
Hartford, CT 06102 Phoenix Fund Complex (2004-present). Assistant Vice President and Assistant
DOB: 4/5/73 Counsel, Conseco Capital Management (2000-2002).
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20
PHOENIX PARTNER SELECT FUNDS
101 Munson Street
Greenfield, Massachusetts 01301
TRUSTEES
E. Virgil Conway
Harry Dalzell-Payne
S. Leland Dill
Francis E. Jeffries
Leroy Keith, Jr.
Marilyn E. LaMarche
Philip R. McLoughlin
Geraldine M. McNamara
Everett L. Morris
James M. Oates
Donald B. Romans
Richard E. Segerson
Ferdinand L. J. Verdonck
Lowell P. Weicker, Jr.
OFFICERS
Daniel T. Geraci, President
George Aylward, Executive Vice President
Francis G. Waltman, Senior Vice President
Nancy G. Curtiss, Treasurer
Matthew A. Swendiman, Secretary and
Chief Legal Officer
INVESTMENT ADVISER
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
PRINCIPAL UNDERWRITER
Phoenix Equity Planning Corporation
56 Prospect Street
Hartford, Connecticut 06115-0480
TRANSFER AGENT
Phoenix Equity Planning Corporation
56 Prospect Street
Hartford, Connecticut 06115-0480
CUSTODIAN
State Street Bank and Trust Company
P.O. Box 5501
Boston, Massachusetts 02206-5501
HOW TO CONTACT US
Mutual Fund Services 1-800-243-1574
Advisor Consulting Group 1-800-243-4361
Telephone Orders 1-800-367-5877
Text Telephone 1-800-243-1926
Web site PHOENIXINVESTMENTS.COM
- --------------------------------------------------------------------------------
IMPORTANT NOTICE TO SHAREHOLDERS
The Securities and Exchange Commission has modified mailing regulations for
semiannual and annual shareholder fund reports to allow mutual fund companies to
send a single copy of these reports to shareholders who share the same mailing
address. If you would like additional copies, please call Mutual Fund Services
at 1-800-243-1574.
- --------------------------------------------------------------------------------
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PRESORTED
[GRAPHIC OMITTED] PS STANDARD
U.S. POSTAGE
PAID
Louisville, KY
Permit No. 1051
---------------
PHOENIX EQUITY PLANNING CORPORATION
P.O. Box 150480
Hartford, CT 06115-0480
[GRAPHIC OMITTED] PHOENIX
INVESTMENT PARTNERS, LTD
A MEMBER OF THE PHOENIX COMPANIES, INC.
For more information about Phoenix mutual funds, please call your financial
representative or contact us at 1-800-243-4361 or PHOENIXINVESTMENTS.COM.
NOT INSURED BY FDIC/NCUSIF OR ANY FEDERAL GOVERNMENT AGENCY.
NO BANK GUARANTEE. NOT A DEPOSIT. MAY LOSE VALUE.
PXP1803 3-05
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR
240.14a-101), or this Item.
ITEM 11. 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 second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section
302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section
906 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 Partner Select Funds
--------------------------------------------------------------------
By (Signature and Title)* /s/ George R. Aylward
-------------------------------------------------------
George R. Aylward, Executive Vice President
(principal executive officer)
Date March 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 March 24, 2005
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Nancy G. Curtiss
-------------------------------------------------------
Nancy G. Curtiss, Treasurer
(principal financial officer)
Date March 24, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.