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 811-08343
---------

Phoenix Investment Trust 97
--------------------------------------------------------------
(Exact name of registrant as specified in charter)

101 Munson Street
Greenfield, MA 01301
--------------------------------------------------------------
(Address of principal executive offices) (Zip code)

John R. Flores, Esq.
Vice President, Counsel
Litigation/Employment
Phoenix Life Insurance Company
One American Row
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: August 31
---------

Date of reporting period: February 28, 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] FEBRUARY 28, 2005

PHOENIX SMALL CAP VALUE FUND

PHOENIX VALUE EQUITY FUND

Do you want to stop receiving fund documents by mail?

Go to PhoenixInvestments.com, log in and sign up for E-Delivery

[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 Investment Trust 97 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 Small Cap
Value Fund and Phoenix Value Equity Fund for the six months ended February 28,
2005.

As of this time, the U.S. economy appears to be on a strong course for
2005, coming off a year where gross domestic product (GDP), the most
comprehensive measure of U.S. economic activity, grew at a healthy 4.4% rate.
Adding to the positives, employment growth accelerated in the fourth quarter,
and the markets finished 2004 strong, particularly the U.S. equity market which
benefited from the post-election rally. Looking 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 in 2005,
posing challenges as well as opportunities for investors in 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 Fund allocation may help in this effort.

As an alternative to paper mail, if you would like to view your fund
communications electronically, including account statements, prospectuses,
annual and semiannual reports, sign up for our e-delivery service. To register,
go online to PhoenixInvestments.com, select the Individual Investors option, and
follow the e-delivery instructions, or call Mutual Fund Services at
1-800-243-1574 and a customer service representative will be happy to assist
you.

Sincerely,

/s/ Philip R. McLoughlin

Philip R. McLoughlin
Chairman, Phoenix Funds

MARCH 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.

TABLE OF CONTENTS

Glossary ................................................................. 3
Phoenix Small Cap Value Fund ............................................. 4
Phoenix Value Equity Fund ................................................ 15
Notes to Financial Statements ............................................ 23

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.

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.

PHOENIX SMALL CAP VALUE 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
Small Cap Value 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 B and 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 would 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
Small Cap Value Fund Account Value Account Value During
Class A August 31, 2004 February 28, 2005 Period*
- -------------------- --------------- ----------------- -------------
Actual $1,000.00 $1,226.79 $7.73

Hypothetical (5% return
before expenses) 1,000.00 1,017.76 7.03

*EXPENSES ARE EQUAL TO THE FUND'S CLASS A ANNUALIZED EXPENSE RATIO OF 1.40%,
WHICH IS NET OF 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
Small Cap Value Fund Account Value Account Value During
Class B August 31, 2004 February 28, 2005 Period*
- -------------------- --------------- ----------------- -------------
Actual $1,000.00 $1,222.14 $11.85

Hypothetical (5% return
before expenses) 1,000.00 1,014.00 10.79

*EXPENSES ARE EQUAL TO THE FUND'S CLASS B ANNUALIZED EXPENSE RATIO OF 2.15%,
WHICH IS NET OF 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
Small Cap Value Fund Account Value Account Value During
Class C August 31, 2004 February 28, 2005 Period*
- -------------------- --------------- ----------------- -------------
Actual $1,000.00 $1,222.14 $11.84

Hypothetical (5% return
before expenses) 1,000.00 1,014.00 10.79

*EXPENSES ARE EQUAL TO THE FUND'S CLASS C ANNUALIZED EXPENSE RATIO OF 2.15%,
WHICH IS NET OF 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.

YOU CAN FIND MORE INFORMATION ABOUT THE FUNDS EXPENSES IN THE FINANCIAL
STATEMENTS SECTION THAT FOLLOWS. FOR ADDITIONAL INFORMATION ON OPERATING
EXPENSES AND OTHER SHAREHOLDER COSTS PLEASE REFER TO THE PROSPECTUS.

Phoenix Small Cap Value Fund

- --------------------------------------------------------------------------------
SECTOR WEIGHTINGS (UNAUDITED) 2/28/05
- --------------------------------------------------------------------------------

As a percentage of total investments

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA USED IN PRINTED GRAPHIC AS FOLLOWS:

Financials 23%
Consumer Discretionary 16
Industrials 15
Information Technology 12
Energy 9
Materials 8
Health Care 6
Other 11

SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2005
(UNAUDITED)

SHARES VALUE
------- ------------
DOMESTIC COMMON STOCKS--96.3%
AEROSPACE & DEFENSE--1.6%
Aviall, Inc.(b) ................................. 61,800 $ 1,730,400
Cubic Corp. ..................................... 10,300 193,022
DRS Technologies, Inc.(b) ....................... 50,800 2,098,548
Moog, Inc. Class A(b) ........................... 2,800 124,880
------------
4,146,850
------------

AIRLINES--0.6%
Mesa Air Group, Inc.(b) ......................... 134,700 1,004,862
Republic Airways Holdings, Inc.(b) .............. 48,500 603,340
------------
1,608,202
------------
APPAREL RETAIL--2.4%
Charming Shoppes, Inc.(b) ....................... 140,000 1,079,400
Men's Wearhouse, Inc. (The)(b) .................. 57,700 2,029,309
Pacific Sunwear of California, Inc.(b) .......... 79,500 2,047,920
Stage Stores, Inc.(b) ........................... 28,800 1,110,528
------------
6,267,157
------------
APPAREL, ACCESSORIES & LUXURY GOODS--0.5%
Russell Corp. ................................... 23,100 417,879
UniFirst Corp. .................................. 23,300 945,514
------------
1,363,393
------------
APPLICATION SOFTWARE--0.9%
MRO Software, Inc.(b) ........................... 49,100 663,341
Quest Software, Inc.(b) ......................... 70,000 949,900
Serena Software, Inc.(b) ........................ 16,800 388,080
Verity, Inc.(b) ................................. 36,000 426,600
------------
2,427,921
------------

SHARES VALUE
------- ------------

ASSET MANAGEMENT & CUSTODY BANKS--0.7%
Calamos Asset Management, Inc. .................. 50,000 $ 1,418,000
National Financial Partners Corp. ............... 12,000 474,000
------------
1,892,000
------------

AUTO PARTS & EQUIPMENT--0.5%
Dura Automotive Systems, Inc. Class A(b) ........ 15,900 115,275
Sauer-Danfoss, Inc. ............................. 25,600 547,840
Shiloh Industries, Inc.(b) ...................... 31,000 510,570
Stoneridge, Inc.(b) ............................. 4,200 50,694
------------
1,224,379
------------

AUTOMOBILE MANUFACTURERS--0.4%
Monaco Coach Corp. .............................. 60,300 1,079,973

BIOTECHNOLOGY--0.2%
Albany Molecular Research, Inc.(b) .............. 61,500 602,700

BROADCASTING & CABLE TV--1.1%
Emmis Communications Corp. Class A(b) ........... 19,600 366,520
Entercom Communications Corp.(b) ................ 31,900 1,097,998
Hearst-Argyle Television, Inc. .................. 50,700 1,246,713
Insight Communications Co., Inc.(b) ............. 33,700 320,150
------------
3,031,381
------------

BUILDING PRODUCTS--1.8%
Griffon Corp.(b) ................................ 87,900 2,021,700
NCI Building Systems, Inc.(b) ................... 43,100 1,611,078
USG Corp.(b) .................................... 33,000 1,042,470
------------
4,675,248
------------

See Notes to Financial Statements

Phoenix Small Cap Value Fund

SHARES VALUE
------- ------------

CASINOS & GAMING--0.4%
Multimedia Games, Inc.(b) ....................... 104,600 $ 1,044,954

CATALOG RETAIL--0.4%
Insight Enterprises, Inc.(b) .................... 53,400 950,520

COMMERCIAL PRINTING--0.1%
Consolidated Graphics, Inc.(b) .................. 3,800 197,790

COMMODITY CHEMICALS--0.5%
Westlake Chemical Corp. ......................... 37,700 1,307,436

COMMUNICATIONS EQUIPMENT--2.7%
Bel Fuse, Inc. Class B .......................... 23,800 737,324
CommScope, Inc.(b) .............................. 50,400 763,056
Comtech Telecommunications Corp.(b) ............. 46,500 1,672,140
DIGI International, Inc.(b) ..................... 6,400 96,640
Harris Corp. .................................... 57,600 3,841,920
SeaChange International, Inc.(b) ................ 6,600 91,410
------------
7,202,490
------------

COMPUTER HARDWARE--0.0%
Superior Essex, Inc.(b) ......................... 3,600 63,000

COMPUTER STORAGE & PERIPHERALS--1.0%
Komag, Inc.(b) .................................. 68,300 1,376,245
McDATA Corp. Class A(b) ......................... 123,200 484,176
Overland Storage, Inc.(b) ....................... 55,200 816,960
------------
2,677,381
------------

CONSTRUCTION & ENGINEERING--1.0%
Granite Construction, Inc. ...................... 45,000 1,197,450
Michael Baker Corp.(b) .......................... 3,900 88,335
Perini Corp.(b) ................................. 56,300 898,548
URS Corp.(b) .................................... 19,100 550,844
------------
2,735,177
------------

CONSTRUCTION MATERIALS--0.3%
Texas Industries, Inc. .......................... 11,700 780,390

CONSTRUCTION, FARM MACHINERY & HEAVY TRUCKS--1.9%
AGCO Corp.(b) ................................... 40,100 780,747
Alamo Group, Inc. ............................... 9,300 229,710
Terex Corp.(b) .................................. 90,800 4,104,160
------------
5,114,617
------------

CONSUMER FINANCE--1.1%
CompuCredit Corp.(b) ............................ 63,400 1,896,928
EZCORP, Inc. Class A(b) ......................... 52,500 1,012,725
------------
2,909,653
------------

SHARES VALUE
------- ------------

DATA PROCESSING & OUTSOURCED SERVICES--0.6%
eFunds Corp.(b) ................................. 76,200 $ 1,694,688
------------

DEPARTMENT STORES--1.7%
Bon-Ton Stores, Inc. (The) ...................... 34,800 598,908
Neiman Marcus Group, Inc. (The) Class A ......... 53,000 3,826,600
------------
4,425,508
------------

DISTRIBUTORS--0.0%
Handleman Co. ................................... 3,100 63,891

DIVERSIFIED COMMERCIAL SERVICES--1.6%
Coinstar, Inc.(b) ............................... 82,300 1,926,643
G&K Services, Inc. Class A ...................... 3,900 167,349
NCO Group, Inc.(b) .............................. 49,300 991,423
SOURCECORP, Inc.(b) ............................. 3,800 79,344
TeleTech Holdings, Inc.(b) ...................... 99,700 1,141,565
------------
4,306,324
------------

ELECTRIC UTILITIES--1.0%
Otter Tail Corp. ................................ 16,700 422,176
PNM Resources, Inc. ............................. 20,000 524,800
Unisource Energy Corp. .......................... 56,100 1,695,903
------------
2,642,879
------------

ELECTRICAL COMPONENTS & EQUIPMENT--1.2%
Encore Wire Corp.(b) ............................ 18,400 220,616
Genlyte Group, Inc. (The)(b) .................... 20,000 1,796,400
Penn Engineering & Manufacturing Corp. .......... 28,700 523,775
Thomas & Betts Corp.(b) ......................... 17,300 537,684
------------
3,078,475
------------

ELECTRONIC EQUIPMENT MANUFACTURERS--1.1%
Coherent, Inc.(b) ............................... 9,700 294,395
Rofin-Sinar Technologies, Inc.(b) ............... 68,800 2,521,520
------------
2,815,915
------------

ELECTRONIC MANUFACTURING SERVICES--0.4%
TTM Technologies, Inc.(b) ....................... 109,000 1,173,930

EMPLOYMENT SERVICES--0.2%
Volt Information Sciences, Inc.(b) .............. 20,700 602,784

ENVIRONMENTAL SERVICES--0.5%
Waste Connections, Inc.(b) ...................... 40,000 1,363,200

FERTILIZERS & AGRICULTURAL CHEMICALS--0.6%
Terra Industries, Inc.(b) ....................... 179,400 1,467,492

FOOD DISTRIBUTORS--0.6%
Nash Finch Co. .................................. 41,800 1,655,698

See Notes to Financial Statements

Phoenix Small Cap Value Fund

SHARES VALUE
------- ------------

FOOD RETAIL--0.8%
Ruddick Corp. ................................... 47,700 $ 1,125,720
Smart & Final, Inc.(b) .......................... 78,800 1,024,400
------------
2,150,120
------------

GAS UTILITIES--0.7%
Laclede Group, Inc. (The) ....................... 6,900 216,522
Southwest Gas Corp. ............................. 8,800 220,704
UGI Corp. ....................................... 32,300 1,445,425
------------
1,882,651
------------

GENERAL MERCHANDISE STORES--0.4%
ShopKo Stores, Inc.(b) .......................... 57,700 1,010,327

HEALTH CARE EQUIPMENT--1.2%
CONMED Corp.(b) ................................. 38,700 1,145,907
Invacare Corp. .................................. 26,800 1,262,816
STERIS Corp.(b) ................................. 33,000 816,750
------------
3,225,473
------------
HEALTH CARE FACILITIES--1.6%
Genesis Healthcare(b) ........................... 40,200 1,655,436
LifePoint Hospitals, Inc.(b) .................... 61,800 2,475,090
------------
4,130,526
------------

HEALTH CARE SERVICES--1.3%
Accredo Health, Inc.(b) ......................... 29,200 1,244,504
OCA, Inc.(b) .................................... 55,900 277,264
Option Care, Inc. ............................... 62,600 1,210,058
Res-Care, Inc.(b) ............................... 59,100 809,079
------------
3,540,905
------------

HEALTH CARE SUPPLIES--0.9%
Gen-Probe, Inc.(b) .............................. 23,100 1,176,021
West Pharmaceutical Services, Inc. .............. 42,800 1,099,960
------------
2,275,981
------------

HOME FURNISHINGS--0.3%
Hooker Furniture Corp. .......................... 2,600 67,548
La-Z-Boy, Inc. .................................. 50,600 756,470
------------
824,018
------------

HOME IMPROVEMENT RETAIL--0.4%
Building Materials Holding Corp. ................ 20,700 955,098

HOMEBUILDING--1.4%
Beazer Homes USA, Inc. .......................... 20,800 3,575,936
Technical Olympic USA, Inc. ..................... 3,000 90,960
------------
3,666,896
------------

SHARES VALUE
------- ------------

HOTELS, RESORTS & CRUISE LINES--0.6%
Bluegreen Corp.(b) .............................. 65,000 $ 1,604,200

INDUSTRIAL CONGLOMERATES--0.4%
Tredegar Corp. .................................. 63,100 1,091,630

INDUSTRIAL MACHINERY--1.3%
Flowserve Corp.(b) .............................. 135,000 3,373,650

INTEGRATED TELECOMMUNICATION SERVICES--0.2%
CT Communications, Inc. ......................... 24,900 277,635
General Communication, Inc. Class A(b) .......... 26,000 242,580
------------
520,215
------------

INTERNET SOFTWARE & SERVICES--0.6%
AsiaInfo Holdings, Inc.(b) ...................... 27,700 121,880
Digital Insight Corp.(b) ........................ 11,400 182,970
PEC Solutions, Inc.(b) .......................... 72,300 832,896
Stellent, Inc.(b) ............................... 6,700 60,233
SupportSoft, Inc.(b) ............................ 46,400 274,224
------------
1,472,203
------------

INVESTMENT BANKING & BROKERAGE--0.1%
Stifel Financial Corp.(b) ....................... 8,800 189,200

IT CONSULTING & OTHER SERVICES--0.7%
CIBER, Inc.(b) .................................. 131,200 982,688
Perot Systems Corp. Class A(b) .................. 63,900 847,314
------------
1,830,002
------------

LEISURE PRODUCTS--0.5%
JAKKS Pacific, Inc.(b) .......................... 62,300 1,231,671
Steinway Musical Instruments(b) ................. 4,300 116,444
------------
1,348,115
------------

LIFE & HEALTH INSURANCE--0.7%
AmerUs Group Co. ................................ 17,000 818,210
UICI ............................................ 36,800 1,009,056
------------
1,827,266
------------

MARINE PORTS & SERVICES--0.1%
Interpool, Inc. ................................. 12,700 291,465

METAL & GLASS CONTAINERS--0.7%
Greif, Inc. Class A ............................. 23,100 1,492,260
Myers Industries, Inc. .......................... 31,000 404,550
------------
1,896,810
------------

MULTI-LINE INSURANCE--0.2%
Horace Mann Educators Corp. ..................... 32,000 600,320

See Notes to Financial Statements

Phoenix Small Cap Value Fund

SHARES VALUE
------- ------------

MULTI-UTILITIES & UNREGULATED POWER--2.5%
Energen Corp. ................................... 58,500 $ 3,773,250
WPS Resources Corp. ............................. 55,900 2,913,508
------------
6,686,758
------------

OIL & GAS EQUIPMENT & SERVICES--2.1%
Gulf Island Fabrication, Inc. ................... 600 14,442
Lufkin Industries, Inc. ......................... 1,800 77,778
Maverick Tube Corp.(b) .......................... 50,000 1,778,000
Offshore Logistics, Inc.(b) ..................... 42,300 1,392,093
Oil States International, Inc.(b) ............... 67,200 1,413,888
RPC, Inc. ....................................... 38,700 1,010,070
------------
5,686,271
------------

OIL & GAS EXPLORATION & PRODUCTION--2.8%
Chesapeake Energy Corp. ......................... 171,000 3,708,990
Magnum Hunter Resources, Inc.(b) ................ 110,000 1,840,300
Newfield Exploration Co.(b) ..................... 26,700 1,982,475
------------
7,531,765
------------

OIL & GAS REFINING, MARKETING & TRANSPORTATION--4.0%
General Maritime Corp.(b) ....................... 46,400 2,389,136
OMI Corp. ....................................... 183,900 3,849,027
Overseas Shipholding Group, Inc. ................ 31,700 2,064,304
Tesoro Petroleum Corp.(b) ....................... 60,600 2,237,958
------------
10,540,425
------------

PACKAGED FOODS & MEATS--1.7%
Cal-Maine Foods, Inc. ........................... 17,100 166,212
Chiquita Brands International, Inc. ............. 35,200 803,264
Pilgrim's Pride Corp. ........................... 96,000 3,646,080
------------
4,615,556
------------

PAPER PRODUCTS--0.3%
Buckeye Technologies, Inc.(b) ................... 70,200 840,294

PHARMACEUTICALS--0.4%
aaiPharma, Inc.(b) .............................. 55,600 127,880
Bradley Pharmaceuticals, Inc.(b) ................ 96,400 939,900
------------
1,067,780
------------

PROPERTY & CASUALTY INSURANCE--5.8%
Argonaut Group, Inc.(b) ......................... 9,500 223,155
Commerce Group, Inc. (The) ...................... 9,500 647,805
FPIC Insurance Group, Inc.(b) ................... 8,400 290,472
Infinity Property & Casualty Corp. .............. 17,800 571,914
LandAmerica Financial Group, Inc. ............... 70,300 3,848,222
Mercury General Corp. ........................... 68,700 3,768,882
Navigators Group, Inc. (The)(b) ................. 3,800 114,000

SHARES VALUE
------- ------------

PROPERTY & CASUALTY INSURANCE--CONTINUED
Safety Insurance Group, Inc. .................... 5,200 $ 192,764
Selective Insurance Group, Inc. ................. 52,700 2,424,727
State Auto Financial Corp. ...................... 11,900 332,367
Stewart Information Services Corp. .............. 10,100 403,899
United Fire & Casualty Co. ...................... 27,800 883,206
Zenith National Insurance Corp. ................. 32,700 1,655,601
------------
15,357,014
------------

PUBLISHING & PRINTING--0.9%
Media General, Inc. Class A ..................... 16,100 1,030,239
Scholastic Corp.(b) ............................. 35,000 1,241,800
------------
2,272,039
------------

REAL ESTATE MANAGEMENT & DEVELOPMENT--0.9%
Jones Lang LaSalle, Inc.(b) ..................... 53,700 2,307,489

REGIONAL BANKS--1.3%
Americanwest Bancorp.(b) ........................ 7,800 154,050
Banner Corp. .................................... 13,600 401,880
Capitol Bancorp Ltd. ............................ 5,900 180,304
First State Bancorporation ...................... 6,200 219,728
Republic Bancorp, Inc. .......................... 42,780 622,449
Southwest Bancorp, Inc. ......................... 9,800 190,610
Taylor Capital Group, Inc. ...................... 3,000 94,020
TCF Financial Corp. ............................. 56,500 1,562,225
Wesbanco, Inc. .................................. 4,300 115,627
------------
3,540,893
------------

REINSURANCE--2.6%
Arch Capital Group Ltd.(b) ...................... 46,100 1,912,228
Everest Re Group Ltd. ........................... 43,600 3,787,532
Odyssey Re Holdings Corp. ....................... 42,600 1,076,076
------------
6,775,836
------------

REITS--4.9%
American Home Mortgage Investment Corp. ......... 56,200 1,750,630
Brandywine Realty Trust ......................... 60,000 1,775,400
CarrAmerica Realty Corp. ........................ 69,300 2,165,625
Friedman, Billings, Ramsey Group, Inc. Class A .. 122,400 2,270,520
New Century Financial Corp. ..................... 58,500 2,967,120
Parkway Properties, Inc. ........................ 6,400 300,992
Saxon Capital, Inc. ............................. 85,000 1,526,600
Winston Hotels, Inc. ............................ 20,000 223,000
------------
12,979,887
------------

RESTAURANTS--2.7%
Dave & Buster's, Inc.(b) ........................ 43,300 853,876
Jack in the Box, Inc.(b) ........................ 103,100 3,701,290

See Notes to Financial Statements

Phoenix Small Cap Value Fund

SHARES VALUE
------- ------------

RESTAURANTS--CONTINUED
Landry's Restaurants, Inc. ...................... 72,100 $ 2,087,295
O' Charley's, Inc.(b) ........................... 29,200 616,704
------------
7,259,165
------------

SEMICONDUCTOR EQUIPMENT--0.8%
Entegris, Inc.(b) ............................... 43,400 419,244
Mykrolis Corp.(b) ............................... 48,000 648,960
Photronics, Inc.(b) ............................. 55,800 1,036,764
------------
2,104,968
------------

SEMICONDUCTORS--0.7%
DSP Group, Inc.(b) .............................. 15,700 395,248
Integrated Device Technology, Inc.(b) ........... 66,800 835,668
IXYS Corp.(b) ................................... 50,900 526,306
Pixelworks, Inc.(b) ............................. 16,900 160,888
------------
1,918,110
------------

SPECIALIZED FINANCE--0.5%
GATX Corp. ...................................... 45,400 1,361,092

SPECIALTY CHEMICALS--2.2%
Albemarle Corp. ................................. 43,300 1,645,400
NewMarket Corp.(b) .............................. 28,300 537,983
OM Group, Inc.(b) ............................... 114,600 3,653,448
------------
5,836,831
------------

SPECIALTY STORES--1.4%
Hollywood Entertainment Corp.(b) ................ 26,300 359,521
Lithia Motors, Inc. Class A ..................... 48,200 1,266,214
Movie Gallery, Inc. ............................. 38,100 870,204
Sonic Automotive, Inc. .......................... 60,000 1,331,400
------------
3,827,339
------------

STEEL--5.1%
Commercial Metals Co. ........................... 59,400 2,067,120
Metal Management, Inc. .......................... 27,600 817,788
Metals USA, Inc.(b) ............................. 63,300 1,542,621
Reliance Steel & Aluminum Co. ................... 74,700 3,413,790
Schnitzer Steel Industries, Inc. Class A ........ 53,400 2,169,108
Steel Dynamics, Inc. ............................ 50,600 2,253,724
Steel Technologies, Inc. ........................ 43,200 1,331,856
------------
13,596,007
------------

SYSTEMS SOFTWARE--1.4%
Internet Security Systems, Inc.(b) .............. 115,600 2,321,248
Phoenix Technologies Ltd.(b) .................... 32,100 319,716
Sybase, Inc.(b) ................................. 52,000 979,680
------------
3,620,644
------------

SHARES VALUE
------- ------------

TECHNOLOGY DISTRIBUTORS--0.7%
Agilysys, Inc. .................................. 36,600 $ 690,276
Anixter International, Inc.(b) .................. 29,400 1,103,676
Brightpoint, Inc.(b) ............................ 3,700 66,674
SYNNEX Corp.(b) ................................. 5,000 112,900
------------
1,973,526
------------

THRIFTS & MORTGAGE FINANCE--3.5%
Anchor BanCorp Wisconsin, Inc. .................. 11,400 313,386
Capital Crossing Bank(b) ........................ 16,600 507,960
Commercial Federal Corp. ........................ 75,200 2,055,216
Doral Financial Corp. ........................... 87,600 3,474,216
Downey Financial Corp. .......................... 11,300 707,945
Flagstar Bancorp, Inc. .......................... 65,800 1,352,190
Flushing Financial Corp. ........................ 8,200 147,600
ITLA Capital Corp.(b) ........................... 5,200 259,376
Ocwen Financial Corp.(b) ........................ 23,800 190,638
Sterling Financial Corp.(b) ..................... 5,300 202,036
Tierone Corp. ................................... 8,800 218,328
------------
9,428,891
------------

TOBACCO--0.3%
DIMON, Inc. ..................................... 125,400 812,592

TRADING COMPANIES & DISTRIBUTORS--0.5%
Applied Industrial Technologies, Inc. ........... 38,000 1,076,160
Huttig Building Products, Inc.(b) ............... 23,000 247,940
------------
1,324,100
------------

TRUCKING--1.3%
Arkansas Best Corp. ............................. 18,400 795,248
Celadon Group, Inc.(b) .......................... 4,700 102,178
SCS Transportation, Inc.(b) ..................... 9,400 208,210
Swift Transportation Co., Inc.(b) ............... 79,500 1,885,740
U.S. Xpress Enterprises, Inc. Class A(b) ........ 13,500 358,965
------------
3,350,341
------------

WATER UTILITIES--0.1%
American States Water Co. ....................... 10,300 280,160

WIRELESS TELECOMMUNICATION SERVICES--0.2%
Boston Communications Group, Inc.(b) ............ 75,600 570,024

- ----------------------------------------------------------------------------
TOTAL DOMESTIC COMMON STOCKS
(IDENTIFIED COST $204,153,879) 255,766,264
- ----------------------------------------------------------------------------

See Notes to Financial Statements

Phoenix Small Cap Value Fund

SHARES VALUE
------- ------------

FOREIGN COMMON STOCKS(c)--1.0%

PROPERTY & CASUALTY INSURANCE--0.0%
United America Indemnity Ltd. (United States)(b) 2,268 $ 41,391

THRIFTS & MORTGAGE FINANCE--1.0%
R&G Financial Corp. Class B (United States) ..... 74,700 2,713,104

- ----------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $1,839,610) 2,754,495
- ----------------------------------------------------------------------------

WARRANTS--0.0%
OTHER DIVERSIFIED FINANCIAL SERVICES--0.0%
Imperial Credit Industries, Inc.(b)(d) .......... 2,429 0

- ----------------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 0
- ----------------------------------------------------------------------------

PAR
VALUE
(000)
-------

DOMESTIC CONVERTIBLE BONDS--0.0%
AIRPORT SERVICES--0.0%
TIMCO Aviation Services, Inc. Cv 8%, 1/2/07(b)(d) $ 2 0

- ----------------------------------------------------------------------------
TOTAL DOMESTIC CONVERTIBLE BONDS
(IDENTIFIED COST $0) 0
- ----------------------------------------------------------------------------
TOTAL LONG TERM INVESTMENTS--97.3%
(IDENTIFIED COST $205,993,489) 258,520,759
- ----------------------------------------------------------------------------

PAR
VALUE
(000) VALUE
------ ------------

SHORT-TERM INVESTMENTS--3.1%
COMMERCIAL PAPER--3.1%
UBS Finance Delaware LLC 2.59%, 3/1/05 .......... $3,500 $ 3,500,000
Alpine Securitization Corp. 2.53%, 3/3/05 ....... 2,015 2,014,717
BellSouth Corp. 2.55%, 3/8/05 ................... 2,615 2,613,703

- ----------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $8,128,420) 8,128,420
- ----------------------------------------------------------------------------

TOTAL INVESTMENTS--100.4%
(IDENTIFIED COST $214,121,909) 266,649,179(a)
Other assets and liabilities, net--(0.4)% (966,844)
------------
NET ASSETS--100.0% $265,682,335
============

(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $55,536,774 and gross
depreciation of $3,928,871 for federal income tax purposes. At February 28,
2005, the aggregate cost of securities for federal income tax purposes was
$215,041,276.
(b) Non-income producing.
(c) Foreign Common Stocks are determined based on the country in which the
security is issued. The country of risk, noted parenthetically, is
determined based on criteria described in Note 2G "Foreign security country
determination" in the Notes to Financial Statements.
(d) Illiquid. Security valued at fair value as determined in good faith by or
under the direction of the Trustees. At February 28, 2005, these securities
amounted to a value of $0 or 0% of net assets.

See Notes to Financial Statements

Phoenix Small Cap Value Fund

STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 2005
(UNAUDITED)

ASSETS
Investment securities at value
(Identified cost $214,121,909) $266,649,179
Cash 3,221
Receivables
Dividends 168,183
Fund shares sold 89,882
Prepaid expenses 30,718
------------
Total assets 266,941,183
------------
LIABILITIES
Payables
Fund shares repurchased 815,914
Investment advisory fee 144,132
Distribution and service fees 121,253
Transfer agent fee 97,930
Financial agent fee 14,172
Trustees' fee 3,901
Accrued expenses 61,546
------------
Total liabilities 1,258,848
------------
NET ASSETS $265,682,335
============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $196,081,900
Accumulated net investment loss (450,870)
Accumulated net realized gain 17,524,035
Net unrealized appreciation 52,527,270
------------
NET ASSETS $265,682,335
============
CLASS A
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $143,504,337) 7,756,800
Net asset value per share $18.50
Offering price per share $18.50/(1-5.75%) $19.63

CLASS B
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $47,144,708) 2,702,826
Net asset value and offering price per share $17.44

CLASS C
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $75,033,290) 4,302,220
Net asset value and offering price per share $17.44

STATEMENT OF OPERATIONS
SIX MONTHS ENDED FEBRUARY 28, 2005
(UNAUDITED)

INVESTMENT INCOME
Dividends $ 1,776,156
Interest 37,499
Foreign taxes withheld (6,807)
-----------
Total investment income 1,806,848
-----------
EXPENSES
Investment advisory fee 1,159,246
Service fees, Class A 170,531
Distribution and service fees, Class B 232,955
Distribution and service fees, Class C 372,974
Financial agent fee 91,800
Transfer agent 288,698
Printing 44,828
Registration 23,858
Professional 23,473
Trustees 20,790
Custodian 18,327
Miscellaneous 22,021
-----------
Total expenses 2,469,501
Less expenses reimbursed by investment adviser (211,448)
Custodian fees paid indirectly (335)
-----------
Net expenses 2,257,718
-----------
NET INVESTMENT LOSS (450,870)
-----------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 21,463,528
Net change in unrealized appreciation (depreciation) on
investments 30,818,178
-----------
NET GAIN ON INVESTMENTS 52,281,706
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $51,830,836
===========

See Notes to Financial Statements

Phoenix Small Cap Value Fund

STATEMENT OF CHANGES IN NET ASSETS

Six Months
Ended
February 28, 2005 Year Ended
(Unaudited) August 31, 2004
----------------- ---------------

FROM OPERATIONS
Net investment income (loss) $ (450,870) $ (1,576,853)
Net realized gain (loss) 21,463,528 31,977,139
Net change in unrealized appreciation (depreciation) 30,818,178 (12,159,429)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 51,830,836 18,240,857
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (819,397 and 1,143,420 shares, respectively) 13,806,560 17,037,857
Net asset value of shares issued in conjunction with Plan of Reorganization
(0 and 4,064,701 shares, respectively) (See Note 8) -- 62,404,841
Cost of shares repurchased (1,294,530 and 2,699,594 shares, respectively) (22,077,938) (40,395,840)
------------ ------------
Total (8,271,378) 39,046,858
------------ ------------
CLASS B
Proceeds from sales of shares (69,218 and 175,854 shares, respectively) 1,139,334 2,462,509
Net asset value of shares issued in conjunction with Plan of Reorganization
(0 and 462,034 shares, respectively) (See Note 8) -- 6,731,032
Cost of shares repurchased (435,180 and 750,989 shares, respectively) (7,076,507) (10,596,886)
------------ ------------
Total (5,937,173) (1,403,345)
------------ ------------
CLASS C
Proceeds from sales of shares (50,409 and 301,430 shares, respectively) 818,582 4,226,723
Net asset value of shares issued in conjunction with Plan of Reorganization
(0 and 1,970,027 respectively) (See Note 8) -- 28,697,143
Cost of shares repurchased (743,846 and 1,307,554 shares, respectively) (12,021,112) (18,583,831)
------------ ------------
Total (11,202,530) 14,340,035
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS (25,411,081) 51,983,548
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 26,419,755 70,224,405

NET ASSETS
Beginning of period 239,262,580 169,038,175
------------ ------------
END OF PERIOD [INCLUDING ACCUMULATED NET INVESTMENT LOSS AND
UNDISTRIBUTED NET INVESTMENT INCOME OF $(450,870) AND $0, RESPECTIVELY] $265,682,335 $239,262,580
============ ============

See Notes to Financial Statements

Phoenix Small Cap Value Fund

FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)

CLASS A
---------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31
FEBRUARY 28, 2005 ----------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000

Net asset value, beginning of period $15.08 $13.42 $11.30 $12.72 $17.90 $11.41
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) --(3) (0.06) --(3) (0.01) (0.05) (0.08)
Net realized and unrealized gain (loss) 3.42 1.72 2.12 (1.39) (2.34) 7.38
------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 3.42 1.66 2.12 (1.40) (2.39) 7.30
------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- (0.02) (2.79) (0.81)
------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS -- -- -- (0.02) (2.79) (0.81)
------- -------- -------- -------- -------- --------
Change in net asset value 3.42 1.66 2.12 (1.42) (5.18) 6.49
------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $18.50 $15.08 $13.42 $11.30 $12.72 $17.90
====== ====== ====== ====== ====== ======
Total return(2) 22.68%(4) 12.37 % 18.76% (11.02)% (14.24)% 66.15 %
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $143,504 $124,165 $76,783 $83,005 $88,174 $79,254
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses 1.40%(5) 1.40 % 1.40% 1.40 % 1.40 % 1.40 %
Gross operating expenses 1.56%(5) 1.57 % 1.71% 1.64 % 1.58 % 1.67 %
Net investment income (loss) 0.00%(5),(6) (0.38)% 0.04% (0.11)% (0.39)% (0.45)%
Portfolio turnover 48%(4) 150 % 241% 123 % 229 % 191 %

CLASS B
---------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31
FEBRUARY 28, 2005 ----------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000

Net asset value, beginning of period $14.27 $12.79 $10.85 $12.31 $17.54 $11.27
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.06) (0.16) (0.08) (0.10) (0.16) (0.19)
Net realized and unrealized gain (loss) 3.23 1.64 2.02 (1.34) (2.28) 7.27
------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 3.17 1.48 1.94 (1.44) (2.44) 7.08
------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- (0.02) (2.79) (0.81)
------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS -- -- -- (0.02) (2.79) (0.81)
------- -------- -------- -------- -------- --------
Change in net asset value 3.17 1.48 1.94 (1.46) (5.23) 6.27
------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $17.44 $14.27 $12.79 $10.85 $12.31 $17.54
====== ====== ====== ====== ====== ======
Total return(2) 22.21 %(4) 11.57 % 17.88 % (11.72)% (14.89)% 64.97 %
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $47,144 $43,801 $40,696 $40,382 $40,270 $26,625
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses 2.15 %(5) 2.15 % 2.15 % 2.15 % 2.15 % 2.15 %
Gross operating expenses 2.31 %(5) 2.33 % 2.46 % 2.39 % 2.33 % 2.42 %
Net investment income (loss) (0.75)%(5) (1.15)% (0.71)% (0.86)% (1.14)% (1.20)%
Portfolio turnover 48 %(4) 150 % 241 % 123 % 229 % 191 %

<FN>
(1) Computed using average shares outstanding.
(2) Sales charges are not reflected in total return calculation.
(3) Amount is less than $0.01.
(4) Not annualized.
(5) Annualized.
(6) Amount is less than 0.01%.
</FN>

See Notes to Financial Statements

Phoenix Small Cap Value Fund

FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)

CLASS C
---------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31
FEBRUARY 28, 2005 ----------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000

Net asset value, beginning of period $14.27 $12.79 $10.85 $12.31 $17.54 $11.27
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.06) (0.16) (0.08) (0.10) (0.16) (0.19)
Net realized and unrealized gain (loss) 3.23 1.64 2.02 (1.34) (2.28) 7.27
------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 3.17 1.48 1.94 (1.44) (2.44) 7.08
------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- -- (0.02) (2.79) (0.81)
------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS -- -- -- (0.02) (2.79) (0.81)
------- -------- -------- -------- -------- --------
Change in net asset value 3.17 1.48 1.94 (1.46) (5.23) 6.27
------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $17.44 $14.27 $12.79 $10.85 $12.31 $17.54
====== ====== ====== ====== ====== ======
Total return(2) 22.21 %(3) 11.57 % 17.88 % (11.72)% (14.89)% 64.97 %
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $75,033 $71,296 $51,559 $49,201 $45,450 $28,046
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses 2.15 %(4) 2.15 % 2.15 % 2.15 % 2.15 % 2.15 %
Gross operating expenses 2.31 %(4) 2.32 % 2.46 % 2.39 % 2.33 % 2.42 %
Net investment income (loss) (0.75)%(4) (1.14)% (0.72)% (0.86)% (1.14)% (1.20)%
Portfolio turnover 48 %(3) 150 % 241 % 123 % 229 % 191 %

<FN>
(1) Computed using average shares outstanding.
(2) Sales charges are not reflected in total return calculation.
(3) Not annualized.
(4) Annualized.
</FN>

See Notes to Financial Statements

PHOENIX VALUE EQUITY 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
Value Equity 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 B and 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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Beginning Ending Expenses Paid
Value Equity Fund Account Value Account Value During
Class A August 31, 2004 February 28, 2005 Period*
- -------------------------- --------------- ----------------- -------------
Actual $1,000.00 $1,114.52 $6.55

Hypothetical (5% return
before expenses) 1,000.00 1,018.52 6.28

*EXPENSES ARE EQUAL TO THE FUND'S CLASS A ANNUALIZED EXPENSE RATIO OF 1.25%,
WHICH IS NET OF 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
Value Equity Fund Account Value Account Value During
Class B August 31, 2004 February 28, 2005 Period*
- -------------------------- --------------- ----------------- -------------
Actual $1,000.00 $1,111.02 $10.47

Hypothetical (5% return
before expenses) 1,000.00 1,014.75 10.04

*EXPENSES ARE EQUAL TO THE FUND'S CLASS B ANNUALIZED EXPENSE RATIO OF 2.00%,
WHICH IS NET OF 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
Value Equity Fund Account Value Account Value During
Class C August 31, 2004 February 28, 2005 Period*
- -------------------------- --------------- ----------------- -------------
Actual $1,000.00 $1,110.92 $10.47

Hypothetical (5% return
before expenses) 1,000.00 1,014.75 10.04

*EXPENSES ARE EQUAL TO THE FUND'S CLASS C ANNUALIZED EXPENSE RATIO OF 2.00%,
WHICH IS NET OF 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.

Phoenix Value Equity Fund

As a percentage of total investments

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA USED IN PRINTED GRAPHIC AS FOLLOWS:

Financials 29%
Industrials 18
Consumer Discretionary 11
Health Care 9
Energy 9
Information Technology 6
Utilities 6
Other 12

SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2005
(UNAUDITED)

SHARES VALUE
------- -----------

DOMESTIC COMMON STOCKS--98.4%
AEROSPACE & DEFENSE--1.8%
United Technologies Corp. ....................... 10,500 $ 1,048,740

AIR FREIGHT & COURIERS--1.1%
FedEx Corp. ..................................... 6,300 616,014

APPLICATION SOFTWARE--0.7%
Amdocs Ltd.(b) .................................. 14,300 419,705

ASSET MANAGEMENT & CUSTODY BANKS--3.8%
Bank of New York Co., Inc. (The) ................ 42,100 1,273,525
Mellon Financial Corp. .......................... 31,800 912,024
-----------
2,185,549
-----------

BROADCASTING & CABLE TV--1.1%
Comcast Corp. Special Class A(b) ................ 20,600 656,316

COMPUTER STORAGE & PERIPHERALS--0.7%
EMC Corp.(b) .................................... 32,800 415,248

CONSTRUCTION & ENGINEERING--4.3%
Jacobs Engineering Group, Inc.(b) ............... 34,700 1,942,506
URS Corp.(b) .................................... 19,500 562,380
-----------
2,504,886
-----------

DATA PROCESSING & OUTSOURCED SERVICES--4.4%
Affiliated Computer Services, Inc. Class A(b) ... 13,800 713,460
Computer Sciences Corp.(b) ...................... 28,500 1,317,555
Fiserv, Inc.(b) ................................. 7,800 295,932
Hewitt Associates, Inc. Class A(b) .............. 7,900 242,846
-----------
2,569,793
-----------

SHARES VALUE
------- -----------

DISTRIBUTORS--0.1%
Prestige Brands Holdings, Inc.(b) ............... 4,530 $ 81,540

DIVERSIFIED BANKS--9.4%
Bank of America Corp. ........................... 48,516 2,263,271
Wachovia Corp. .................................. 33,300 1,765,233
Wells Fargo & Co. ............................... 23,500 1,395,430
-----------
5,423,934
-----------

DIVERSIFIED CHEMICALS--1.5%
Du Pont (E.I.) de Nemours & Co. ................. 16,500 879,450

DRUG RETAIL--2.1%
CVS Corp. ....................................... 23,800 1,185,954

ELECTRIC UTILITIES--5.2%
DTE Energy Co. .................................. 17,300 765,006
Entergy Corp. ................................... 12,400 857,088
FPL Group, Inc. ................................. 8,100 642,735
PG&E Corp. ...................................... 20,800 731,744
-----------
2,996,573
-----------

ELECTRICAL COMPONENTS & EQUIPMENT--1.0%
Emerson Electric Co. ............................ 9,000 596,880

EMPLOYMENT SERVICES--2.2%
Manpower, Inc. .................................. 29,400 1,284,780

FOOTWEAR--0.8%
NIKE, Inc. Class B .............................. 5,600 486,920

HEALTH CARE EQUIPMENT--3.4%
Bio-Rad Laboratories, Inc. Class A(b) ........... 16,000 782,560
Fisher Scientific International, Inc.(b) ........ 19,200 1,164,480
-----------
1,947,040
-----------

See Notes to Financial Statements

Phoenix Value Equity Fund

SHARES VALUE
------- -----------

HEALTH CARE FACILITIES--1.0%
HCA, Inc. ....................................... 12,700 $ 599,567

HEALTH CARE SERVICES--0.5%
Express Scripts, Inc.(b) ........................ 3,800 286,102

HEALTH CARE SUPPLIES--3.0%
DENTSPLY International, Inc. .................... 13,500 742,095
Sybron Dental Specialties, Inc.(b) .............. 27,800 993,016
-----------
1,735,111
-----------

HOTELS, RESORTS & CRUISE LINES--2.4%
Marriott International, Inc. Class A ............ 22,100 1,416,610

HOUSEHOLD PRODUCTS--0.7%
Procter & Gamble Co. (The) ...................... 7,600 403,484

INDUSTRIAL CONGLOMERATES--5.0%
General Electric Co. ............................ 82,500 2,904,000

INDUSTRIAL MACHINERY--3.0%
Ingersoll-Rand Co. Class A ...................... 20,400 1,718,700

INTEGRATED OIL & GAS--6.6%
ChevronTexaco Corp. ............................. 5,700 353,856
Exxon Mobil Corp. ............................... 54,800 3,469,388
-----------
3,823,244
-----------

INTEGRATED TELECOMMUNICATION SERVICES--2.8%
Iowa Telecommunications Services, Inc. .......... 3,000 59,580
SBC Communications, Inc. ........................ 29,300 704,665
Verizon Communications, Inc. .................... 23,300 838,101
-----------
1,602,346
-----------

INVESTMENT BANKING & BROKERAGE--3.9%
Merrill Lynch & Co., Inc. ....................... 27,100 1,587,518
Morgan Stanley .................................. 11,700 660,699
-----------
2,248,217
-----------

LIFE & HEALTH INSURANCE--1.6%
Prudential Financial, Inc. ...................... 15,800 900,600

MANAGED HEALTH CARE--1.0%
WellPoint, Inc.(b) .............................. 4,800 585,888

MOVIES & ENTERTAINMENT--5.2%
Time Warner, Inc.(b) ............................ 131,500 2,265,745
Walt Disney Co. (The) ........................... 25,800 720,852
-----------
2,986,597
-----------

MULTI-UTILITIES & UNREGULATED POWER--1.1%
Dominion Resources, Inc. ........................ 8,600 619,458

SHARES VALUE
------- -----------

OIL & GAS DRILLING--0.9%
Patterson-UTI Energy, Inc. ...................... 21,000 $ 525,000

OIL & GAS EQUIPMENT & SERVICES--0.6%
Baker Hughes, Inc. .............................. 7,300 345,144

OIL & GAS EXPLORATION & PRODUCTION--0.6%
Anadarko Petroleum Corp. ........................ 4,600 353,556

OTHER DIVERSIFIED FINANCIAL SERVICES--4.2%
Citigroup, Inc. ................................. 12,900 615,588
JPMorgan Chase & Co. ............................ 50,000 1,827,500
-----------
2,443,088
-----------

PACKAGED FOODS & MEATS--2.2%
ConAgra Foods, Inc. ............................. 24,500 669,340
Heinz (H.J.) Co. ................................ 15,700 590,948
-----------
1,260,288
-----------

PROPERTY & CASUALTY INSURANCE--0.9%
St. Paul Travelers Cos., Inc. (The) ............. 14,292 547,670

REITS--3.6%
Digital Realty Trust, Inc. ...................... 59,700 855,501
Friedman, Billings, Ramsey Group, Inc. Class A .. 35,100 651,105
GMH Communities Trust ........................... 48,300 580,566
-----------
2,087,172
-----------

SOFT DRINKS--1.1%
Coca-Cola Co. (The) ............................. 14,900 637,720

SPECIALTY STORES--1.0%
Pantry, Inc. (The)(b) ........................... 17,500 595,875

THRIFTS & MORTGAGE FINANCE--1.9%
MGIC Investment Corp. ........................... 8,600 539,564
PMI Group, Inc. (The) ........................... 7,100 285,775
Radian Group, Inc. .............................. 6,100 294,813
-----------
1,120,152
-----------

- ----------------------------------------------------------------------------
TOTAL DOMESTIC COMMON STOCKS
(IDENTIFIED COST $48,876,229) 57,044,911
- ----------------------------------------------------------------------------

FOREIGN COMMON STOCKS(c)--0.5%
SEMICONDUCTORS--0.5%
ATI Technologies, Inc. (Canada)(b) .............. 15,700 275,378

- ----------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $286,888) 275,378
- ----------------------------------------------------------------------------
TOTAL LONG TERM INVESTMENTS--98.9%
(IDENTIFIED COST $49,163,117) 57,320,289
- ----------------------------------------------------------------------------

See Notes to Financial Statements

Phoenix Value Equity Fund

PAR
VALUE
(000) VALUE
----- -----------

SHORT-TERM INVESTMENTS--1.7%

COMMERCIAL PAPER--1.7%
UBS Finance Delaware LLC 2.59%, 3/1/05 .......... $980 $ 980,000

- ----------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(IDENTIFIED COST $980,000) 980,000
- ----------------------------------------------------------------------------

TOTAL INVESTMENTS--100.6%
(IDENTIFIED COST $50,143,117) 58,300,289(a)
Other assets and liabilities, net--(0.6)% (356,825)
-----------
NET ASSETS--100.0% $57,943,464
===========

(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $8,360,522 and gross
depreciation of $460,787 for federal income tax purposes. At February 28,
2005, the aggregate cost of securities for federal income tax purposes was
$50,400,554.
(b) Non-income producing.
(c) Foreign Common Stocks are determined based on the country in which the
security is issued. The country of risk, noted parenthetically, is
determined based on criteria described in Note 2G "Foreign security country
determination" in the Notes to Financial Statements.

See Notes to Financial Statements

Phoenix Value Equity Fund

STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 2005
(UNAUDITED)

ASSETS
Investment securities at value
(Identified cost $50,143,117) $ 58,300,289
Cash 2,550
Receivables
Investment securities sold 576,888
Dividends 104,778
Fund shares sold 17,139
Prepaid expenses 23,093
------------
Total assets 59,024,737
------------
LIABILITIES
Payables
Investment securities purchased 579,396
Fund shares repurchased 398,680
Transfer agent fee 27,629
Distribution and service fees 26,350
Professional fee 21,478
Investment advisory fee 7,796
Financial agent fee 5,094
Trustees' fee 3,901
Accrued expenses 10,949
------------
Total liabilities 1,081,273
------------
NET ASSETS $ 57,943,464
============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 65,524,291
Undistributed net investment income 168,109
Accumulated net realized loss (15,906,108)
Net unrealized appreciation 8,157,172
------------
NET ASSETS $ 57,943,464
============
CLASS A
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $31,964,390) 2,379,252
Net asset value per share $13.43
Offering price per share $13.43/(1-5.75%) $14.25

CLASS B
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $13,423,615) 1,039,901
Net asset value and offering price per share $12.91

CLASS C
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $12,555,459) 972,028
Net asset value and offering price per share $12.92

STATEMENT OF OPERATIONS
SIX MONTHS ENDED FEBRUARY 28, 2005
(UNAUDITED)

INVESTMENT INCOME
Dividends $ 620,521
Interest 14,310
----------
Total investment income 634,831
----------
EXPENSES
Investment advisory fee 221,054
Service fees, Class A 40,919
Distribution and service fees, Class B 67,579
Distribution and service fees, Class C 63,485
Financial agent fee 32,460
Transfer agent 73,382
Trustees 20,790
Printing 20,634
Registration 18,923
Professional 18,708
Custodian 7,183
Miscellaneous 11,120
----------
Total expenses 596,237
Less expenses reimbursed by investment adviser (129,515)
----------
Net expenses 466,722
----------
NET INVESTMENT INCOME 168,109
----------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 3,034,816
Net change in unrealized appreciation (depreciation) on
investments 3,119,475
----------
NET GAIN ON INVESTMENTS 6,154,291
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $6,322,400
==========

See Notes to Financial Statements

Phoenix Value Equity Fund

STATEMENT OF CHANGES IN NET ASSETS

Six Months
Ended
February 28, 2005 Year Ended
(Unaudited) August 31, 2004
----------- ---------------

FROM OPERATIONS
Net investment income (loss) $ 168,109 $ 14,739
Net realized gain (loss) 3,034,816 6,012,009
Net change in unrealized appreciation (depreciation) 3,119,475 (1,758,372)
----------- ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 6,322,400 4,268,376
----------- ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A -- (123,233)
Net investment income, Class B -- (30,551)
Net investment income, Class C -- (28,415)
----------- ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS -- (182,199)
----------- ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (163,027 and 614,291 shares, respectively) 2,132,499 7,356,934
Net asset value of shares issued from reinvestment of distributions
(0 and 10,049 shares, respectively) -- 118,886
Cost of shares repurchased (509,857 and 1,192,023 shares, respectively) (6,597,471) (14,324,559)
----------- ------------
Total (4,464,972) (6,848,739)
----------- ------------
CLASS B
Proceeds from sales of shares (54,840 and 145,182 shares, respectively) 688,727 1,682,300
Net asset value of shares issued from reinvestment of distributions
(0 and 2,377 shares, respectively) -- 27,241
Cost of shares repurchased (154,513 and 496,749 shares, respectively) (1,938,918) (5,708,222)
----------- ------------
Total (1,250,191) (3,998,681)
----------- ------------
CLASS C
Proceeds from sales of shares (37,229 and 248,897 shares, respectively) 475,355 2,920,735
Net asset value of shares issued from reinvestment of distributions
(0 and 2,239 shares, respectively) -- 25,685
Cost of shares repurchased (205,689 and 511,506 shares, respectively) (2,511,787) (5,893,378)
----------- ------------
Total (2,036,432) (2,946,958)
----------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS (7,751,595) (13,794,378)
----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS (1,429,195) (9,708,201)

NET ASSETS
Beginning of period 59,372,659 69,080,860
----------- ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME
OF $168,109 AND $0 RESPECTIVELY] $57,943,464 $ 59,372,659
=========== ============

See Notes to Financial Statements

Phoenix Value Equity Fund

FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)

Net asset value, beginning of period $12.05 $11.33 $10.64 $12.76 $15.03 $12.11
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.06 0.04 0.11 0.08 0.08 0.03
Net realized and unrealized gain (loss) 1.32 0.72 0.66 (1.97) (0.93) 2.89
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.38 0.76 0.77 (1.89) (0.85) 2.92
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.04) (0.08) (0.08) -- --
Distributions from net realized gains -- -- -- (0.15) (1.42) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS -- (0.04) (0.08) (0.23) (1.42) --
------ ------ ------ ------ ------ ------
Change in net asset value 1.38 0.72 0.69 (2.12) (2.27) 2.92
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $13.43 $12.05 $11.33 $10.64 $12.76 $15.03
====== ====== ====== ====== ====== ======

Total return(2) 11.45%(3) 6.71% 7.31% (14.97)% (6.71)% 24.11%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $31,964 $32,859 $37,310 $43,993 $58,260 $37,977
RATIO TO AVERAGE NET ASSETS OF:
Net operating expense 1.25%(4) 1.25% 1.25% 1.25 % 1.25 % 1.25%
Gross operating expenses 1.69%(4) 1.59% 1.63% 1.49 % 1.38 % 1.47%
Net investment income 0.90%(4) 0.35% 1.06% 0.64 % 0.53 % 0.20%
Portfolio turnover 47%(3) 200% 349% 166 % 249 % 193%

Net asset value, beginning of period $11.62 $10.99 $10.35 $12.42 $14.77 $12.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.01 (0.05) 0.04 (0.01) (0.03) (0.08)
Net realized and unrealized gain (loss) 1.28 0.70 0.63 (1.91) (0.90) 2.85
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.29 0.65 0.67 (1.92) (0.93) 2.77
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.02) (0.03) -- -- --
Distributions from net realized gains -- -- -- (0.15) (1.42) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS -- (0.02) (0.03) (0.15) (1.42) --
------ ------ ------ ------ ------ ------
Change in net asset value 1.29 0.63 0.64 (2.07) (2.35) 2.77
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $12.91 $11.62 $10.99 $10.35 $12.42 $14.77
====== ====== ====== ====== ====== ======
Total return(2) 11.10%(3) 5.95 % 6.44% (15.57)% (7.42)% 23.08 %
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $13,424 $13,247 $16,363 $28,873 $36,669 $26,471
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses 2.00%(4) 2.00 % 2.00% 2.00 % 2.00 % 2.00 %
Gross operating expenses 2.44%(4) 2.34 % 2.38% 2.24 % 2.13 % 2.22 %
Net investment income (loss) 0.15%(4) (0.40)% 0.37% (0.11)% (0.22)% (0.57)%
Portfolio turnover 47%(3) 200 % 349% 166 % 249 % 193 %

<FN>
(1) Computed using average shares outstanding.
(2) Sales charges are not reflected in total return calculation.
(3) Not annualized.
(4) Annualized.
</FN>

See Notes to Financial Statements

Phoenix Value Equity Fund

FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)

Net asset value, beginning of period $11.63 $11.00 $10.35 $12.43 $14.78 $12.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) 0.01 (0.05) 0.03 (0.01) (0.03) (0.07)
Net realized and unrealized gain (loss) 1.28 0.70 0.65 (1.92) (0.90) 2.85
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.29 0.65 0.68 (1.93) (0.93) 2.78
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.02) (0.03) -- -- --
Distributions from net realized gains -- -- -- (0.15) (1.42) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS -- (0.02) (0.03) (0.15) (1.42) --
------ ------ ------ ------ ------ ------
Change in net asset value 1.29 0.63 0.65 (2.08) (2.35) 2.78
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $12.92 $11.63 $11.00 $10.35 $12.43 $14.78
====== ====== ====== ====== ====== ======
Total return(2) 11.09%(3) 5.94 % 6.47% (15.56)% (7.41)% 23.17 %
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $12,555 $13,266 $15,408 $19,231 $23,409 $12,590
RATIO TO AVERAGE NET ASSETS OF:
Net operating expenses 2.00%(4) 2.00 % 2.00% 2.00 % 2.00 % 2.00 %
Gross operating expenses 2.44%(4) 2.34 % 2.38% 2.24 % 2.13 % 2.22 %
Net investment income (loss) 0.15%(4) (0.40)% 0.31% (0.11)% (0.22)% (0.52)%
Portfolio turnover 47%(3) 200 % 349% 166 % 249 % 193 %

<FN>
(1) Computed using average shares outstanding.
(2) Sales charges are not reflected in total return calculation.
(3) Not annualized.
(4) Annualized.
</FN>

See Notes to Financial Statements

PHOENIX INVESTMENT TRUST 97
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2005 (UNAUDITED)

1. ORGANIZATION

Phoenix Investment Trust 97 (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"), Phoenix Small Cap
Value Fund is diversified and seeks long-term capital appreciation. Phoenix
Value Equity Fund (formerly Phoenix-Oakhurst Value Equity Fund through January
2, 2005) is diversified and its primary investment objective is to seek
long-term capital appreciation and its secondary objective is to seek current
income.

Each Fund offers Class A, Class B and Class C shares. Class A shares are sold
with a front-end sales charge of up to 5.75%. Class B shares are sold with a
contingent deferred sales charge which declines from 5% to zero depending on the
period of time the shares are held. 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 and/or service 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, 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:

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 utilizes information with
respect to recent sales, market transactions in comparable securities,
quotations from dealers, and various relationships between securities in
determining value.

As required some securities and assets are valued at fair value as determined
in good faith by or under the direction of the Trustees.

Certain foreign common stocks may be fair valued in cases where closing
prices are not readily available or are deemed not reflective of readily
available market prices. For example, significant events (such as movement in
the U.S. securities market, or other regional and local developments) may occur
between the time that foreign markets close (where the security is principally
traded) and the time that 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. The Trust amortizes premiums and accretes discounts using the effective
interest method. Realized gains and losses are determined on the identified cost
basis.

C. INCOME TAXES:

Each Fund is treated as a separate taxable entity. It is the policy of each
Fund in the Trust 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.

The Trust may be subject to foreign taxes on income, gains on investments or
currency repatriation, a portion of which may be recoverable. Each Fund will
accrue such taxes and recoveries as applicable based upon current
interpretations of the tax rules and regulations that exist in the markets in
which they invest.

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 and losses deferred due to
wash sales. Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to capital paid in on shares of
beneficial interest.

PHOENIX INVESTMENT TRUST 97
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2005 (UNAUDITED) (CONTINUED)

E. EXPENSES:

Expenses incurred by the Trust with respect to any two or more 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. 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. The gain or loss resulting from a change in currency exchange rates
between the trade and settlement date of a portfolio transaction is treated as a
gain or loss on foreign currency. Likewise, the gain or loss resulting from a
change in currency exchange rates between the date income is accrued and paid is
treated as a gain or loss on foreign currency. The Trust does not isolate that
portion of the results of operations arising from changes in exchange rates and
that portion arising from changes in the market prices of securities.

G. FOREIGN SECURITY COUNTRY DETERMINATION:

A combination of the following criteria is used to assign the
countries of risk listed in the schedules of investments: country of
incorporation, actual building address, primary exchange on which security is
traded and country in which the greatest percentage of company revenue is
generated.

H. INDEMNIFICATIONS

Under the Funds' organizational documents, its trustees and officers are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, the Funds enter into contracts that contain a
variety of indemnifications. The Funds' maximum exposure under these
arrangements is unknown. However, the Funds have not had prior claims or losses
pursuant to these contracts and expect the risk of loss to be remote.

3. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS

As compensation for its services to the Trust, the Advisers ("the Advisers"),
Phoenix Investment Counsel, Inc. ("PIC") for the Small Cap Value Fund and
Engemann Asset Management ("EAM") for the Value Equity Fund, each indirect
wholly-owned subsidiaries of The Phoenix Companies, Inc. ("PNX"), are entitled
to a fee based upon the following annual rates as a percentage of the average
daily net assets of each Fund:

1st $1-2 $2 +
Fund $1 Billion Billion Billion
- ------ ---------- ------- -------
Small Cap Value Fund .......... 0.90% 0.85% 0.80%
Value Equity Fund ............. 0.75% 0.70% 0.65%

The Advisers have voluntarily agreed to reimburse through December 31, 2005
each Fund's expenses, other than Management Fees and Distribution and Service
Fees, to the extent that such expenses exceed the following percentages of the
average annual net assets for each Fund:

Class A Class B Class C
Shares Shares Shares
-------- ------- ------
Small Cap Value Fund .......... 1.40% 2.15% 2.15%
Value Equity Fund ............. 1.25% 2.00% 2.00%

The Advisers will not seek to recapture any prior years' reimbursed or waived
investment advisory fees.

Phoenix/Zweig Advisers LLC ("PZA") is the subadviser to the Small Cap Value
Fund. For its services, PZA is paid a fee by the Adviser equal to 0.10% of the
average daily net assets of this Fund up to $166 million and 0.40% in excess of
$166 million. PZA is a wholly-owned subsidiary of PNX.

As Distributor of the Trust's shares, Phoenix Equity Planning Corporation
("PEPCO"), an indirect wholly-owned subsidiary of PNX, has advised the Trust
that it retained net selling commissions and deferred sales charges for the
six-month period ("the period") ended February 28, 2005 as follows:

Class A Class B Class C
Net Selling Deferred Deferred
Commissions Sales Charges Sales Charges
----------- ------------- -------------

Small Cap Value Fund .......... $4,908 $42,288 $1,476
Value Equity Fund ............. 1,496 18,135 58

In addition, each fund pays PEPCO distribution and/or service fees at an
annual rate of 0.25% for Class A shares, 1.00% for Class B shares and 1.00% for
Class C shares applied to the average daily net assets of each respective Class.

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 current fee schedule of PFPC Inc. ranges from 0.06% to 0.03% of the average
daily net asset values of each Fund. Certain minimum fees may apply. For the
period ended February 28, 2005, the Trust incurred PEPCO financial agent fees
totaling $124,260.

PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company serving as sub-transfer agent. For the period

PHOENIX INVESTMENT TRUST 97
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2005 (UNAUDITED) (CONTINUED)

ended February 28, 2005, transfer agent fees were $362,080 as reported in the
Statement of Operations, of which PEPCO retained the following:

Transfer Agent
Fee Retained
--------------
Small Cap Value Fund .............................. $116,677
Value Equity Fund ................................. 18,881

4. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities during the period ended February 28, 2005
(excluding U.S. Government and agency securities and short-term securities)
aggregated the following:

Purchases Sales
------------ ------------
Small Cap Value Fund ................... $123,667,496 $154,049,463
Value Equity Fund ...................... 26,973,553 33,654,427

There were no purchases or sales of long-term U.S. Government and agency
securities during the period ended February 28, 2005.

5. CREDIT RISK AND ASSET CONCENTRATIONS

In countries with limited or developing markets, investments may present
greater risks than in more developed markets and the prices of such investments
may be volatile. The consequences of political, social or economic changes in
these markets may have disruptive effects on the market prices of these
investments and the income they generate, as well as a Fund's ability to
repatriate such amounts.

The Trust may invest a high percentage of their assets in specific sectors of
the market in their pursuit of a greater investment return. Fluctuations in
these sectors of concentration may have a greater impact on a fund, positive or
negative, than if a fund did not concentrate its investments in such sectors.

6. ILLIQUID 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.

7. FEDERAL INCOME TAX INFORMATION

The Trust has capital loss carryovers which may be used to offset future
capital gains, as follows:

Expiration Year
--------------------------------------------
2010 2011 Total
---------- ----------- -----------
Small Cap Value Fund ...... $ -- $ 3,061,298 $ 3,061,298
Value Equity Fund ......... 1,868,023 16,397,090 18,265,113

The Trust may not realize the benefit of these losses to the extent each Fund
does not realize gains on investments prior to the expiration of the capital
loss carryovers.

8. MERGER

On April 16, 2004, the Phoenix Small Cap Value Fund ("Small Cap") acquired
all of the net assets of the Phoenix Appreciation Fund ("Appreciation") pursuant
to an Agreement and Plan of Reorganization approved by the Appreciation
shareholders on March 19, 2004.

The acquisition was accomplished by a tax-free exchange of 4,064,701 Class A
shares of Small Cap, 462,034 Class B shares of Small Cap and 1,970,027 Class C
shares of Small Cap (valued at $62,404,841, $6,731,032, and $28,697,143,
respectively) for 6,338,617 Class A shares of Appreciation, 723,453 Class B
shares of Appreciation and 3,089,535 Class C shares of Appreciation outstanding
on April 16, 2004. Appreciation's net assets on that date, $97,833,016,
including $8,165,738 appreciation, were combined with those of Small Cap. The
aggregate net assets of Small Cap immediately after the merger were
$268,632,994.

The shareholders of each Class of Appreciation received for each share owned
approximately 0.64, 0.64 and 0.64 shares, respectively, for Class A, Class B and
Class C shares of the same class of Small Cap.

9. PROXY VOTING PROCEDURES

The Adviser and subadviser vote proxies relating to portfolio securities in
accordance with procedures that have been approved by the Fund'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, 2004, 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.

10. FORM N-Q INFORMATION

Effective November 30, 2004, the Trust files complete schedules
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 Form N-Q
is available on the SEC's website at http://www.sec.gov. 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.

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 42 Chairman, Rittenhouse Advisors, LLC (consulting firm) since
Rittenhouse Advisors, LLC 1997. 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 42 Currently retired. Trustee/Director, Phoenix Funds Complex
The Flat, Elmore Court 1997. (1988-present).
Elmore, GL0S, GL2 3NT
U.K.
DOB: 9/8/29
- ------------------------------------------------------------------------------------------------------------------------------------
S. Leland Dill Served since 40 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 42 Director, The Empire District Electric Company (1984-2004).
8477 Bay Colony Dr. #902 1997. Trustee/Director, Phoenix Funds Complex (1995-present).
Naples, FL 34108
DOB: 9/23/30
- ------------------------------------------------------------------------------------------------------------------------------------
Leroy Keith, Jr. Served since 40 Partner, Stonington Partners, Inc. (private equity fund) since
Stonington Partners, Inc. 1997. 2001. Director/Trustee, Evergreen Funds (six portfolios).
736 Market Street, Trustee, Phoenix Funds Complex (1980-present). Chairman (1998 to
Ste. 1430 2000) and Chief Executive Officer (1995-1998), Carson Products
Chattanooga, TN 37402 Company (cosmetics).
DOB: 2/14/39
- ------------------------------------------------------------------------------------------------------------------------------------

FUND MANAGEMENT (UNAUDITED) (CONTINUED)

INDEPENDENT TRUSTEES

Geraldine M. McNamara Served since 42 Managing Director, U.S. Trust Company of New York (private bank)
U.S. Trust Company of 2001. (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 42 Currently retired. Trustee/Director, Phoenix Funds Complex
164 Laird Road 1997. (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 40 Chairman, Hudson Castle Group, Inc. (Formerly IBEX Capital
c/o Northeast Partners 1997. 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 40 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 40 Managing Director, Northway Management Company (1998-present).
Northway Management 1997. Trustee/Director, Phoenix Funds Complex (1988-present).
Company
164 Mason Street
Greenwich, CT 06830
DOB: 2/16/46
- ------------------------------------------------------------------------------------------------------------------------------------
Ferdinand L. J. Verdonck Served since 40 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).
- ------------------------------------------------------------------------------------------------------------------------------------

FUND MANAGEMENT (UNAUDITED) (CONTINUED)

INDEPENDENT TRUSTEES

Lowell P. Weicker, Jr. Served since 40 Director, Medallion Financial New York (2003-present), Compuware
7 Little Point Street 1997. (1996-present), WWF, Inc. (2000-present). President, The Trust
Essex, CT 06426 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 Fund,
as defined in Section 2(a)(19) of the Investment Company Act of 1940, as
amended, and the rules and regulations thereunder.

* Marilyn E. LaMarche Served since 40 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 68 Director, PXRE Corporation (Delaware) (1985-present), World
DOB: 10/23/46 1997. 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 Investment Company Act of 1940, 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>

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
DOB: 6/12/57 Companies, Inc. (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.
- ------------------------------------------------------------------------------------------------------------------------------------
George R. Aylward Executive Vice President Senior Vice President and Chief Operating Officer, Asset
DOB: 8/17/64 since 2004. Management, The Phoenix Companies, Inc. (2004-present).
Executive Vice President and Chief Operating Officer, Phoenix
Investment Partners, Ltd. (2004-present). Vice President, The
Phoenix Companies, Inc. (2001-2004). Vice President, Phoenix
Life Insurance Company (2002-2004). Vice President, Finance,
Phoenix Investment Partners, Ltd. (2001-2002). Assistant
Controller, Phoenix Investment Partners, Ltd. (1996-2001).
- ------------------------------------------------------------------------------------------------------------------------------------
Francis G. Waltman Senior Vice President Vice President, Chief Administrative Officer (2003-present),
DOB: 7/27/62 since 2004. Senior Vice 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).
- ------------------------------------------------------------------------------------------------------------------------------------
Nancy G. Curtiss Treasurer since 1996. Vice President, Fund Accounting (1994-2000), Treasurer
DOB: 11/24/52 (1996-2000), 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).
- ------------------------------------------------------------------------------------------------------------------------------------
Matthew A. Swendiman Secretary since 2004. Counsel, Phoenix Life Insurance Company (2002-present). Vice
One American Row President, Counsel, Chief Legal Officer and Secretary, certain
Hartford, CT 06102 of the funds within the Phoenix Fund Complex (2004-present).
DOB: 4/5/73 Assistant Vice President and Assistant Counsel, Conseco Capital
Management (2000-2002).
- ------------------------------------------------------------------------------------------------------------------------------------

PHOENIX INVESTMENT TRUST 97
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 R. 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.
Phoenix Small Cap Value Fund
56 Prospect Street
Hartford, Connecticut 06115-0480

Engemann Asset Management
Phoenix Value Equity Fund
600 North Rosemead Boulevard
Pasadena, California 91107-2133

PRINCIPAL UNDERWRITER
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

TRANSFER AGENT
Phoenix Equity Planning Corporation
56 Prospect Street
Hartford, Connecticut 06115-0480

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.
- --------------------------------------------------------------------------------

(This page has been left blank intentionally.)

---------------
PRESORTED
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 1-800-243-1574 or PHOENIXINVESTMENTS.COM.

NOT INSURED BY FDIC/NCUSIF OR ANY FEDERAL GOVERNMENT AGENCY.
NO BANK GUARANTEE. NOT A DEPOSIT. MAY LOSE VALUE.

PXP214 4-05

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 Investment Trust 97
------------------------------------------------------------------

By (Signature and Title)* /s/ George R. Aylward
-------------------------------------------------------
George R. Aylward, Executive Vice President
(principal executive officer)

Date May 5, 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 May 5, 2005
----------------------------------------------------------------------------

By (Signature and Title)* /s/ Nancy G. Curtiss
-------------------------------------------------------
Nancy G. Curtiss, Treasurer
(principal financial officer)

Date May 5, 2005
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.