semiannual report l50776 phoenix market neutral fund trust name portfolios april 30 2006 wouldn t you rather have this document e mailed to eligible shareholders can sign up for delivery at phoenixfunds com is not authorized distribution prospective investors in the unless preceded or accompanied by an effective prospectus which includes information concerning sales charge s record and other pertinent mutual funds are insured fdic deposits obligations of a bank guaranteed subject investment risks including possible loss principal invested 1 message from president preceding opinion there no guarantee that forecasts discussed will be realized dear shareholder addresses performance your six months ended it provides detailed about portfolio holdings transactions period our focus on serving best interests we believe among most
