SEC Company Response from VIRTUS VARIABLE INSURANCE TRUST (CIK 0000792359) — Jun 30, 2005
VIRTUS VARIABLE INSURANCE TRUST (CIK 0000792359)
Date: June 30, 2005 · CIK: 0000792359 · Accession: 0000949377-05-000596
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The Phoenix Edge Series Fund
101 Munson Street
Greenfield, MA 01301
June 30, 2005
Mr. Jason Fox
United States Securities and Exchange Commission
450 5th Street, NW
Washington, DC 20549
RE: The Phoenix Edge Series Fund
Dear Mr. Fox,
This letter responds to your oral comments received on June 6, 2005, regarding
the financial statements contained in the annual reports of the various Series
of The Phoenix Edge Series Fund, which were filed with the Commission on Form
N-CSR on March 9, 2005. We appreciate the opportunity to address your comments
regarding the current disclosure contained in the Financial Statements of
certain of the Series.
We have organized the comments you presented and our response to such comments,
in the order in which they were delivered.
1. You requested that a statement be added to note that total return
information in the management commentary and in the expense exhibits
does not include charges of insurance separate accounts, and if such
charges were included, returns would be lower.
Response: The Fund is organized with series which are available only to the
subaccounts of the Phoenix Life Variable Accumulation Account,
Phoenix Life Variable Universal Life Account, PHL Variable
Accumulation Account, PHLVIC Variable Universal Life Account,
Phoenix Life and Annuity Variable Universal Life Account, and
Phoenix Life Separate Accounts C and D, and Home Life Separate
Account B. We will include the requested disclosures in our
financial statement reports in the future.
2. You requested that a disclosure be added with respect to any warrants
held, stating exercise price and date of expiration.
Response: This disclosure will appear in all future financial statement
filings.
3. With respect to your review of the Statement of Operations of
Phoenix-Aberdeen International, you asked if the fund had paid any
foreign capital gains tax and/or if a liability exists.
Response: The fund has not paid any such tax and no liability exists. The
Indian security on the Schedule of Investments (ICIC Bank Ltd -
ADR) is traded in the U.S. market not India; therefore, there is no
liability for capital gains taxes.
4. With respect to Note 3 to the Financial Statements: You noted that the
Alliance/Bernstein Enhanced Index Series was not included in the second
table showing subadvisers.
Response: This was an inadvertent clerical omission that will be corrected in
future filings. Later in the same Note 3 there is disclosure of the
fee arrangement between the Adviser, Phoenix Variable Advisers, and
the Subadviser, noted as Alliance, for this fund.
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This letter incorporates by reference the "Tandy Letter" signed by an officer of
the Trust and attached hereto as Exhibit A.
We trust that these responses address your comments.
If you have further questions, please do not hesitate to contact me at
860-403-5246.
Very truly yours,
/s/ Kevin S. Carr
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Kevin S. Carr, Esquire
Secretary and Chief Legal Officer
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EXHIBIT A
The Phoenix Edge Series Fund
101 Munson Street
Greenfield, MA 01301
June 30, 2005
Mr. Jason Fox
United States Securities and Exchange Commission
450 5th Street, NW
Washington, DC 20549
RE: The Phoenix Edge Series Fund
In connections with the Fund's response to certain oral comments received from
the Commission staff on June 6, 2005, with respect to the financial statements
of its series filed on Form N-CST on March 9, 2005 ("Financial Statements"), the
Fund is providing the following, as instructed:
Tandy Representation
o The Fund is responsible for the adequacy and accuracy of the disclosure
in the filings;
o Staff comments or changes to disclosure in response to Staff comments
in the filings reviewed by the Staff do not foreclose the Commission
from taking any action with respect to the filing; and
o The Fund may not assert staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities
laws of the United States.
Please direct any questions concerning this letter to Kevin J. Carr,
Esquire, Secretary and Chief Legal Officer of the Fund, at 860-403-5246.
Very truly yours,
/s/ Philip K. Polkinghorn
Philip K. Polkinghorn
President, The Phoenix Edge Series Fund
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