Kram has proposed that mentoring relationships develop and mature over time, providing different levels of mentoring functions as they progress through a sequence of four distinct phases: initiation, cultivation, separation, and redefinition. However, the influence of these mentoring phases on the dynamics and functions of mentoring has received little research attention. This quantitative field study examined the effect of mentoring phases on proteges' perception of trust and identification with their mentors and mentoring functions received using data from 88 working professionals from industry and education. Results of MANCOVA indicated that proteges in the redefinition phase reported higher levels of psychosocial support than other proteges, and proteges in the separation phase reported lower levels of career development and role modeling than other proteges. No significant differences across the mentoring phases were found for trust and identification among proteges towards their mentors; however, proteges from education reported lower levels of identification with their mentors than those from industry. (Contains 2 notes and 3 tables.)