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Virtus Opportunities Trust – ‘N-Q’ for 6/30/08

On: Thursday, 8/28/08, at 12:56pm ET · Effective: 8/28/08 · For: 6/30/08 · Accession #: 935069-8-2006 · File #: 811-07455

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/28/08  Virtus Opportunities Trust        N-Q         6/30/08    2:286K                                   Bowne - BGM/FA
          → Phoenix International Strategies Fund ⇒ Class A (PHITX) — Class B (PINBX) — Class C (PAICX)
          → Virtus Alphasector Allocation Fund ⇒ Class A (PSWAX) — Class C (PSWCX)
          → Virtus Core Bond Fund ⇒ Class A (PHGBX) — Class B (PUSBX) — Class C (PUSCX)
          → Virtus Duff & Phelps Global Infrastructure Fund ⇒ Class A (PGUAX) — Class C (PGUCX) — Class I (PGIUX)
          → Virtus Duff & Phelps International Real Estate Securities Fund ⇒ Class A (PXRAX) — Class C (PXRCX) — Class I (PXRIX)
          → Virtus Duff & Phelps Real Asset Fund ⇒ Class A (PDPAX) — Class C (PDPCX)
          → Virtus Duff & Phelps Real Estate Securities Fund ⇒ Class A (PHRAX) — Class B (PHRBX) — Class C (PHRCX) — Class I (PHRIX)
          → Virtus Dynamic Trend Fund ⇒ Class A (EMNAX) — Class B (EMNBX) — Class C (EMNCX)
          → Virtus Money Market Fund ⇒ Class A (PMMXX)
          → Virtus Newfleet CA Tax-Exempt Bond Fund ⇒ Class A (CTESX) — Class I (CTXEX)
          → Virtus Newfleet Core Plus Bond Fund ⇒ Class A (SAVAX) — Class B (SAVBX) — Class C (SAVCX) — Class I (SAVYX)
          → Virtus Newfleet High Yield Fund ⇒ Class A (PHCHX) — Class B (PHCCX) — Class C (PGHCX)
          → Virtus Newfleet Multi-Sector Intermediate Bond Fund ⇒ Class A (NAMFX) — Class B (NBMFX) — Class C (NCMFX)
          → Virtus Newfleet Multi-Sector Short Term Bond Fund ⇒ Class A (NARAX) — Class B (PBARX) — Class C (PSTCX) — Class C1 (PMSTX)
          → Virtus Newfleet Senior Floating Rate Fund ⇒ Class A (PSFRX) — Class C (PFSRX) — Class I (PSFIX)
          → Virtus Rampart Sector Trend Fund ⇒ Class A (PWBAX) — Class C (PWBCX)
          → Virtus Vontobel Foreign Opportunities Fund ⇒ Class A (JVIAX) — Class C (JVICX) — Class I (JVXIX)
          → Virtus Vontobel Global Opportunities Fund ⇒ Class A (NWWOX) — Class B (WWOBX) — Class C (WWOCX)
          → Virtus Wealth Accumulator Fund ⇒ Class A (PWAAX) — Class C (PWACX)

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Phoenix Opportunities Trust Nq 6-08                  213±   750K 
 2: EX-99.CERT  Certification 302                                      4     15K

N-Q — Phoenix Opportunities Trust Nq 6-08
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Controls and Procedures Exhibits SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith
1	1st Page - Filing Submission
2	Item 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith
100	Item 2. Controls and Procedures
"	Item 3. Exhibits

N-Q 1st “Page” of 101 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY 

Investment Company Act file number 811-07455
                                   ---------

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

 101 Munson Street
 Greenfield, MA 01301-9668
 ---------------------------------------------------
 (Address of principal executive offices) (Zip code)

Kevin J. Carr, Esq.                                   
Vice President, Chief Legal Officer,          John H. Beers, Esq.       
Counsel and Secretary for Registrant       Vice President and Counsel   
  Phoenix Life Insurance Company        Phoenix Life Insurance Company
  One American Row                      One American Row
  Hartford, CT 06103-2899              Hartford, CT 06103-2899
----------------------------------------------------------------------- 
 (Name and address of agent for service)

Registrant's telephone number, including area code: (800) 243-1574
                                                    --------------

 Date of fiscal year end: September 30
                          ------------

 Date of reporting period: June 30, 2008
                           -------------

Form N-Q is to be used by  management  investment  companies,  other  than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters,  pursuant to rule 30b1-5 under
the Investment  Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use
the  information  provided  on Form N-Q in its  regulatory,  disclosure  review,
inspection, and policymaking roles.                                             

A registrant is required to disclose the information  specified by Form N-Q, and
the Commission will make this  information  public. A registrant is not required
to respond to the  collection  of  information  contained in Form N-Q 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 the
Secretary,  Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549.  The OMB has reviewed this collection of information  under the clearance
requirements of 44 U.S.C. ss. 3507.                                             

N-Q 2nd “Page” of 101 TOC 1st Previous Next ↓Bottom Just 2nd
ITEM 1. SCHEDULE OF INVESTMENTS.                                                
The Schedules of Investments are attached herewith.                             

 PHOENIX GLOBAL UTILITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2008 (UNAUDITED)

($ reported in thousands)                                                       

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

DOMESTIC COMMON STOCKS--64.4%                                                   

ELECTRIC UTILITIES--35.2%                                                       
American Electric Power Co., Inc.                  38,580        $  1,552       
DPL, Inc.                                          25,070             661       
Duke Energy Corp.                                 121,050           2,104       
Edison International                               28,440           1,461       
Entergy Corp.                                      22,010           2,652       
Exelon Corp.                                       65,460           5,889       
FirstEnergy Corp.                                  32,730           2,695       
FPL Group, Inc.                                    43,730           2,868       
Northeast Utilities                                24,010             613       
Pepco Holdings, Inc.                               35,360             907       
PPL Corp.                                          39,490           2,064       
Progress Energy, Inc.                              22,760             952       
Southern Co. (The)                                 75,340           2,631       
                                                          --------
                                                            27,049
                                                          --------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--1.8%                              
Constellation Energy Group, Inc.                   16,860           1,384       
                                                          --------

INTEGRATED TELECOMMUNICATION SERVICES--8.5%                                     
AT&T, Inc.                                         97,750           3,293       
Fairpoint Communications, Inc.                     75,890             547       
Verizon Communications, Inc.                       58,900           2,085       
Windstream Corp.                                   51,720             639       
                                                          --------
                                                             6,564
                                                          --------

MULTI-UTILITIES--14.2%                                                          
Alliant Energy Corp.                               11,160             382       
CenterPoint Energy, Inc.                           27,980             449       
Dominion Resources, Inc.                           67,490           3,205       
NSTAR                                              16,730             566       
PG&E Corp.                                         37,780           1,499       
Public Service Enterprise Group, Inc.              59,450           2,731       
Sempra Energy                                      36,420           2,056       
                                                          --------
                                                            10,888
                                                          --------

OIL & GAS STORAGE & TRANSPORTATION--4.7%                                        
Spectra Energy Corp.                               65,750           1,890       

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

OIL & GAS STORAGE & TRANSPORTATION--(CONTINUED)                                 
Williams Cos., Inc. (The)                          42,600        $  1,717       
                                                          --------
                                                             3,607
-------------------------------------------------------------------------       
TOTAL DOMESTIC COMMON STOCKS                                                    
(IDENTIFIED COST $48,122)                                          49,492       
-------------------------------------------------------------------------       

FOREIGN COMMON STOCKS(b)--32.8%                                                 

ELECTRIC UTILITIES--10.6%                                                       
E.ON AG (Germany)                                  12,510           2,521       
Energias de Portugal SA (Portugal)                150,990             785       
Fortum Oyj (Finland)                               25,705           1,301       
Iberdrola S.A. (Spain)                            104,330           1,390       
Red Electrica Corp.  S.A. (Spain)                  15,290             993       
Scottish and Southern Energy plc                                                
(United Kingdom)                                 40,460           1,127     
                                                          --------
                                                             8,117
                                                          --------

INTEGRATED TELECOMMUNICATION SERVICES--12.6%                                    
Chunghwa Telecom Co., Ltd. ADR                                                  
(Taiwan)                                         48,730           1,236     
France Telecom SA Sponsored ADR                                                 
(France)                                         39,480           1,170     
Koninklijke KPN N.V. (Netherlands)                 92,650           1,584       
Singapore Telecommunications Ltd.                                               
(Singapore)                                     370,400             987     
Swisscom AG (Switzerland)                           2,610             869       
Telecom Corporation of New Zealand Ltd.                                         
Sponsored ADR (New Zealand)                      52,780             713     
Telefonica S.A. Sponsored ADR                                                   
(Spain)                                          24,700           1,966     
TELUS Corp. (Canada)                               27,040           1,137       
                                                          --------
                                                             9,662
                                                          --------

MULTI-UTILITIES--2.4%                                                           
National Grid plc (United Kingdom)                 36,020             472       
RWE AG (Germany)                                   10,740           1,356       
                                                          --------
                                                             1,828
                                                          --------

OIL & GAS STORAGE & TRANSPORTATION--4.3%                                        
Enbridge, Inc. (Canada)                            39,580           1,709       
TransCanada Corp. (Canada)                         41,620           1,614       
                                                          --------
                                                             3,323
                                                          --------

WIRELESS TELECOMMUNICATION SERVICES--2.9%                                       
Vodafone Group plc Sponsored ADR                                                
(United Kingdom)                                 75,930           2,237     
                                                          --------

1 

N-Q 3rd “Page” of 101 TOC 1st Previous Next ↓Bottom Just 3rd
PHOENIX GLOBAL UTILITIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       
-------------------------------------------------------------------------       
TOTAL FOREIGN COMMON STOCKS                                                     
(IDENTIFIED COST $23,999)                                          25,167       
-------------------------------------------------------------------------       
TOTAL LONG TERM INVESTMENTS--97.2%                                              
(IDENTIFIED COST $72,121)                                          74,659       
                                                          --------

                                        PAR VALUE        VALUE
                                          ---------       --------

SHORT-TERM INVESTMENTS--2.4%                                                    

FEDERAL AGENCY SECURITIES(c)--2.4%                                              
FHLB                                                                            
2.000% due 7/1/08                                $1,830        $  1,830     
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $1,830)                                            1,830       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.6%                                                        
(IDENTIFIED COST $73,951)                                          76,489(a)    

Other assets and liabilities, net--0.4%                               318       
                                                          --------
NET ASSETS--100.0%                                               $ 76,807       
                                                          ========

ABBREVIATIONS:                                                                  
ADR  American Depositary Receipt                                                
FHLB Federal Home Loan Bank                                                     

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized appreciation of investment  
securities is comprised of gross appreciation of $5,365 and gross     
   depreciation of $2,929 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$74,053.                                                              
(b)  A security is considered to be foreign if the security is issued in a      
    foreign country. The country of risk, noted parenthetically, is determined
based on criteria described in Note 1B "Foreign security country      
determination" in the Notes to Schedules of Investments.              
(c)  The rate shown is the discount rate.                                       

2 

N-Q 4th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 4th
PHOENIX INTERNATIONAL REAL ESTATE SECURITIES FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

FOREIGN COMMON STOCKS(c)--96.3%                                                 

AUSTRALIA--21.4%                                                                
CFS Retail Property Trust (Retail                                               
REITs)                                           99,452        $    177     
Commonwealth Property Office Fund                                               
(Office REITs)                                  115,923             137     
Dexus Property Group (Diversified                                               
REITs)                                           89,987             119     
Goodman Group (Industrial REITs)                  119,640             354       
GPT Group (Diversified REITs)                     112,972             241       
Westfield Group (Retail REITs)                     80,946           1,265       
                                                          --------
                                                             2,293
                                                          --------

CANADA--7.7%                                                                    
Allied Properties Real Estate                                                   
Investment Trust (Office REITs)                   5,900             117     
Boardwalk Real Estate Investment                                                
Trust (Residential REITs)                         6,460             242     
Brookfield Properties Corp. (Real                                               
Estate Management & Development)                  9,300             167     
Cominar Real Estate Investment                                                  
Trust (Diversified REITs)                         5,750             124     
RioCan Real Estate Investment Trust                                             
(Retail REITs)                                    9,200             179     
                                                          --------
                                                               829
                                                          --------

FRANCE--13.5%                                                                   
Fonciere Des Regions (Real Estate                                               
Management & Development)                         1,097             134     
Gecina SA (Diversified REITs)                         735              89       
Klepierre (Retail REITs)                            4,996             251       
Societe Immobiliere de Location                                                 
Pour L'industrie Et Le Commerce                                             
(Real Estate Management &                                                   
Development)                                        792              99     
Unibail-Rodamco (Retail REITs)                      3,805             876       
                                                          --------
                                                             1,449
                                                          --------

GERMANY--4.5%                                                                   
Alstria Office Reit-AG (Specialized                                             
REITs)                                            6,732             111     
Deutsche Euroshop AG (Real Estate                                               
Management & Development)                         2,418              93     
DIC Asset AG (Real Estate                                                       
Management & Development)                         3,801              96     
GAGFAH S.A. (Real Estate Management                                             
& Development)                                    7,151             102     

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

GERMANY--(CONTINUED)                                                            
IVG Immobilien AG (Real Estate                                                  
Management & Development)                         4,232        $     83     
                                                          --------
                                                               485
                                                          --------

HONG KONG--7.7%                                                                 
Champion Reit (Specialized REITs)                 238,000             110       
Hongkong Land Holdings Ltd. (Real                                               
Estate Management & Development)                112,000             475     
Link (The) (Retail REITs)                         104,000             237       
                                                          --------
                                                               822
                                                          --------

JAPAN--9.1%                                                                     
Japan Prime Realty Investment Corp.                                             
(Office REITs)                                       46             136     
Japan Real Estate Investment Corp.                                              
(Office REITs)                                       23             243     
Nippon Accomodations Fund, Inc.                                                 
(Specialized REITs)                                  16              73     
Nippon Building Fund, Inc.                                                      
(Office REITs)                                       30             354     
Nippon Residential Investment Corp.                                             
(Specialized REITs)                                  18              54     
Nomura Real Estate Office Fund,                                                 
Inc. (Office REITs)                                  15             113     
                                                          --------
                                                               973
                                                          --------

NETHERLANDS--3.2%                                                               
Corio N.V. (Retail REITs)                           2,481             193       
Eurocommercial Properties N.V.                                                  
(Specialized REITs)                               3,212             153     
                                                          --------
                                                               346
                                                          --------

SINGAPORE--6.1%                                                                 
Ascendas Real Estate Investment                                                 
Trust (Industrial REITs)                         88,000             143     
CapitaCommercial Trust                                                          
(Office REITs)                                  112,000             157     
CapitaMall Trust (Retail REITs)                    83,000             183       
CDL Hospitality Trusts                                                          
(Specialized REITs)                             128,000             166     
                                                          --------
                                                               649
                                                          --------

SWEDEN--2.1%                                                                    
Castellum AB (Real Estate                                                       
Management & Development)                        14,466             137     
Fabege AB (Real Estate Management &                                             
Development)                                     13,509              90     
                                                          --------
                                                               227
                                                          --------

1 

N-Q 5th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 5th
PHOENIX INTERNATIONAL REAL ESTATE SECURITIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

SWITZERLAND--2.1%                                                               
PSP Swiss Property AG (Real Estate                                              
Management & Development)(b)                      3,846        $    228     

UNITED KINGDOM--18.9%                                                           
Big Yellow Group plc (Real Estate                                               
Management & Development)                         3,446              20     
British Land Co. plc                                                            
(Diversified REITs)                              21,773             306     
Brixton plc (Industrial REITs)                     20,204              96       
Derwent London plc (Real Estate                                                 
Management & Development)                         6,846             137     
Great Portland Estates plc                                                      
(Office REITs)                                   16,153             108     
Hammerson plc (Retail REITs)                       15,609             277       
Land Securities Group plc                                                       
(Retail REITs)                                   19,053             465     
Liberty International plc                                                       
(Retail REITs)                                   16,065             274     
Safestore Holdings Ltd.                                                         
(Specialized Consumer Services)                  49,219             145     
Segro plc (Industrial REITs)                       25,828             202       
                                                          --------
                                                             2,030
-------------------------------------------------------------------------       
TOTAL FOREIGN COMMON STOCKS                                                     
(IDENTIFIED COST $13,190)                                          10,331       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--96.3%                                              
(IDENTIFIED COST $13,190)                                          10,331       
                                                          --------

SHORT-TERM INVESTMENTS--2.8%                                                    
                         PAR
                                          VALUE            VALUE
                                         ---------        --------

FEDERAL AGENCY SECURITIES(d)--2.8%                                              
FNMA                                                                            
2.000% due 7/1/08                                   $300            300     
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $300)                                                300       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.1%                                                        
(IDENTIFIED COST $13,490)                                          10,631(a)    

Other assets and liabilities, net--0.9%                                98       
                                                          --------
NET ASSETS--100.0%                                               $ 10,729       
                                                          ========

ABBREVIATIONS:                                                                  
FNMA  Fannie Mae or Federal National Mortgage Association                       
REIT  Real Estate Investment Trust                                              

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized depreciation of investment  
    securities is comprised of gross appreciation of $8 and gross depreciation
    of $2,874 for federal income tax purposes. At June 30, 2008, the aggregate
cost of securities for federal income tax purposes was $13,497.       
(b)  Non-income producing.                                                      
(c)  A security is considered to be foreign if the security is issued in a      
  foreign country. The country of risk, noted in the header, is determined
based on criteria described in Note 1B "Foreign security country      
determination" in the Notes to Schedules of Investments.              
(d)  The rate shown is the discount rate.                                       

2 

N-Q 6th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 6th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

DOMESTIC COMMON STOCKS--73.0%                                                   

ADVERTISING--1.0%                                                               
Omnicom Group, Inc.                                25,520        $  1,145       
                                                          --------

AEROSPACE & DEFENSE--2.3%                                                       
Esterline Technologies Corp.(b)                    16,640             820       
Goodrich Corp.                                     11,090             526       
Lockheed Martin Corp.                               6,040             596       
Raytheon Co.                                       12,820             722       
                                                          --------
                                                             2,664
                                                          --------

AIRLINES--0.7%                                                                  
Delta Air Lines, Inc.(b)                          106,630             608       
US Airways Group, Inc.(b)                          80,500             201       
                                                          --------
                                                               809
                                                          --------

ALTERNATIVE CARRIERS--0.7%                                                      
Cogent Communications Group, Inc.(b)               61,270             821       
                                                          --------

APPAREL RETAIL--2.3%                                                            
Children's Place (The)(b)                          15,660             565       
Gap, Inc. (The)                                    22,440             374       
Jos. A. Bank Clothiers, Inc.(b)                    21,450             574       
Ross Stores, Inc.                                  19,970             709       
TJX Cos., Inc. (The)                               16,200             510       
                                                          --------
                                                             2,732
                                                          --------

APPAREL, ACCESSORIES & LUXURY GOODS--2.4%                                       
Gildan Activewear, Inc.(b)                         12,200             316       
Kenneth Cole Productions, Inc.                                                  
Class A                                          12,080             154     
Phillips-Van Heusen Corp.                          13,190             483       
True Religion Apparel, Inc.(b)                     69,770           1,859       
                                                          --------
                                                             2,812
                                                          --------

APPLICATION SOFTWARE--0.5%                                                      
Concur Technologies, Inc.(b)                       18,860             627       
                                                          --------

ASSET MANAGEMENT & CUSTODY BANKS--0.7%                                          
Blackstone Group LP (The)                          47,210             860       
                                                          --------

AUTO PARTS & EQUIPMENT--0.4%                                                    
Drew Industries, Inc.(b)                           15,040             240       
Johnson Controls, Inc.                             10,230             293       
                                                          --------
                                                               533
                                                          --------

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

AUTOMOTIVE RETAIL--1.2%                                                         
Advance Auto Parts, Inc.                           28,850        $  1,120       
O'Reilly Automotive, Inc.(b)                       14,200             318       
                                                          --------
                                                             1,438
                                                          --------

BIOTECHNOLOGY--0.7%                                                             
BioMarin Pharmaceutical, Inc.(b)                    6,530             189       
Gilead Sciences, Inc.(b)                            7,030             372       
Vertex Pharmaceuticals, Inc.(b)                     8,630             289       
                                                          --------
                                                               850
                                                          --------

BREWERS--0.6%                                                                   
Molson Coors Brewing Co. Class B                   12,320             669       
                                                          --------

BROADCASTING & CABLE TV--0.6%                                                   
Belo Corp. Class A                                 37,700             276       
Cox Radio, Inc. Class A(b)                         39,080             461       
                                                          --------
                                                               737
                                                          --------

BUILDING PRODUCTS--0.6%                                                         
Masco Corp.                                        41,540             653       
                                                          --------

COMMODITY CHEMICALS--0.3%                                                       
Celanese Corp. Series A                             8,140             372       
                                                          --------

COMMUNICATIONS EQUIPMENT--0.5%                                                  
Emulex Corp.(b)                                    46,970             547       
                                                          --------

COMPUTER HARDWARE--1.1%                                                         
Apple, Inc.(b)                                      5,300             887       
Dell, Inc.(b)                                      19,970             437       
                                                          --------
                                                             1,324
                                                          --------

CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.5%                              
Terex Corp.(b)                                     11,340             583       
                                                          --------

CONSUMER ELECTRONICS--0.3%                                                      
Harman International Industries,                                                
Inc.                                              7,400             306     
                                                          --------

DATA PROCESSING & OUTSOURCED SERVICES--2.0%                                     
Alliance Data Systems Corp.(b)                     17,140             969       
Global Payments, Inc.                              17,010             793       
Western Union Co. (The)                            25,760             637       
                                                          --------
                                                             2,399
                                                          --------

DIVERSIFIED CHEMICALS--0.5%                                                     
Ashland, Inc.                                      12,330             594       
                                                          --------

1 

N-Q 7th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 7th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

DRUG RETAIL--1.2%                                                               
CVS Caremark Corp.                                 34,520        $  1,366       
                                                          --------

ELECTRIC UTILITIES--2.5%                                                        
Allegheny Energy, Inc.                             17,380             871       
DPL, Inc.                                          39,690           1,047       
Portland General Electric Co.                      43,760             985       
                                                          --------
                                                             2,903
                                                          --------

ELECTRICAL COMPONENTS & EQUIPMENT--1.6%                                         
Emerson Electric Co.                               17,380             859       
SunPower Corp. Class A(b)                           4,190             302       
Thomas & Betts Corp.(b)                            17,870             676       
                                                          --------
                                                             1,837
                                                          --------

ELECTRONIC EQUIPMENT MANUFACTURERS--0.7%                                        
Amphenol Corp. Class A                             13,070             586       
Mettler-Toledo International,                                                   
Inc.(b)                                           2,960             281     
                                                          --------
                                                               867
                                                          --------

ENVIRONMENTAL & FACILITIES SERVICES--0.6%                                       
Clean Harbors, Inc.(b)                              4,670             332       
Covanta Holding Corp.(b)                           12,940             345       
                                                          --------
                                                               677
                                                          --------

FERTILIZERS & AGRICULTURAL CHEMICALS--0.7%                                      
Intrepid Potash, Inc.(b)                            6,530             430       
Monsanto Co.                                        2,960             374       
                                                          --------
                                                               804
                                                          --------

FOOD DISTRIBUTORS--0.5%                                                         
SYSCO Corp.                                        21,450             590       
                                                          --------

FOOD RETAIL--0.8%                                                               
SUPERVALU, Inc.                                    20,130             622       
Winn-Dixie Stores, Inc.(b)                         22,310             357       
                                                          --------
                                                               979
                                                          --------

FOOTWEAR--0.2%                                                                  
Timberland Co. (The) Class A(b)                    16,890             276       
                                                          --------

GENERAL MERCHANDISE STORES--0.9%                                                
Family Dollar Stores, Inc.                         50,910           1,015       
                                                          --------

HEALTH CARE DISTRIBUTORS--0.5%                                                  
Cardinal Health, Inc.                               6,780             350       

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

HEALTH CARE DISTRIBUTORS--(CONTINUED)                                           
McKesson Corp.                                      5,180        $    289       
                                                          --------
                                                               639
                                                          --------

HEALTH CARE EQUIPMENT--4.8%                                                     
Becton, Dickinson & Co.                            12,940           1,052       
Covidien Ltd.                                      18,880             904       
Hologic, Inc.(b)                                    9,990             218       
Hospira, Inc.(b)                                   31,280           1,255       
St. Jude Medical, Inc.(b)                          25,280           1,033       
Volcano Corp.(b)                                   76,060             928       
Zimmer Holdings, Inc.(b)                            3,080             210       
                                                          --------
                                                             5,600
                                                          --------

HEALTH CARE SERVICES--0.8%                                                      
DaVita, Inc.(b)                                     8,670             461       
Laboratory Corp. of America                                                     
Holdings(b)                                       6,570             457     
                                                          --------
                                                               918
                                                          --------

HOME FURNISHINGS--0.4%                                                          
Ethan Allen Interiors, Inc.                        20,710             510       
                                                          --------

HOME IMPROVEMENT RETAIL--0.3%                                                   
Home Depot, Inc. (The)                             16,030             375       
                                                          --------

HOMEBUILDING--0.4%                                                              
Champion Enterprises, Inc.(b)                      89,250             522       
                                                          --------

HOTELS, RESORTS & CRUISE LINES--0.2%                                            
Marriott International, Inc. Class A                6,920             182       
                                                          --------

HOUSEWARES & SPECIALTIES--0.5%                                                  
Newell Rubbermaid, Inc.                            32,050             538       
                                                          --------

HUMAN RESOURCE & EMPLOYMENT SERVICES--0.2%                                      
Monster Worldwide, Inc.(b)                         13,800             284       
                                                          --------

HYPERMARKETS & SUPER CENTERS--1.2%                                              
BJ's Wholesale Club, Inc.(b)                       35,750           1,384       
                                                          --------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.8%                              
Constellation Energy Group, Inc.                   11,830             971       
                                                          --------

INDUSTRIAL CONGLOMERATES--0.5%                                                  
Textron, Inc.                                       8,470             406       
Tyco International Ltd.                             5,690             228       
                                                          --------
                                                               634
                                                          --------

2 

N-Q 8th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 8th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

INDUSTRIAL MACHINERY--1.7%                                                      
Actuant Corp. Class A                              18,610        $    583       
Eaton Corp.                                        16,520           1,404       
                                                          --------
                                                             1,987
                                                          --------

INTEGRATED OIL & GAS--1.5%                                                      
ConocoPhillips                                     18,370           1,734       
                                                          --------

INTERNET SOFTWARE & SERVICES--1.4%                                              
Akamai Technologies, Inc.(b)                       21,700             755       
Ariba, Inc.(b)                                     33,410             492       
DealerTrack Holdings, Inc.(b)                      25,390             358       
                                                          --------
                                                             1,605
                                                          --------

INVESTMENT BANKING & BROKERAGE--0.9%                                            
Goldman Sachs Group, Inc. (The)                     3,210             562       
Piper Jaffray Cos.(b)                              16,890             495       
                                                          --------
                                                             1,057
                                                          --------

IT CONSULTING & OTHER SERVICES--0.7%                                            
CACI International, Inc. Class A(b)                18,760             859       
                                                          --------

LIFE & HEALTH INSURANCE--1.0%                                                   
Conseco, Inc.(b)                                   80,250             796       
MetLife, Inc.                                       8,140             430       
                                                          --------
                                                             1,226
                                                          --------

LIFE SCIENCES TOOLS & SERVICES--1.6%                                            
Thermo Fisher Scientific, Inc.(b)                  26,630           1,484       
Waters Corp.(b)                                     6,160             397       
                                                          --------
                                                             1,881
                                                          --------

MORTGAGE REITs--0.4%                                                            
Redwood Trust, Inc.                                22,560             514       
                                                          --------

MOVIES & ENTERTAINMENT--0.4%                                                    
News Corp. Class B                                 29,710             456       
                                                          --------

MULTI-UTILITIES--0.9%                                                           
CMS Energy Corp.                                   71,620           1,067       
                                                          --------

OFFICE REITs--0.3%                                                              
Lexington Realty Trust                             22,810             311       
                                                          --------

OFFICE SERVICES & SUPPLIES--0.4%                                                
Steelcase, Inc. Class A                            42,410             425       
                                                          --------

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

OIL & GAS DRILLING--1.1%                                                        
Unit Corp.(b)                                      15,290        $  1,269       
                                                          --------

OIL & GAS EXPLORATION & PRODUCTION--1.3%                                        
XTO Energy, Inc.                                   21,700           1,487       
                                                          --------

PACKAGED FOODS & MEATS--2.0%                                                    
ConAgra Foods, Inc.                                30,450             587       
Dean Foods Co.(b)                                  27,370             537       
Pilgrim's Pride Corp.                               5,530              72       
Ralcorp Holdings, Inc.(b)                          15,900             786       
Smithfield Foods, Inc.(b)                          17,540             349       
                                                          --------
                                                             2,331
                                                          --------

PAPER PACKAGING--0.5%                                                           
Temple-Inland, Inc.                                51,770             584       
                                                          --------

PERSONAL PRODUCTS--1.9%                                                         
Bare Escentuals, Inc.(b)                           50,420             945       
Estee Lauder Cos., Inc. (The)                                                   
Class A                                          26,870           1,248     
                                                          --------
                                                             2,193
                                                          --------

PHARMACEUTICALS--1.0%                                                           
Alpharma, Inc. Class A(b)                          23,910             539       
Merck & Co., Inc.                                   6,160             232       
Wyeth                                               8,510             408       
                                                          --------
                                                             1,179
                                                          --------

PROPERTY & CASUALTY INSURANCE--0.4%                                             
Assured Guaranty Ltd.                              28,850             519       
                                                          --------

PUBLISHING--0.8%                                                                
AH Belo Corp.                                      29,194             166       
Interactive Data Corp.                             11,960             301       
Valassis Communications, Inc.(b)                   42,900             537       
                                                          --------
                                                             1,004
                                                          --------

REGIONAL BANKS--2.5%                                                            
City National Corp.                                12,330             519       
National City Corp.                               116,860             557       
Pacific Capital Bancorp                            35,500             489       
PNC Financial Services Group, Inc.                                              
(The)                                             7,520             429     
Synovus Financial Corp.                            24,650             215       
Wilmington Trust Corp.                             27,740             734       
                                                          --------
                                                             2,943
                                                          --------

3 

N-Q 9th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 9th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

REINSURANCE--0.5%                                                               
PartnerRe Ltd.                                      9,370        $    648       
                                                          --------

RESTAURANTS--0.6%                                                               
Darden Restaurants, Inc.                           20,487             654       
                                                          --------

SEMICONDUCTORS--0.8%                                                            
Diodes, Inc.(b)                                    19,080             527       
Maxim Integrated Products, Inc.                    20,220             428       
                                                          --------
                                                               955
                                                          --------

SOFT DRINKS--1.0%                                                               
Coca-Cola Enterprises, Inc.                        19,660             340       
Dr Pepper Snapple Group, Inc.(b)                   10,295             216       
PepsiCo, Inc.                                       9,250             588       
                                                          --------
                                                             1,144
                                                          --------

SPECIALIZED CONSUMER SERVICES--0.6%                                             
Regis Corp.                                        28,720             757       
                                                          --------

SPECIALTY STORES--0.7%                                                          
OfficeMax, Inc.                                    21,330             296       
Tractor Supply Co.(b)                              18,000             523       
                                                          --------
                                                               819
                                                          --------

SYSTEMS SOFTWARE--0.6%                                                          
BMC Software, Inc.(b)                              11,090             399       
Sybase, Inc.(b)                                    11,090             327       
                                                          --------
                                                               726
                                                          --------

TECHNOLOGY DISTRIBUTORS--0.4%                                                   
Arrow Electronics, Inc.(b)                         16,640             511       
                                                          --------

THRIFTS & MORTGAGE FINANCE--1.6%                                                
BankAtlantic Bancorp, Inc. Class A                 95,410             168       
Flushing Financial Corp.                           21,330             404       
Hudson City Bancorp, Inc.                          19,110             319       
People's United Financial, Inc.                    19,410             303       
Sovereign Bancorp, Inc.                            90,110             663       
                                                          --------
                                                             1,857
                                                          --------

TOBACCO--0.6%                                                                   
Philip Morris International, Inc.                  15,160             749       
                                                          --------

TRADING COMPANIES & DISTRIBUTORS--0.5%                                          
Interline Brands, Inc.(b)                          39,690             632       
                                                          --------

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

TRUCKING--1.5%                                                                  
Heartland Express, Inc.                            74,460        $  1,110       
Landstar System, Inc.                              12,700             702       
                                                          --------
                                                             1,812
                                                          --------

WIRELESS TELECOMMUNICATION SERVICES--0.7%                                       
Leap Wireless International, Inc.(b)                9,000             388       
MetroPCS Communications, Inc.(b)                   23,300             413       
                                                          --------
                                                               801
-------------------------------------------------------------------------       
TOTAL DOMESTIC COMMON STOCKS                                                    
(IDENTIFIED COST $90,376)                                          86,042       
-------------------------------------------------------------------------       

FOREIGN COMMON STOCKS(c)--12.4%                                                 

ADVERTISING--0.4%                                                               
WPP Group plc (United Kingdom)                     47,250             452       
                                                          --------

AIR FREIGHT & LOGISTICS--0.7%                                                   
UTi Worldwide, Inc. (United States)                41,170             821       
                                                          --------

AUTO PARTS & EQUIPMENT--0.4%                                                    
Autoliv, Inc. (Sweden)                             11,680             545       
                                                          --------

AUTOMOBILE MANUFACTURERS--0.9%                                                  
Bayerische Motoren Werke AG                                                     
(Germany)                                         8,910             428     
Daihatsu Motor Co., Ltd. (Japan)                   19,000             218       
Daimler AG (Germany)                                6,410             398       
                                                          --------
                                                             1,044
                                                          --------

BROADCASTING & CABLE TV--0.4%                                                   
Central European Media Enterprises                                              
Ltd. (Bermuda)(b)                                 5,550             502     
                                                          --------

COMMUNICATIONS EQUIPMENT--0.5%                                                  
Research In Motion Ltd. (Canada)(b)                 5,050             590       
                                                          --------

CONSTRUCTION MATERIALS--0.5%                                                    
Buzzi Unicem SpA (Italy)                           24,250             604       
                                                          --------

DIVERSIFIED METALS & MINING--0.4%                                               
Freeport-McMoRan Copper & Gold,                                                 
Inc. (United States)                              3,700             434     
                                                          --------

ELECTRICAL COMPONENTS & EQUIPMENT--0.7%                                         
Spectris plc (United Kingdom)                      59,560             844       
                                                          --------

FOOD RETAIL--0.4%                                                               
Casino Guichard Perrachon SA                                                    
(France)                                          4,280             483     
                                                          --------

4 

N-Q 10th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 10th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

HEALTH CARE EQUIPMENT--1.1%                                                     
Fresenius SE (Germany)                              8,110        $    701       
Sonova Holding AG Registered Shares                                             
(Switzerland)                                     7,370             608     
                                                          --------
                                                             1,309
                                                          --------

HOME ENTERTAINMENT SOFTWARE--0.8%                                               
Nintendo Co., Ltd. (Japan)                          1,600             907       
                                                          --------

HOTELS, RESORTS & CRUISE LINES--0.5%                                            
Thomas Cook Group plc (United                                                   
Kingdom)                                        118,800             551     
                                                          --------

INTEGRATED TELECOMMUNICATION SERVICES--0.0%                                     
Telefonica Data Argentina S.A.                                                  
(Argentina)(b)(e)                                 1,400               0     
Telefonica Moviles S.A.                                                         
(Argentina)(b)(e)                                 1,400               0     
                                                          --------
                                                                 0
                                                          --------

IT CONSULTING & OTHER SERVICES--1.5%                                            
Accenture Ltd. Class A                                                          
(United  States)                                 42,440           1,728     
                                                          --------

PACKAGED FOODS & MEATS--0.5%                                                    
Cadbury plc ADR (United Kingdom)                   11,506             579       
                                                          --------

PHARMACEUTICALS--0.6%                                                           
Elan Corp. plc ADR (Ireland)(b)                    19,230             684       
                                                          --------

PROPERTY & CASUALTY INSURANCE--0.4%                                             
ACE Ltd. (United States)                            8,140             448       
                                                          --------

REINSURANCE--0.7%                                                               
Arch Capital Group Ltd.                                                         
(United States)(b)                               13,120             870     
                                                          --------

TOBACCO--1.0%                                                                   
British American Tobacco plc                                                    
(United Kingdom)                                 16,640             574     
Imperial Tobacco Group plc                                                      
(United Kingdom)                                 16,180             601     
                                                          --------
                                                             1,175
-------------------------------------------------------------------------       
TOTAL FOREIGN COMMON STOCKS                                                     
(IDENTIFIED COST $14,708)                                          14,570       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--85.4%                                              
(IDENTIFIED COST $105,084)                                        100,612       
                                                          --------

                                        PAR VALUE        VALUE
                                          ---------       --------

SHORT-TERM INVESTMENTS--23.1%                                                   

COMMERCIAL PAPER(d)--18.4%                                                      
ABN-AMRO N.A. Finance, Inc.                                                     
2.800% due 7/11/08                               $3,000          2,998      

                                        PAR VALUE        VALUE
                                          ---------       --------

COMMERCIAL PAPER--(CONTINUED)                                                   
2.450% due 7/3/08                                $1,700        $  1,700     
AT&T, Inc. 2.350% due 7/1/08                        3,000           3,000       
Danske Corp. 2.470% due 7/15/08                     3,500           3,496       
Govco LLC 2.650% due 7/2/08                         2,255           2,255       
Pitney Bowes, Inc. 2.200% due 7/7/08                4,700           4,698       
Praxair, Inc. 2.150% due 7/14/08                    3,500           3,497       
                                                          --------
                                                            21,644
                                                          --------

FEDERAL AGENCY SECURITIES(d)--4.7%                                              
FHLB 2.130% due 7/9/08                              2,160           2,159       
FNMA 2.030% due 7/1/08                              3,375           3,375       
                                                          --------
                                                             5,534
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $27,178)                                          27,178       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--108.5%                                                       
(IDENTIFIED COST $132,262)                                        127,790(a)    

SECURITIES SOLD SHORT--(84.6)%                                                  
(PROCEEDS $106,239)                                               (99,661)      

Other assets and liabilities, net--76.1%                           89,687       
                                                          --------
NET ASSETS--100.0%                                               $117,816       
                                                          ========

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

SECURITIES SOLD SHORT--84.6%                                                    

DOMESTIC COMMON STOCKS SOLD SHORT--72.6%                                        

ADVERTISING--0.5%                                                               
Lamar Advertising Co. Class A                      15,660        $    564       
                                                          --------

AGRICULTURAL PRODUCTS--0.6%                                                     
Bunge Ltd.                                          2,730             294       
Corn Products International, Inc.                   8,840             434       
                                                          --------
                                                               728
                                                          --------

AIR FREIGHT & LOGISTICS--1.0%                                                   
Robinson (C.H.) Worldwide, Inc.                    13,440             737       
United Parcel Service, Inc. Class B                 7,890             485       
                                                          --------
                                                             1,222
                                                          --------

AIRLINES--0.6%                                                                  
Alaska Air Group, Inc.                             19,600             300       
SkyWest, Inc.                                      31,680             401       
                                                          --------
                                                               701
                                                          --------

5 

N-Q 11th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 11th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

AIRPORT SERVICES--0.4%                                                          
Macquarie Infrastructure Co. LLC                   20,590        $    521       
                                                          --------

ALUMINUM--0.2%                                                                  
Alcoa, Inc.                                         8,140             290       
                                                          --------

APPAREL RETAIL--0.6%                                                            
Crew (J.) Group, Inc.                              19,720             651       
                                                          --------

APPAREL, ACCESSORIES & LUXURY GOODS--1.5%                                       
Quiksilver, Inc.                                  105,890           1,040       
Under Armour, Inc. Class A                         26,960             691       
                                                          --------
                                                             1,731
                                                          --------

APPLICATION SOFTWARE--1.4%                                                      
Citrix Systems, Inc.                               17,500             515       
FactSet Research Systems, Inc.                      6,910             390       
JDA Software Group, Inc.                           24,040             435       
Nuance Communications, Inc.                        17,960             281       
                                                          --------
                                                             1,621
                                                          --------

BIOTECHNOLOGY--0.5%                                                             
Savient Pharmaceuticals, Inc.                      23,670             599       
                                                          --------

BROADCASTING & CABLE TV--0.8%                                                   
CBS Corp. Class B                                  23,910             466       
Comcast Corp. Class A                              22,070             419       
                                                          --------
                                                               885
                                                          --------

BUILDING PRODUCTS--1.1%                                                         
Simpson Manufacturing Co., Inc.                    52,640           1,250       
                                                          --------

CATALOG RETAIL--0.5%                                                            
Liberty Media Corp. - Interactive                                               
Class A                                          36,000             531     
                                                          --------

COMMODITY CHEMICALS--0.2%                                                       
Westlake Chemical Corp.                            15,410             229       
                                                          --------

COMMUNICATIONS EQUIPMENT--2.0%                                                  
Ciena Corp.                                        15,290             354       
Corning, Inc.                                      27,660             638       
JDS Uniphase Corp.                                 40,500             460       
Juniper Networks, Inc.                             17,630             391       
Riverbed Technology, Inc.                          33,650             462       
                                                          --------
                                                             2,305
                                                          --------

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

COMPUTER & ELECTRONICS RETAIL--0.7%                                             
Best Buy Co., Inc.                                 21,080        $    835       
                                                          --------

COMPUTER HARDWARE--1.2%                                                         
Hewlett-Packard Co.                                13,310             588       
NCR Corp.                                          31,060             783       
                                                          --------
                                                             1,371
                                                          --------

COMPUTER STORAGE & PERIPHERALS--0.6%                                            
QLogic Corp.                                       45,490             664       
                                                          --------

CONSTRUCTION & ENGINEERING--1.2%                                                
EMCOR Group, Inc.                                  22,310             636       
Furmanite Corp.                                    37,100             296       
Pike Electric Corp.                                27,490             457       
                                                          --------
                                                             1,389
                                                          --------

CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--3.5%                              
Caterpillar, Inc.                                   9,490             701       
Deere & Co.                                        19,350           1,396       
Joy Global, Inc.                                    7,790             591       
Trinity Industries, Inc.                           16,620             576       
Wabtec Corp.                                       16,890             821       
                                                          --------
                                                             4,085
                                                          --------

CONSTRUCTION MATERIALS--0.9%                                                    
Martin Marietta Materials, Inc.                    10,970           1,137       
                                                          --------

DATA PROCESSING & OUTSOURCED SERVICES--0.5%                                     
Paychex, Inc.                                      17,010             532       
                                                          --------

DEPARTMENT STORES--1.2%                                                         
Macy's, Inc.                                       30,200             586       
Nordstrom, Inc.                                    25,760             781       
                                                          --------
                                                             1,367
                                                          --------

DISTILLERS & VINTNERS--2.9%                                                     
Brown-Forman Corp. Class B                         33,160           2,506       
Constellation Brands, Inc. Class A                 46,760             928       
                                                          --------
                                                             3,434
                                                          --------

DISTRIBUTORS--1.0%                                                              
LKQ Corp.                                          66,070           1,194       
                                                          --------

6 

N-Q 12th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 12th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

DIVERSIFIED BANKS--0.9%                                                         
Comerica, Inc.                                     21,020        $    539       
Wells Fargo & Co.                                  22,070             524       
                                                          --------
                                                             1,063
                                                          --------

DIVERSIFIED CHEMICALS--0.3%                                                     
Eastman Chemical Co.                                5,050             348       
                                                          --------

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.5%                            
Ritchie Bros. Auctioneers, Inc.                    23,050             625       
                                                          --------

ELECTRICAL COMPONENTS & EQUIPMENT--0.2%                                         
Woodward Governor Co.                               7,400             264       
                                                          --------

ELECTRONIC EQUIPMENT MANUFACTURERS--0.4%                                        
Hirose Electric Co. Ltd.                            4,900             492       
                                                          --------

ELECTRONIC MANUFACTURING SERVICES--0.7%                                         
Molex, Inc.                                        34,520             843       
                                                          --------

FOREST PRODUCTS--0.2%                                                           
Weyerhaeuser Co.                                    4,440             227       
                                                          --------

GAS UTILITIES--1.2%                                                             
Energysouth, Inc.                                  28,720           1,409       
                                                          --------

GENERAL MERCHANDISE STORES--0.4%                                                
Big Lots, Inc.                                     14,000             437       
                                                          --------

HEALTH CARE DISTRIBUTORS--0.6%                                                  
Owens & Minor, Inc.                                15,780             721       
                                                          --------

HEALTH CARE EQUIPMENT--5.0%                                                     
Bard (C.R.), Inc.                                  11,090             975       
IDEXX Laboratories, Inc.                           31,560           1,538       
Intuitive Surgical, Inc.                            1,620             437       
Kinetic Concepts, Inc.                              6,660             266       
Meridian Bioscience, Inc.                          19,350             521       
ResMed, Inc.                                       17,630             630       
STERIS Corp.                                       20,220             582       
Stryker Corp.                                      14,240             895       
                                                          --------
                                                             5,844
                                                          --------

HEALTH CARE FACILITIES--0.5%                                                    
Brookdale Senior Living, Inc.                      21,380             435       
LifePoint Hospitals, Inc.                           6,780             192       
                                                          --------
                                                               627
                                                          --------

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

HEALTH CARE SUPPLIES--1.8%                                                      
Edwards Lifesciences Corp.                         15,340        $    952       
Inverness Medical Innovations, Inc.                 5,550             184       
Merit Medical Systems, Inc.                        69,650           1,024       
                                                          --------
                                                             2,160
                                                          --------

HEALTH CARE TECHNOLOGY--0.2%                                                    
IMS Health, Inc.                                   12,570             293       
                                                          --------

HOME FURNISHINGS--0.9%                                                          
Mohawk Industries, Inc.                            16,890           1,083       
                                                          --------

INDUSTRIAL MACHINERY--1.7%                                                      
Mueller Water Products, Inc.                       88,020             710       
Parker Hannifin Corp.                               9,180             655       
Timken Co. (The)                                   19,230             633       
                                                          --------
                                                             1,998
                                                          --------

INTEGRATED TELECOMMUNICATION SERVICES--2.2%                                     
General Communication, Inc. Class A               114,640             788       
Iowa Telecommunications Services,                                               
Inc.                                             62,010           1,092     
Windstream Corp.                                   61,390             757       
                                                          --------
                                                             2,637
                                                          --------

INTERNET SOFTWARE & SERVICES--1.0%                                              
Equinix, Inc.                                      13,120           1,170       
                                                          --------

INVESTMENT BANKING & BROKERAGE--1.0%                                            
E*TRADE Financial Corp.                           203,640             639       
Merrill Lynch & Co., Inc.                          16,460             522       
                                                          --------
                                                             1,161
                                                          --------

LEISURE FACILITIES--0.5%                                                        
Cedar Fair LP                                       7,770             146       
Life Time Fitness, Inc.                            16,030             474       
                                                          --------
                                                               620
                                                          --------

LIFE SCIENCES TOOLS & SERVICES--1.4%                                            
Amag Pharmaceuticals, Inc.                          9,120             311       
American Water Works Co., Inc.                     34,150             758       
Millipore Corp.                                     7,770             527       
                                                          --------
                                                             1,596
                                                          --------

MANAGED HEALTH CARE--0.2%                                                       
Humana, Inc.                                        5,550             221       
                                                          --------

7 

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PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

MARINE--0.5%                                                                    
Alexander & Baldwin, Inc.                          11,960        $    545       
                                                          --------

MOTORCYCLE MANUFACTURERS--0.7%                                                  
Harley-Davidson, Inc.                              23,050             836       
                                                          --------

MULTI-LINE INSURANCE--0.4%                                                      
Hartford Financial Services Group,                                              
Inc. (The)                                        7,640             493     
                                                          --------

OFFICE REITs--0.8%                                                              
SL Green Realty Corp.                              10,720             887       
                                                          --------

OFFICE SERVICES & SUPPLIES--0.3%                                                
ACCO Brands Corp.                                  28,480             320       
                                                          --------

OIL & GAS EQUIPMENT & SERVICES--1.8%                                            
Baker Hughes, Inc.                                 16,890           1,475       
Dril-Quip, Inc.                                    10,820             682       
                                                          --------
                                                             2,157
                                                          --------

OIL & GAS EXPLORATION & PRODUCTION--1.2%                                        
EOG Resources, Inc.                                 4,680             614       
Quicksilver Resources, Inc.                        20,830             805       
                                                          --------
                                                             1,419
                                                          --------

PACKAGED FOODS & MEATS--2.8%                                                    
Cal-Maine Foods, Inc.                              13,680             451       
Flowers Foods, Inc.                                20,960             594       
Hain Celestial Group, Inc. (The)                   40,190             944       
Hormel Foods Corp.                                 38,440           1,330       
                                                          --------
                                                             3,319
                                                          --------

PERSONAL PRODUCTS--1.7%                                                         
Avon Products, Inc.                                15,040             542       
Chattem, Inc.                                      21,700           1,411       
                                                          --------
                                                             1,953
                                                          --------

PHARMACEUTICALS--1.1%                                                           
Allergan, Inc.                                      8,630             449       
Medicis Pharmaceutical Corp. Class A               32,670             679       
POZEN, Inc.                                        15,890             173       
                                                          --------
                                                             1,301
                                                          --------

REGIONAL BANKS--5.8%                                                            
Bank of Hawaii Corp.                               34,390           1,644       
Frontier Financial Corp.                           29,230             249       
PrivateBancorp, Inc.                               17,260             524       

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

REGIONAL BANKS--(CONTINUED)                                                     
Prosperity Bancshares, Inc.                        50,050        $  1,338       
TCF Financial Corp.                                27,740             334       
UnionBanCal Corp.                                  29,830           1,206       
Westamerica Bancorp                                30,320           1,594       
                                                          --------
                                                             6,889
                                                          --------

REINSURANCE--0.4%                                                               
Montpelier Re Holdings Ltd.                        35,010             516       
                                                          --------

RESTAURANTS--1.5%                                                               
Sonic Corp.                                        91,390           1,352       
Yum! Brands, Inc.                                  13,070             459       
                                                          --------
                                                             1,811
                                                          --------

SPECIALTY CHEMICALS--1.2%                                                       
Sensient Technologies Corp.                        50,790           1,430       
                                                          --------

SPECIALTY STORES--2.3%                                                          
PetSmart, Inc.                                     43,760             873       
Sally Beauty Holdings, Inc.                       195,260           1,261       
Tiffany & Co.                                      14,420             588       
                                                          --------
                                                             2,722
                                                          --------

THRIFTS & MORTGAGE FINANCE--0.5%                                                
Countrywide Financial Corp.                       151,870             645       
                                                          --------

TRADING COMPANIES & DISTRIBUTORS--0.9%                                          
Fastenal Co.                                       12,540             541       
Watsco, Inc.                                       13,440             562       
                                                          --------
                                                             1,103
                                                          --------

WATER UTILITIES--1.3%                                                           
Aqua America Inc.                                  66,270           1,058       
SJW Corp.                                          19,110             505       
                                                          --------
                                                             1,563
-------------------------------------------------------------------------       
TOTAL DOMESTIC COMMON STOCKS SOLD SHORT                                         
(PROCEEDS $90,834)                                                 85,584       
-------------------------------------------------------------------------       

FOREIGN COMMON STOCKS(c)--12.0%                                                 

APPAREL, ACCESSORIES & LUXURY GOODS--0.6%                                       
Hermes International (France)                       4,110             645       
                                                          --------

APPLICATION SOFTWARE--0.5%                                                      
SAP AG Sponsored ADR (Germany)                     11,590             604       
                                                          --------

8 

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PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

COMMUNICATIONS EQUIPMENT--1.2%                                                  
Alcatel - Lucent SA (France)                       88,980        $    537       
Nortel Networks Corp. (Canada)                     64,810             533       
Telefonaktiebolaget LM Ericsson                                                 
Sponsored ADR (Sweden)                           36,860             383     
                                                          --------
                                                             1,453
                                                          --------

COMPUTER STORAGE & PERIPHERALS--0.3%                                            
Xyratex Ltd. (United States)                       23,350             389       
                                                          --------

CONSTRUCTION MATERIALS--0.4%                                                    
James Hardie Industries NV (Netherlands)          106,950             434       

CONSUMER ELECTRONICS--0.6%                                                      
Sanyo Electric Co., Ltd. (Japan)                  289,000             672       
                                                          --------

DISTILLERS & VINTNERS--0.5%                                                     
Pernod-Ricard SA (France)                           6,170             630       
                                                          --------

HEALTH CARE EQUIPMENT--0.8%                                                     
Nobel Biocare Holding AG                                                        
(Switzerland)                                    12,350             402     
William Demant Holding (Denmark)                    8,620             566       
                                                          --------
                                                               968
                                                          --------

HOTELS, RESORTS & CRUISE LINES--0.4%                                            
Intercontinental Hotels Group plc                                               
(United Kingdom)                                 35,180             469     
                                                          --------

HOUSEHOLD APPLIANCES--0.4%                                                      
Husqvarna AB (Sweden)                              60,420             526       
                                                          --------

IT CONSULTING & OTHER SERVICES--0.4%                                            
Nomura Research Institute Ltd.                                                  
(Japan)                                          22,200             521     
                                                          --------

MARINE--0.8%                                                                    
Diana Shipping, Inc. (Greece)                      31,060             954       
                                                          --------

OIL & GAS EQUIPMENT & SERVICES--0.8%                                            
Schlumberger Ltd. (Netherlands)                     8,520             915       
                                                          --------

PACKAGED FOODS & MEATS--0.5%                                                    
Groupe Danone (France)                              7,680             537       
                                                          --------

PERSONAL PRODUCTS--0.5%                                                         
L'Oreal SA (France)                                 5,210             565       
                                                          --------

PHARMACEUTICALS--0.7%                                                           
GlaxoSmithKline plc Sponsored ADR                                               
(United Kingdom)                                  9,620             425     
UCB SA (Belgium)                                    9,180             339       
                                                          --------
                                                               764
                                                          --------

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

PROPERTY & CASUALTY INSURANCE--0.4%                                             
XL Capital Ltd. Class A                                                         
(United States)                                  24,430        $    502     
                                                          --------

REGIONAL BANKS--0.5%                                                            
Toronto-Dominion Bank (Canada)                      9,490             591       
                                                          --------

RESTAURANTS--1.2%                                                               
Tim Hortons, Inc. (Canada)                         47,340           1,358       
                                                          --------

WATER UTILITIES--0.5%                                                           
Consolidated Water Co. Ltd.                                                     
(Cayman  Islands)                                29,300             580     
                                                          --------
-------------------------------------------------------------------------       
TOTAL FOREIGN COMMON STOCKS                                                     
(PROCEEDS $15,405)                                                 14,077       
-------------------------------------------------------------------------       

TOTAL SECURITIES SOLD SHORT                                                     
(PROCEEDS $106,239)                                              $ 99,661(f)    
                                                          ========

9 

N-Q 15th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 15th
PHOENIX MARKET NEUTRAL FUND 
SCHEDULE OF INVESTMENTS 
AND 
SECURITIES SOLD SHORT (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

ABBREVIATIONS:                                                                  
ADR   American Depositary Receipt                                               
FHLB  Federal Home Loan Bank                                                    
FNMA  Fannie Mae or Federal National Mortgage Association                       
REIT  Real Estate Investment Trust                                              

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized depreciation of investment  
securities is comprised of gross appreciation of $3,782 and gross     
   depreciation of $8,632 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$132,640.                                                             
(b)  Non-income producing.                                                      
(c)  A security is considered to be foreign if the security is issued in a      
    foreign country. The country of risk, noted parenthetically, is determined
based on criteria described in Note 1B "Foreign Security Country      
Determination" in the Notes to Schedules of Investments.              
(d)  The rate shown is the discount rate.                                       
(e)  Illiquid and restricted security. Security valued at fair value as         
     determined in good faith by or under the direction of the Trustees. At June
   30, 2008, these securities amounted to a value of $0 or 0% of net assets.
For acquisition information, see Note 2 "Illiquid and Restricted      
Securities" in the Notes to Schedules of Investments.                 
(f)  Federal Tax Information: Net unrealized appreciation of securities sold    
    short is comprised of gross appreciation of $8,573, and gross depreciation
    of $2,499 for federal income tax purposes. At June 30, 2008, the aggregate
proceeds of securities sold short for federal income tax purposes was 
$(105,735).                                                           

10

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PHOENIX REAL ESTATE SECURITIES FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

DOMESTIC COMMON STOCKS--97.0%                                                   

REAL ESTATE INVESTMENT TRUSTS--97.0%                                            

DIVERSIFIED--5.0%                                                               
Vornado Realty Trust                              554,557        $ 48,801       
-------------------------------------------------------------------------       

TOTAL DIVERSIFIED                                                  48,801       
-------------------------------------------------------------------------       

HEALTH CARE--10.5%                                                              
HCP, Inc.                                       1,155,570          36,759       
Health Care REIT, Inc.                            733,240          32,629       
Ventas, Inc.                                      799,549          34,037       
-------------------------------------------------------------------------       

TOTAL HEALTH CARE                                                 103,425       
-------------------------------------------------------------------------       

INDUSTRIAL/OFFICE--27.1%                                                        

INDUSTRIAL--7.7%                                                                
AMB Property Corp.                                430,049          21,666       
Prologis                                          995,976          54,131       
                                                          --------
                                                            75,797
                                                          --------

OFFICE--19.4%                                                                   
Alexandria Real Estate Equities,                                                
Inc.                                            429,459          41,804     
Boston Properties, Inc.                           410,523          37,037       
Corporate Office Properties Trust                 669,984          23,001       
Digital Realty Trust, Inc.                      1,176,863          48,145       
Douglas Emmett, Inc.                              778,530          17,104       
Kilroy Realty Corp.                                40,377           1,899       
SL Green Realty Corp.                             255,298          21,118       
                                                          --------
                                                           190,108
-------------------------------------------------------------------------       

TOTAL INDUSTRIAL/OFFICE                                           265,905       
-------------------------------------------------------------------------       

LODGING/RESORTS--5.0%                                                           
DiamondRock Hospitality Co.                       947,485          10,318       
Host Hotels & Resorts, Inc.                     2,248,145          30,687       
LaSalle Hotel Properties                          185,756           4,668       
Sunstone Hotel Investors, Inc.                    221,947           3,685       
-------------------------------------------------------------------------       

TOTAL LODGING/RESORTS                                              49,358       
-------------------------------------------------------------------------       

RESIDENTIAL--13.6%                                                              

APARTMENTS--13.6%                                                               
AvalonBay Communities, Inc.                       333,746          29,757       
BRE Properties, Inc.                              489,540          21,187       
Equity Residential                                826,209          31,619       
Essex Property Trust, Inc.                        296,162          31,541       

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

REAL ESTATE INVESTMENT TRUSTS--(CONTINUED)                                      
UDR, Inc.                                         867,049        $ 19,405       
                                                          --------
                                                           133,509
-------------------------------------------------------------------------       

TOTAL RESIDENTIAL                                                 133,509       
-------------------------------------------------------------------------       

RETAIL--29.4%                                                                   

REGIONAL MALLS--17.0%                                                           
General Growth Properties, Inc.                 1,314,139          46,034       
Macerich Co. (The)                                674,555          41,910       
Simon Property Group, Inc.                        881,045          79,197       
                                                          --------
                                                           167,141
                                                          --------

SHOPPING CENTERS--12.4%                                                         
Developers Diversified Realty Corp.               613,700          21,301       
Federal Realty Investment Trust                   350,040          24,153       
Kimco Realty Corp.                              1,008,072          34,799       
Regency Centers Corp.                             328,671          19,431       
Tanger Factory Outlet Centers, Inc.               606,000          21,774       
                                                          --------
                                                           121,458
-------------------------------------------------------------------------       
TOTAL RETAIL                                                      288,599       
-------------------------------------------------------------------------       

SELF STORAGE--5.2%                                                              
Extra Space Storage, Inc.                       1,396,903          21,456       
Public Storage, Inc.                              367,533          29,693       
-------------------------------------------------------------------------       

TOTAL SELF STORAGE                                                 51,149       
-------------------------------------------------------------------------       

SPECIALTY--1.2%                                                                 
Entertainment Properties Trust                    228,290          11,287       
-------------------------------------------------------------------------       

TOTAL SPECIALTY                                                    11,287       
=========================================================================       

TOTAL DOMESTIC COMMON STOCKS                                                    
(IDENTIFIED COST $780,189)                                        952,033       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--97.0%                                              
(IDENTIFIED COST $780,189)                                        952,033       
                                                          --------

                                        PAR VALUE        VALUE
                                          ---------       --------

SHORT-TERM INVESTMENTS--2.1%                                                    

FEDERAL AGENCY SECURITIES(b)--2.1%                                              
FFCB 2.100% due 7/10/08                         $   2,605        $  2,604       
FHLB                                                                            
2.000% due 7/1/08                                 6,080           6,080     
2.100% due 7/7/08                                 3,280           3,279     
2.180% due 7/14/08                                3,450           3,447     
FHLMC 2.080% due 7/2/08                             1,400           1,400       

1 

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PHOENIX REAL ESTATE SECURITIES FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE        VALUE
                                          ---------       --------

FEDERAL AGENCY SECURITIES--(CONTINUED)                                          
FNMA 2.100% due 7/29/08                         $   3,750        $  3,744       
-------------------------------------------------------------------------       

TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $20,553)                                          20,554       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.1%                                                        
(IDENTIFIED COST $800,742)                                        972,587(a)    

Other assets and liabilities, net--0.9%                             9,017       
                                                          --------
NET ASSETS--100.0%                                               $981,604       
                                                          ========

ABBREVIATIONS:                                                                  
FFCB  Farmer Mac or Federal Farm Credit Bank.                                   
FHLB  Federal Home Loan Bank.                                                   
FHLMC "Freddie Mac" or Federal Home Loan Mortgage Corporation.                  
FNMA  "Fannie Mae" or Federal National Mortgage Association.                    
REIT  Real Estate Investment Trust                                              

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized appreciation of investment  
securities is comprised of gross appreciation of $188,891 and gross   
    depreciation of $20,104 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$803,800.                                                             
(b)  The rate shown is the discount rate.                                       

2 

N-Q 18th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 18th
PHOENIX DIVERSIFIER PHOLIO
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

MUTUAL FUNDS--55.7%                                                             

DOMESTIC EQUITY FUNDS(c)--41.2%                                                 
Phoenix Market Neutral Fund Class A             8,503,687        $ 86,992       
Phoenix Real Estate Securities Fund                                             
Class A                                       1,950,988          54,101     
                                                          --------
                                                           141,093
                                                          --------

FOREIGN EQUITY FUND(c)--14.5%                                                   
Phoenix Global Utilities Fund                                                   
Class A                                       3,790,924          49,851     
-------------------------------------------------------------------------       
TOTAL MUTUAL FUNDS                                                              
(IDENTIFIED COST $197,720)                                        190,944       
-------------------------------------------------------------------------       

EXCHANGE TRADED FUNDS--43.6%                                                    

iShares S&P North American Natural                                              
Resources Sector Index Fund                     238,843          36,588     
PowerShares DB Commodity Index                                                  
Tracking Fund(b)                              1,117,618          50,047     
PowerShares DB G10 Currency Harvest                                             
Fund(b)                                         922,275          24,920     
SPDR DJ Wilshire International Real                                             
Estate Exchange Tracking Fund                   812,689          38,140     
-------------------------------------------------------------------------       
TOTAL EXCHANGE TRADED FUNDS                                                     
(IDENTIFIED COST $128,650)                                        149,695       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--99.3%                                              
(IDENTIFIED COST $326,370)                                        340,639       
                                                          --------

                         PAR
                         VALUE
                         ---------

SHORT-TERM INVESTMENTS--0.9%                                                    

COMMERCIAL PAPER(d)--0.9%                                                       
NetJets, Inc.                                                                   
2.300% due 7/1/08                                $3,010           3,010     
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $3,010)                                            3,010       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--100.2%                                                       
(IDENTIFIED COST $329,380)                                        343,649(a)    

Other assets and liabilities, net--(0.2)%                            (666)      
                                                          --------
NET ASSETS--100.0%                                               $342,983       
                                                          ========

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized appreciation of investment  
securities is comprised of gross appreciation of $27,858 and gross    
    depreciation of $16,758 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$332,549.                                                             
(b)  Non-income producing.                                                      
(c)  Affiliated Fund.                                                           
(d)  The rate shown is the discount rate.                                       

1 

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PHOENIX WEALTH ACCUMULATOR PHOLIO 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

MUTUAL FUNDS--99.6%                                                             

DOMESTIC EQUITY FUNDS(c)--70.9%                                                 
Phoenix Capital Growth Fund                                                     
Class  A(b)                                      64,266        $  1,006     
Phoenix Growth & Income Fund Class A              114,635           1,828       
Phoenix Growth Opportunities Fund                                               
Class A(b)                                       64,376             876     
Phoenix Market Neutral Fund Class A                91,388             935       
Phoenix Mid-Cap Value Fund Class A                 28,315             600       
Phoenix Quality Small-Cap Fund                                                  
Class A                                          30,411             280     
Phoenix Real Estate Securities Fund                                             
Class A                                          18,433             511     
Phoenix Small Cap Value Fund                                                    
Class A(b)                                       25,882             289     
Phoenix Small-Cap Growth                                                        
Fund Class A(b)                                   9,412             278     
Phoenix Small-Cap Sustainable                                                   
Growth Fund Class A(b)                           33,853             322     
Phoenix Value Opportunities Fund                                                
Class A                                         170,127           1,774     
                                                          --------
                                                             8,699
                                                          --------

FOREIGN EQUITY FUNDS(c)--28.7%                                                  
Phoenix Foreign Opportunities Fund                                              
Class A                                          38,277             974     
Phoenix Global Utilities Fund Class A              39,221             516       
Phoenix International Real Estate                                               
Securities Fund Class A                          69,066             528     
Phoenix International Strategies                                                
Fund Class A                                    111,737           1,503     
                                                          --------
                                                             3,521
-------------------------------------------------------------------------       
TOTAL MUTUAL FUNDS                                                              
(IDENTIFIED COST $12,915)                                          12,220       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--99.6%                                              
(IDENTIFIED COST $12,915)                                          12,220       
                                                          --------

TOTAL INVESTMENTS--99.6%                                                        
(Identified Cost $12,915)                                          12,220(a)    

Other assets and liabilities, net--0.4%                                51       
                                                          --------
NET ASSETS--100.0%                                               $ 12,271       
                                                          ========

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized depreciation of investment  
securities is comprised of gross appreciation of $153 and gross       
 depreciation of $943 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$13,010.                                                              
(b)  Non-income producing.                                                      
(c)  Affiliated Fund.                                                           

1 

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PHOENIX WEALTH BUILDER PHOLIO 
SCHEDULE OF INVESTMENTS 
JUEN 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

MUTUAL FUNDS--99.5%                                                             

DOMESTIC EQUITY FUNDS(c)--54.8%                                                 
Phoenix Capital Growth Fund                                                     
Class  A(b)                                     405,712        $  6,349     
Phoenix Growth & Income Fund Class A              697,728          11,129       
Phoenix Growth Opportunities Fund                                               
Class A(b)                                      427,467           5,813     
Phoenix Market Neutral Fund Class A               765,070           7,827       
Phoenix Mid-Cap Value Fund Class A                195,922           4,152       
Phoenix Quality Small-Cap Fund                                                  
Class A                                         225,936           2,081     
Phoenix Real Estate Securities Fund                                             
Class A                                         151,742           4,208     
Phoenix Small-Cap Value Fund Class A(b)           188,962           2,113       
Phoenix Small-Cap Growth                                                        
Fund Class A(b)                                                             
                                            66,942           1,973
Phoenix Small-Cap Sustainable                                                   
Growth Fund Class A(b)                          226,082           2,150     
Phoenix Value Opportunities Fund                                                
Class A                                       1,035,122          10,796     
                                                          --------
                                                            58,591
                                                          --------

FOREIGN EQUITY FUNDS(c)--23.8%                                                  
Phoenix Foreign Opportunities Fund                                              
Class A                                         254,563           6,476     
Phoenix Global Utilities Fund                                                   
Class A                                         344,589           4,532     
Phoenix International Real Estate                                               
Securities Fund Class A                         545,169           4,171     
Phoenix International Strategies                                                
Fund Class A                                    765,744          10,299     
                                                          --------
                                                            25,478
                                                          --------

DOMESTIC FIXED INCOME FUNDS(c)--20.9%                                           
Phoenix Bond Fund Class A                         899,904           9,053       
Phoenix Insight High Yield Bond                                                 
Fund Class A                                    202,802           2,276     
Phoenix Institutional Bond Fund                                                 
Class Y                                         293,914           8,779     
Phoenix Multi-Sector Short Term                                                 
Bond Fund Class A                               516,409           2,308     
                                                          --------
                                                            22,416
-------------------------------------------------------------------------       
TOTAL MUTUAL FUNDS                                                              
(IDENTIFIED COST $104,702)                                        106,485       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--99.5%                                              
(Identified cost $104,702)                                        106,485       
                                                          --------

                         PAR
                                         VALUE           VALUE
                                         ---------        --------

SHORT-TERM INVESTMENTS--0.3%                                                    

COMMERCIAL PAPER(d)--0.3%                                                       
NetJets, Inc.                                                                   
2.300% due 7/1/08                                  $335        $    335     
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $335)                                                335       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.8%                                                        
(IDENTIFIED COST $105,037)                                        106,820(a)    

Other assets and liabilities, net--0.2%                               169       
                                                          --------
NET ASSETS--100.0%                                               $106,989       
                                                          ========

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized appreciation of investment  
securities is comprised of gross appreciation of $7,826 and gross     
   depreciation of $6,754 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$105,748.                                                             
(b)  Non-income producing.                                                      
(c)  Affiliated Funds.                                                          
(d)  The rate shown is the discount rate.                                       

1 

N-Q 21st “Page” of 101 TOC 1st Previous Next ↓Bottom Just 21st
PHOENIX WEALTH GUARDIAN PHOLIO
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

MUTUAL FUNDS--100.0%                                                            

DOMESTIC EQUITY FUNDS(c)--42.2%                                                 
Phoenix Capital Growth Fund                                                     
Class  A(b)                                     152,535        $  2,387     
Phoenix Growth & Income Fund Class A              269,551           4,299       
Phoenix Growth Opportunities Fund                                               
Class A(b)                                      153,561           2,089     
Phoenix Market Neutral Fund Class A               307,324           3,144       
Phoenix Mid-Cap Value Fund Class A                 69,838           1,480       
Phoenix Quality Small-Cap Fund                                                  
Class A                                          72,552             668     
Phoenix Real Estate Securities Fund                                             
Class A                                          45,957           1,274     
Phoenix Small-Cap Value Fund                                                    
Class A(b)                                       63,018             705     
Phoenix Small-Cap Growth                                                        
Fund Class A(b)                                                             
                                            23,485             692
Phoenix Small-Cap Sustainable                                                   
Growth Fund Class A(b)                           94,637             900     
Phoenix Value Opportunities Fund                                                
Class A                                         409,595           4,272     
                                                          --------
                                                            21,910
                                                          --------

FOREIGN EQUITY FUNDS(c)--16.4%                                                  
Phoenix Foreign Opportunities Fund                                              
Class A                                          78,299           1,992     
Phoenix Global Utilities Fund                                                   
Class A                                          81,876           1,077     
Phoenix International Real Estate                                               
Securities Fund Class A                         153,335           1,173     
Phoenix International Strategies                                                
Fund Class A                                    317,171           4,266     
                                                          --------
                                                             8,508
                                                          --------

DOMESTIC FIXED INCOME FUNDS(c)--41.4%                                           
Phoenix Bond Fund Class A                         858,063           8,632       
Phoenix Insight High Yield Bond                                                 
Fund Class A                                    191,342           2,147     
Phoenix Institutional Bond Fund                                                 
Class Y                                         284,982           8,512     
Phoenix Multi-Sector Short Term                                                 
Bond Fund Class A                               481,619           2,153     
                                                          --------
                                                            21,444
-------------------------------------------------------------------------       
TOTAL MUTUAL FUNDS                                                              
(IDENTIFIED COST $52,039)                                          51,862       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--100.0%                                             
(IDENTIFIED COST $52,039)                                          51,862       
                                                          --------

TOTAL INVESTMENTS--100.0%                                                       
(IDENTIFIED COST $52,039)                                          51,862(a)    

Other assets and liabilities, net--0.0%                                (8)      
                                                          --------
NET ASSETS--100.0%                                               $ 51,854       
                                                          ========

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized depreciation of investment  
securities is comprised of gross appreciation of $2,446 and gross     
   depreciation of $3,075 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$52,491.                                                              
(b)  Non-income producing.                                                      
(c)  Affiliated Fund.                                                           

1 

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PHOENIX BOND FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

U.S. GOVERNMENT SECURITIES--23.1%                                               

U.S. TREASURY BONDS--0.7%                                                       
U.S. Treasury Bond                                                              
6.250% due 8/15/23                            $   1,180        $  1,404     
                                                          --------

U.S. TREASURY NOTES--22.4%                                                      
U.S. Treasury Note                                                              
2.750% due 2/28/13                                2,910           2,841     
4.750% due 8/15/17                                1,415           1,499     
2.625% due 6/15/19(j)                            38,520          38,544     
                                                          --------
                                                            42,884
-------------------------------------------------------------------------       
TOTAL U.S. GOVERNMENT SECURITIES                                                
(IDENTIFIED COST $43,968)                                          44,288       
-------------------------------------------------------------------------       

AGENCY MORTGAGE-BACKED SECURITIES--34.7%                                        

FHLMC                                                                           
7.000% due 1/1/33                                   267             282     
5.980% due 2/1/34(c)                                108             109     
FHLMC 2503 B                                                                    
5.500% due 9/15/17                                  264             271     
FHLMC 2764 HW                                                                   
5.000% due 3/15/19                                  455             450     
FNMA                                                                            
7.000% due 5/1/14                                    29              31     
8.000% due 1/1/15                                     6               6     
5.000% due 12/1/22                                4,424           4,380     
5.000% due 12/1/22                                4,720           4,674     
7.133% due 7/1/33(c)                                 41              41     
6.909% due 9/1/33(c)                                 56              57     
6.751% due 11/1/33(c)                                94              96     
6.346% due 12/1/33(c)                                59              59     
5.455% due 3/1/34(c)                                101             103     
4.991% due 4/1/34(c)                                 97              99     
4.500% due 1/1/35                                   432             402     
5.250% due 5/1/35(c)                              2,835           2,862     
5.000% due 2/1/37                                11,224          10,783     
5.000% due 3/1/37                                17,586          16,873     
4.500% due 4/1/37                                17,028          15,802     
FNMA TBA                                                                        
5.500% due 7/1/21(k)                              2,970           2,989     

                                        PAR VALUE          VALUE
                                         ---------        --------
5.500% due 7/25/34(k)                         $   6,325        $  6,234     
-------------------------------------------------------------------------       
TOTAL AGENCY MORTGAGE-BACKED SECURITIES                                         
(IDENTIFIED COST $67,893)                                          66,603       
-------------------------------------------------------------------------       

AGENCY NON-MORTGAGE-BACKED SECURITIES--1.5%                                     

FHLMC                                                                           
7.500% due 7/1/09                                     4               4     
3.750% due 6/28/13                                2,845           2,793     
7.500% due 4/1/14                                    43              47     
7.000% due 4/1/16                                    30              32     
-------------------------------------------------------------------------       
TOTAL AGENCY NON-MORTGAGE-BACKED SECURITIES                                     
(IDENTIFIED COST $2,922)                                            2,876       
-------------------------------------------------------------------------       

DOMESTIC CORPORATE BONDS--25.3%                                                 

ADVERTISING--0.3%                                                               
Affinion Group, Inc.                                                            
10.125% due 10/15/13                                560             564     
                                                          --------

AEROSPACE & DEFENSE--0.4%                                                       
Bombardier Inc. 144A                                                            
8.000% due 11/15/14(b)                              675             695     
                                                          --------

APPLICATION SOFTWARE--0.2%                                                      
Intuit, Inc.                                                                    
5.750% due 3/15/17                                  450             423     
                                                          --------

ASSET MANAGEMENT & CUSTODY BANKS--0.3%                                          
Janus Capital Group, Inc.                                                       
6.250% due 6/15/12                                  355             346     
State Street Capital Trust III                                                  
8.250% due 12/29/49(c)                              180             184     
                                                          --------
                                                               530
                                                          --------

BROADCASTING & CABLE TV--1.3%                                                   
Clear Channel Communications, Inc.                                              
7.650% due 9/15/10                                  420             431     
EchoStar DBS Corp.                                                              
7.125% due 2/1/16                                   530             492     
Time Warner Cable, Inc.                                                         
6.750% due 7/1/18                                   930             936     
United Artists Theatre Circuit,                                                 
Inc. Series BD-1                                                            
9.300% due 7/1/15(e)                                 29              29     
Viacom, Inc.                                                                    
5.750% due 4/30/11                                  650             651     
                                                          --------
                                                             2,539
                                                          --------

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PHOENIX BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

CASINOS & GAMING--0.6%                                                          
Harrahs Operating Co., Inc. 144A                                                
10.750% due 2/1/16(b)                         $     680        $    568     
Icahn Enterprises LP/ Icahn                                                     
Enterprises Finance Corp.                                                   
7.125% due 2/15/13                                  650             593     
                                                          --------
                                                             1,161
                                                          --------

CATALOG RETAIL--0.2%                                                            
IAC/InterActiveCorp                                                             
7.000% due 1/15/13                                  340             362     
                                                          --------

COMMUNICATIONS EQUIPMENT--0.3%                                                  
Cisco Systems, Inc.                                                             
5.500% due 2/22/16                                  635             641     
                                                          --------

CONSUMER FINANCE--1.4%                                                          
American General Finance Corp.                                                  
4.000% due 3/15/11                                  450             418     
5.750% due 9/15/16                                  490             415     
Capital One Financial Corp.                                                     
5.700% due 9/15/11                                  620             590     
6.150% due 9/1/16                                   730             644     
Hertz Corp. (The)                                                               
8.875% due 1/1/14                                   580             534     
                                                          --------
                                                             2,601
                                                          --------

DATA PROCESSING & OUTSOURCED SERVICES--0.8%                                     
First Data Corp. 144A                                                           
9.875% due 9/24/15(b)                               625             544     
Fiserv, Inc.                                                                    
6.125% due 11/20/12                                 925             930     
                                                          --------
                                                             1,474
                                                          --------

DIVERSIFIED BANKS--0.3%                                                         
Wells Fargo & Co.                                                               
5.625% due 12/11/17                                 590             571     
                                                          --------

ELECTRIC UTILITIES--1.2%                                                        
Appalachian Power Co.                                                           
5.550% due 4/1/11                                   810             813     
Florida Power Corp.                                                             
6.650% due 7/15/11                                  610             644     
6.400% due 6/15/38                                  550             559     

                                        PAR VALUE          VALUE
                                         ---------        --------

ELECTRIC UTILITIES--(CONTINUED)                                                 
Nevada Power Co. Series R                                                       
6.750% due 7/1/37                             $     290        $    285     
                                                          --------
                                                             2,301
                                                          --------

ELECTRONIC MANUFACTURING SERVICES--0.2%                                         
Tyco Electronic Group SA                                                        
6.000% due 10/1/12                                  385             389     
                                                          --------

FOOD RETAIL--0.4%                                                               
Safeway, Inc.                                                                   
6.500% due 3/1/11                                   745             771     
                                                          --------

GAS UTILITIES--0.3%                                                             
Atmos Energy Corp.                                                              
6.350% due 6/15/17                                  545             538     
                                                          --------

HEALTH CARE SERVICES--0.2%                                                      
Quest Diagnostics, Inc.                                                         
6.400% due 7/1/17                                   435             431     
                                                          --------

HOME FURNISHINGS--0.2%                                                          
Mohawk Industries, Inc.                                                         
5.750% due 1/15/11                                  430             431     
                                                          --------

HYPERMARKETS & SUPER CENTERS--0.3%                                              
Costco Wholesale Corp.                                                          
5.500% due 3/15/17                                  490             497     
                                                          --------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.3%                              
MidAmerican Energy Co.                                                          
5.800% due 10/15/36                                 705             656     
                                                          --------

INTEGRATED TELECOMMUNICATION SERVICES--0.6%                                     
AT&T, Inc.                                                                      
6.250% due 3/15/11                                  465             481     
Verizon Communications, Inc.                                                    
5.500% due 2/15/18                                  735             699     
                                                          --------
                                                             1,180
                                                          --------

INVESTMENT BANKING & BROKERAGE--2.0%                                            
Bear Stearns Cos., Inc. (The)                                                   
7.250% due 2/1/18                                   675             704     
Lehman Brothers Holdings, Inc.                                                  
5.750% due 1/3/17                                   640             565     
Merrill Lynch & Co., Inc.                                                       
4.966% due 5/12/10(c)                               325             320     
6.875% due 4/25/18                                  810             771     

2 

N-Q 24th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 24th
PHOENIX BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

INVESTMENT BANKING & BROKERAGE--(CONTINUED)                                     
Morgan Stanley                                                                  
6.625% due 4/1/18                             $     715        $    677     
Morgan Stanley Series                                                           
4.778% due 5/14/10(c)                               175             174     
UBS Preferred Funding Trust V                                                   
Series 1                                                                    
6.243% due 5/29/49(c)                               715             627     
                                                          --------
                                                             3,838
                                                          --------

LIFE & HEALTH INSURANCE--1.8%                                                   
Lincoln National Corp.                                                          
5.650% due 8/27/12                                1,195           1,185     
6.050% due 4/20/67(c)(j)                            145             122     
Protective Life Secured Trust                                                   
4.000% due 4/1/11                                 1,670           1,627     
Prudential Financial, Inc.                                                      
8.875% due 6/15/38(c)                               605             605     
                                                          --------
                                                             3,539
                                                          --------

MANAGED HEALTH CARE--0.6%                                                       
Wellpoint, Inc.                                                                 
5.000% due 1/15/11                                1,160           1,146     
                                                          --------

MULTI-LINE INSURANCE--0.9%                                                      
Genworth Financial, Inc.                                                        
6.515% due 5/22/18                                  405             379     
6.150% due 11/15/66(c)                              420             330     
Genworth Global Funding Trusts                                                  
5.125% due 3/15/11                                1,080           1,070     
                                                          --------
                                                             1,779
                                                          --------

OFFICE REITs--0.1%                                                              
Duke Realty LP                                                                  
5.625% due 8/15/11                                  225             218     
                                                          --------

OFFICE SERVICES & SUPPLIES--0.3%                                                
IKON Office Solutions, Inc.                                                     
7.750% due 9/15/15                                  670             675     
                                                          --------

OIL & GAS EQUIPMENT & SERVICES--0.3%                                            
Allis-Chalmers Energy, Inc.                                                     
8.500% due 3/1/17                                   630             586     
                                                          --------

OIL & GAS EXPLORATION & PRODUCTION--1.1%                                        
Encore Acquisition Co.                                                          
6.000% due 7/15/15                                  310             293     

                                        PAR VALUE          VALUE
                                         ---------        --------

OIL & GAS EXPLORATION & PRODUCTION--(CONTINUED)                                 
EOG Resources, Inc.                                                             
5.875% due 9/15/17                            $     990        $    997     
XTO Energy, Inc.                                                                
5.900% due 8/1/12                                   855             872     
                                                          --------
                                                             2,162
                                                          --------

OIL & GAS STORAGE & TRANSPORTATION--0.9%                                        
Enbridge Energy Partners LP                                                     
5.875% due 12/15/16                                 350             334     
Energy Transfer Partners LP                                                     
6.700% due 7/1/18                                   665             669     
Kinder Morgan Energy Partners LP                                                
5.850% due 9/15/12                                  415             419     
Pacific Energy Partners LP/Pacific                                              
Energy Finance Corp.                                                        
6.250% due 9/15/15                                  325             323     
                                                          --------
                                                             1,745
                                                          --------

OTHER DIVERSIFIED FINANCIAL SERVICES--2.9%                                      
Bank of America Corp.                                                           
5.750% due 8/15/16                                  715             683     
5.650% due 5/1/18                                   415             387     
8.125% due 12/29/49(c)                              385             364     
Citigroup, Inc.                                                                 
5.000% due 9/15/14                                  840             778     
ConocoPhillips Canada Funding Co.                                               
5.625% due 10/15/16                                 230             234     
General Electric Capital Corp.                                                  
5.875% due 1/14/38                                  725             657     
6.375% due 11/15/67(c)                              715             676     
International Lease Finance Corp.                                               
5.625% due 9/20/13                                  370             324     
JPMorgan Chase & Co.                                                            
5.750% due 1/2/13                                 1,020           1,027     
JPMorgan Chase & Co. Series 1                                                   
7.900% due 4/29/49(c)                               460             431     
                                                          --------
                                                             5,561
                                                          --------

PACKAGED FOODS & MEATS--0.2%                                                    
Kraft Foods, Inc.                                                               
6.125% due 8/23/18                                  405             392     
                                                          --------

3 

N-Q 25th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 25th
PHOENIX BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

PAPER PRODUCTS--0.1%                                                            
Exopack Holding Corp.                                                           
11.250% due 2/1/14                            $     200        $    187     
                                                          --------

PHARMACEUTICALS--0.5%                                                           
Johnson & Johnson                                                               
5.150% due 7/15/18                                  935             945     
                                                          --------

PRECIOUS METALS & MINERALS--0.2%                                                
PNA Group, Inc.                                                                 
10.750% due 9/1/16                                  255             301     
                                                          --------

PROPERTY & CASUALTY INSURANCE--0.5%                                             
Chubb Corp.                                                                     
6.375% due 3/29/67(c)                               490             448     
CNA Financial Corp.                                                             
6.500% due 8/15/16                                  560             540     
                                                          --------
                                                               988
                                                          --------

REGIONAL BANKS--0.3%                                                            
Credit Suisse First Boston                                                      
6.000% due 2/15/18                                  660             636     
                                                          --------

RESIDENTIAL REITs--0.6%                                                         
AvalonBay Communities, Inc.                                                     
5.750% due 9/15/16                                  410             387     
ERP Operating LP                                                                
5.375% due 8/1/16                                   745             677     
                                                          --------
                                                             1,064
                                                          --------

RESTAURANTS--0.3%                                                               
Starbucks Corp.                                                                 
6.250% due 8/15/17                                  500             490     
                                                          --------

RETAIL REITs--0.4%                                                              
Simon Property Group LP                                                         
5.600% due 9/1/11                                   755             747     
                                                          --------

SEMICONDUCTORS--0.3%                                                            
Amkor Technology, Inc.                                                          
7.750% due 5/15/13                                  620             577     
                                                          --------

SPECIALTY CHEMICALS--0.1%                                                       
Huntsman International LLC                                                      
7.375% due 1/1/15                                   250             220     
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

SYSTEMS SOFTWARE--0.4%                                                          
Oracle Corp.                                                                    
5.750% due 4/15/18                            $     685        $    684     
                                                          --------

THRIFTS & MORTGAGE FINANCE--0.3%                                                
Countrywide Home Loan, Inc. Series L                                            
4.000% due 3/22/11                                  720             655     
                                                          --------

TOBACCO--0.4%                                                                   
Philip Morris International, Inc.                                               
4.875% due 5/16/13                                   90              88     
5.650% due 5/16/18                                  450             437     
6.375% due 5/16/38                                  180             176     
                                                          --------
                                                               701
-------------------------------------------------------------------------       
TOTAL DOMESTIC CORPORATE BONDS                                                  
(IDENTIFIED COST $49,720)                                          48,591       
-------------------------------------------------------------------------       

NON-AGENCY MORTGAGE-BACKED SECURITIES--5.8%                                     

Banc of America Funding Corp. 07-E, 6A1                                         
6.188% due 9/20/37(c)                                --(g)           --(h)  
Banc of America Funding Corp. 07-E, 9A1                                         
6.306% due 9/20/37(c)                             5,440           4,935     
Citigroup Mortgage Loan Trust, Inc. 04-NCM2,                                    
2CB3                                                                        
8.000% due 8/25/34                                   52              52     
DLJ Mortgage Acceptance Corp. 96-M, 1 144A                                      
0.000% due 11/28/11(b)(c)(i)                         15              12     
HSBC Asset Loan Obligation 07-AR2, 4A1                                          
6.121% due 9/25/37(c)                             4,105           3,749     
Master Asset Securitization Trust                                               
Alternative Loans Trust 03-7, 5A1                                           
6.250% due 11/25/33                                 163             146     
Master Asset Securitization Trust                                               
Alternative Loans Trust 04-1, 3A1                                           
7.000% due 1/25/34                                  113             113     
Master Asset Securitization Trust                                               
Alternative Loans Trust 04-5, 6A1                                           
7.000% due 6/25/34                                   72              68     
Master Asset Securitization Trust                                               
Alternative Loans Trust 04-6, 6A1                                           
6.500% due 7/25/34                                  473             440     
Merrill Lynch Mortgage Trust 05-MCP1, A2                                        
4.556% due 6/12/43                                  725             718     
Morgan Stanley Mortgage Loan Trust 04-3, 3A                                     
6.000% due 4/25/34                                  609             594     

4 

N-Q 26th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 26th
PHOENIX BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

Residential Asset Mortgage                                                      
Products, Inc. 04-SL3, A4                                                   
8.500% due 12/25/31                           $     289        $    289     
Washington Mutual Mortgage                                                      
Pass-Through Certificates                                                   
07-HY3, 3A3                                                                 
5.849% due 3/25/37(c)                               120             112     
-------------------------------------------------------------------------       
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES                                     
(IDENTIFIED COST $12,224)                                          11,228       
-------------------------------------------------------------------------       

FOREIGN CORPORATE BONDS(d)--7.3%                                                

CANADA--1.9%                                                                    
CHC Helicopter Corp.                                                            
7.375% due 5/1/14                                    60              63     
Compton Petroleum Finance Corp.                                                 
7.625% due 12/1/13                                  380             375     
Husky Energy, Inc.                                                              
6.200% due 9/15/17                                  785             793     
Suncor Energy, Inc.                                                             
6.500% due 6/15/38                                  550             534     
TransCanada Pipelines Ltd.                                                      
6.350% due 5/15/67(c)                               300             259     
Xstrata Finance Canada Ltd. 144A                                                
5.800% due 11/15/16(b)                            1,045             985     
6.900% due 11/15/37(b)                              680             654     
                                                          --------
                                                             3,663
                                                          --------

ITALY--0.4%                                                                     
Telecom Italia Capital SA                                                       
5.250% due 10/1/15                                  750             686     
                                                          --------

JAPAN--0.5%                                                                     
Resona Bank Ltd. 144A                                                           
5.850% due 9/29/49(b)(c)                            985             847     
                                                          --------

NETHERLANDS--0.6%                                                               
ING Groep N.V.                                                                  
5.775% due 12/8/49(c)                             1,445           1,199     
                                                          --------

SPAIN--1.2%                                                                     
Santander Issuances S.A Unipersonal                                             
144A                                                                        
5.911% due 6/20/16(b)                             1,085           1,034     
Telefonica Emisiones S.A.                                                       
5.984% due 6/20/11                                1,255           1,274     
                                                          --------
                                                             2,308
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

UNITED KINGDOM--1.7%                                                            
Barclays Bank plc 144A                                                          
7.700% due 4/25/49(b)(c)                      $     700        $    699     
Diageo Capital plc                                                              
5.750% due 10/23/17                                 405             400     
HBOS plc 144A                                                                   
6.657% due 11/21/49(b)(c)                         1,100             771     
Royal Bank of Scotland Group plc                                                
144A                                                                        
6.990% due 10/29/49(b)(c)                           955             861     
Virgin Media Finance plc                                                        
8.750% due 4/15/14                                  610             576     
                                                          --------
                                                             3,307
                                                          --------

UNITED STATES--1.0%                                                             
Credit Suisse Guernsey Ltd.                                                     
5.860% due 5/29/49(c)                               815             679     
Freeport-McMoRan Copper & Gold,                                                 
Inc.                                                                        
8.375% due 4/1/17(d)                                275             291     
WEA Finance LLC/WCI Finance LLC                                                 
144A                                                                        
5.700% due 10/1/16(b)                             1,065             995     
                                                          --------
                                                             1,965
-------------------------------------------------------------------------       
TOTAL FOREIGN CORPORATE BONDS                                                   
(IDENTIFIED COST $15,155)                                          13,975       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--97.7%                                              
(IDENTIFIED COST $191,882)                                        187,561       
                                                          --------

SHORT-TERM INVESTMENTS--6.6%                                                    

FEDERAL AGENCY SECURITIES(f)--6.6%                                              
FHLB                                                                            
1.850% due 7/1/08                                 2,900           2,900     
2.360% due 7/30/08                                9,700           9,683     
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $12,583)                                          12,583       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--104.3%                                                       
(IDENTIFIED COST $204,465)                                        200,144(a)    

Other assets and liabilities, net--(4.3)%                          (8,313)      
                                                          --------
NET ASSETS--100.0%                                               $191,831       
                                                          ========

5 

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PHOENIX BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

ABBREVIATIONS:                                                                  
FHLB  Federal Home Loan Bank                                                    
FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation                     
FNMA  Fannie Mae or Federal National Mortgage Association                       
REIT  Real Estate Investment Trust                                              

FOOTNOTE LEGEND:                                                                
(a)  Federal Income Tax Information: Net unrealized depreciation of investment  
securities is comprised of gross appreciation of $430 and gross       
   depreciation of $4,988 for federal income tax purposes. At June 30, 2008,
the aggregate cost of securities for federal income tax purposes was  
$204,702.                                                             
(b)  Security exempt from registration under Rule 144A of the Securities Act of 
1933. These securities may be resold in transactions exempt from      
     registration, normally to qualified institutional buyers. At June 30, 2008,
these securities amounted to a value of $8,665 or 4.5% of net assets. 
(c)  Variable or step coupon security; interest rate shown reflects the rate    
currently in effect.                                                  
(d)  A security is considered to be foreign if the security is issued in a      
  foreign country. The country of risk, noted in the header, is determined
based on criteria described in Note 1B "Foreign security country      
determination" in the Notes to Schedules of Investments.              
(e)  Illiquid security.                                                         
(f)  The rate shown is the discount rate.                                       
(g)  The par value is less than $500.                                           
(h)  Amount is less than $500.                                                  
(i)  Illiquid and restricted security. At June 30, 2008, this security amounted 
   to a value of $12 or 0.0% of net assets. For acquisition information, see
  Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of
Investments.                                                          
(j)  All or a portion segregated as collateral for a when-issued security.      
(k)  When-issued security.                                                      

6 

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PHOENIX CA TAX-EXEMPT BOND FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

MUNICIPAL TAX-EXEMPT BONDS(c)--97.9%                                            

DEVELOPMENT REVENUE--5.7%                                                       
Hercules Redevelopment Agency                                                   
Tax-Allocation                                                              
(AMBAC Insured)                                                             
5.000% due 8/1/29                             $     500        $    488     
Los Angeles Community Redevelopment                                             
Agency, Series A                                                            
(AMBAC/FHA Insured)                                                         
6.550% due 1/1/27                                   100             100     
Ontario Redevelopment Financing                                                 
Authority, Project No. 1                                                    
(MBIA Insured)                                                              
6.900% due 8/1/10                                    70              74     
5.250% due 8/1/13                                   500             518     
San Diego Redevelopment Agency,                                                 
Center City Series A                                                        
(AMBAC Insured)                                                             
4.750% due 9/1/30                                   500             482     
San Diego Redevelopment Agency,                                                 
Center City Series B                                                        
(AMBAC Insured)                                                             
5.350% due 9/1/24                                 1,000           1,026     
Santa Clara Redevelopment Agency                                                
Tax Allocation (MBIA Insured)                                               
5.000% due 6/1/22                                 1,000           1,022     
                                                          --------
                                                             3,710
                                                          --------

EDUCATION REVENUE--3.2%                                                         
North City West School Facilities                                               
Financing Authority, Series B                                               
(AMBAC Insured)                                                             
5.250% due 9/1/19                                 1,000           1,068     
Sweetwater Unified High School                                                  
District, Public Financing                                                  
Authority, Series A (FSA Insured)                                           
5.000% due 9/1/29                                 1,000           1,004     
                                                          --------
                                                             2,072
                                                          --------

GENERAL OBLIGATION--20.2%                                                       
Antelope Valley Union High School                                               
District, Series A (MBIA Insured)                                           
5.000% due 2/1/27                                 1,000           1,021     
Brea & Olinda Unified School                                                    
District, Series A (FGIC Insured)                                           
6.000% due 8/1/15                                   150             169     
Butte-Glenn Community College                                                   
District, Series A (MBIA Insured)                                           
5.500% due 8/1/19                                 1,000           1,059     

                                        PAR VALUE          VALUE
                                         ---------        --------

GENERAL OBLIGATION--(CONTINUED)                                                 
California State                                                                
5.250% due 6/1/16                             $      65        $     66     
5.000% due 2/1/20                                   750             769     
5.500% due 3/1/26                                   500             527     
5.000% due 9/1/30                                   600             598     
5.000% due 11/1/32                                  700             693     
5.000% due 12/1/37                                  250             245     
California State Veterans Bonds,                                                
Series BG                                                                   
5.150% due 12/1/14                                  895             904     
California State Veterans Bonds,                                                
Series CC                                                                   
4.500% due 12/1/37                                  330             293     
Desert Community College District                                               
(MBIA Insured)                                                              
5.000% due 8/1/18                                   990           1,048     
Gilroy Unified School District                                                  
(FGIC Insured)                                                              
5.000% due 8/1/27                                   500             510     
Grossmont-Cuyamaca Community                                                    
College, District Election of                                               
2002, Series A (MBIA Insured)                                               
5.000% due 8/1/19                                   250             270     
Los Angeles Unified School                                                      
District, Series A-1                                                        
(MBIA Insured)                                                              
4.500% due 1/1/28                                   500             468     
Metropolitan Water District                                                     
Southern California, Series A                                               
5.250% due 3/1/11                                   180             183     
Placer Union High School District                                               
(FSA Insured)                                                               
0.000% due 8/1/32                                 1,500             413     
Rancho Santiago Community College                                               
District (FSA Insured)                                                      
0.000% due 9/1/27                                 1,200             433     
San Rafael Elementary School                                                    
District, Election of 2002-B                                                
(FGIC Insured)                                                              
0.000% due 8/1/26                                 1,000             382     
Santa Ana Unified School District                                               
(FGIC Insured)                                                              
5.700% due 8/1/22                                   400             418     
Santa Clara Unified School District                                             
(FGIC Insured)                                                              
5.500% due 7/1/20                                 1,000           1,038     
Walnut Valley Unified School                                                    
District, Series A (MBIA Insured)                                           
0.000% due 8/1/19                                 3,095           1,573     
                                                          --------
                                                            13,080
                                                          --------

1 

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PHOENIX CA TAX-EXEMPT BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

GENERAL REVENUE--15.3%                                                          
Anaheim Public Financing Authority,                                             
Series C (FSA Insured)                                                      
6.000% due 9/1/16                             $   1,600        $  1,811     
California State Public Works                                                   
Board, Department of Health                                                 
Services, Richmond Lab Series B                                             
(XLCA Insured)                                                              
5.000% due 11/1/17                                  460             479     
California State Public Works                                                   
Board, Highway Patrol Series C                                              
5.250% due 11/1/20                                  500             516     
Golden State Tobacco Securitization                                             
Corp., Series A-1                                                           
5.125% due 6/1/47                                 1,500           1,146     
5.750% due 6/1/47                                   500             426     
Los Angeles County Public Works                                                 
Financing Authority, Series A                                               
(FSA Insured)                                                               
5.500% due 10/1/18                                  450             487     
Pomona Certificates of                                                          
Participation (AMBAC Insured)                                               
5.500% due 6/1/28                                 1,365           1,433     
San Diego County Certificates of                                                
Participation (AMBAC Insured)                                               
5.250% due 11/1/15                                  960           1,004     
San Jose Financing Authority,                                                   
Series F (MBIA Insured)                                                     
5.000% due 9/1/15                                 1,000           1,039     
South Bay Regional Public                                                       
Communications Authority (ACA                                               
Insured)                                                                    
4.750% due 1/1/31                                   635             524     
South Coast Air Quality Management                                              
Corp. (AMBAC Insured)                                                       
6.000% due 8/1/11                                 1,000           1,073     
                                                          --------
                                                             9,938
                                                          --------

HIGHER EDUCATION REVENUE--3.2%                                                  
California Educational Facilities                                               
Authority, Chapman University                                               
(Connie Lee Insured)                                                        
5.375% due 10/1/16                                   60              61     
California State Public Works                                                   
Board, University of California                                             
Series D                                                                    
5.000% due 5/1/30                                 1,000           1,002     
University of California, Series B                                              
4.750% due 5/15/38                                  500             476     

                                        PAR VALUE          VALUE
                                         ---------        --------

HIGHER EDUCATION REVENUE--(CONTINUED)                                           
University of California, Series G                                              
(FGIC Insured)                                                              
4.750% due 5/15/35                            $     525        $    501     
                                                          --------
                                                             2,040
                                                          --------

MEDICAL REVENUE--6.4%                                                           
California Health Facilities                                                    
Financing Authority, Cedars-Sinai                                           
Medical Center                                                              
5.000% due 11/15/34                                 500             472     
California Health Facilities                                                    
Financing Authority, Stanford                                               
Hospital and Clinics Series A                                               
5.000% due 11/15/14                                 250             260     
California Health Facilities                                                    
Financing Authority, Sutter                                                 
Health Series A                                                             
5.000% due 11/15/42                                 870             822     
California State Public Works                                                   
Board, Department of Mental                                                 
Health Series A                                                             
5.500% due 6/1/16                                 1,000           1,076     
California Statewide Communities                                                
Development Authority, Kaiser                                               
Permanente, Series B                                                        
5.000% due 3/1/41                                   500             460     
California Statewide Communities                                                
Development Authority, St. Joseph                                           
Health System (FGIC Insured)                                                
5.750% due 7/1/47                                   500             513     
San Joaquin General Hospital                                                    
Project, Certificates of                                                    
Participation (MBIA Insured)                                                
5.250% due 9/1/12                                   100             103     
Santa Clara County Financing                                                    
Authority, Series A (AMBAC                                                  
Insured)                                                                    
7.750% due 11/15/11                                 400             455     
                                                          --------
                                                             4,161
                                                          --------

MUNICIPAL UTILITY DISTRICT REVENUE--1.2%                                        
Sacramento Municipal Utilities                                                  
District, Financing Authority                                               
(MBIA Insured)                                                              
4.750% due 7/1/26                                   500             464     
Sacramento Municipal Utility                                                    
District, Series O (MBIA Insured)                                           
5.250% due 8/15/15                                  310             324     
                                                          --------
                                                               788
                                                          --------

NATURAL GAS REVENUE--1.1%                                                       
Roseville Natural Gas Financing                                                 
Authority                                                                   
5.000% due 2/15/24                                  750             687     
                                                          --------

2 

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PHOENIX CA TAX-EXEMPT BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

POWER REVENUE--3.1%                                                             
Northern California Power Agency,                                               
Hydroelectric Project Series                                                
A (MBIA Insured)                                                            
5.000% due 7/1/15                             $   1,000        $  1,011     
5.200% due 7/1/32                                   330             334     
Southern California Public Power                                                
Authority, Series B (FSA Insured)                                           
5.000% due 7/1/12                                   635             676     
                                                          --------
                                                             2,021
                                                          --------

PRE-REFUNDED--29.7%                                                             
Contra Costa County Home Mortgage                                               
(GNMA Collateralized)                                                       
7.500% due 5/1/14 (b)                               500             602     
Cypress Single Family Residential                                               
Mortgage, Series B (Private                                                 
Mortgage Insurance)                                                         
7.250% due 1/1/12 (b)                               200             227     
Duarte Redevelopment Agency Single                                              
Family Mortgage, Series A (FNMA                                             
Collateralized)                                                             
6.875% due 11/1/11 (b)                              300             337     
Huntington Park Redevelopment                                                   
Agency Single Family Residential                                            
Mortgage, Series A (FHA/VA/PRIV                                             
MTGS Insured)                                                               
8.000% due 12/1/19 (b)                            2,400           3,269     
Los Angeles Harbor Department                                                   
7.600% due 10/1/18(b)                               895           1,071     
Lucia Mar Unified School District,                                              
Election of 2004 Series A,                                                  
Prerefunded 8/1/14 @ 100 (FGIC                                              
Insured)                                                                    
5.000% due 8/1/27                                 1,000           1,084     
M-S-R Public Power Agency San Juan                                              
Project, Series D (MBIA Insured)                                            
6.750% due 7/1/20 (b)                             1,835           2,122     
Modesto Wastewater Treatment                                                    
Facility (MBIA Insured)                                                     
6.000% due 11/1/12 (b)                              735             819     
Northern California Power Agency,                                               
Prerefunded 7/1/21 @ 100 (AMBAC                                             
Insured)                                                                    
7.500% due 7/1/23                                   195             254     
Northern California Power Agency,                                               
Hydroelectric Project Series A                                              
Prerefunded 7/01/08 @ 100                                                   
5.200% due 7/1/32                                   790             798     

                                        PAR VALUE          VALUE
                                         ---------        --------

PRE-REFUNDED--(CONTINUED)                                                       
Pomona Unified School District,                                                 
Series C (MBIA Insured)                                                     
5.600% due 8/1/12 (b)                         $   1,500        $  1,640     
Riverside County Redevelopment                                                  
Agency, Prerefunded 10/01/11 @                                              
102 (AMBAC Insured)                                                         
5.250% due 10/1/17                                  250             272     
Riverside County Single Family                                                  
Series A (GNMA Collateralized)                                              
7.800% due 5/1/21 (b)                             4,000           5,280     
Riverside County Single Family                                                  
Series B (GNMA Collateralized)                                              
8.625% due 5/1/16 (b)                             1,000           1,306     
Stockton Housing Facility, O'Connor                                             
Woods Project Series A,                                                     
Prerefunded 9/20/17 @ 100 (GNMA                                             
Collateralized)                                                             
5.600% due 3/20/28                                  200             201     
                                                          --------
                                                            19,282
                                                          --------

TRANSPORTATION REVENUE--1.4%                                                    
Alameda Corridor Transportation                                                 
Authority, Series A (MBIA Insured)                                          
5.125% due 10/1/16                                  150             153     
5.125% due 10/1/17                                  125             127     
Los Angeles Harbor Department                                                   
Revenue (MBIA Insured)                                                      
4.500% due 8/1/27                                   500             446     
San Francisco Bay Area Rapid                                                    
Transit District                                                            
5.250% due 7/1/17                                   180             182     
                                                          --------
                                                               908
                                                          --------

WATER & SEWER REVENUE--7.4%                                                     
California Statewide Communities                                                
Development Authority,                                                      
Anheuser-Bush Project                                                       
4.800% due 9/1/46                                 1,000             800     
Delta Diablo Sanitation District,                                               
Certificates of Participation                                               
(MBIA Insured)                                                              
0.000% due 12/1/16                                1,070             730     
El Dorado Irrigation District,                                                  
Certificates of Participation,                                              
Series A (FGIC Insured)                                                     
5.250% due 3/1/16                                   365             380     
Modesto Wastewater, Series A (FSA                                               
Insured)                                                                    
5.000% due 11/1/19                                  245             256     

3 

N-Q 31st “Page” of 101 TOC 1st Previous Next ↓Bottom Just 31st
PHOENIX CA TAX-EXEMPT BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

WATER & SEWER REVENUE--(CONTINUED)                                              
Mountain View Shoreline Regional                                                
Park Community, Series A (MBIA                                              
Insured)                                                                    
5.500% due 8/1/21                             $   1,000        $  1,002     
Redlands Financing Authority,                                                   
Series A (FSA Insured)                                                      
5.000% due 9/1/17                                 1,000           1,033     
Sweetwater Water Authority (AMBAC                                               
Insured)                                                                    
5.250% due 4/1/10                                    85              87     
Westlands Water District,                                                       
Certificates of Participation                                               
(MBIA Insured)                                                              
5.250% due 9/1/14                                   500             531     
                                                          --------
                                                             4,819
-------------------------------------------------------------------------       
TOTAL MUNICIPAL TAX-EXEMPT BONDS                                                
(IDENTIFIED COST $62,434)                                          63,506       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--97.9%                                              
(IDENTIFIED COST $62,434)                                          63,506       
                                                          --------

SHORT-TERM INVESTMENTS--1.4%                                                    

COMMERCIAL PAPER(d)--1.4%                                                       
NetJets, Inc.                                                                   
2.300% due 7/1/08                                   890             890     
                                                          --------
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $890)                                                890       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.3%                                                        
(IDENTIFIED COST $63,324)                                          64,396(a)    

Other assets and liabilities, net--0.7%                               473       
                                                          --------
NET ASSETS--100.0%                                               $ 64,869       
                                                          ========

ABBREVIATIONS:                                                                  
AMBAC  American Municipal Bond Assurance Corporation                            
FGIC   Financial Guaranty Insurance Company                                     
FHA    Federal Housing Authority                                                
FNMA   Fannie Mae or Federal National Mortgage Association                      
FSA    Financial Security Assurance, Inc.                                       
GNMA   Ginnie Mae or Government National Mortgage Association                   
MBIA   Municipal Bond Insurance Association                                     
REIT   Real Estate Investment Trust                                             
XLCA   XL Capital Assurance                                                     

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,507 and gross 
       depreciation of $1,435 for federal income tax purposes. At June 30, 2008,
  the aggregate cost of securities for federal income tax purposes was
$63,324.                                                          
(b)    Escrowed to maturity.                                                    
(c)    At June 30, 2008, the concentration of the Fund's investments by state or
territory determined as a percentage of net assets is as follows: 
California 97.9%. At June 30, 2008, 75.6% of the securities in the
       portfolio are backed by insurance of financial institutions and financial
     guaranty assurance agencies. Insurers with a concentration greater than
 10% of net assets are as follows: MBIA 27.6%, AMBAC 11.9%, and GNMA
11.4%.                                                            
(d)    The rate shown is the discount rate.                                     

4 

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PHOENIX CORE BOND FUND
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

U.S. GOVERNMENT SECURITIES--2.3%                                                

U.S. TREASURY BONDS--0.0%                                                       
U.S. Treasury Bond                                                              
5.000% due 5/15/37                            $       5        $      5     
                                                          --------

U.S. TREASURY NOTES--2.3%                                                       
U.S. Treasury Note                                                              
3.125% due 4/30/13                                  320             317     
3.500% due 5/31/13                                  200             202     
4.250% due 11/15/17                                 400             409     
3.500% due 2/15/18                                  265             255     
3.875% due 5/15/18                                  230             228     
                                                          --------
                                                             1,411
-------------------------------------------------------------------------       
TOTAL U.S. GOVERNMENT SECURITIES                                                
(IDENTIFIED COST $1,438)                                            1,416       
-------------------------------------------------------------------------       

AGENCY MORTGAGE-BACKED SECURITIES--29.2%                                        
FHLMC                                                                           
6.000% due 10/1/34                                  631             640     
FNMA                                                                            
6.000% due 10/1/14                                  382             393     
6.500% due 6/1/16                                   255             266     
6.000% due 7/1/17                                   110             113     
5.500% due 9/1/17                                   290             294     
5.000% due 4/1/20                                   406             403     
4.500% due 5/1/20                                   728             704     
5.000% due 8/1/21                                   261             259     
6.000% due 5/1/29                                   247             251     
6.500% due 7/1/29                                   400             416     
6.500% due 5/1/30                                     9               9     
7.500% due 3/1/31                                   154             166     
7.000% due 7/1/31                                   107             113     
7.000% due 9/1/31                                   181             191     
6.500% due 2/1/32                                   370             384     
6.500% due 3/1/32                                   172             179     
5.500% due 4/1/33                                   241             239     
5.500% due 6/1/33                                 1,423           1,411     
5.500% due 7/1/33                                 1,978           1,961     
5.000% due 9/1/33                                   352             339     
5.000% due 7/1/35                                   292             281     
5.500% due 12/1/35                                  316             312     
6.000% due 6/1/36                                   414             422     
6.500% due 8/1/36                                   519             535     

                                        PAR VALUE          VALUE
                                         ---------        --------

6.000% due 9/1/36                             $     513        $    518     
5.500% due 2/1/37                                   432             426     
6.000% due 3/1/37                                   650             657     
5.500% due 4/1/37                                   240             237     
5.500% due 4/1/37                                   422             416     
5.500% due 7/1/37                                   664             655     
6.000% due 7/1/37                                   315             318     
6.000% due 2/1/38                                   353             357     
6.000% due 2/1/38                                   241             244     
5.000% due 4/1/38                                   225             216     
6.000% due 5/1/38                                   927             936     
FNMA 04-W6, 1A4                                                                 
5.500% due 7/25/34                                  245             239     
GNMA                                                                            
8.500% due 11/15/22                                   1               1     
6.500% due 9/15/28                                  188             196     
7.500% due 9/15/29                                  151             163     
5.000% due 7/15/33                                1,946           1,894     
6.000% due 6/15/34                                  397             405     
-------------------------------------------------------------------------       
TOTAL AGENCY MORTGAGE-BACKED SECURITIES                                         
(IDENTIFIED COST $18,052)                                          18,159       
-------------------------------------------------------------------------       

MUNICIPAL BONDS--8.8%                                                           

FLORIDA--2.3%                                                                   
Broward County Series A                                                         
5.000% due 1/1/21                                   600             636     
Miami-Dade County Educational                                                   
Facilities Authority Taxable                                                
Series C                                                                    
5.480% due 4/1/16                                   110             107     
Orange County Tourist Development                                               
(MBIA Insured)                                                              
5.000% due 10/1/17                                  640             676     
                                                          --------
                                                             1,419
                                                          --------

ILLINOIS--1.0%                                                                  
State of Illinois                                                               
5.000% due 1/1/19                                   580             619     
                                                          --------

INDIANA--0.9%                                                                   
Indiana Transportation Finance                                                  
Authority Series A Prerefunded                                              
6/01/14 @ 100 (FGIC Insured)                                                
5.250% due 6/1/20                                   520             564     
                                                          --------

1 

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PHOENIX CORE BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

KANSAS--1.4%                                                                    
Department of Transportation,                                                   
Highway Revenue Series A (FSA Insured)                                      
5.500% due 3/1/19                             $     785        $    880     
                                                          --------

MICHIGAN--0.4%                                                                  
City of Flat Rock Tax Increment                                                 
Finance Authority Taxable Series A                                          
6.750% due 10/1/16                                   95              99     
Tobacco Settlement Finance                                                      
Authority Taxable Series A                                                  
7.309% due 6/1/34                                   180             165     
                                                          --------
                                                               264
                                                          --------

NEW YORK--0.5%                                                                  
City of New York Series A-1 (MBIA                                               
Insured)                                                                    
5.000% due 8/1/17                                   265             286     
                                                          --------

PENNSYLVANIA--0.6%                                                              
City of Pittsburgh Pension                                                      
Obligation Taxable Series C (FGIC                                           
Insured)                                                                    
6.500% due 3/1/17                                   340             343     
                                                          --------

RHODE ISLAND--1.6%                                                              
Woonsocket Pension Funding Taxable                                              
(FSA Insured)                                                               
5.660% due 7/15/13                                1,000           1,022     
                                                          --------

VIRGINIA--0.1%                                                                  
Tobacco Settlement Financing Corp.                                              
Taxable Series A-1                                                          
6.706% due 6/1/46                                    90              76     
                                                          --------
-------------------------------------------------------------------------       
TOTAL MUNICIPAL BONDS                                                           
(IDENTIFIED COST $5,533)                                            5,473       
-------------------------------------------------------------------------       

ASSET-BACKED SECURITIES--6.8%                                                   
AmeriCredit Automobile Receivables                                              
Trust 05-AX, A4                                                             
3.930% due 10/6/11                                1,507           1,453     
AmeriCredit Automobile Receivables                                              
Trust 06-BG, A3                                                             
5.210% due 10/6/11                                  131             130     
Capital Auto Receivables Asset                                                  
Trust Series 06-2, A3A                                                      
4.980% due 5/15/11                                  152             153     

                                        PAR VALUE          VALUE
                                         ---------        --------

Capital One Auto Finance Trust                                                  
07-B, A3A                                                                   
5.030% due 4/15/12                            $     500        $    488     
Carmax Auto Owner Trust 07-2, A3                                                
5.230% due 12/15/11                                 442             449     
Ford Credit Auto Owner Trust 07-A,                                              
A3B                                                                         
2.501% due 8/15/11(c)                               295             291     
GMAC Mortgage Corp. Loan Trust                                                  
05-AR2, 2A                                                                  
4.856% due 5/25/35(c)                               254             239     
Greenwich Structured ARM Products                                               
05-5A, N2 144A                                                              
5.981% due 9/27/45(b)(c)(f)                         315             221     
Renaissance Home Equity Loan Trust                                              
06-2, AF4                                                                   
6.115% due 8/25/36(c)                               730             643     
Saxon Asset Securities Trust 05-3,                                              
A2C                                                                         
2.763% due 11/25/35(c)                              179             178     
-------------------------------------------------------------------------       
TOTAL ASSET-BACKED SECURITIES                                                   
(IDENTIFIED COST $4,528)                                            4,245       
-------------------------------------------------------------------------       

DOMESTIC CORPORATE BONDS--20.7%                                                 

AIRLINES--1.0%                                                                  
American Airlines, Inc. 99-1                                                    
7.024% due 10/15/09                                 365             356     
Continental Airlines, Inc. 98-1A                                                
6.648% due 9/15/17                                  330             300     
                                                          --------
                                                               656
                                                          --------

APPLICATION SOFTWARE--0.1%                                                      
Intuit, Inc.                                                                    
5.750% due 3/15/17                                   45              42     
                                                          --------

ASSET MANAGEMENT & CUSTODY BANKS--0.9%                                          
Allied Capital Corp.                                                            
6.000% due 4/1/12                                   100              95     
Bank of New York Mellon Corp. (The)                                             
4.950% due 11/1/12                                  115             115     
Janus Capital Group, Inc.                                                       
6.250% due 6/15/12                                  125             122     
Nuveen Investments, Inc.                                                        
5.000% due 9/15/10                                  230             209     
                                                          --------
                                                               541
                                                          --------

AUTOMOBILE MANUFACTURERS--0.2%                                                  
Daimler Finance NA LLC                                                          
6.500% due 11/15/13                                  95              99     
                                                          --------

2 

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PHOENIX CORE BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

BROADCASTING & CABLE TV--0.9%                                                   
Comcast Corp.                                                                   
5.300% due 1/15/14                            $     105        $    102     
5.875% due 2/15/18                                   65              62     
Cox Communications, Inc. 144A                                                   
6.250% due 6/1/18(b)                                140             137     
Time Warner Cable, Inc.                                                         
5.850% due 5/1/17                                    70              66     
6.750% due 7/1/18                                   130             131     
Viacom, Inc.                                                                    
6.250% due 4/30/16                                   70              68     
                                                          --------
                                                               566
                                                          --------

BUILDING PRODUCTS--0.1%                                                         
Masco Corp.                                                                     
5.850% due 3/15/17                                   45              41     
Owens Corning, Inc.                                                             
6.500% due 12/1/16                                   35              32     
                                                          --------
                                                                73
                                                          --------

CONSTRUCTION MATERIALS--0.1%                                                    
Vulcan Materials Co.                                                            
5.600% due 11/30/12                                  80              79     
                                                          --------

CONSUMER ELECTRONICS--0.1%                                                      
Best Buy Co., Inc. 144A                                                         
6.750% due 7/15/13(b)                                85              86     
                                                          --------

CONSUMER FINANCE--1.8%                                                          
American Express Credit Corp.                                                   
5.875% due 5/2/13                                   140             139     
Capital One Financial Corp.                                                     
5.250% due 2/21/17                                   70              62     
GMAC LLC                                                                        
6.875% due 8/28/12                                  180             123     
HSBC Finance Corp.                                                              
8.000% due 7/15/10                                  300             314     
SLM Corp.                                                                       
5.261% due 2/1/10(c)                                500             461     
                                                          --------
                                                             1,099
                                                          --------

DATA PROCESSING & OUTSOURCED SERVICES--0.3%                                     
Broadridge Financial Solutions, Inc.                                            
6.125% due 6/1/17                                   110              92     

                                        PAR VALUE          VALUE
                                         ---------        --------

DATA PROCESSING & OUTSOURCED SERVICES--(CONTINUED)                              
Fiserv, Inc.                                                                    
6.125% due 11/20/12                           $     125        $    126     
                                                          --------
                                                               218
                                                          --------

DIVERSIFIED BANKS--0.3%                                                         
Wachovia Corp.                                                                  
4.875% due 2/15/14                                  200             183     
                                                          --------

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.4%                            
Cintas Corp. No. 2                                                              
6.125% due 12/1/17                                  105             106     
Equifax, Inc.                                                                   
6.300% due 7/1/17                                   130             124     
                                                          --------
                                                               230
                                                          --------

ELECTRIC UTILITIES--1.3%                                                        
Dominion Resources, Inc. Series D                                               
5.000% due 3/15/13                                   90              89     
Florida Power Corp. Series A                           38                       
5.800% due 9/15/17                                  135             135     
Great River Energy 144A                                                         
5.829% due 7/1/17(b)                                140             137     
NiSource Finance Corp.                                                          
6.400% due 3/15/18                                  130             126     
Northeast Utilities                                                             
5.650% due 6/1/13                                   140             139     
PPL Capital Funding Trust I                                                     
Series A                                                                    
4.330% due 3/1/09                                   190             190     
                                                          --------
                                                               819
                                                          --------

FOOD RETAIL--0.1%                                                               
Kroger Co. (The)                                                                
6.800% due 12/15/18                                  70              73     
                                                          --------

HEALTH CARE DISTRIBUTORS--0.2%                                                  
Cardinal Health, Inc.                                                           
6.000% due 6/15/17                                  125             124     
                                                          --------

HEALTH CARE SERVICES--0.2%                                                      
Covidien International Finance SA                                               
6.000% due 10/15/17                                  55              56     
Quest Diagnostics, Inc.                                                         
6.400% due 7/1/17                                    65              64     
                                                          --------
                                                               120
                                                          --------

3 

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PHOENIX CORE BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

HOME FURNISHINGS--0.2%                                                          
Mohawk Industries, Inc.                                                         
6.125% due 1/15/16                            $     160        $    153     
                                                          --------

HOTELS, RESORTS & CRUISE LINES--0.2%                                            
Starwood Hotels & Resort Worldwide,                                             
Inc.                                                                        
6.250% due 2/15/13                                  110             106     
                                                          --------

HOUSEHOLD APPLIANCES--0.2%                                                      
Black & Decker Corp. (The)                                                      
5.750% due 11/15/16                                 115             110     
                                                          --------

INDUSTRIAL REITs--0.1%                                                          
ProLogis                                                                        
6.625% due 5/15/18                                   60              59     
                                                          --------

INTEGRATED TELECOMMUNICATION SERVICES--0.9%                                     
AT&T, Inc.                                                                      
5.875% due 2/1/12                                   130             133     
5.625% due 6/15/16                                  130             129     
Embarq Corp.                                                                    
6.738% due 6/1/13                                    65              63     
Qwest Corp.                                                                     
7.875% due 9/1/11                                    65              65     
Verizon Communications, Inc.                                                    
4.900% due 9/15/15                                  130             123     
5.500% due 4/1/17                                    70              67     
                                                          --------
                                                               580
                                                          --------

INVESTMENT BANKING & BROKERAGE--1.8%                                            
Bear Stearns Cos., Inc. (The)                                                   
7.250% due 2/1/18                                    80              83     
Credit Suisse USA, Inc.                                                         
5.850% due 8/16/16                                  135             134     
Goldman Sachs Group, Inc. (The)                                                 
5.125% due 1/15/15                                  160             153     
6.150% due 4/1/18                                   140             136     
Lehman Brothers Holdings, Inc.                                                  
6.000% due 7/19/12                                   55              53     
5.625% due 1/24/13                                   65              62     
5.750% due 1/3/17                                   145             128     
Merrill Lynch & Co., Inc.                                                       
6.110% due 1/29/37                                  150             119     
Morgan Stanley                                                                  
5.375% due 10/15/15                                 250             229     
                                                          --------
                                                             1,097
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

LEISURE PRODUCTS--0.2%                                                          
Hasbro, Inc.                                                                    
6.300% due 9/15/17                            $     135        $    133     
                                                          --------

MANAGED HEALTH CARE--0.2%                                                       
WellPoint, Inc.                                                                 
5.250% due 1/15/16                                  125             117     
                                                          --------

MORTGAGE REITs--0.3%                                                            
iStar Financial, Inc.                                                           
6.050% due 4/15/15                                  200             160     
                                                          --------

MOVIES & ENTERTAINMENT--0.2%                                                    
Time Warner, Inc.                                                               
5.875% due 11/15/16                                 130             123     
                                                          --------

MULTI-LINE INSURANCE--0.1%                                                      
Assurant, Inc.                                                                  
5.625% due 2/15/14                                   70              66     
                                                          --------

OFFICE ELECTRONICS--0.3%                                                        
Xerox Corp.                                                                     
6.750% due 2/1/17                                   170             171     
                                                          --------

OIL & GAS EXPLORATION & PRODUCTION--0.2%                                        
Petropower I Funding Trust 144A                                                 
7.360% due 2/15/14(b)                               113             111     
                                                          --------

OIL & GAS REFINING & MARKETING--0.2%                                            
Enterprise Products Partners L.P.                                               
6.300% due 9/15/17                                  100              99     
                                                          --------

OIL & GAS STORAGE & TRANSPORTATION--1.1%                                        
Buckeye Partners LP                                                             
5.125% due 7/1/17                                   200             183     
Energy Transfer Partners LP                                                     
5.950% due 2/1/15                                   135             133     
Kinder Morgan Energy Partners LP                                                
6.000% due 2/1/17                                   135             133     
NGPL PipeCo. LLC 144A                                                           
6.514% due 12/15/12(b)                              100             102     
Williams Cos., Inc. (The)                                                       
7.125% due 9/1/11                                   125             129     
                                                          --------
                                                               680
                                                          --------

OTHER DIVERSIFIED FINANCIAL SERVICES--2.8%                                      
Bank of America Corp.                                                           
5.750% due 12/1/17                                  100              94     

4 

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PHOENIX CORE BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

OTHER DIVERSIFIED FINANCIAL SERVICES--(CONTINUED)                               
5.490% due 3/15/19                            $     300        $    272     
Citigroup, Inc.                                                                 
5.500% due 8/27/12                                   90              89     
5.500% due 2/15/17                                   95              87     
General Electric Capital Corp.                                                  
6.750% due 3/15/32                                  500             503     
International Lease Finance Corp.                                               
4.750% due 1/13/12                                  225             198     
JPMorgan Chase & Co.                                                            
5.125% due 9/15/14                                  155             151     
5.250% due 5/1/15                                    85              82     
6.000% due 1/15/18                                  125             122     
National Rural Utilities                                                        
Cooperative Finance Corp.                                                   
5.500% due 7/1/13                                   115             116     
                                                          --------
                                                             1,714
                                                          --------

PACKAGED FOODS & MEATS--0.1%                                                    
Kraft Foods, Inc.                                                               
6.125% due 2/1/18                                    80              78     
                                                          --------

PROPERTY & CASUALTY INSURANCE--0.1%                                             
Travelers Cos., Inc.                                                            
5.750% due 12/15/17                                 100              97     
                                                          --------

REGIONAL BANKS--0.8%                                                            
Credit Suisse First Boston                                                      
6.000% due 2/15/18                                   65              63     
PNC Bank NA                                                                     
4.875% due 9/21/17                                  155             136     
SunTrust Banks, Inc.                                                            
5.250% due 11/5/12                                  135             132     
Zions Bancorp.                                                                  
5.500% due 11/16/15                                 200             159     
                                                          --------
                                                               490
                                                          --------

RESIDENTIAL REITs--0.2%                                                         
UDR, Inc.                                                                       
5.250% due 1/15/15                                  150             136     
                                                          --------

RESTAURANTS--0.4%                                                               
Starbucks Corp.                                                                 
6.250% due 8/15/17                                  135             132     
Yum! Brands, Inc.                                                               
6.250% due 4/15/16                                  140             140     
                                                          --------
                                                               272
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

RETAIL REITs--0.4%                                                              
Simon Property Group LP                                                         
5.100% due 6/15/15                            $      70        $     63     
Tanger Factory Outlet Centers                                                   
6.150% due 11/15/15                                 190             176     
                                                          --------
                                                               239
                                                          --------

SPECIALIZED FINANCE--0.2%                                                       
CIT Group, Inc.                                                                 
5.125% due 9/30/14                                  200             143     
                                                          --------

SPECIALIZED REITs--0.7%                                                         
Health Care REIT, Inc.                                                          
5.875% due 5/15/15                                  225             209     
Nationwide Health Properties, Inc.                                              
6.250% due 2/1/13                                   130             128     
Realty Income Corp.                                                             
6.750% due 8/15/19                                  110             104     
                                                          --------
                                                               441
                                                          --------

STEEL--0.2%                                                                     
Commercial Metals Co.                                                           
6.500% due 7/15/17                                  100             102     
                                                          --------

THRIFTS & MORTGAGE FINANCE--0.3%                                                
Countrywide Financial Corp.                                                     
6.250% due 5/15/16                                   65              58     
Washington Mutual, Inc.                                                         
4.625% due 4/1/14                                   155             113     
                                                          --------
                                                               171
                                                          --------

TOBACCO--0.1%                                                                   
Reynolds American, Inc.                                                         
6.750% due 6/15/17                                   95              95     
                                                          --------

WIRELESS TELECOMMUNICATION SERVICES--0.2%                                       
Nextel Communications, Inc.                                                     
Series D                                                                    
7.375% due 8/1/15                                    70              58     

5 

N-Q 37th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 37th
PHOENIX CORE BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

WIRELESS TELECOMMUNICATION SERVICES--(CONTINUED)                                
Sprint Nextel Corp.                                                             
6.000% due 12/1/16                            $      65        $     56     
                                                          --------
                                                               114
-------------------------------------------------------------------------       
TOTAL DOMESTIC CORPORATE BONDS                                                  
(IDENTIFIED COST $13,569)                                          12,865       
-------------------------------------------------------------------------       

NON-AGENCY MORTGAGE-BACKED SECURITIES--24.9%                                    
Bear Stearns Adjustable Rate                                                    
Mortgage Trust 05-12, 13A1                                                  
5.446% due 2/25/36(c)                               160             150     
Bear Stearns Commercial Mortgage                                                
Securities 06-PW12, A4                                                      
5.718% due 9/11/38(c)                               370             361     
Citigroup Mortgage Loan Trust, Inc.                                             
05-5, 2A3                                                                   
5.000% due 8/25/35                                   72              69     
Citigroup/Deutsche Bank Commercial                                              
Mortgage Trust 05-CD1, AM                                                   
5.400% due 7/15/44(c)                               650             615     
Citigroup/Deutsche Bank Commercial                                              
Mortgage Trust 06-CD2, A4                                                   
5.545% due 1/15/46(c)                               655             625     
Citigroup/Deutsche Bank Commercial                                              
Mortgage Trust 07-CD4, A4                                                   
5.322% due 12/11/49                                 700             647     
Countrywide Home Loan Mortgage                                                  
Pass-Through Trust 04-13, 1A1                                               
5.500% due 8/25/34                                  166             165     
Credit Suisse Mortgage Capital                                                  
Certificates 06-C1, A4                                                      
5.609% due 2/15/39(c)                               935             900     
Crown Castle Towers LLC 05-1A, AFX                                              
144A                                                                        
4.643% due 6/15/35(b)                               450             443     
GE Capital Commercial Mortgage                                                  
Corp. 04-C3, A4                                                             
5.189% due 7/10/39(c)                             1,000             972     
Greenwich Capital Commercial                                                    
Funding Corp. 04-GG1, A7                                                    
5.317% due 6/10/36(c)                             1,000             983     
JPMorgan Mortgage Trust 05-S3, 2A2                                              
5.500% due 1/25/21                                  282             273     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust 04-C7, A6                                                    
4.786% due 10/15/29(c)                            1,000             947     

                                        PAR VALUE          VALUE
                                         ---------        --------

Lehman Brothers - UBS Commercial                                                
Mortgage Trust 06-C6, A4                                                    
5.372% due 9/15/39                            $     710        $    672     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust 07-C2, A2                                                    
5.303% due 2/15/40                                  225             219     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust 07-C6, A2                                                    
5.845% due 7/15/40                                  360             358     
Lehman Brothers Commercial Conduit                                              
Mortgage Trust 07-C3, A4                                                    
6.135% due 7/15/44(c)                               170             165     
MASTR Asset Securitization Trust                                                
03-10, 3A1                                                                  
5.500% due 11/25/33                                 306             292     
MASTR Resecuritization Trust 05-4CI,                                            
N2 144A                                                                     
5.482% due 4/26/45(b)(c)(f)                         170              47     
Merrill Lynch Mortgage Trust                                                    
04-KEY2, A4                                                                 
4.864% due 8/12/39(c)                             1,000             951     
Merrill Lynch Mortgage Trust 06-C1,                                             
AM                                                                          
5.658% due 5/12/39(c)                               320             299     
Merrill Lynch/Countrywide                                                       
Commercial Mortgage Trust 06-3,                                             
A4                                                                          
5.414% due 7/12/46(c)                               445             422     
Morgan Stanley Capital I 06-T23, A4                                             
5.984% due 8/12/41(c)                               360             353     
Morgan Stanley Capital I 07-IQ14,                                               
A2                                                                          
5.610% due 4/15/49                                  350             343     
Morgan Stanley Mortgage Loan Trust                                              
05-5AR, 4A1                                                                 
5.521% due 9/25/35(c)                               285             240     
Paine Webber Mortgage Acceptance                                                
Corp. 99-C1, D                                                              
7.150% due 6/15/32(c)                               190             195     
Prudential Securities Secured                                                   
Financing Corp. 98-C1, C                                                    
6.742% due 5/15/10                                   76              76     
Residential Accredit Loans, Inc.                                                
06-QA1, A21                                                                 
5.959% due 1/25/36(c)                               556             436     
Residential Funding Mortgage                                                    
Securities I, Inc. 05-SA1, 2A                                               
4.835% due 3/25/35(c)                               271             254     
SBA Commercial Mortgage Backed                                                  
Securities Trust 06-1A, B 144A                                              
5.451% due 11/15/36(b)                              140             134     

6 

N-Q 38th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 38th
PHOENIX CORE BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

Wachovia Mortgage Loan Trust LLC                                                
06-A, B1                                                                    
5.415% due 5/20/36(c)                         $     258        $    155     
Washington Mutual Mortgage                                                      
Pass-Through-Certificates, Inc.                                             
05-AR3, A2                                                                  
4.636% due 3/25/35(c)                               566             539     
Wells Fargo Mortgage Backed                                                     
Securities Trust 04-BB, A1                                                  
4.556% due 1/25/35(c)                               236             218     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-14, 2A1                                                 
5.500% due 12/25/35                                 713             674     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-5, 1A1                                                  
5.000% due 5/25/20                                  301             287     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-AR16, 6A3                                               
5.000% due 10/25/35(c)                              557             543     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-AR4, 2A1                                                
4.526% due 4/25/35(c)                               253             231     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-AR4, 2A2                                                
4.526% due 4/25/35(c)                               212             203     
-------------------------------------------------------------------------       
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES                                     
(IDENTIFIED COST $16,562)                                          15,456       
-------------------------------------------------------------------------       

FOREIGN GOVERNMENT SECURITIES--0.8%                                             

CHILE--0.3%                                                                     
Republic of Chile                                                               
5.500% due 1/15/13                                  150             155     
                                                          --------

RUSSIA--0.5%                                                                    
Russian Federation RegS                                                         
7.500% due 3/31/30(c)(e)                            300             338     
                                                          --------
-------------------------------------------------------------------------       
TOTAL FOREIGN GOVERNMENT SECURITIES                                             
(IDENTIFIED COST $464)                                                493       
-------------------------------------------------------------------------       

FOREIGN CORPORATE BONDS(d)--3.4%                                                

ARUBA--0.2%                                                                     
UFJ Finance AEC                                                                 
6.750% due 7/15/13                                  100             105     
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

AUSTRALIA--0.4%                                                                 
Rio Tinto Finance USA Ltd.                                                      
6.500% due 7/15/18                            $      95        $     95     
Westfield Capital Corp. Ltd./                                                   
Westfield Finance Authority 144A                                            
5.125% due 11/15/14(b)                              150             139     
                                                          --------
                                                               234
                                                          --------

CANADA--0.3%                                                                    
EnCana Corp.                                                                    
5.900% due 12/1/17                                   80              81     
Petro-Canada                                                                    
6.050% due 5/15/18                                   45              44     
Xstrata Finance Canada Ltd. 144A                                                
5.800% due 11/15/16(b)                               70              66     
                                                          --------
                                                               191
                                                          --------

GERMANY--0.2%                                                                   
Deutsche Bank AG                                                                
4.875% due 5/20/13                                   30              29     
Deutsche Telekom International                                                  
Finance BV                                                                  
5.750% due 3/23/16                                  100              98     
                                                          --------
                                                               127
                                                          --------

ITALY--0.1%                                                                     
Telecom Italia Capital SA                                                       
6.999% due 6/4/18                                    95              96     
                                                          --------

LUXEMBOURG--0.2%                                                                
ArcelorMittal 144A                                                              
6.125% due 6/1/18(b)                                105             104     
                                                          --------

QATAR--0.4%                                                                     
Ras Laffan Liquefied Natural Gas                                                
Co., Ltd. II RegS                                                           
5.298% due 9/30/20(e)                               250             233     
                                                          --------

RUSSIA--0.6%                                                                    
Gazprom OAO (Gaz Capital SA) 144A                                               
6.212% due 11/22/16(b)                              130             122     
OJSC AK Transneft                                                               
(TransCapitalInvest Ltd.) 144A                                              
5.670% due 3/5/14(b)                                170             159     
TNK-BP Finance SA RegS                                                          
6.125% due 3/20/12(e)                               105              99     
                                                          --------
                                                               380
                                                          --------

7 

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PHOENIX CORE BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

SINGAPORE--0.2%                                                                 
ICICI Bank Ltd. RegS                                                            
5.750% due 11/16/10(e)                        $     105        $    104     
                                                          --------

SOUTH KOREA--0.2%                                                               
Export-Import Bank of Korea                                                     
5.500% due 10/17/12                                 135             134     
                                                          --------

UNITED KINGDOM--0.4%                                                            
Barclays Bank plc 144A                                                          
6.050% due 12/4/17(b)                               125             122     
Vodafone Group plc                                                              
5.000% due 9/15/15                                   80              76     
6.150% due 2/27/37                                   70              64     
                                                          --------
                                                               262
                                                          --------

UNITED STATES--0.2%                                                             
CRH America, Inc.                                                               
6.000% due 9/30/16                                  135             125     
                                                          --------
-------------------------------------------------------------------------       
TOTAL FOREIGN CORPORATE BONDS                                                   
(IDENTIFIED COST $2,172)                                            2,095       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--96.9%                                              
(IDENTIFIED COST $62,318)                                          60,202       
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

SHORT-TERM INVESTMENTS--3.0%                                                    

COMMERCIAL PAPER(g)--3.0%                                                       
NetJets, Inc.                                                                   
2.300% due 7/1/08                                 1,890        $  1,890     
                                                          --------
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $1,890)                                            1,890       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.9%                                                        
(IDENTIFIED COST $64,208)                                          62,092(a)    

Other assets and liabilities, net--0.1%                                64       
                                                          --------
NET ASSETS--100.0%                                               $ 62,156       
                                                          ========

ABBREVIATIONS:                                                                  
FGIC   Financial Guaranty Insurance Company                                     
FHLM   Freddie Mac or Federal Home Loan Mortgage Corporation                    
FNMA   Fannie Mae or Federal National Mortgage Association                      
FSA    Financial Security Assurance, Inc.                                       
GNMA   Ginnie Mae or Government National Mortgage Association                   
MBIA   Municipal Bond Insurance Association                                     
REIT   Real Estate Investment Trust                                             

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $368 and gross   
       depreciation of $2,888 for federal income tax purposes. At June 30, 2008,
  the aggregate cost of securities for federal income tax purposes was
$64,612.                                                          
(b)    Security exempt from registration under Rule 144A of the Securities Act  
 of 1933. These securities may be resold in transactions exempt from
   registration, normally to qualified institutional buyers. At June 30,
 2008, these securities amounted to a value of $2,130 or 3.4% of net
assets.                                                           
(c)    Variable or step coupon security; interest rate shown reflects the rate  
currently in effect.                                              
(d)    A security is considered to be foreign if the security is issued in a    
foreign country. The country of risk, noted in the header, or     
   parenthetically, is determined based on criteria described in Note 1B
   "Foreign security country determination" in the Notes to Schedules of
Investments.                                                      
(e)    Regulation S security. Security is offered and sold outside of the United
  States, therefore, it is exempt from registration with the SEC under
rules 903 and 904 of the Securities Act of 1933.                  
(f)    Illiquid and restricted security. At June 30, 2008, these securities     
amounted to a value of $268 or 0.4% of net assets. For acquisition
       information, see Note 2 "Illiquid and Restricted Securities" in the Notes
to Schedules of Investments.                                      
(g)    The rate shown is the discount rate.                                     

8 

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PHOENIX HIGH YIELD FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

DOMESTIC CORPORATE BONDS--86.7%                                                 

ADVERTISING--2.0%                                                               
Affinion Group, Inc.                                                            
10.125% due 10/15/13                          $     645        $    650     
11.500% due 10/15/15                              1,555           1,559     
                                                          --------
                                                             2,209
                                                          --------

AEROSPACE & DEFENSE--3.5%                                                       
BE Aerospace, Inc.                                                              
8.500% due 7/1/18                                   585             590     
Bombardier Inc. 144A                                                            
8.000% due 11/15/14(b)                            1,720           1,772     
DI Finance/DynCorp International,                                               
Inc. Series B                                                               
9.500% due 2/15/13                                  530             530     
L-3 Communications Corp.                                                        
7.625% due 6/15/12                                  425             430     
5.875% due 1/15/15                                  550             510     
                                                          --------
                                                             3,832
                                                          --------

APPAREL, ACCESSORIES & LUXURY GOODS--1.4%                                       
Levi Strauss & Co.                                                              
9.750% due 1/15/15                                  150             152     
8.875% due 4/1/16                                 1,370           1,339     
                                                          --------
                                                             1,491
                                                          --------

AUTO PARTS & EQUIPMENT--0.0%                                                    
CB Cambridge Industries Liquidating                                             
Trust Interests                                                             
0.000% due 12/24/08(e)(f)(i)                      5,164               6     
                                                          --------

AUTOMOTIVE RETAIL--1.0%                                                         
AutoNation, Inc.                                                                
7.000% due 4/15/14                                1,280           1,146     
                                                          --------

BROADCASTING & CABLE TV--6.5%                                                   
Clear Channel Communications, Inc.                                              
7.650% due 9/15/10                                3,085           3,166     
EchoStar DBS Corp.                                                              
7.125% due 2/1/16                                 1,745           1,618     
Mediacom LLC/Mediacom Capital Corp.                                             
9.500% due 1/15/13                                  600             569     
Sinclair Television Group, Inc.                                                 
8.000% due 3/15/12                                1,075           1,086     
United Artists Theatre Circuit,                                                 
Inc. Series 95-A                                                            
9.300% due 7/1/15(h)                                349             348     

                                        PAR VALUE          VALUE
                                         ---------        --------

BROADCASTING & CABLE TV--(CONTINUED)                                            
United Artists Theatre Circuit,                                                 
Inc. Series AW-0                                                            
9.300% due 7/1/15(h)                          $       2        $      2     
United Artists Theatre Circuit,                                                 
Inc. Series BD-1                                                            
9.300% due 7/1/15(h)                                376             375     
United Artists Theatre Circuit,                                                 
Inc. Series BE-9                                                            
9.300% due 7/1/15(h)                                 13              13     
                                                          --------
                                                             7,177
                                                          --------

BUILDING PRODUCTS--1.6%                                                         
Gibraltar Industries, Inc. Series B                                             
8.000% due 12/1/15                                2,145           1,802     
                                                          --------

CASINOS & GAMING--6.0%                                                          
Harrahs Operating Co., Inc. 144A                                                
10.750% due 2/1/16(b)                             2,465           2,058     
Icahn Enterprises LP/Icahn                                                      
Enterprises Finance Corp.                                                   
8.125% due 6/1/12                                 1,515           1,462     
7.125% due 2/15/13                                  705             643     
MGM MIRAGE                                                                      
7.500% due 6/1/16                                   615             509     
7.625% due 1/15/17                                  945             782     
OED Corp./Diamond Jo LLC                                                        
8.750% due 4/15/12                                1,265           1,158     
                                                          --------
                                                             6,612
                                                          --------

CATALOG RETAIL--2.4%                                                            
Harry & David Holdings, Inc.                                                    
7.682% due 3/1/12(c)                              1,390           1,230     
IAC/InterActiveCorp                                                             
7.000% due 1/15/13                                1,277           1,359     
                                                          --------
                                                             2,589
                                                          --------

COMMUNICATIONS EQUIPMENT--1.0%                                                  
Dycom Industries, Inc.                                                          
8.125% due 10/15/15                               1,140           1,100     
                                                          --------

CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.7%                              
Trinity Industries, Inc.                                                        
6.500% due 3/15/14                                  825             804     
                                                          --------

CONSUMER FINANCE--5.9%                                                          
Ford Motor Credit Co. LLC                                                       
7.375% due 2/1/11                                   765             621     
9.875% due 8/10/11                                  360             303     

1 

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PHOENIX HIGH YIELD FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

CONSUMER FINANCE--(CONTINUED)                                                   
7.800% due 6/1/12                             $     925        $    716     
7.000% due 10/1/13                                  540             398     
12.000% due 5/15/15                                 815             718     
8.000% due 12/15/16                               1,565           1,139     
GMAC LLC                                                                        
7.250% due 3/2/11                                 1,000             735     
6.000% due 12/15/11                                 300             207     
Hertz Corp. (The)                                                               
8.875% due 1/1/14                                 1,025             943     
10.500% due 1/1/16                                  720             659     
                                                          --------
                                                             6,439
                                                          --------

DATA PROCESSING & OUTSOURCED SERVICES--1.9%                                     
First Data Corp. 144A                                                           
9.875% due 9/24/15(b)                             1,375           1,198     
Lender Processing Services, Inc.                                                
144A                                                                        
8.125% due 7/1/16(b)                                885             891     
                                                          --------
                                                             2,089
                                                          --------

DISTRIBUTORS--0.4%                                                              
Susser Holdings LLC                                                             
10.625% due 12/15/13                                455             464     
                                                          --------

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--2.4%                            
Harland Clarke Holdings Corp.                                                   
7.815% due 5/15/15(c)                             1,075             801     
9.500% due 5/15/15                                1,635           1,349     
RSC Equipment Rental, Inc.                                                      
9.500% due 12/1/14                                  575             483     
                                                          --------
                                                             2,633
                                                          --------

ELECTRIC UTILITIES--2.0%                                                        
Reliant Energy, Inc.                                                            
6.750% due 12/15/14                               2,125           2,178     
                                                          --------

FOOD RETAIL--0.6%                                                               
Stater Brothers Holdings, Inc.                                                  
8.125% due 6/15/12                                  640             646     
                                                          --------

HEALTH CARE FACILITIES--1.8%                                                    
HCA, Inc.                                                                       
9.250% due 11/15/16                               1,890           1,951     
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.3%                              
Linn Energy LLC 144A                                                            
9.875% due 7/1/18(b)                          $     300        $    299     
                                                          --------

INTEGRATED TELECOMMUNICATION SERVICES--4.0%                                     
Hughes Network Systems LLC/Hughes                                               
Network Systems Finance Corp.                                               
9.500% due 4/15/14                                1,960           1,992     
Qwest Corp.                                                                     
8.875% due 3/15/12                                  240             246     
6.500% due 6/1/17                                   515             460     
Telcordia Technologies, Inc. 144A                                               
6.463% due 7/15/12(b)(c)                            665             577     
10.000% due 3/15/13(b)                            1,435           1,169     
                                                          --------
                                                             4,444
                                                          --------

INTERNET RETAIL--0.5%                                                           
Expedia, Inc. 144A                                                              
8.500% due 7/1/16(b)                                535             526     
                                                          --------

IT CONSULTING & OTHER SERVICES--0.7%                                            
Unisys Corp.                                                                    
12.500% due 1/15/16                                 750             754     
                                                          --------

METAL & GLASS CONTAINERS--0.5%                                                  
AEP Industries, Inc.                                                            
7.875% due 3/15/13                                  590             555     
                                                          --------

MOVIES & ENTERTAINMENT--1.6%                                                    
WMG Acquisition Corp.                                                           
7.375% due 4/15/14                                1,010             845     
WMG Holdings Corp.                                                              
0.000% due 12/15/14(c)                            1,470             933     
                                                          --------
                                                             1,778
                                                          --------

MULTI-UTILITIES--1.6%                                                           
Aquila, Inc.                                                                    
14.875% due 7/1/12                                1,505           1,757     
                                                          --------

OFFICE SERVICES & SUPPLIES--3.1%                                                
IKON Office Solutions, Inc.                                                     
7.750% due 9/15/15                                3,350           3,375     
                                                          --------

OIL & GAS EQUIPMENT & SERVICES--2.4%                                            
Allis-Chalmers Energy, Inc.                                                     
8.500% due 3/1/17                                   945             879     

2 

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PHOENIX HIGH YIELD FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

OIL & GAS EQUIPMENT & SERVICES--(CONTINUED)                                     
Seitel, Inc.                                                                    
9.750% due 2/15/14                            $   1,890        $  1,698     
                                                          --------
                                                             2,577
                                                          --------

OIL & GAS EXPLORATION & PRODUCTION--6.7%                                        
Chesapeake Energy Corp.                                                         
6.625% due 1/15/16                                1,240           1,197     
6.500% due 8/15/17                                  845             794     
Encore Acquisition Co.                                                          
6.000% due 7/15/15                                1,525           1,441     
Newfield Exploration Co.                                                        
7.125% due 5/15/18                                  270             257     
Pioneer Natural Resources Co.                                                   
6.650% due 3/15/17                                  100              94     
6.875% due 5/1/18                                 2,475           2,335     
Plains Exploration & Production Co.                                             
7.000% due 3/15/17                                  815             787     
Sabine Pass Liquid Natural Gas LP                                               
7.500% due 11/30/16                                 560             507     
                                                          --------
                                                             7,412
                                                          --------

OIL & GAS STORAGE & TRANSPORTATION--2.2%                                        
SemGroup LP 144A                                                                
8.750% due 11/15/15(b)                            2,525           2,462     
                                                          --------

PAPER PRODUCTS--3.9%                                                            
Exopack Holding Corp.                                                           
11.250% due 2/1/14                                1,910           1,781     
Mercer International, Inc.                                                      
9.250% due 2/15/13                                  658             620     
Rock-Tenn Co. 144A                                                              
9.250% due 3/15/16(b)                               605             644     
Verso Paper Holdings LLC/Verso                                                  
Paper, Inc. Series B                                                        
11.375% due 8/1/16                                1,315           1,253     
                                                          --------
                                                             4,298
                                                          --------

PRECIOUS METALS & MINERALS--1.2%                                                
PNA Group, Inc.                                                                 
10.750% due 9/1/16                                1,085           1,280     
                                                          --------

PUBLISHING--4.1%                                                                
Belo Corp.                                                                      
6.750% due 5/30/13                                1,615           1,530     

                                        PAR VALUE          VALUE
                                         ---------        --------

PUBLISHING--(CONTINUED)                                                         
Dex Media, Inc.                                                                 
8.000% due 11/15/13                           $   1,740        $  1,279     
Donnelley (R.H.) Corp. 144A                                                     
8.875% due 10/15/17(b)                              910             546     
Idearc, Inc.                                                                    
8.000% due 11/15/16                               1,805           1,144     
                                                          --------
                                                             4,499
                                                          --------

SEMICONDUCTORS--2.5%                                                            
Amkor Technology, Inc.                                                          
7.750% due 5/15/13                                1,205           1,122     
9.250% due 6/1/16                                   490             469     
Freescale Semiconductor, Inc.                                                   
8.875% due 12/15/14                               1,345           1,100     
                                                          --------
                                                             2,691
                                                          --------

SPECIALIZED CONSUMER SERVICES--0.9%                                             
Stewart Enterprises, Inc.                                                       
6.250% due 2/15/13                                1,060           1,012     
                                                          --------

SPECIALIZED FINANCE--0.9%                                                       
PNA Intermediate Holding Corp. PIK                                              
Interest Capitalization                                                     
11.869% due 2/15/13                               1,025           1,030     
                                                          --------

SPECIALIZED REITs--1.9%                                                         
Felcor Lodging LP                                                               
8.500% due 6/1/11                                 1,030           1,012     
Host Hotels & Resorts LP Series O                                               
6.375% due 3/15/15                                1,220           1,086     
                                                          --------
                                                             2,098
                                                          --------

SPECIALTY CHEMICALS--0.6%                                                       
Huntsman International LLC                                                      
7.375% due 1/1/15                                   710             625     
                                                          --------

STEEL--1.4%                                                                     
Ryerson, Inc. 144A                                                              
12.000% due 11/1/15(b)                              610             608     
Steel Dynamics, Inc. 144A                                                       
7.750% due 4/15/16(b)                               960             960     
                                                          --------
                                                             1,568
                                                          --------

3 

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PHOENIX HIGH YIELD FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                        PAR VALUE          VALUE
                                         ---------        --------

TOBACCO--1.8%                                                                   
Alliance One International, Inc.                                                
11.000% due 5/15/12                           $   1,945        $  2,013     
                                                          --------

TRUCKING--1.5%                                                                  
Avis Budget Car Rental LLC/Avis                                                 
Budget Finance, Inc.                                                        
7.750% due 5/15/16                                2,125           1,642     
                                                          --------

WIRELESS TELECOMMUNICATION SERVICES--1.3%                                       
Sprint Capital Corp.                                                            
8.750% due 3/15/32                                  855             814     
Sprint Nextel Corp.                                                             
6.000% due 12/1/16                                  680             585     
                                                          --------
                                                             1,399
-------------------------------------------------------------------------       
TOTAL DOMESTIC CORPORATE BONDS                                                  
(IDENTIFIED COST $100,291)                                         95,262       
-------------------------------------------------------------------------       

FOREIGN CORPORATE BONDS(d)--10.3%                                               

CANADA--4.7%                                                                    
CHC Helicopter Corp.                                                            
7.375% due 5/1/14                                 1,530           1,595     
Compton Petroleum Finance Corp.                                                 
7.625% due 12/1/13                                1,135           1,121     
Russel Metals, Inc.                                                             
6.375% due 3/1/14                                 1,640           1,550     
Videotron Ltd. 144A                                                             
9.125% due 4/15/18(b)                               825             866     
                                                          --------
                                                             5,132
                                                          --------

POLAND--0.1%                                                                    
Poland Telecom Finance BV Series B                                              
14.000% due 12/1/08(e)(f)(i)                      4,942              62     
                                                          --------

UNITED KINGDOM--3.1%                                                            
Ineos Group Holdings plc 144A                                                   
8.500% due 2/15/16(b)                             1,415             937     
Inmarsat Finance II plc                                                         
0.000% due 11/15/12(c)                              765             777     
Virgin Media Finance plc                                                        
8.750% due 4/15/14                                1,600           1,512     
9.125% due 8/15/16                                  270             255     
                                                          --------
                                                             3,481
                                                          --------

                                        PAR VALUE          VALUE
                                         ---------        --------

UNITED STATES--2.4%                                                             
Dollarama Group LP                                                              
8.875% due 8/15/12                            $     415        $    394     
Freeport-McMoRan Copper & Gold,                                                 
Inc.                                                                        
8.375% due 4/1/17(d)                              1,530           1,617     
Stratos Global Corp.                                                            
9.875% due 2/15/13                                  615             653     
                                                          --------
                                                             2,664
-------------------------------------------------------------------------       
TOTAL FOREIGN CORPORATE BONDS                                                   
(IDENTIFIED COST $16,356)                                          11,339       
-------------------------------------------------------------------------       

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

DOMESTIC COMMON STOCKS--0.0%                                                    

COMMERCIAL PRINTING--0.0%                                                       
ACG Holdings, Inc.(e)(i)                               76               0       
                                                          --------
-------------------------------------------------------------------------       
TOTAL DOMESTIC COMMON STOCKS                                                    
(IDENTIFIED COST $358)                                                  0       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--97.0%                                              
(IDENTIFIED COST $117,005)                                        106,601       
                                                          --------

SHORT-TERM INVESTMENTS--2.6%                                                    

                                        PAR VALUE          VALUE
                                         ---------        --------

FEDERAL AGENCY SECURITIES(g)--2.6%                                              
FNMA                                                                            
1.850% due 7/1/08                                $2,900           2,900     
                                                          --------
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $2,900)                                            2,900       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.6%                                                        
(IDENTIFIED COST $119,905)                                        109,501(a)    

Other assets and liabilities, net--0.4%                               459       
                                                          --------
NET ASSETS--100.0%                                               $109,960       
                                                          ========

4 

N-Q 44th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 44th
PHOENIX HIGH YIELD FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

ABBREVIATIONS:                                                                  
FNMA   Fannie Mae or Federal National Mortgage Association                      
PIK    Payment-in-Kind Security                                                 
REIT   Real Estate Investment Trust                                             

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $341 and gross   
  depreciation of $11,246 for federal income tax purposes. At June 30,
    2008, the aggregate cost of securities for federal income tax purposes
was $120,406.                                                     
(b)    Security exempt from registration under Rule 144A of the Securities Act  
 of 1933. These securities may be resold in transactions exempt from
   registration, normally to qualified institutional buyers. At June 30,
   2008, these securities amounted to a value of $15,513 or 14.1% of net
assets.                                                           
(c)    Variable or step coupon security; interest rate shown reflects the rate  
currently in effect.                                              
(d)    A security is considered to be foreign if the security is issued in a    
foreign country. The country of risk, noted in the header, or     
   parenthetically, is determined based on criteria described in Note 1B
   "Foreign security country determination" in the Notes to Schedules of
Investments.                                                      
(e)    Non-income producing.                                                    
(f)    Security in default.                                                     
(g)    The rate shown is the discount rate.                                     
(h)    Illiquid security.                                                       
(i)    Illiquid and restricted security. Security valued at fair value by or    
     under the direction of the Trustees. At June 30, 2008, these securities
amounted to a value of $68 or 0.1% of net assets. For acquisition 
       information, see Note 2 "Illiquid and Restricted Securities" in the Notes
to Schedules of Investments.                                      

5 

N-Q 45th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 45th
 PHOENIX MONEY MARKET FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2008 (UNAUDITED)

($ reported in thousands)                                                       

                                      FACE VALUE         VALUE
                                        ----------        --------

FEDERAL AGENCY SECURITIES(d)--16.6%                                             
FFCB                                                                            
3.000% due 7/28/08                            $     935        $    934     
FHLB                                                                            
2.250% due 7/17/08                                1,050           1,049     
2.120% due 7/25/08                                2,000           1,997     
4.250% due 8/25/08                                  550             552     
2.478% due 11/21/08(c)                            2,000           2,000     
4.750% due 12/12/08                               1,780           1,799     
2.800% due 2/6/09                                 1,500           1,500     
2.750% due 2/13/09                                1,500           1,500     
2.800% due 5/6/09                                 2,000           2,000     
FHLMC                                                                           
3.060% due 7/15/08                                  500             500     
FNMA                                                                            
2.100% due 7/29/08                                2,230           2,226     
-------------------------------------------------------------------------       
TOTAL FEDERAL AGENCY SECURITIES                                                 
(IDENTIFIED COST $16,057)                                          16,057       
-------------------------------------------------------------------------       

FEDERAL AGENCY SECURITIES--VARIABLE(c)(g)--1.3%                                 
SBA (Final Maturity 2/25/23)                                                    
2.750% due 7/1/08                                   249             249     
SBA (Final Maturity 1/25/21)                                                    
2.500% due 7/1/08                                    26              26     
SBA (Final Maturity 10/25/22)                                                   
2.750% due 7/1/08                                   359             359     
SBA (Final Maturity 11/25/21)                                                   
2.875% due 7/1/08                                   288             288     
SBA (Final Maturity 2/25/23)                                                    
2.750% due 7/1/08                                   193             193     
SBA (Final Maturity 3/25/24)                                                    
2.375% due 7/1/08                                    74              71     
SBA (Final Maturity 5/25/21)                                                    
2.750% due 7/1/08                                   112             112     
-------------------------------------------------------------------------       
TOTAL FEDERAL AGENCY SECURITIES - VARIABLE                                      
(IDENTIFIED COST $1,298)                                            1,298       
-------------------------------------------------------------------------       

COMMERCIAL PAPER(f)--51.0%                                                      
ABN-AMRO N.A Finance, Inc.                                                      
2.560% due 8/12/08                                  525             523     
2.600% due 8/12/08                                1,000             997     
2.550% due 8/21/08                                1,700           1,694     
2.550% due 9/8/08                                 1,500           1,493     

                                      FACE VALUE         VALUE
                                        ----------        --------

Archer-Daniels-Midland Co.                                                      
2.250% due 7/30/08                            $     900        $    898     
2.250% due 8/13/08                                2,600           2,593     
AT&T, Inc.                                                                      
2.250% due 7/14/08                                  870             869     
2.230% due 7/15/08                                2,500           2,498     
2.180% due 7/24/08                                1,330           1,328     
Bank of America Corp.                                                           
2.450% due 8/1/08                                 2,500           2,495     
2.860% due 8/26/08                                1,000             996     
Cargill, Inc.                                                                   
2.400% due 7/23/08                                1,105           1,103     
2.480% due 8/15/08                                2,035           2,029     
2.550% due 9/17/08                                1,600           1,591     
Cintas Corp. No. 2                                                              
2.500% due 7/1/08                                 1,880           1,880     
Coca-Cola Co.                                                                   
2.200% due 7/7/08                                 2,300           2,299     
Eaton Corp.                                                                     
2.200% due 7/17/08                                1,300           1,299     
Emerson Electric Co.                                                            
2.250% due 7/10/08                                2,390           2,389     
General Electric Capital Corp.                                                  
2.600% due 7/23/08                                2,000           1,997     
Govco LLC                                                                       
2.610% due 8/14/08                                3,100           3,090     
2.700% due 9/8/08                                 1,500           1,492     
Honeywell International                                                         
2.100% due 7/25/08                                1,000             999     
International Lease Finance Corp.                                               
2.830% due 7/3/08                                 2,420           2,420     
2.600% due 7/11/08                                1,890           1,889     
Kimberly-Clark Worldwide                                                        
2.200% due 7/23/08                                  500             499     
Private Export Funding Corp.                                                    
2.120% due 7/8/08                                 1,440           1,439     
2.120% due 7/24/08                                1,240           1,238     
Toyota Motor Credit Corp.                                                       
2.400% due 7/18/08                                2,000           1,998     
2.350% due 8/11/08                                1,710           1,705     

1 

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PHOENIX MONEY MARKET FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      FACE VALUE         VALUE
                                        ----------        --------

UBS Finance Delaware LLC                                                        
3.000% due 7/31/08                            $   1,435        $  1,431     
-------------------------------------------------------------------------       
TOTAL COMMERCIAL PAPER                                                          
(IDENTIFIED COST $49,171)                                          49,171       
-------------------------------------------------------------------------       

MEDIUM TERM NOTES--30.9%                                                        
Abbott Laboratories                                                             
3.500% due 2/17/09                                2,000           2,011     
Associates Corp. of North America                                               
6.250% due 11/1/08                                1,000           1,010     
Bank of America Corp.                                                           
3.250% due 8/15/08                                  500             500     
Beneficial Corp.                                                                
6.470% due 11/17/08                                 875             885     
Citigroup, Inc.                                                                 
2.939% due 1/30/09(c)                               400             399     
Danske Bank A/S 144A (Denmark)                                                  
2.472% due 1/19/09(b)(c)(e)                       2,000           2,000     
Danske Corp. 144A                                                               
3.050% due 4/9/09(b)(c)                           2,500           2,500     
General Electric Capital Corp.                                                  
8.500% due 7/24/08(d)                               600             602     
2.876% due 6/15/09(c)                             2,250           2,253     
HSBC Finance Corp.                                                              
2.906% due 9/15/08(c)                               700             705     
5.875% due 2/1/09                                   500             507     
HSH Nordbank AG NY 144A (Germany)                                               
2.551% due 9/22/08(b)(c)(e)                       5,000           5,000     
ING USA Global Funding Trust                                                    
3.143% due 7/17/09(c)                             2,000           2,000     

                                      FACE VALUE         VALUE
                                        ----------        --------

International Lease Finance Corp.                                               
4.350% due 9/15/08                            $     500        $    501     
National Australia Bank Ltd. 144A                                               
(Australia)                                                                 
2.789% due 2/6/09(b)(c)(e)                        2,000           2,000     
Nordea Bank AB 144A (Sweden)                                                    
2.438% due 2/6/09(b)(c)(e)                        2,000           2,000     
Procter & Gamble International                                                  
Funding                                                                     
2.789% due 2/19/09(c)                             1,000           1,000     
Procter & Gamble International                                                  
Funding 144A                                                                
5.300% due 7/6/09(b)                                900             920     
Royal Bank of Canada 144A (Canada)                                              
2.871% due 6/15/09(b)(c)(e)                       1,000           1,000     
Wells & Fargo Co. 144A                                                          
2.551% due 2/17/09(b)(c)                          2,000           2,000     

-------------------------------------------------------------------------       
TOTAL MEDIUM TERM NOTES                                                         
(IDENTIFIED COST $29,793)                                          29,793       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.8%                                                        
(IDENTIFIED COST $96,319)                                          96,319(a)    

Other assets and liabilities, net--0.2%                               187       
                                                          --------
NET ASSETS--100.0%                                               $ 96,506       
                                                          ========

ABBREVIATIONS:                                                                  
FFCB   Federal Farm Credit Bank                                                 
FHLB   Federal Home Loan Bank                                                   
FHLM   Freddie Mac or Federal Home Loan Mortgage Corporation                    
FNMA   Fannie Mae or Federal National Mortgage Association                      
SBA    Small Business Administration                                            

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: At June 30, 2008, the aggregate cost of  
securities was the same for book and federal income tax purposes. 
(b)    Security exempt from registration under Rule 144A of the Securities Act  
 of 1933. These securities may be resold in transactions exempt from
   registration, normally to qualified institutional buyers. At June 30,
   2008, these securities amounted to a value of $17,420 or 18.1% of net
assets.                                                           
(c)    Variable or step coupon security; interest rate shown reflects the rate  
currently in effect.                                              
(d)    The interest rate shown is the coupon rate.                              
(e)    A security is considered to be foreign if the security is issued in a    
foreign country. The country of risk, noted parenthetically, is   
 determined based on criteria described in Note 1B "Foreign security
country determination" in the Notes to Schedules of Investments.  
(f)    The rate shown is the discount rate.                                     
(g)    The maturity date shown is the reset date.                               

2 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

U.S. GOVERNMENT SECURITIES--1.4%                                                

U.S. TREASURY NOTES--1.4%                                                       
U.S. Treasury Note                                                              
3.875% due 5/15/18                          $     1,835      $    1,820     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL U.S. GOVERNMENT SECURITIES                                                
(IDENTIFIED COST $1,797)                                            1,820       
-------------------------------------------------------------------------       

AGENCY MORTGAGE-BACKED SECURITIES--6.8%                                         
FNMA                                                                            
5.500% due 4/1/37                                   497             490     
6.000% due 9/1/37                                 1,187           1,199     
5.500% due 11/1/37                                1,342           1,325     
5.500% due 4/1/38                                 2,136           2,109     
5.500% due 5/1/38                                 1,898           1,873     
6.000% due 5/1/38                                   493             498     
FNMA 04-W6, 1A4                                                                 
5.500% due 7/25/34                                  946             924     
FNMA 05-57, CK                                                                  
5.000% due 7/25/35                                  391             393     
FNMA 05-74, AG                                                                  
5.000% due 9/25/35                                  268             270     
-------------------------------------------------------------------------       
TOTAL AGENCY MORTGAGE-BACKED SECURITIES                                         
(IDENTIFIED COST $9,186)                                            9,081       
-------------------------------------------------------------------------       

MUNICIPAL BONDS--1.7%                                                           

MICHIGAN--0.1%                                                                  
Tobacco Settlement Finance                                                      
Authority Taxable Series A                                                  
7.309% due 6/1/34                                   170             156     
                                                        ----------

MINNESOTA--1.2%                                                                 
State of Minnesota                                                              
5.000% due 8/1/19                                 1,500           1,613     
                                                        ----------

SOUTH DAKOTA--0.2%                                                              
Educational Enhancement Funding                                                 
Corp. Taxable Series A                                                      
6.720% due 6/1/25                                   257             254     
                                                        ----------

VIRGINIA--0.2%                                                                  
Tobacco Settlement Financing Corp.                                              
Taxable Series A-1                                                          
6.706% due 6/1/46                                   355             300     
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

-------------------------------------------------------------------------       
TOTAL MUNICIPAL BONDS                                                           
(IDENTIFIED COST $2,369)                                            2,323       
-------------------------------------------------------------------------       

ASSET-BACKED SECURITIES--2.6%                                                   
Bombardier Capital Mortgage                                                     
Securitization Corp. 99-A, A3                                               
5.980% due 1/15/18(d)                       $       883      $      803     
Carmax Auto Owner Trust 07-2, B                                                 
5.370% due 3/15/13                                  350             338     
Conseco Finance Securitizations                                                 
Corp. 01-3, A4                                                              
6.910% due 5/1/33(d)                                866             805     
Dunkin Securitization 06-1, M1 144A                                             
8.285% due 6/20/31(b)                               690             613     
FMAC Loan Receivables Trust 98-CA,                                              
A2 144A                                                                     
6.660% due 9/15/20(b)                               174             163     
Green Tree Financial Corp. 99-2, M2                                             
7.210% due 12/1/30(d)                               460              37     
IndyMac Manufactured Housing                                                    
Contract 98-1, A3                                                           
6.370% due 9/25/28                                  698             649     
MASTR Alternative Net Interest                                                  
Margin 06-6, N1 144A                                                        
3.482% due 9/26/46(b)(d)(s)                          83               2     
-------------------------------------------------------------------------       
TOTAL ASSET-BACKED SECURITIES                                                   
(IDENTIFIED COST $3,771)                                            3,410       
-------------------------------------------------------------------------       

DOMESTIC CORPORATE BONDS--32.5%                                                 

AEROSPACE & DEFENSE--1.4%                                                       
DRS Technologies, Inc.                                                          
6.625% due 2/1/16                                   500             510     
L-3 Communications Corp.                                                        
7.625% due 6/15/12                                  425             430     
6.125% due 1/15/14                                  550             518     
L-3 Communications Corp. Series B                                               
6.375% due 10/15/15                                 250             235     
Moog, Inc. 144A                                                                 
7.250% due 6/15/18(b)                               100             100     
                                                        ----------
                                                             1,793
                                                        ----------

AIRLINES--2.3%                                                                  
American Airlines, Inc. 01-1                                                    
6.977% due 5/23/21                                1,546           1,229     
Continental Airlines, Inc. 98-1A                                                
6.648% due 9/15/17                                  414             376     

1 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

AIRLINES--(CONTINUED)                                                           
Delta Air Lines, Inc. 00-1                                                      
7.379% due 5/18/10                          $       514      $      496     
United Airlines, Inc. 00-2                                                      
7.032% due 10/1/10                                  632             624     
United Airlines, Inc. 01-1                                                      
6.071% due 3/1/13                                   333             328     
                                                        ----------
                                                             3,053
                                                        ----------

APPLICATION SOFTWARE--0.2%                                                      
Intuit, Inc.                                                                    
5.750% due 3/15/17                                  265             249     
                                                        ----------

ASSET MANAGEMENT & CUSTODY BANKS--0.4%                                          
BlackRock, Inc.                                                                 
6.250% due 9/15/17                                  225             227     
Janus Capital Group, Inc.                                                       
6.250% due 6/15/12                                  375             366     
                                                        ----------
                                                               593
                                                        ----------

AUTOMOBILE MANUFACTURERS--0.2%                                                  
Ford Motor Co.                                                                  
7.450% due 7/16/31                                  375             220     
                                                        ----------

BROADCASTING & CABLE TV--2.6%                                                   
Charter Communications Holdings I                                               
LLC                                                                         
11.750% due 5/15/14(d)                              175             108     
Charter Communications Holdings I                                               
LLC/Charter Communications                                                  
Holdings I Capital Corp.                                                    
11.000% due 10/1/15                                 375             278     
Comcast Cable Holdings LLC                                                      
7.875% due 8/1/13                                   500             537     
COX Communications, Inc.                                                        
5.450% due 12/15/14                                 375             361     
DIRECTV Holdings LLC/DIRECTV                                                    
Financing Co., Inc.                                                         
6.375% due 6/15/15                                1,000             942     
EchoStar DBS Corp.                                                              
6.625% due 10/1/14                                  600             556     
Time Warner Cable, Inc.                                                         
6.750% due 7/1/18                                   350             353     
Viacom, Inc.                                                                    
6.250% due 4/30/16                                  375             363     
                                                        ----------
                                                             3,498
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

BUILDING PRODUCTS--1.2%                                                         
Esco Corp. 144A                                                                 
8.625% due 12/15/13(b)                      $       600      $      609     
Masco Corp.                                                                     
5.850% due 3/15/17                                  540             490     
Owens Corning, Inc.                                                             
6.500% due 12/1/16                                  495             452     
                                                        ----------
                                                             1,551
                                                        ----------

CASINOS & GAMING--0.9%                                                          
MGM MIRAGE                                                                      
8.500% due 9/15/10                                  300             298     
Pokagon Gaming Authority 144A                                                   
10.375% due 6/15/14(b)                              117             126     
River Rock Entertainment Authority                                              
(The)                                                                       
9.750% due 11/1/11                                  250             251     
Seminole Hard Rock Entertainment,                                               
Inc./Seminole Hard Rock                                                     
International LLC 144A                                                      
5.276% due 3/15/14(b)(d)                             75              63     
Station Casinos, Inc.                                                           
6.875% due 3/1/16                                   750             414     
                                                        ----------
                                                             1,152
                                                        ----------

CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.1%                              
Terex Corp.                                                                     
7.375% due 1/15/14                                  145             144     
                                                        ----------

CONSTRUCTION MATERIALS--0.2%                                                    
Building Materials Corp. of America                                             
7.750% due 8/1/14                                   390             322     
                                                        ----------

CONSUMER ELECTRONICS--0.3%                                                      
Best Buy Co., Inc. 144A                                                         
6.750% due 7/15/13(b)                               385             390     
                                                        ----------

CONSUMER FINANCE--2.9%                                                          
Ford Motor Credit Co. LLC                                                       
7.875% due 6/15/10                                  385             332     
8.625% due 11/1/10                                  395             335     
9.875% due 8/10/11                                  345             291     
7.163% due 4/15/12(d)                                55              52     
GMAC LLC                                                                        
7.250% due 3/2/11                                 1,000             735     
6.875% due 9/15/11                                  400             288     
6.000% due 12/15/11                               1,000             689     
Hertz Corp. (The)                                                               

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

CONSUMER FINANCE--(CONTINUED)                                                   
8.875% due 1/1/14                           $       350      $      322     
10.500% due 1/1/16                                  100              92     
SLM Corp.                                                                       
5.450% due 4/25/11                                  300             274     
8.450% due 6/15/18                                  500             480     
                                                        ----------
                                                             3,890
                                                        ----------

DATA PROCESSING & OUTSOURCED SERVICES--0.7%                                     
Broadridge Financial Solutions,                                                 
Inc.                                                                        
6.125% due 6/1/17                                   525             442     
Western Union Co. (The)                                                         
5.930% due 10/1/16                                  560             550     
                                                        ----------
                                                               992
                                                        ----------

DISTILLERS & VINTNERS--0.2%                                                     
Constellation Brands, Inc.                                                      
8.375% due 12/15/14                                 165             168     
7.250% due 5/15/17                                  120             113     
                                                        ----------
                                                               281
                                                        ----------

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.7%                            
Equifax, Inc.                                                                   
6.300% due 7/1/17                                 1,000             952     
                                                        ----------

ELECTRIC UTILITIES--0.6%                                                        
Allegheny Energy Supply 144A                                                    
8.250% due 4/15/12(b)                               145             152     
Midwest Generation LLC Series B                                                 
8.560% due 1/2/16                                   121             125     
Northeast Utilities                                                             
5.650% due 6/1/13                                   270             269     
Texas Competitive Electric Holdings                                             
Co. LLC 144A                                                                
10.250% due 11/1/15(b)                              200             197     
                                                        ----------
                                                               743
                                                        ----------

ELECTRICAL COMPONENTS & EQUIPMENT--0.4%                                         
General Cable Corp.                                                             
7.125% due 4/1/17                                   500             479     
                                                        ----------

ELECTRONIC MANUFACTURING SERVICES--0.5%                                         
Jabil Circuit, Inc. 144A                                                        
8.250% due 3/15/18(b)                               600             602     

                                     PAR VALUE         VALUE
                                       -----------      ----------

ELECTRONIC MANUFACTURING SERVICES--(CONTINUED)                                  
Tyco Electronic Group SA                                                        
6.000% due 10/1/12                          $       125      $      126     
                                                        ----------
                                                               728
                                                        ----------

ENVIRONMENTAL & FACILITIES SERVICES--0.1%                                       
Allied Waste North America, Inc.                                                
Series B                                                                    
5.750% due 2/15/11                                  150             148     
                                                        ----------

GAS UTILITIES--0.4%                                                             
AmeriGas Partners LP                                                            
7.250% due 5/20/15                                  500             470     
                                                        ----------

HEALTH CARE DISTRIBUTORS--0.2%                                                  
Viant Holdings, Inc. 144A                                                       
10.125% due 7/15/17(b)                              295             252     
                                                        ----------

HEALTH CARE FACILITIES--0.3%                                                    
Psychiatric Solutions, Inc.                                                     
7.750% due 7/15/15                                  375             373     
                                                        ----------

HEALTH CARE SERVICES--0.3%                                                      
Quest Diagnostics, Inc.                                                         
6.400% due 7/1/17                                   450             447     
                                                        ----------

HEALTH CARE SUPPLIES--0.1%                                                      
Bausch & Lomb, Inc. 144A                                                        
9.875% due 11/1/15(b)                               125             126     
                                                        ----------

HOTELS, RESORTS & CRUISE LINES--0.8%                                            
Royal Caribbean Cruises Ltd.                                                    
6.875% due 12/1/13                                1,250           1,094     
                                                        ----------

HOUSEHOLD PRODUCTS--0.3%                                                        
Yankee Acquisition Corp. Series B                                               
9.750% due 2/15/17                                  535             388     
                                                        ----------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.1%                              
AES Corp. (The)                                                                 
7.750% due 10/15/15                                 100              99     
                                                        ----------

INDUSTRIAL GASES--0.1%                                                          
Airgas, Inc. 144A                                                               
7.125% due 10/1/18(b)                               150             152     
                                                        ----------

INDUSTRIAL REITs--0.1%                                                          
ProLogis                                                                        
6.625% due 5/15/18                                  185             183     
                                                        ----------

3 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

INTEGRATED TELECOMMUNICATION SERVICES--0.7%                                     
Qwest Corp.                                                                     
6.500% due 6/1/17                           $       215      $      193     
Windstream Corp.                                                                
8.625% due 8/1/16                                   500             501     
7.000% due 3/15/19                                  250             228     
                                                        ----------
                                                               922
                                                        ----------

INVESTMENT BANKING & BROKERAGE--1.9%                                            
Bear Stearns Cos., Inc. (The)                                                   
7.250% due 2/1/18                                   700             732     
Goldman Sachs Group, Inc. (The)                                                 
5.950% due 1/18/18                                  300             289     
Lehman Brothers Holdings, Inc.                                                  
5.625% due 1/24/13                                  145             137     
6.750% due 12/28/17                                 265             249     
Merrill Lynch & Co., Inc.                                                       
6.110% due 1/29/37                                  500             398     
Merrill Lynch & Co., Inc. (Brazil)                                              
10.710% due 3/8/17(e)                               500(h)          246     
Morgan Stanley 144A (Brazil)                                                    
10.090% due 5/3/17(b)(e)                          1,000(h)          470     
                                                        ----------
                                                             2,521
                                                        ----------

LEISURE FACILITIES--0.0%                                                        
Scientific Games Corp. 144A                                                     
7.875% due 6/15/16(b)                                55              55     
                                                        ----------

LEISURE PRODUCTS--0.2%                                                          
Hasbro, Inc.                                                                    
6.300% due 9/15/17                                  275             272     
                                                        ----------

LIFE SCIENCES TOOLS & SERVICES--0.5%                                            
Fisher Scientific International,                                                
Inc.                                                                        
6.750% due 8/15/14                                  600             615     
                                                        ----------

MORTGAGE REITs--0.6%                                                            
iStar Financial, Inc. Series B                                                  
5.950% due 10/15/13                               1,000             821     
                                                        ----------

MOVIES & ENTERTAINMENT--0.3%                                                    
Time Warner, Inc.                                                               
6.875% due 5/1/12                                   370             379     
                                                        ----------

OFFICE ELECTRONICS--0.3%                                                        
Xerox Corp.                                                                     
6.750% due 2/1/17                                   350             353     
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

OIL & GAS EQUIPMENT & SERVICES--0.2%                                            
Helix Energy Solutions Group, Inc.                                              
144A                                                                        
9.500% due 1/15/16(b)                       $       200      $      206     
                                                        ----------

OIL & GAS EXPLORATION & PRODUCTION--1.4%                                        
Petropower I Funding Trust 144A                                                 
7.360% due 2/15/14(b)                               658             642     
Plains Exploration & Production Co.                                             
7.750% due 6/15/15                                  400             405     
Southwestern Energy Co. 144A                                                    
7.500% due 2/1/18(b)                                350             362     
Swift Energy Co.                                                                
7.625% due 7/15/11                                  500             500     
                                                        ----------
                                                             1,909
                                                        ----------

OIL & GAS REFINING & MARKETING--0.3%                                            
Tesoro Corp.                                                                    
6.500% due 6/1/17                                   480             433     
                                                        ----------

OIL & GAS STORAGE & TRANSPORTATION--0.4%                                        
Buckeye Partners LP                                                             
6.050% due 1/15/18                                  225             221     
Kinder Morgan Management Co.                                                    
5.700% due 1/5/16                                   400             358     
                                                        ----------
                                                               579
                                                        ----------

OTHER DIVERSIFIED FINANCIAL SERVICES--1.6%                                      
Bank of America Corp.                                                           
8.000% due 12/29/49(d)                              375             352     
Citigroup, Inc.                                                                 
5.500% due 4/11/13                                  365             357     
Glencore Funding LLC 144A                                                       
6.000% due 4/15/14(b)                             1,000             956     
JPMorgan Chase & Co. Series 1                                                   
7.900% due 12/31/49(d)                              247             232     
National Rural Utilities                                                        
Cooperative Finance Corp.                                                   
5.500% due 7/1/13                                   200             203     
                                                        ----------
                                                             2,100
                                                        ----------

PACKAGED FOODS & MEATS--0.3%                                                    
Tyson Foods, Inc.                                                               
6.850% due 4/1/16                                   400             365     
                                                        ----------

PAPER PACKAGING--0.4%                                                           
Jefferson Smurfit Corp.                                                         
8.250% due 10/1/12                                  135             118     

4 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

PAPER PACKAGING--(CONTINUED)                                                    
Plastipak Holdings, Inc. 144A                                                   
8.500% due 12/15/15(b)                      $       500      $      465     
                                                        ----------
                                                               583
                                                        ----------

PAPER PRODUCTS--0.3%                                                            
Verso Paper Holdings LLC/Verso                                                  
Paper, Inc. Series B                                                        
11.375% due 8/1/16                                  375             357     
                                                        ----------

PUBLISHING--0.6%                                                                
Donnelley (R.H.) Corp. 144A                                                     
11.750% due 5/15/15(b)                              275             165     
Idearc, Inc.                                                                    
8.000% due 11/15/16                                 500             317     
Reader's Digest Association, Inc.                                               
(The) 144A                                                                  
9.000% due 2/15/17(b)                               500             367     
                                                        ----------
                                                               849
                                                        ----------

REGIONAL BANKS--0.7%                                                            
First Tennessee Bank                                                            
2.832% due 1/23/09(d)                               126             123     
2.779% due 5/18/09(d)                               110             105     
PNC Financial Services                                                          
8.250% due 5/29/49(d)                               350             350     
Sovereign Bancorp, Inc.                                                         
8.750% due 5/30/18                                  400             382     
                                                        ----------
                                                               960
                                                        ----------

RESTAURANTS--0.0%                                                               
Outback Steakhouse, Inc. 144A                                                   
10.000% due 6/15/15(b)                               50              33     
                                                        ----------

SPECIALIZED CONSUMER SERVICES--0.2%                                             
Mobile Mini, Inc.                                                               
6.875% due 5/1/15                                   250             216     
                                                        ----------

SPECIALIZED REITs--1.3%                                                         
Health Care REIT, Inc.                                                          
5.875% due 5/15/15                                1,000             931     
Host Hotels & Resorts LP                                                        
6.875% due 11/1/14                                  400             370     
Realty Income Corp.                                                             
6.750% due 8/15/19                                  425             401     
                                                        ----------
                                                             1,702
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

STEEL--0.2%                                                                     
Steel Dynamics, Inc. 144A                                                       
7.375% due 11/1/12(b)                       $       225      $      226     
                                                        ----------

TOBACCO--1.1%                                                                   
Reynolds American, Inc.                                                         
7.300% due 7/15/15                                  500             514     
7.625% due 6/1/16                                   375             393     
UST, Inc.                                                                       
5.750% due 3/1/18                                   500             498     
                                                        ----------
                                                             1,405
                                                        ----------

WIRELESS TELECOMMUNICATION SERVICES--0.4%                                       
Nextel Communications, Inc.                                                     
Series D                                                                    
7.375% due 8/1/15                                   650             540     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL DOMESTIC CORPORATE BONDS                                                  
(IDENTIFIED COST $47,121)                                          43,163       
-------------------------------------------------------------------------       

NON-AGENCY MORTGAGE-BACKED SECURITIES--6.4%                                     
American Home Mortgage Assets 07-2,                                             
M4                                                                          
3.013% due 3/25/47(d)(r)                            644              78     
American Tower Trust L 07-1A, C                                                 
144A                                                                        
5.615% due 4/15/37(b)                               750             651     
Bear Stearns Commercial Mortgage                                                
Securities 07-PW18, AM                                                      
6.084% due 6/11/50(d)                               725             672     
Bear Stearns Structured Products,                                               
Inc. 04-15, A2 144A                                                         
0.000% due 11/27/34(b)                               29              28     
Bear Stearns Structured Products,                                               
Inc. 05-10 144A                                                             
4.982% due 4/26/35(b)(d)                            300             286     
Bear Stearns Structured Products,                                               
Inc. 05-20N, B 144A                                                         
5.983% due 10/25/45(b)(d)                           750             544     
Chase Mortgage Finance Corp. 06-A1,                                             
4A1                                                                         
6.044% due 9/25/36(d)                             1,106           1,047     
Citicorp Mortgage Securities, Inc.                                              
06-7, 1A1                                                                   
6.000% due 12/25/36                                 908             874     
Crown Castle Towers LLC 05-1A, B                                                
144A                                                                        
4.878% due 6/15/35(b)                               500             488     
First Horizon Asset Securities,                                                 
Inc. 05-AR1, 2A1                                                            
5.001% due 4/25/35(d)                               573             557     

5 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

IndyMac Index Mortgage Loan Trust                                               
06-AR25, 3A1                                                                
6.365% due 9/25/36(d)                       $       972      $      769     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust  05-C3, AM                                                   
4.794% due 7/15/40                                  350             325     
Lehman Brothers-UBS Commercial                                                  
Mortgage Trust 07-C2, H 144A                                                
6.180% due 2/15/40(b)(d)                            850             403     
MASTR Resecuritization Trust 05-1                                               
144A                                                                        
5.000% due 10/28/34(b)                              297             262     
Residential Accredit Loans, Inc.                                                
02-QS12, B1                                                                 
6.250% due 9/25/32                                  383             148     
Timberstar Trust 06-1, C 144A                                                   
5.884% due 10/15/36(b)                            1,000             864     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-5, 1A1                                                  
5.000% due 5/25/20                                  527             503     
-------------------------------------------------------------------------       
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES                                     
(IDENTIFIED COST $10,616)                                           8,499       
-------------------------------------------------------------------------       

FOREIGN GOVERNMENT SECURITIES--13.2%                                            

AUSTRALIA--3.0%                                                                 
Commonwealth of Australia Series 909                                            
7.500% due 9/15/09                                4,135(g)        3,990     
                                                        ----------

BRAZIL--2.3%                                                                    
Federative Republic of Brazil                                                   
12.500% due 1/5/16                                1,499(h)          928     
12.500% due 1/5/22                                1,125(h)          694     
10.250% due 1/10/28                               1,800(h)          962     
11.000% due 8/17/40                                 340             450     
                                                        ----------
                                                             3,034
                                                        ----------

COLOMBIA--0.2%                                                                  
Republic of Colombia                                                            
12.000% due 10/22/15                            600,000(i)          303     
                                                        ----------

Egypt--0.5%                                                                     
Arab Republic of Egypt Series 364                                               
0% due 11/4/08                                    3,725(j)          673     
                                                        ----------

INDONESIA--0.3%                                                                 
Republic of Indonesia Series FR-23                                              
11.000% due 12/15/12                          3,500,000(k)          354     
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

NEW ZEALAND--0.7%                                                               
Commonwealth of New Zealand Series 708                                          
6.000% due 7/15/08                                1,320(l)   $    1,005     
                                                        ----------

NORWAY--0.9%                                                                    
Kingdom of Norway                                                               
5.500% due 5/15/09                                6,400(m)        1,247     
                                                        ----------

PERU--0.2%                                                                      
Republic of Peru                                                                
12.250% due 8/10/11                                 650(n)          262     
                                                        ----------

PHILIPPINES--0.7%                                                               
Republic of Philippines                                                         
7.750% due 1/14/31                               $  850             885     
                                                        ----------

RUSSIA--0.1%                                                                    
Russian Federation RegS                                                         
7.500% due 3/31/30(d)(f)                            148             166     
                                                        ----------

SINGAPORE--0.7%                                                                 
Republic of Singapore                                                           
2.500% due 10/1/12                                1,250(p)          923     
                                                        ----------

SWEDEN--0.2%                                                                    
Kingdom of Sweden Series 1043                                                   
5.000% due 1/28/09                                1,565(q)          261     
                                                        ----------

TRINIDAD AND TOBAGO--0.1%                                                       
Republic of Trinidad and Tobago                                                 
RegS                                                                        
9.875% due 10/1/09(f)                               135             144     
                                                        ----------

TURKEY--0.6%                                                                    
Republic of Turkey                                                              
11.500% due 1/23/12                                 450             517     
7.250% due 3/15/15                                  250             248     
                                                        ----------
                                                               765
                                                        ----------

UKRAINE--0.2%                                                                   
Republic of Ukraine 144A                                                        
6.580% due 11/21/16(b)                              250             222     
                                                        ----------

VENEZUELA--2.5%                                                                 
Republic of Venezuela                                                           
9.250% due 9/15/27                                1,315           1,237     

6 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

VENEZUELA--(CONTINUED)                                                          
Republic of Venezuela RegS                                                      
5.375% due 8/7/10(f)                        $     2,260      $    2,145     
                                                        ----------
                                                             3,382
-------------------------------------------------------------------------       
TOTAL FOREIGN GOVERNMENT SECURITIES                                             
(IDENTIFIED COST $17,101)                                          17,616       
-------------------------------------------------------------------------       

FOREIGN CORPORATE BONDS(e)--16.5%                                               

AUSTRALIA--0.4%                                                                 
Rio Tinto Finance USA Ltd.                                                      
6.500% due 7/15/18                                  600             603     
                                                        ----------

BRAZIL--0.5%                                                                    
Usiminas Commercial Ltd. 144A                                                   
7.250% due 1/18/18(b)                               180             190     
Vale Overseas Ltd.                                                              
6.250% due 1/11/16                                  500             491     
                                                        ----------
                                                               681
                                                        ----------

CANADA--1.4%                                                                    
Canadian National Resources Ltd.                                                
5.900% due 2/1/18                                   300             299     
Catalyst Paper Corp.                                                            
7.375% due 3/1/14                                   750             559     
EnCana Corp.                                                                    
5.900% due 12/1/17                                  240             242     
Petro-Canada                                                                    
6.050% due 5/15/18                                  140             138     
Rogers Wireless Communications,                                                 
Inc.                                                                        
6.375% due 3/1/14                                   575             576     
Videotron Ltd. 144A                                                             
9.125% due 4/15/18(b)                                82              86     
                                                        ----------
                                                             1,900
                                                        ----------

CHILE--0.3%                                                                     
Empresa Nacional de Electricidad SA                                             
8.350% due 8/1/13                                   350             387     
                                                        ----------

CHINA--0.3%                                                                     
China Properties Group Ltd. 144A                                                
9.125% due 5/4/14(b)                                500             341     
                                                        ----------

CYPRUS--0.4%                                                                    
ABH Financial Ltd. (Alfa Markets                                                
Ltd.) 144A                                                                  
8.200% due 6/25/12(b)                               150             146     

                                     PAR VALUE         VALUE
                                       -----------      ----------

CYPRUS--(CONTINUED)                                                             
Alfa MTN Invest Ltd. 144A                                                       
9.250% due 6/24/13(b)                       $       350      $      349     
                                                        ----------
                                                               495
                                                        ----------

GERMANY--0.3%                                                                   
Deutsche Bank AG                                                                
4.875% due 5/20/13                                  100              99     
E.ON International Finance BV 144A                                              
5.800% due 4/30/18(b)                               325             319     
                                                        ----------
                                                               418
                                                        ----------

INDIA--0.2%                                                                     
ICICI Bank Ltd. 144A                                                            
6.375% due 4/30/22(b)(d)                            375             337     
                                                        ----------

INDONESIA--0.6%                                                                 
Majapahit Holding BV 144A                                                       
7.250% due 6/28/17(b)                               825             742     
                                                        ----------

ISRAEL--0.2%                                                                    
Israel Electric Corp., Ltd. 144A                                                
7.250% due 1/15/19(b)                               200             204     
                                                        ----------

ITALY--0.3%                                                                     
Telecom Italia Capital SA                                                       
6.999% due 6/4/18                                   350             354     
                                                        ----------

JAPAN--0.5%                                                                     
Resona Bank Ltd. 144A                                                           
5.850% due 9/29/49(b)(d)                            750             646     
                                                        ----------

KAZAKHSTAN--1.1%                                                                
Kazkommerts International BV RegS                                               
8.000% due 11/3/15(f)                               250             207     
KazMunaiGaz Finance Sub BV 144A                                                 
9.125% due 7/2/18(b)                                400             400     
TengizChevroil Finance Co. S.A.R.L.                                             
144A                                                                        
6.124% due 11/15/14(b)                              929             898     
                                                        ----------
                                                             1,505
                                                        ----------

LUXEMBOURG--0.2%                                                                
ArcelorMittal 144A                                                              
6.125% due 6/1/18(b)                                280             277     
                                                        ----------

7 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

MALAYSIA--0.6%                                                                  
Malaysia International Shipping                                                 
Corp. Capital Ltd. 144A                                                     
6.125% due 7/1/14(b)                        $       750      $      768     
                                                        ----------

RUSSIA--4.4%                                                                    
European Bank for Reconstruction &                                              
Development                                                                 
6.000% due 2/14/12                               28,400(o)        1,172     
Evraz Group SA 144A                                                             
8.875% due 4/24/13(b)                               100             101     
9.500% due 4/24/18(b)                               205             206     
Gaz Capital SA 144A                                                             
8.146% due 4/11/18(b)                               100             108     
Gazprom International SA 144A                                                   
7.201% due 2/1/20(b)                                856             856     
Gazprom OAO (Gaz Capital SA) 144A                                               
6.212% due 11/22/16(b)                              935             876     
6.510% due 3/7/22(b)                                315             283     
International Bank For                                                          
Reconstruction & Development                                                
5.750% due 6/25/10                               15,100(o)          644     
OJSC AK Transneft                                                               
(TransCapitalInvest Ltd.) 144A                                              
5.670% due 3/5/14(b)                                390             365     
OJSC Vimpel Communications (UBS                                                 
Luxembourg SA) 144A                                                         
8.375% due 10/22/11(b)                              500             508     
Russian Agricultural Bank OJSC                                                  
(RSHB Capital SA) 144A                                                      
6.299% due 5/15/17(b)                               380             352     
TNK-BP Finance SA 144A                                                          
7.500% due 3/13/13(b)                               325             322     
                                                        ----------
                                                             5,793
                                                        ----------

SINGAPORE--0.3%                                                                 
UOB Cayman Ltd. 144A                                                            
5.796% due 12/29/49(b)(d)                           500             455     
                                                        ----------

SOUTH KOREA--0.9%                                                               
Korea Development Bank                                                          
5.300% due 1/17/13                                  187             186     
Woori Bank 144A                                                                 
6.125% due 5/3/16(b)(d)                           1,000             969     
                                                        ----------
                                                             1,155
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

UNITED ARAB EMIRATES--0.6%                                                      
Abu Dhabi National Energy Co. 144A                                              
5.875% due 10/27/16(b)                      $       825      $      810     
                                                        ----------

UNITED KINGDOM--1.1%                                                            
HBOs plc 144A                                                                   
6.750% due 5/21/18(b)                               115             110     
Ineos Group Holdings plc 144A                                                   
8.500% due 2/15/16(b)                               500             331     
Petroplus Finance Ltd. 144A                                                     
6.750% due 5/1/14(b)                                375             342     
Vedanta Resources plc 144A                                                      
9.500% due 7/18/18(b)                               375             374     
Vodafone Group plc                                                              
6.150% due 2/27/37                                  375             344     
                                                        ----------
                                                             1,501
                                                        ----------

UNITED STATES--1.4%                                                             
Freeport-McMoRan Copper & Gold,                                                 
Inc.                                                                        
6.875% due 2/1/14                                   320             332     
GTL Trade Finance, Inc. 144A                                                    
7.250% due 10/20/17(b)                              545             548     
Nova Chemicals Corp.                                                            
5.953% due 11/15/13(d)                            1,125             962     
                                                        ----------
                                                             1,842
                                                        ----------

VENEZUELA--0.5%                                                                 
Petroleos de Venezuela S.A. RegS                                                
5.250% due 4/12/17(f)                               950             663     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL FOREIGN CORPORATE BONDS                                                   
(IDENTIFIED COST $23,092)                                          21,877       
-------------------------------------------------------------------------       

DOMESTIC CONVERTIBLE BONDS--0.2%                                                

PHARMACEUTICALS--0.2%                                                           
Par Pharmaceutical Cos., Inc.                                                   
2.875% due 9/30/10                                  300             271     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL DOMESTIC CONVERTIBLE BONDS                                                
(IDENTIFIED COST $270)                                                271       
-------------------------------------------------------------------------       

FOREIGN CONVERTIBLE BONDS--0.2%                                                 

BRAZIL--0.2%                                                                    
Vale Capital Ltd. Cv. Pfd. 5.500%                       4             270       
                                                        ----------

8 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

-------------------------------------------------------------------------       
TOTAL FOREIGN CONVERTIBLE BONDS                                                 
(IDENTIFIED COST $200)                                                270       
-------------------------------------------------------------------------       

DOMESTIC LOAN AGREEMENTS(d)--16.3%                                              

ADVERTISING--0.1%                                                               
Lamar Media Corp. Tranche F                                                     
4.250% due 3/31/14                          $       125      $      120     
                                                        ----------

APPAREL RETAIL--0.2%                                                            
HBI Branded Apparel Ltd., Inc.                                                  
Tranche 2                                                                   
6.994% due 3/5/14                                   200             199     
                                                        ----------

APPAREL, ACCESSORIES & LUXURY GOODS--0.3%                                       
Totes Isotoner Corp. Tranche 2                                                  
8.630% due 1/16/14                                  500             413     
                                                        ----------

AUTO PARTS & EQUIPMENT--0.4%                                                    
Mark IV Industries, Inc. Tranche 2                                              
11.490% due 12/19/11                                175              74     
Mark IV Industries, Inc. Tranche B                                              
7.410% due 6/21/11                                  562             416     
                                                        ----------
                                                               490
                                                        ----------

AUTOMOBILE MANUFACTURERS--0.4%                                                  
Ford Motor Co. Tranche B                                                        
5.800% due 12/15/13                                 371             301     
General Motors Corp. Tranche B                                                  
7.615% due 11/29/13                                 244             208     
                                                        ----------
                                                               509
                                                        ----------

BROADCASTING & CABLE TV--0.6%                                                   
Charter Communications Operating                                                
LLC Tranche                                                                 
5.260% due 3/6/14                                   741             652     
MCC Georgia LLC Tranche E                                                       
6.808% due 1/1/16                                    80              80     
                                                        ----------
                                                               732
                                                        ----------

COMMODITY CHEMICALS--0.5%                                                       
Celanese Holdings LLC Tranche B                                                 
4.188% due 3/30/14                                  746             709     
                                                        ----------

COMMUNICATIONS EQUIPMENT--0.5%                                                  
CommScope, Inc. Tranche B                                                       
5.184% due 12/27/14                                 678             654     
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

CONSUMER FINANCE--0.2%                                                          
Hertz Corp. Letter of Credit                                                    
2.599% due 12/21/12                         $        50      $       48     
Hertz Corp. Tranche B                                                           
4.223% due 12/21/12                                 235             223     
                                                        ----------
                                                               271
                                                        ----------

DATA PROCESSING & OUTSOURCED SERVICES--0.8%                                     
First Data Corp. Tranche B1                                                     
7.500% due 9/24/14                                  399             368     
First Data Corp. Tranche B3                                                     
7.607% due 9/24/14                                  496             460     
Reynolds & Reynolds Co. (The)                                                   
Tranche FL                                                                  
4.383% due 10/24/12                                 290             277     
                                                        ----------
                                                             1,105
                                                        ----------

DEPARTMENT STORES--0.9%                                                         
Neiman-Marcus Group, Inc. (The)                                                 
Tranche                                                                     
4.758% due 4/6/13                                 1,213           1,159     
                                                        ----------

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.1%                            
ARAMARK Corp. Letter of Credit                                                  
3.180% due 1/26/14                                   10              10     
ARAMARK Corp. Tranche B                                                         
4.571% due 1/26/14                                  158             148     
                                                        ----------
                                                               158
                                                        ----------

ELECTRIC UTILITIES--0.3%                                                        
Texas Competitive Electric Holdings                                             
Co. LLC Tranche B2                                                          
6.537% due 10/10/14                                 263             244     
Texas Competitive Electric Holdings                                             
Co. LLC Tranche B3                                                          
8.380% due 10/10/14                                 140             130     
                                                        ----------
                                                               374
                                                        ----------

ELECTRICAL COMPONENTS & EQUIPMENT--0.2%                                         
Baldor Electric Co. Tranche                                                     
4.688% due 1/31/14                                  334             323     
                                                        ----------

ELECTRONIC EQUIPMENT MANUFACTURERS--0.2%                                        
Metrologic Instruments, Inc.                                                    
Tranche                                                                     
5.700% due 12/21/13                                 246             245     
                                                        ----------

ENVIRONMENTAL & FACILITIES SERVICES--0.2%                                       
Allied Waste North America, Inc.                                                
Letter of Credit A                                                          
4.600% due 3/28/14                                  122             121     

9 

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

ENVIRONMENTAL & FACILITIES SERVICES--(CONTINUED)                                
Allied Waste North America, Inc.                                                
Tranche B                                                                   
4.422% due 3/28/14                          $       206      $      204     
                                                        ----------
                                                               325
                                                        ----------

HEALTH CARE FACILITIES--1.1%                                                    
HCA, Inc. Tranche  A                                                            
7.040% due 11/18/12                                 111             104     
HCA, Inc. Tranche B                                                             
4.946% due 11/18/13                                 429             403     
Health Management Associates, Inc.                                              
Tranche B                                                                   
4.446% due 2/28/14                                  189             176     
Healthsouth Corp. Tranche                                                       
6.944% due 3/10/13                                  553             524     
LifePoint Hospitals, Inc. Tranche B                                             
4.710% due 4/15/12                                  234             228     
                                                        ----------
                                                             1,435
                                                        ----------

HEALTH CARE SERVICES--0.1%                                                      
Psychiatric Solutions, Inc. Tranche                                             
5.960% due 7/1/12                                   175             169     
                                                        ----------

HEALTH CARE SUPPLIES--0.4%                                                      
Bausch & Lomb, Inc. Tranche B                                                   
5.946% due 4/26/15                                  398             391     
Bausch & Lomb, Inc. Tranche DD                                                  
5.946% due 4/26/15                                  100              98     
                                                        ----------
                                                               489
                                                        ----------

HOUSEHOLD PRODUCTS--0.1%                                                        
Yankee Candle Co., Inc. Tranche B                                               
4.755% due 2/6/14                                   139             127     
                                                        ----------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.7%                              
NRG Energy, Inc. Letter of Credit                                               
2.596% due 2/1/13                                   669             637     
NRG Energy, Inc. Tranche B                                                      
4.963% due 2/1/13                                   233             222     
                                                        ----------
                                                               859
                                                        ----------

INTEGRATED TELECOMMUNICATION SERVICES--0.9%                                     
Level 3 Communications, Inc.                                                    
Tranche B                                                                   
4.964% due 3/13/14                                   90              83     
NTELOS, Inc. Tranche B1                                                         
5.195% due 8/24/11                                  456             446     

                                     PAR VALUE         VALUE
                                       -----------      ----------

INTEGRATED TELECOMMUNICATION SERVICES--(CONTINUED)                              
Time Warner Telecom Holdings, Inc.                                              
Tranche B                                                                   
4.870% due 1/7/13                           $       744      $      717     
                                                        ----------
                                                             1,246
                                                        ----------

LEISURE FACILITIES--0.3%                                                        
AMF Bowling Worldwide, Inc.                                                     
Tranche B                                                                   
5.343% due 5/17/13                                  520             420     
                                                        ----------

METAL & GLASS CONTAINERS--0.3%                                                  
Anchor Glass Container Corp.                                                    
7.750% due 6/1/13                                   385             380     
                                                        ----------

OIL & GAS EQUIPMENT & SERVICES--0.1%                                            
Helix Energy Solutions Group, Inc.                                              
Tranche                                                                     
4.786% due 7/1/13                                   197             192     
                                                        ----------

OIL & GAS EXPLORATION & PRODUCTION--0.5%                                        
ATP Oil & Gas Corp. Tranche 1                                                   
8.711% due 3/1/10                                   430             419     
ATP Oil & Gas Corp. Tranche 2                                                   
8.711% due 3/1/10                                   245             239     
                                                        ----------
                                                               658
                                                        ----------

PAPER PRODUCTS--1.8%                                                            
Boise Paper Holdings LLC Tranche                                                
11.000% due 2/22/15                               1,100           1,048     
Georgia-Pacific Corp. Tranche A                                                 
4.623% due 12/20/10                                 360             347     
Georgia-Pacific Corp. Tranche B1                                                
4.690% due 12/20/12                                 658             621     
NewPage Corp. Tranche B                                                         
6.313% due 12/21/14                                 424             422     
                                                        ----------
                                                             2,438
                                                        ----------

PUBLISHING--0.7%                                                                
Idearc, Inc. Tranche B                                                          
4.780% due 11/17/14                                 985             792     
Tribune Co. Tranche B                                                           
5.542% due 6/4/14                                   213             162     
                                                        ----------
                                                               954
                                                        ----------

REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1%                                      
Tropicana Entertainment LLC                                                     
Tranche B                                                                   
8.500% due 1/3/12                                    83              81     
                                                        ----------

10

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

RESTAURANTS--0.3%                                                               
Burger King Corp. Tranche B1                                                    
4.250% due 6/30/12                          $       364      $      361     
                                                        ----------

SEMICONDUCTORS--0.4%                                                            
Freescale Semiconductor, Inc.                                                   
Tranche                                                                     
6.891% due 12/1/13                                  618             562     
                                                        ----------

SPECIALIZED FINANCE--1.0%                                                       
Sungard Data Systems, Inc.                                                      
Tranche B                                                                   
6.898% due 2/28/14                                1,411           1,339     
                                                        ----------

SPECIALTY CHEMICALS--0.1%                                                       
JohnsonDiversey, Inc. Tranche B                                                 
5.112% due 12/16/11                                 121             117     
                                                        ----------

WIRELESS TELECOMMUNICATION SERVICES--1.5%                                       
ALLTEL Communications, Inc.                                                     
Tranche B2                                                                  
5.550% due 5/15/15                                  174             172     
ALLTEL Communications, Inc.                                                     
Tranche B3                                                                  
5.866% due 5/15/15                                  372             371     
Cricket Communications, Inc.                                                    
Tranche B                                                                   
5.696% due 6/16/13                                  613             605     
MetroPCS Wireless, Inc. Tranche B                                               
5.063% due 2/20/14                                  948             907     
                                                        ----------
                                                             2,055
-------------------------------------------------------------------------       
TOTAL DOMESTIC LOAN AGREEMENTS                                                  
(IDENTIFIED COST $23,126)                                          21,668       
-------------------------------------------------------------------------       

FOREIGN LOAN AGREEMENTS(d)--0.5%                                                

GERMANY--0.5%                                                                   
Fresenius Medical Care AG & Co.                                                 
KGaA Tranche B                                                              
4.113% due 3/31/13                                  676             658     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL FOREIGN LOAN AGREEMENTS                                                   
(IDENTIFIED COST $676)                                                658       
-------------------------------------------------------------------------       

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

DOMESTIC COMMON STOCKS--0.0%                                                    

INTEGRATED TELECOMMUNICATION SERVICES--0.0%                                     
AT&T Latin America Corp. Class A(c)(r)(u)         137,550               0       
                                                        ----------

PAPER PRODUCTS--0.0%                                                            
Northampton Pulp LLC(c)(s)(u)                       3,650               0       
                                                        ----------
-------------------------------------------------------------------------       
TOTAL DOMESTIC COMMON STOCKS                                                    
(IDENTIFIED COST $732)                                                  0       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--98.3%                                              
(IDENTIFIED COST $140,057)                                        130,656       
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

SHORT-TERM INVESTMENTS--0.2%                                                    

COMMERCIAL PAPER(t)--0.2%                                                       
NetJets, Inc.                                                                   
2.300% due 7/1/08                                  $300      $      300     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $300)                                                300       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--98.5%                                                        
(IDENTIFIED COST $140,357)                                        130,956(a)    

Other assets and liabilities, net--1.5%                             1,970       
                                                        ----------
NET ASSETS--100.0%                                             $  132,926       
                                                        ==========

11

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PHOENIX MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

ABBREVIATIONS:                                                                  
FNMA   Fannie Mae or Federal National Mortgage Association                      
REIT   Real Estate Investment Trust                                             

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized depreciation of           
  investment securities is comprised of gross appreciation of $214 and
       gross depreciation of $9,864 for federal income tax purposes. At June 30,
    2008, the aggregate cost of securities for federal income tax purposes
was $140,606.                                                     
(b)    Security exempt from registration under Rule 144A of the Securities Act  
 of 1933. These securities may be resold in transactions exempt from
   registration, normally to qualified institutional buyers. At June 30,
   2008, these securities amounted to a value of $24,861 or 18.7% of net
assets.                                                           
(c)    Non-income producing.                                                    
(d)    Variable or step coupon security; interest rate shown reflects the rate  
currently in effect.                                              
(e)    A security is considered to be foreign if the security is issued in a    
foreign country. The country of risk, noted in the header, or     
   parenthetically, is determined based on criteria described in Note 1B
   "Foreign security country determination" in the Notes to Schedules of
Investments.                                                      
(f)    Regulation S security. Security is offered and sold outside of the United
  States, therefore, it is exempt from registration with the SEC under
rules 903 and 904 of the Securities Act of 1933.                  
(g)    Par value represents Australian Dollar (reported in 000s).               
(h)    Par value represents Brazilian Real (reported in 000s).                  
(i)    Par value represents Colombian Peso (reported in 000s).                  
(j)    Par value represents Egyptian pound (reported in 000s).                  
(k)    Par Value represents Indonesian Rupiah (reported in 000s).               
(l)    Par value represents New Zealand Dollar (reported in 000s).              
(m)    Par value represents Norwegian Krone (reported in 000s).                 
(n)    Par value represents Peruvian Neuvo Sol (reported in 000s).              
(o)    Par value represents Russian Ruble (reported in 000s).                   
(p)    Par value represents Singapore Dollar (reported in 000s).                
(q)    Par value represents Swedish Krona (reported in 000s).                   
(r)    Illiquid security.                                                       
(s)    Illiquid and restricted security. At June 30, 2008, these securities     
amounted to a value of $2 or 0.0% of net assets. For acquisition  
 information, see Note 2 "Illiquid and Restricted Securities" in the
Notes to Schedules of Investments.                                
(t)    The rate shown is the discount rate.                                     
(u)    Security valued at fair value as determined in good faith by or under the
direction of the Trustees.                                        

12

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                       PAR VALUE         VALUE
                                         ---------      ----------

U.S. GOVERNMENT SECURITIES--0.2%                                                

U.S. TREASURY NOTES--0.2%                                                       
U.S. Treasury Note                                                              
3.125% due 4/30/13                            $   4,500      $    4,462     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL U.S. GOVERNMENT SECURITIES                                                
(IDENTIFIED COST $4,443)                                            4,462       
-------------------------------------------------------------------------       

AGENCY MORTGAGE-BACKED SECURITIES--15.4%                                        
FHLMC                                                                           
6.000% due 8/1/34                                 2,050           2,078     
6.000% due 2/1/38                                27,628          27,938     
FNMA                                                                            
5.500% due 1/1/17                                   804             818     
6.000% due 5/1/17                                   226             233     
5.500% due 8/1/17                                   140             143     
4.500% due 4/1/18                                 1,647           1,610     
5.000% due 4/1/18                                 1,571           1,569     
5.000% due 10/1/19                                2,852           2,841     
5.500% due 2/1/20                                   908             918     
5.500% due 3/1/20                                 1,167           1,181     
5.500% due 3/1/20                                   446             451     
5.500% due 3/1/20                                 1,059           1,071     
5.500% due 3/1/20                                 2,050           2,074     
5.500% due 4/1/20                                 1,672           1,692     
5.000% due 6/1/20                                 4,756           4,727     
5.000% due 8/1/20                                 5,827           5,791     
6.000% due 3/13/23                               11,875          11,883     
6.000% due 12/1/32                                  317             322     
5.500% due 2/1/33                                   670             665     
5.500% due 5/1/34                                 2,802           2,773     
6.000% due 8/1/34                                 1,634           1,658     
6.000% due 8/1/34                                 2,147           2,178     
5.500% due 10/1/34                                2,625           2,598     
6.000% due 10/1/34                                1,402           1,420     
6.000% due 10/1/34                                2,244           2,273     
5.500% due 11/1/34                                2,992           2,961     
5.500% due 11/1/34                                2,151           2,129     
6.000% due 11/1/34                                2,789           2,824     
5.500% due 12/1/34                                1,652           1,631     
5.500% due 1/1/35                                 3,380           3,345     
5.500% due 1/1/35                                 2,878           2,848     
5.500% due 2/1/35                                 3,066           3,034     
5.500% due 3/1/35                                 3,101           3,066     

                                       PAR VALUE         VALUE
                                         ---------      ----------

5.500% due 4/1/35                             $   3,539        $  3,502     
5.500% due 6/1/36                                 9,275           9,159     
6.500% due 8/1/36                                 9,766          10,068     
6.000% due 10/1/36                                5,365           5,420     
6.000% due 1/1/37                                 4,101           4,143     
6.000% due 1/1/37                                 2,352           2,376     
5.500% due 2/1/37                                 6,934           6,847     
5.500% due 2/1/37                                 3,797           3,747     
5.500% due 4/1/37                                 4,188           4,133     
5.500% due 7/1/37                                    24              24     
6.000% due 7/1/37                                 1,448           1,463     
6.000% due 9/1/37                                14,049          14,189     
5.500% due 11/1/37                               13,394          13,218     
6.000% due 12/1/37                                5,898           5,958     
5.500% due 2/1/38                                 7,410           7,312     
6.000% due 2/1/38                                 7,590           7,667     
6.000% due 2/1/38                                 5,122           5,173     
6.000% due 2/1/38                                 8,311           8,395     
5.500% due 4/1/38                                29,304          28,919     
6.000% due 4/1/38                                 4,500           4,545     
5.500% due 5/1/38                                 3,996           3,943     
6.000% due 5/1/38                                10,099          10,201     
FNMA 04-W6, 1A4                                                                 
5.500% due 7/25/34                                9,563           9,332     
FNMA 05-57, CK                                                                  
5.000% due 7/25/35                                2,967           2,984     
FNMA 05-65, DK                                                                  
5.000% due 8/25/35                                2,243           2,257     
FNMA 05-65, PJ                                                                  
5.000% due 8/25/35                                4,476           4,507     
FNMA 05-74, AG                                                                  
5.000% due 9/25/35                                1,953           1,967     
GNMA                                                                            
6.500% due 7/15/31                                   53              55     
6.500% due 8/15/31                                  142             148     
6.500% due 11/15/31                                 104             108     
6.500% due 2/15/32                                   58              60     
6.500% due 4/15/32                                  144             150     

1 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

6.500% due 4/15/32                              $     144      $      150       
-------------------------------------------------------------------------       
TOTAL AGENCY MORTGAGE-BACKED SECURITIES                                         
(IDENTIFIED COST $286,681)                                        284,863       
-------------------------------------------------------------------------       

MUNICIPAL BONDS--3.5%                                                           

CALIFORNIA--0.1%                                                                
Fresno County Pension Obligation                                                
Taxable (FGIC Insured)                                                      
6.060% due 8/15/09                                1,915           1,958     
                                                        ----------

COLORADO--0.6%                                                                  
Colorado Department of Transportation                                           
Revenue, Prerefunded 6/15/10                                                
@100.50 (AMBAC Insured)                                                     
6.000% due 6/15/11                                9,675          10,318     
                                                        ----------

CONNECTICUT--0.2%                                                               
Mashantucket Western Pequot Tribe                                               
Taxable Series A 144A (MBIA                                                 
Insured)                                                                    
6.910% due 9/1/12 (b)                             3,890           3,907     
                                                        ----------

KENTUCKY--0.3%                                                                  
Kentucky State Property & Buildings                                             
Commission (FSA Insured)                                                    
5.250% due 10/1/13                                5,750           6,225     
                                                        ----------

NEW YORK--0.4%                                                                  
New York State Dormitory Authority                                              
Higher Education Taxable Series B                                           
3.350% due 12/15/09                               1,610           1,611     
Sales Tax Asset Receivable Corp.                                                
Taxable Series B (FGIC Insured)                                             
3.830% due 10/15/09                               5,000           5,025     
                                                        ----------
                                                             6,636
                                                        ----------

PENNSYLVANIA--0.3%                                                              
Philadelphia School District                                                    
Taxable Series C (FSA Insured)                                              
4.110% due 7/1/08                                 2,470           2,470     
4.200% due 7/1/09                                 2,570           2,582     
4.430% due 7/1/11                                 1,015           1,006     
                                                        ----------
                                                             6,058
                                                        ----------

                                      PAR VALUE        VALUE
                                         ---------      ----------

SOUTH DAKOTA--0.0%                                                              
Educational Enhancement Funding                                                 
Corp. Taxable Series A                                                      
6.720% due 6/1/25                             $     130      $      129     
                                                        ----------

TEXAS--1.3%                                                                     
Houston Independent School                                                      
District, Prerefunded 7/15/11                                               
@100 (FSA Insured)                                                          
5.500% due 7/15/18                                9,675          10,345     
State of Texas Public Finance                                                   
Authority                                                                   
5.000% due 10/1/12                               12,950          13,772     
                                                        ----------
                                                            24,117
                                                        ----------

VIRGINIA--0.2%                                                                  
Tobacco Settlement Financing Corp.                                              
Taxable Series A-1                                                          
6.706% due 6/1/46                                 4,965           4,185     
                                                        ----------

WASHINGTON--0.1%                                                                
Washington State Housing Trust Fund                                             
Taxable Series T                                                            
5.000% due 7/1/08                                 1,000           1,000     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL MUNICIPAL BONDS                                                           
(IDENTIFIED COST $65,200)                                          64,533       
-------------------------------------------------------------------------       

ASSET-BACKED SECURITIES--8.5%                                                   
AmeriCredit Automobile Receivables                                              
Trust 06-RM, A2                                                             
5.420% due 8/8/11                                 6,251           6,153     
AmeriCredit Automobile Receivables                                              
Trust 07-CM, A3A                                                            
5.420% due 5/7/12                                 7,000           6,787     
Amerifirst Home Improvement Finance                                             
Trust 06-1                                                                  
6.482% due 7/17/17(c)                             4,404           4,382     
Banc of America Securities Auto                                                 
Trust 06-G1, B                                                              
5.340% due 2/18/11                                4,855           4,836     
Bayview Financial Acquisition Trust                                             
06-B, 1A2                                                                   
5.800% due 4/28/36(c)                             4,000           3,800     
Bombardier Capital Mortgage                                                     
Securitization Corp. 99-A, A3                                               
5.980% due 1/15/18(c)                             2,987           2,717     
Capital Auto Receivables Asset                                                  
Trust 06-1, D 144A                                                          
7.160% due 1/15/13(b)                             2,000           2,012     

2 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

Capital One Auto Finance Trust                                                  
06-A, A3                                                                    
5.330% due 11/15/10                           $   1,613      $    1,604     
Carmax Auto Owner Trust 05-1, C                                                 
4.820% due 10/15/11                               4,135           4,130     
Carmax Auto Owner Trust 07-2, B                                                 
5.370% due 3/15/13                                3,199           3,087     
Chase Funding Mortgage Loan                                                     
Asset-Backed Certificates 04-1,                                             
1A4                                                                         
4.111% due 8/25/30                                3,356           3,261     
Citicorp Residential Mortgage                                                   
Securities, Inc. 07-2, A4                                                   
6.538% due 6/25/37(c)                             5,000           4,800     
Conseco Finance Securitizations                                                 
Corp. 01-3, A4                                                              
6.910% due 5/1/33(c)                             12,965          12,064     
Conseco Finance Securitizations                                                 
Corp. 02-2, A2                                                              
6.030% due 3/1/33(c)                              2,103           2,012     
Credit Based Asset Servicing and                                                
Securitization LLC 07-CB1, AF2                                              
5.721% due 1/25/37(c)                             5,000           4,480     
Daimler Chrysler Auto Trust 08-B,                                               
A4A                                                                         
5.320% due 11/10/14                               4,820           4,850     
Dunkin Securitization 06-1, M1 144A                                             
8.285% due 6/20/31(b)                             6,345           5,633     
FMAC Loan Receivables Trust 98-CA,                                              
A2 144A                                                                     
6.660% due 9/15/20(b)                             4,809           4,520     
GMAC Mortgage Corp. Loan Trust                                                  
05-HE2, A3                                                                  
4.622% due 11/25/35(c)                            1,268           1,168     
GMAC Mortgage Corp. Loan Trust                                                  
06-HE2, A3                                                                  
6.320% due 5/25/36                               11,335           5,828     
Great America Leasing Receivables                                               
05-1, A4 144A                                                               
4.970% due 8/20/10(b)                             6,700           6,724     
Green Tree Financial Corp. 99-2, M2                                             
7.210% due 12/1/30(c)                             2,247             179     
Home Equity Asset Trust 06-7, A                                                 
144A                                                                        
6.000% due 2/25/37(b)(r)                          2,119              11     
Hyundai Auto Receivables Trust                                                  
06-A, D                                                                     
5.520% due 11/15/12                               2,928           2,927     
Hyundai Auto Receivables Trust                                                  
08-A, A3                                                                    
4.930% due 12/17/12                               6,800           6,799     
IndyMac Manufactured Housing                                                    
Contract 98-1, A3                                                           
6.370% due 9/25/28                                2,408           2,240     

                                      PAR VALUE        VALUE
                                         ---------      ----------

Long Grove Collateral Loan                                                      
Obligation Ltd. 04-1A, C 144A                                               
5.038% due 5/25/16(b)(c)                      $   1,600      $    1,246     
Long Grove Collateral Loan                                                      
Obligation Ltd. 04-1A, D 144A                                               
9.388% due 5/25/16(b)(c)                            500             406     
MASTR Alternative Net Interest                                                  
Margin 06-6, N1 144A                                                        
3.482% due 9/26/46(b)(c)(r)                       1,132              23     
Merrill Auto Trust Securitization                                               
07-1, B                                                                     
5.790% due 12/15/13                               6,197           6,028     
Renaissance Home Equity Loan Trust                                              
05-3, AF4                                                                   
5.140% due 11/25/35(c)                            5,380           5,224     
Renaissance Home Equity Loan Trust                                              
06-2, AF4                                                                   
6.115% due 8/25/36(c)                             5,640           4,971     
Renaissance Net Interest Margin                                                 
Trust 07-2, N 144A                                                          
8.353% due 6/25/37(b)                             1,718             430     
Residential Funding Mortgage                                                    
Securities II, Inc. 04-HI3, A4                                              
4.630% due 1/25/20                                2,420           2,338     
Residential Funding Mortgage                                                    
Securities II, Inc. 05-HI2, A3                                              
4.460% due 5/25/35                                1,157           1,151     
Residential Funding Mortgage                                                    
Securities II, Inc. 06-HI2, A3                                              
5.790% due 2/25/36                                1,510           1,164     
Residential Funding Mortgage                                                    
Securities II, Inc. 07-HI1, A2                                              
5.640% due 3/25/37                               10,000           7,412     
Residential Funding Mortgage                                                    
Securities II, Inc. 07-HSA3, AI2                                            
5.890% due 5/25/37(c)                             7,340           5,768     
Soundview Home Equity Loan Trust                                                
05-CTX1, A3                                                                 
5.322% due 11/25/35(c)                            3,900           3,872     
Structured Asset Securities Corp.                                               
05-7XS, 1A2B                                                                
5.270% due 4/25/35(c)                             7,161           7,061     
Vanderbuilt Acquisition Loan Trust                                              
02-1, A3                                                                    
5.700% due 9/7/23(c)                                133             132     

3 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

Wachovia Auto Loan Owner Trust                                                  
06-2A, E 144A                                                               
7.050% due 5/20/14(b)                         $   5,000      $    3,396     
-------------------------------------------------------------------------       
TOTAL ASSET-BACKED SECURITIES                                                   
(IDENTIFIED COST $179,161)                                        157,626       
-------------------------------------------------------------------------       

DOMESTIC CORPORATE BONDS--21.2%                                                 

AEROSPACE & DEFENSE--0.3%                                                       
L-3 Communications Corp.                                                        
7.625% due 6/15/12                                4,445           4,501     
L-3 Communications Corp. Series B                                               
6.375% due 10/15/15                                 925             869     
                                                        ----------
                                                             5,370
                                                        ----------

AGRICULTURAL PRODUCTS--0.3%                                                     
Cargill, Inc. 144A                                                              
5.600% due 9/15/12(b)                             4,845           4,882     
                                                        ----------

AIRLINES--1.9%                                                                  
American Airlines, Inc. 01-1                                                    
6.977% due 5/23/21                               16,013          12,731     
Continental Airlines, Inc. 98-1A                                                
6.648% due 9/15/17                                2,334           2,124     
Delta Air Lines, Inc. 00-1                                                      
7.379% due 5/18/10                               11,647          11,239     
JetBlue Airways Corp. 04-2                                                      
5.776% due 11/15/08(c)                            1,543           1,520     
United Airlines, Inc. 00-2                                                      
7.032% due 10/1/10                                3,326           3,285     
United Airlines, Inc. 01-1                                                      
6.071% due 3/1/13                                 4,336           4,260     
                                                        ----------
                                                            35,159
                                                        ----------

APPLICATION SOFTWARE--0.1%                                                      
Intuit, Inc.                                                                    
5.750% due 3/15/17                                1,393           1,308     
                                                        ----------

ASSET MANAGEMENT & CUSTODY BANKS--0.4%                                          
Invesco Ltd.                                                                    
4.500% due 12/15/09                               2,750           2,724     
Janus Capital Group, Inc.                                                       
6.250% due 6/15/12                                2,663           2,599     
Nuveen Investment, Inc. 144A                                                    
10.500% due 11/15/15(b)                             800             742     

                                      PAR VALUE        VALUE
                                         ---------      ----------

ASSET MANAGEMENT & CUSTODY BANKS--(CONTINUED)                                   
Nuveen Investments, Inc.                                                        
5.000% due 9/15/10                            $   2,370      $    2,151     
                                                        ----------
                                                             8,216
                                                        ----------

AUTOMOBILE MANUFACTURERS--0.2%                                                  
Daimler Finance NA LLC                                                          
6.500% due 11/15/13                               3,390           3,515     
                                                        ----------

BROADCASTING & CABLE TV--0.9%                                                   
Comcast Cable Holdings LLC                                                      
7.875% due 8/1/13                                 3,800           4,079     
COX Communications, Inc.                                                        
3.875% due 10/1/08                                1,000             999     
4.625% due 6/1/13                                 5,620           5,320     
Time Warner Cable, Inc.                                                         
6.200% due 7/1/13                                 2,915           2,964     
Viacom, Inc.                                                                    
5.750% due 4/30/11                                2,700           2,706     
                                                        ----------
                                                            16,068
                                                        ----------

BUILDING PRODUCTS--0.1%                                                         
Esco Corp. 144A                                                                 
8.625% due 12/15/13(b)                            1,725           1,751     
                                                        ----------

CASINOS & GAMING--0.3%                                                          
Harrah's Operating Co., Inc.                                                    
5.500% due 7/1/10                                 1,500           1,348     
MGM MIRAGE                                                                      
8.500% due 9/15/10                                2,835           2,814     
Seminole Hard Rock Entertainment,                                               
Inc./Seminole Hard Rock                                                     
International LLC 144A                                                      
5.276% due 3/15/14(b)(c)                            767             648     
                                                        ----------
                                                             4,810
                                                        ----------

CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.1%                              
Terex Corp.                                                                     
7.375% due 1/15/14                                2,010           1,990     
                                                        ----------

CONSUMER ELECTRONICS--0.1%                                                      
Best Buy Co., Inc. 144A                                                         
6.750% due 7/15/13(b)                             2,095           2,122     
                                                        ----------

CONSUMER FINANCE--2.6%                                                          
American Express Credit Corp.                                                   
5.875% due 5/2/13                                 4,805           4,777     
Ford Motor Credit Co. LLC                                                       

4 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

CONSUMER FINANCE--(CONTINUED)                                                   
5.625% due 10/1/08                            $  12,490      $   12,279     
9.875% due 8/10/11                                3,480           2,934     
7.127% due 1/13/12(c)                             2,000           1,423     
7.163% due 4/15/12(c)                             3,389           3,186     
GMAC LLC                                                                        
3.749% due 9/23/08(c)                             2,000           1,970     
4.315% due 5/15/09(c)                             4,815           4,528     
6.875% due 9/15/11                                4,205           3,023     
6.750% due 12/1/14                                  900             595     
Hertz Corp. (The)                                                               
8.875% due 1/1/14                                 2,595           2,387     
HSBC Finance Corp.                                                              
4.125% due 11/16/09                               2,000           1,987     
MBNA Corp.                                                                      
4.625% due 9/15/08                                2,300           2,305     
SLM Corp.                                                                       
5.310% due 2/1/10(c)                              8,000           7,367     
                                                        ----------
                                                            48,761
                                                        ----------

DATA PROCESSING & OUTSOURCED SERVICES--0.2%                                     
Convergys Corp.                                                                 
4.875% due 12/15/09                               3,000           3,026     
                                                        ----------

DISTILLERS & VINTNERS--0.1%                                                     
Constellation Brands, Inc.                                                      
8.375% due 12/15/14                               1,749           1,780     
                                                        ----------

DIVERSIFIED BANKS--0.7%                                                         
Bank of America Corp.                                                           
4.900% due 5/1/13                                 2,930           2,827     
Bank One Corp.                                                                  
7.875% due 8/1/10                                 4,900           5,187     
Wachovia Corp.                                                                  
5.500% due 5/1/13                                 2,405           2,302     
Wells Fargo & Co.                                                               
3.125% due 4/1/09                                 1,500           1,493     
4.375% due 1/31/13                                  800             775     
                                                        ----------
                                                            12,584
                                                        ----------

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.2%                            
ERAC USA Finance Co. 144A                                                       
5.300% due 11/15/08(b)                            2,385           2,386     
5.800% due 10/15/12(b)                              805             761     
                                                        ----------
                                                             3,147
                                                        ----------

                                      PAR VALUE        VALUE
                                         ---------      ----------

ELECTRIC UTILITIES--1.0%                                                        
Allegheny Energy Supply 144A                                                    
8.250% due 4/15/12(b)                         $   1,860      $    1,939     
Consumers Energy Co. Series H                                                   
4.800% due 2/17/09                                2,000           2,006     
FPL Group Capital, Inc.                                                         
5.350% due 6/15/13                                1,000           1,014     
Midwest Generation LLC Series B                                                 
8.560% due 1/2/16                                 1,594           1,646     
Northeast Utilities                                                             
5.650% due 6/1/13                                 3,950           3,927     
PPL Capital Funding Trust I Series                                              
A                                                                           
4.330% due 3/1/09                                 4,250           4,249     
PSE&G Energy Holdings Co.                                                       
8.500% due 6/15/11                                2,250           2,371     
Texas Competitive Electric Holdings                                             
Co. LLC 144A                                                                
10.250% due 11/1/15(b)                            1,390           1,369     
                                                        ----------
                                                            18,521
                                                        ----------

ELECTRICAL COMPONENTS & EQUIPMENT--0.2%                                         
General Cable Corp.                                                             
5.073% due 4/1/15(c)                              3,375           3,012     
                                                        ----------

ELECTRONIC MANUFACTURING SERVICES--0.1%                                         
Tyco Electronic Group SA                                                        
6.000% due 10/1/12                                1,515           1,530     
                                                        ----------

ENVIRONMENTAL & FACILITIES SERVICES--0.1%                                       
Allied Waste North America, Inc.                                                
Series B                                                                    
5.750% due 2/15/11                                2,200           2,173     
                                                        ----------

FOOD RETAIL--0.3%                                                               
Kroger Co. (The)                                                                
8.050% due 2/1/10                                 1,860           1,947     
Safeway, Inc.                                                                   
4.125% due 11/1/08                                2,000           2,001     
6.500% due 11/15/08                               1,000           1,007     
                                                        ----------
                                                             4,955
                                                        ----------

GAS UTILITIES--0.1%                                                             
ONEOK Partners LP                                                               
5.900% due 4/1/12                                   980             985     
                                                        ----------

5 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

HEALTH CARE FACILITIES--0.1%                                                    
HCA, Inc.                                                                       
9.125% due 11/15/14                           $   1,739      $    1,782     
                                                        ----------

HEALTH CARE SERVICES--0.1%                                                      
Medco Health Solutions, Inc.                                                    
7.250% due 8/15/13                                1,000           1,062     
                                                        ----------

HOMEBUILDING--0.1%                                                              
Horton (D.R.), Inc.                                                             
4.875% due 1/15/10                                2,500           2,325     
                                                        ----------

HOTELS, RESORTS & CRUISE LINES--0.1%                                            
Starwood Hotels & Resort Worldwide,                                             
Inc.                                                                        
6.250% due 2/15/13                                2,815           2,718     
                                                        ----------

HOUSEHOLD PRODUCTS--0.2%                                                        
Yankee Acquisition Corp. Series B                                               
8.500% due 2/15/15                                3,740           2,936     
                                                        ----------

INDUSTRIAL GASES--0.1%                                                          
Air Products & Chemicals, Inc.                                                  
4.150% due 2/1/13                                 1,912           1,870     
                                                        ----------

INDUSTRIAL MACHINERY--0.0%                                                      
SPX Corp. 144A                                                                  
7.625% due 12/15/14(b)                              250             254     
                                                        ----------

INDUSTRIAL REITs--0.1%                                                          
ProLogis                                                                        
6.625% due 5/15/18                                1,110           1,093     
                                                        ----------

INTEGRATED TELECOMMUNICATION SERVICES--0.9%                                     
AT&T Corp.                                                                      
7.300% due 11/15/11                               3,015           3,211     
Embarq Corp.                                                                    
6.738% due 6/1/13                                 5,200           5,018     
Qwest Capital Funding, Inc.                                                     
7.250% due 2/15/11                                4,000           3,900     
Qwest Corp.                                                                     
7.875% due 9/1/11                                 5,220           5,220     
                                                        ----------
                                                            17,349
                                                        ----------

INVESTMENT BANKING & BROKERAGE--2.1%                                            
Bear Stearns Cos., Inc. (The)                                                   
7.250% due 2/1/18                                 4,365           4,555     
Goldman Sachs Group, Inc. (The)                                                 
4.750% due 7/15/13                                3,225           3,102     

                                      PAR VALUE        VALUE
                                         ---------      ----------

INVESTMENT BANKING & BROKERAGE--(CONTINUED)                                     
5.950% due 1/18/18                            $   2,759      $    2,649     
Lehman Brothers Holdings, Inc.                                                  
6.000% due 7/19/12                                5,485           5,310     
5.625% due 1/24/13                                1,909           1,807     
6.750% due 12/28/17                               3,640           3,420     
Merrill Lynch & Co., Inc.                                                       
6.150% due 4/25/13                                3,925           3,804     
Merrill Lynch & Co., Inc. (Brazil)                                              
10.710% due 3/8/17(d)                            14,600(g)        7,195     
Morgan Stanley 144A (Brazil)                                                    
10.090% due 5/3/17(b)(d)                         10,525(g)        4,940     
Piper Jaffray Equipment Trust                                                   
Securities 144A                                                             
6.000% due 9/10/11(b)                             3,024           2,676     
                                                        ----------
                                                            39,458
                                                        ----------

LEISURE FACILITIES--0.0%                                                        
Scientific Games Corp. 144A                                                     
7.875% due 6/15/16(b)                               810             810     
                                                        ----------

LIFE & HEALTH INSURANCE--0.1%                                                   
Principal Life Global Funding I                                                 
144A                                                                        
4.400% due 10/1/10(b)                             1,500           1,494     
                                                        ----------

LIFE SCIENCES TOOLS & SERVICES--0.2%                                            
Fisher Scientific International,                                                
Inc.                                                                        
6.750% due 8/15/14                                  985           1,009     
6.125% due 7/1/15                                 2,125           2,107     
                                                        ----------
                                                             3,116
                                                        ----------

MORTGAGE REITs--0.2%                                                            
iStar Financial, Inc. Series B                                                  
5.950% due 10/15/13                               5,725           4,695     
                                                        ----------

MOVIES & ENTERTAINMENT--0.1%                                                    
Time Warner, Inc.                                                               
6.875% due 5/1/12                                 1,500           1,535     
                                                        ----------

MULTI-LINE INSURANCE--0.1%                                                      
ASIF Global Financing XXIII 144A                                                
3.900% due 10/22/08(b)                            2,000           1,993     
                                                        ----------

MULTI-UTILITIES--0.1%                                                           
Pacific Gas & Electric Co.                                                      
3.600% due 3/1/09                                 2,000           1,998     
                                                        ----------

6 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

OFFICE ELECTRONICS--0.2%                                                        
Xerox Corp.                                                                     
5.650% due 5/15/13                            $   4,345      $    4,302     
                                                        ----------

OFFICE SERVICES & SUPPLIES--0.2%                                                
Steelcase, Inc.                                                                 
6.500% due 8/15/11                                2,825           2,865     
                                                        ----------

OIL & GAS EQUIPMENT & SERVICES--0.1%                                            
Halliburton Co.                                                                 
5.500% due 10/15/10                               1,225           1,269     
Helix Energy Solutions Group, Inc.                                              
144A                                                                        
9.500% due 1/15/16(b)                               692             713     
                                                        ----------
                                                             1,982
                                                        ----------

OIL & GAS EXPLORATION & PRODUCTION--0.4%                                        
Swift Energy Co.                                                                
7.625% due 7/15/11                                4,875           4,875     
XTO Energy, Inc.                                                                
5.900% due 8/1/12                                 1,980           2,021     
                                                        ----------
                                                             6,896
                                                        ----------

OIL & GAS REFINING & MARKETING--0.3%                                            
Frontier Oil Corp.                                                              
6.625% due 10/1/11                                2,230           2,208     
Tesoro Corp.                                                                    
6.250% due 11/1/12                                4,340           4,144     
                                                        ----------
                                                             6,352
                                                        ----------

OIL & GAS STORAGE & TRANSPORTATION--0.7%                                        
Buckeye Partners LP                                                             
6.050% due 1/15/18                                  854             838     
Knight, Inc.                                                                    
6.500% due 9/1/12                                 3,545           3,474     
Pacific Energy Partners LP/Pacific                                              
Energy Finance Corp.                                                        
7.125% due 6/15/14                                2,900           2,924     
Transcontinental Gas Pipe Line                                                  
Corp. Series B                                                              
7.000% due 8/15/11                                3,865           4,020     
Williams Cos., Inc. (The)                                                       
7.125% due 9/1/11                                 2,500           2,588     
                                                        ----------
                                                            13,844
                                                        ----------

OTHER DIVERSIFIED FINANCIAL SERVICES--0.9%                                      
Bank of America Corp.                                                           
7.400% due 1/15/11                                3,815           3,979     

                                      PAR VALUE        VALUE
                                         ---------      ----------

OTHER DIVERSIFIED FINANCIAL SERVICES--(CONTINUED)                               
Citigroup, Inc.                                                                 
5.500% due 4/11/13                            $   3,168      $    3,092     
General Electric Capital Corp.                                                  
8.125% due 5/15/12                                3,875           4,250     
International Lease Finance Corp.                                               
4.750% due 1/13/12                                1,120             987     
JPMorgan Chase & Co. Series 1                                                   
7.900% due 12/31/49(c)                            3,360           3,151     
MassMutual Global Funding II 144A                                               
3.500% due 3/15/10(b)                             1,750           1,735     
                                                        ----------
                                                            17,194
                                                        ----------

PAPER PACKAGING--0.2%                                                           
Jefferson Smurfit Corp.                                                         
8.250% due 10/1/12                                1,595           1,399     
Packaging Corp. of America                                                      
4.375% due 8/1/08                                 3,000           3,001     
                                                        ----------
                                                             4,400
                                                        ----------

PAPER PRODUCTS--0.5%                                                            
Bowater, Inc.                                                                   
5.776% due 3/15/10(c)                             4,850           4,123     
Georgia Pacific Corp. LLC                                                       
7.700% due 6/15/15                                2,820           2,679     
Rock-Tenn Co. 144A                                                              
9.250% due 3/15/16(b)                               125             133     
Verso Paper Holdings LLC and Verso                                              
Paper, Inc. Series B                                                        
6.623% due 8/1/14(c)                              2,570           2,377     
                                                        ----------
                                                             9,312
                                                        ----------

PROPERTY & CASUALTY INSURANCE--0.1%                                             
Berkley (WR) Corp.                                                              
5.125% due 9/30/10                                2,000           1,999     
                                                        ----------

REAL ESTATE MANAGEMENT & DEVELOPMENT--0.3%                                      
Colonial Realty LP                                                              
4.800% due 4/1/11                                 5,000           4,716     
                                                        ----------

REGIONAL BANKS--0.4%                                                            
First Tennessee Bank                                                            
2.832% due 1/23/09(c)                               723             704     
2.779% due 5/18/09(c)                               690             661     
KeyBank NA                                                                      
5.700% due 8/15/12                                1,800           1,687     

7 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

REGIONAL BANKS--(CONTINUED)                                                     
7.413% due 5/6/15                             $   1,000      $      931     
National City Bank                                                              
2.921% due 6/29/09(c)                             3,760           3,614     
                                                        ----------
                                                             7,597
                                                        ----------

RETAIL REITs--0.4%                                                              
Kimco Realty Corp.                                                              
4.820% due 8/15/11                                1,945           1,854     
Simon Property Group LP                                                         
4.600% due 6/15/10                                3,825           3,763     
5.600% due 9/1/11                                 2,775           2,744     
                                                        ----------
                                                             8,361
                                                        ----------

SPECIALIZED FINANCE--0.4%                                                       
CIT Group, Inc.                                                                 
4.750% due 12/15/10                               4,295           3,503     
Textron Financial Corp.                                                         
5.125% due 11/1/10                                3,865           3,918     
                                                        ----------
                                                             7,421
                                                        ----------

SPECIALIZED REITs--0.7%                                                         
Host Hotels & Resorts LP                                                        
6.875% due 11/1/14                                4,245           3,927     
Nationwide Health Properties, Inc.                                              
6.250% due 2/1/13                                 4,825           4,743     
Trustreet Properties, Inc.                                                      
7.500% due 4/1/15                                 1,215           1,295     
Ventas Realty LP/Ventas Capital                                                 
Corp.                                                                       
6.750% due 6/1/10                                 2,180           2,180     
                                                        ----------
                                                            12,145
                                                        ----------

SPECIALTY CHEMICALS--0.0%                                                       
Lubrizol Corp.                                                                  
4.625% due 10/1/09                                  875             871     
                                                        ----------

STEEL--0.1%                                                                     
Steel Dynamics, Inc. 144A                                                       
7.375% due 11/1/12(b)                             1,630           1,638     
                                                        ----------

THRIFTS & MORTGAGE FINANCE--0.1%                                                
Countrywide Home Loans, Inc.                                                    
5.625% due 7/15/09                                1,750           1,707     
                                                        ----------

                                      PAR VALUE        VALUE
                                         ---------      ----------

TOBACCO--0.2%                                                                   
Philip Morris Capital Corp.                                                     
7.500% due 7/16/09                            $   3,500      $    3,445     
                                                        ----------

WIRELESS TELECOMMUNICATION SERVICES--0.1%                                       
Nextel Communications, Inc.                                                     
Series D                                                                    
7.375% due 8/1/15                                 2,095           1,739     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL DOMESTIC CORPORATE BONDS                                                  
(IDENTIFIED COST $408,237)                                        390,939       
-------------------------------------------------------------------------       

NON-AGENCY MORTGAGE-BACKED SECURITIES--15.2%                                    
American General Mortgage Loan                                                  
Trust 06-1, A2 144A                                                         
5.750% due 12/25/35(b)(c)                         8,392           8,205     
American Home Mortgage Assets 07-2,                                             
M4                                                                          
3.013% due 3/25/47(c)(q)                          5,974             719     
American Tower Trust L 07-1A, C                                                 
144A                                                                        
5.615% due 4/15/37(b)                             3,685           3,200     
Asset Securitization Corp. 96-D3,                                               
A1C                                                                         
7.400% due 10/13/26                                 170             173     
Banc of America Commercial                                                      
Mortgage, Inc. 05-6, AM                                                     
5.352% due 9/10/47(c)                             1,600           1,508     
Bear Stearns Commercial Mortgage                                                
Securities 04-ESA, J 144A                                                   
5.817% due 5/14/16(b)                             8,510           8,680     
Bear Stearns Structured Products,                                               
Inc. 04-15, A2 144A                                                         
0.000% due 11/27/34(b)                              408             403     
Bear Stearns Structured Products,                                               
Inc. 05-10 144A                                                             
4.893% due 4/26/35(b)(c)                          2,671           2,545     
Bear Stearns Structured Products,                                               
Inc. 05-20N, A 144A                                                         
5.983% due 10/25/45(b)(c)                         1,613           1,519     
Bear Stearns Structured Products,                                               
Inc. 05-20N, B 144A                                                         
5.983% due 10/25/45(b)(c)                         5,000           3,625     
Bear Stearns Structured Products,                                               
Inc. 06-2, 2A1 144A                                                         
5.393% due 3/27/46(b)(c)                          1,490           1,432     
Chase Mortgage Finance Corp.                                                    
04-S1, M                                                                    
5.098% due 2/25/19(c)                             1,899           1,669     

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

Chase Mortgage Finance Corp. 04-S3,                                             
3A1                                                                         
6.000% due 3/25/34                            $   3,702      $    3,559     
Chase Mortgage Finance Corp. 06-A1,                                             
4A1                                                                         
6.035% due 9/25/36(c)                            10,720          10,139     
Citicorp Mortgage Securities, Inc.                                              
06-7, 1A1                                                                   
6.000% due 12/25/36                               9,885           9,502     
Citigroup Mortgage Loan Trust, Inc.                                             
06-FX1, A4                                                                  
6.081% due 10/25/36(c)                            7,000           5,283     
Citigroup Mortgage Loan Trust, Inc.                                             
06-WF1, A2B                                                                 
5.536% due 3/25/36(c)                               949             948     
Countrywide Home Loan Mortgage                                                  
Pass-Through Trust 02-34, B2                                                
5.750% due 1/25/33                                1,612           1,439     
Countrywide Home Loan Mortgage                                                  
Pass-Through Trust 02-36, B2                                                
6.000% due 1/25/33                                1,622           1,434     
Countrywide Home Loan Mortgage                                                  
Pass-Through Trust 04-13, 1A1                                               
5.500% due 8/25/34                                5,270           5,248     
Credit Suisse First Boston Mortgage                                             
Securities Corp. 05-12, 6A1                                                 
6.000% due 1/25/36                                4,445           3,817     
Credit-Based Asset Servicing and                                                
Securitization LLC 05-CB6, A3                                               
5.120% due 7/25/35(c)                             5,207           5,112     
Crown Castle Towers LLC 05-1A, AFX                                              
144A                                                                        
4.643% due 6/15/35(b)                             8,000           7,881     
Crown Castle Towers LLC 05-1A, B                                                
144A                                                                        
4.878% due 6/15/35(b)                             6,510           6,351     
Crown Castle Towers LLC 06-1A, C                                                
144A                                                                        
5.470% due 11/15/36(b)                            5,000           4,614     
DLJ Commercial Mortgage Corp.                                                   
98-CF2, A1B                                                                 
6.240% due 11/12/31                                  64              64     
First Horizon Asset Securities,                                                 
Inc. 05-AR1, 2A1                                                            
5.001% due 4/25/35(c)                             3,176           3,082     
First Plus Home Loan Trust 97-3, M2                                             
7.520% due 11/10/23                                  34              34     
Global Signal Trust 06-1, A2 144A                                               
5.450% due 2/15/36(b)                             6,000           5,922     
GMAC Commercial Mortgage                                                        
Securities, Inc. 04-C3, A4                                                  
4.547% due 12/10/41                               4,820           4,678     
GS Mortgage Securities Corp. II                                                 
07-EOP, G 144A                                                              
2.970% due 3/6/20(b)(c)                           5,840           5,344     

                                      PAR VALUE        VALUE
                                         ---------      ----------

GS Mortgage Securities Corp. II                                                 
07-EOP, H 144A                                                              
3.100% due 3/6/20(b)(c)                       $   1,850      $    1,684     
GS Mortgage Securities Corp. II                                                 
99-C1, A2                                                                   
6.110% due 11/18/30(c)                               18              18     
GSR Mortgage Loan Trust 05-AR6, 3A1                                             
4.560% due 9/25/35(c)                             5,814           5,564     
Harborview Mortgage Loan Trust                                                  
05-15, B8                                                                   
4.232% due 10/20/45(c)(q)                         4,624             555     
Harborview Mortgage Loan Trust                                                  
05-9, B10                                                                   
4.232% due 6/20/35(c)(q)                          4,803           2,642     
IndyMac Index Mortgage Loan Trust                                               
06-AR25, 3A1                                                                
6.365% due 9/25/36(c)                             4,717           3,719     
IndyMac Index Mortgage Loan Trust                                               
07-AR2, B1                                                                  
5.866% due 6/25/37(c)(q)                          4,736           1,847     
JPMorgan Chase Commercial Mortgage                                              
Securities Corp. 01-CIBC, A3                                                
6.260% due 3/15/33                                  471             481     
JPMorgan Chase Commercial Mortgage                                              
Security Corp. 05-LDP5, AM                                                  
5.387% due 12/15/44(c)                            1,752           1,663     
JPMorgan Mortgage Trust 05-S3, 2A2                                              
5.500% due 1/25/21                                1,107           1,076     
JPMorgan Mortgage Trust 06-A1, B1                                               
5.393% due 2/25/36(c)                             7,679           4,639     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust  05-C3, AM                                                   
4.794% due 7/15/40                                7,460           6,903     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust 07-C2, A2                                                    
5.303% due 2/15/40                                1,477           1,441     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust 07-C6, A2                                                    
5.845% due 7/15/40                               11,125          11,052     
Lehman Brothers - UBS Commercial                                                
Mortgage Trust 06-C3, AM                                                    
5.712% due 3/15/39(c)                               945             883     
MASTR Alternative Net Interest                                                  
Margin Trust 05-CW1A, N1 144A                                               
6.750% due 12/26/35(b)(r)                           434              65     
MASTR Resecuritization Trust 04-2                                               
144A                                                                        
5.250% due 3/28/34(b)                             3,646           2,982     
MASTR Resecuritization Trust 04-3                                               
144A                                                                        
5.000% due 3/28/34(b)                             1,916           1,551     

9 

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                      PAR VALUE        VALUE
                                         ---------      ----------

MASTR Resecuritization Trust 05-1                                               
144A                                                                        
5.000% due 10/28/34(b)                        $   1,783      $    1,574     
MASTR Resecuritization Trust 05-2                                               
144A                                                                        
4.750% due 3/28/34(b)                             1,839           1,600     
MASTR Resecuritization Trust 05-4CI,                                            
N2 144A                                                                     
5.886% due 4/26/45(b)(c)(r)                       3,250             896     
Merrill Lynch Mortgage Trust                                                    
04-KEY2, A3                                                                 
4.615% due 8/12/39                                4,000           3,860     
Merrill Lynch/Countrywide                                                       
Commercial Mortgage Investors,                                              
Inc. 06-3, 2A1                                                              
6.073% due 10/25/36(c)                            5,628           5,442     
Morgan Stanley Mortgage Loan Trust                                              
05-5AR, 4A1                                                                 
5.521% due 9/25/35(c)                             2,222           1,871     
PNC Mortgage Acceptance Corp.                                                   
00-C2, A2                                                                   
7.300% due 10/12/33(c)                              226             234     
Prudential Securities Secured                                                   
Financing Corp. 99-NRF1, F 144A                                             
6.074% due 11/1/31(b)                             5,000           4,961     
Residential Funding Mortgage                                                    
Securities I, Inc. 05-SA1, 2A                                               
4.835% due 3/25/35(c)                             2,758           2,585     
Residential Funding Mortgage                                                    
Securities I, Inc. 06-S4, A2                                                
6.000% due 4/25/36                                7,734           7,682     
SBA Commercial Mortgage Backed                                                  
Securities Trust 06-1A, A 144A                                              
5.314% due 11/15/36(b)                            7,450           7,260     
SBA Commercial Mortgage Backed                                                  
Securities Trust 06-1A, B 144A                                              
5.451% due 11/15/36(b)                            2,875           2,750     
Timberstar Trust 06-1A, A 144A                                                  
5.668% due 10/15/36(b)                            2,240           2,117     
Wachovia Bank Commercial Mortgage                                               
Trust 04-C12, A2                                                            
5.001% due 7/15/41                               12,400          12,378     
Wachovia Bank Commercial Mortgage                                               
Trust 05-C22, AM                                                            
5.490% due 12/15/44(c)                              720             684     
Wachovia Mortgage Loan Trust LLC                                                
06-A, B1                                                                    
5.415% due 5/20/36(c)                             3,438           2,061     
Washington Mutual Mortgage Pass                                                 
Through Certificates 00-1, M3                                               
4.733% due 1/25/40(c)                                85              67     

                                      PAR VALUE        VALUE
                                         ---------      ----------

Washington Mutual Mortgage Pass                                                 
Through Certificates 06-AR16, 1A1                                           
5.606% due 12/25/36(c)                        $   6,503      $    5,960     
Wells Fargo Mortgage Backed                                                     
Securities Trust 04-R, 2A1                                                  
4.365% due 9/25/34(c)                             4,805           4,673     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-14, 2A1                                                 
5.500% due 12/25/35                              10,738          10,154     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-5, 1A1                                                  
4.999% due 5/25/20                                6,642           6,335     
Wells Fargo Mortgage Backed                                                     
Securities Trust 05-AR16, 6A3                                               
5.001% due 10/25/35(c)                            7,738           7,535     
Wells Fargo Mortgage Backed                                                     
Securities Trust 06-AR2, B1                                                 
5.124% due 3/25/36(c)                            13,941           8,249     
Wells Fargo Mortgage Backed                                                     
Securities Trust 07-AR3, A4                                                 
6.061% due 4/25/37(c)                            14,719          13,531     
-------------------------------------------------------------------------       
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES                                     
(IDENTIFIED COST $323,157)                                        281,353       
-------------------------------------------------------------------------       

FOREIGN GOVERNMENT SECURITIES--12.2%                                            

AUSTRALIA--2.0%                                                                 
Commonwealth of Australia Series 909                                            
7.500% due 9/15/09                               38,040(f)       36,703     
                                                        ----------

BRAZIL--2.9%                                                                    
Federative Republic of Brazil                                                   
10.500% due 7/14/14                               9,135          11,556     
7.875% due 3/7/15                                 6,650           7,465     
12.500% due 1/5/16                               48,851(g)       30,244     
12.500% due 1/5/22                                8,000(g)        4,934     
                                                        ----------
                                                            54,199
                                                        ----------

COLOMBIA--0.4%                                                                  
Republic of Colombia                                                            
9.750% due 4/23/09                                3,500           3,693     

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

COLOMBIA--(CONTINUED)                                                           
12.000% due 10/22/15                          7,975,000(h)   $    4,021     
                                                        ----------
                                                             7,714
                                                        ----------

COSTA RICA--0.2%                                                                
Republic of Costa Rica 144A                                                     
6.548% due 3/20/14(b)                       $     4,000           4,180     
                                                        ----------

EGYPT--0.5%                                                                     
Arab Republic of Egypt Series 364                                               
0.000% due 11/4/08                               50,825(i)        9,182     
                                                        ----------

INDONESIA--0.3%                                                                 
Republic of Indonesia Series FR-23                                              
11.000% due 12/15/12                         44,100,000(j)        4,458     
                                                        ----------

NEW ZEALAND--0.5%                                                               
Commonwealth of New Zealand Series 708                                          
6.000% due 7/15/08                               11,645(k)        8,868     
                                                        ----------

NORWAY--0.9%                                                                    
Kingdom of Norway                                                               
5.500% due 5/15/09                               88,550(l)       17,253     
                                                        ----------

PERU--0.2%                                                                      
Republic of Peru                                                                
12.250% due 8/10/11                               9,000(m)        3,626     
                                                        ----------

PHILIPPINES--0.9%                                                               
Republic of Philippines                                                         
9.875% due 3/16/10                                8,610           9,449     
8.375% due 2/15/11                                6,135           6,534     
                                                        ----------
                                                            15,983
                                                        ----------

RUSSIA--0.0%                                                                    
Russian Federation RegS                                                         
8.250% due 3/31/10(e)                               540             563     
                                                        ----------

SINGAPORE--0.5%                                                                 
Republic of Singapore                                                           
2.500% due 10/1/12                               13,100(o)        9,678     
                                                        ----------

SWEDEN--0.3%                                                                    
Kingdom of Sweden Series 1043                                                   
5.000% due 1/28/09                               26,705(p)        4,447     
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

TRINIDAD AND TOBAGO--0.2%                                                       
Republic of Trinidad and Tobago                                                 
RegS                                                                        
9.875% due 10/1/09(e)                       $     3,000      $    3,180     
                                                        ----------

TURKEY--0.8%                                                                    
Republic of Turkey                                                              
11.750% due 6/15/10                               7,570           8,469     
11.500% due 1/23/12                               5,680           6,532     
                                                        ----------
                                                            15,001
                                                        ----------

VENEZUELA--1.6%                                                                 
Republic of Venezuela                                                           
8.500% due 10/8/14                               11,675          11,033     
9.250% due 9/15/27                                2,000           1,882     
Republic of Venezuela RegS                                                      
5.375% due 8/7/10(e)                             18,062          17,141     
                                                        ----------
                                                            30,056
-------------------------------------------------------------------------       
TOTAL FOREIGN GOVERNMENT SECURITIES                                             
(IDENTIFIED COST $216,833)                                        225,091       
-------------------------------------------------------------------------       

FOREIGN CORPORATE BONDS(d)--9.7%                                                

AUSTRALIA--0.8%                                                                 
National Australia Bank Ltd. 144A                                               
5.350% due 6/12/13(b)                             9,715           9,700     
Rio Tinto Finance USA Ltd.                                                      
5.875% due 7/15/13                                4,865           4,892     
                                                        ----------
                                                            14,592
                                                        ----------

CANADA--0.4%                                                                    
Catalyst Paper Corp.                                                            
7.375% due 3/1/14                                 1,055             786     
Catalyst Paper Corp. Series D                                                   
8.625% due 6/15/11                                4,000           3,400     
Petro-Canada                                                                    
6.050% due 5/15/18                                1,200           1,183     
Rogers Wireless Communications,                                                 
Inc.                                                                        
8.000% due 12/15/12                                 700             726     
Thomson Corp. (The)                                                             
4.250% due 8/15/09                                1,000             993     
                                                        ----------
                                                             7,088
                                                        ----------

CHILE--0.5%                                                                     
Celulosa Arauco y Constitucion SA                                               
7.750% due 9/13/11                                4,780           5,120     

11

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

CHILE--(CONTINUED)                                                              
Empresa Nacional de Electricidad SA                                             
7.750% due 7/15/08                          $     3,449      $    3,445     
                                                        ----------
                                                             8,565
                                                        ----------

CHINA--0.2%                                                                     
NXP BV/NXP Funding LLC                                                          
5.463% due 10/15/13(c)                            5,040           4,454     
                                                        ----------

CYPRUS--0.3%                                                                    
Alfa MTN Invest Ltd. 144A                                                       
9.250% due 6/24/13(b)                             4,940           4,928     
                                                        ----------

GERMANY--0.1%                                                                   
Deutsche Bank AG                                                                
4.875% due 5/20/13                                1,835           1,805     
Deutsche Telekom International                                                  
Finance BV                                                                  
8.500% due 6/15/10                                1,000           1,058     
                                                        ----------
                                                             2,863
                                                        ----------

HONG KONG--0.1%                                                                 
Hutchison Whampoa International                                                 
Ltd. 144A                                                                   
5.450% due 11/24/10(b)                            2,000           2,016     
                                                        ----------

INDIA--0.3%                                                                     
ICICI Bank Ltd. 144A                                                            
5.750% due 11/16/10(b)                            4,775           4,721     
                                                        ----------

INDONESIA--0.1%                                                                 
Majapahit Holding BV 144A                                                       
7.250% due 6/28/17(b)                             2,250           2,025     
                                                        ----------

ISRAEL--0.1%                                                                    
Israel Electric Corp., Ltd. 144A                                                
7.250% due 1/15/19(b)                             2,285           2,332     
                                                        ----------

KAZAKHSTAN--0.3%                                                                
Kazkommerts International BV RegS                                               
8.000% due 11/3/15(e)                             1,000             830     
KazMunaiGaz Finance Sub BV 144A                                                 
8.375% due 7/2/13(b)                              3,900           3,887     
                                                        ----------
                                                             4,717
                                                        ----------

LUXEMBOURG--0.3%                                                                
Evraz Securities SA                                                             
10.875% due 8/3/09                                4,000           4,187     

                                     PAR VALUE         VALUE
                                       -----------      ----------

LUXEMBOURG--(CONTINUED)                                                         
OJSC Vimpel Communications (VIP                                                 
Finance Ireland Ltd.)144A                                                   
8.375% due 4/30/13(b)                       $     1,400      $    1,381     
                                                        ----------
                                                             5,568
                                                        ----------

MALAYSIA--0.1%                                                                  
Malaysia International Shipping                                                 
Corporation Capital Ltd. 144A                                               
5.000% due 7/1/09(b)                              2,800           2,814     
                                                        ----------

MEXICO--0.2%                                                                    
Fideicomiso Petacalco Trust 144A                                                
10.160% due 12/23/09(b)                           2,172           2,242     
Pemex Project Funding Master Trust                                              
144A                                                                        
4.076% due 6/15/10(b)(c)                          1,500           1,506     
                                                        ----------
                                                             3,748
                                                        ----------

POLAND--0.1%                                                                    
Telekomunikacja Polska SA Finance                                               
BV 144A                                                                     
7.750% due 12/10/08(b)                            2,700           2,732     
                                                        ----------

QATAR--0.1%                                                                     
Ras Laffan Liquefied Natural Gas                                                
Co., Ltd. 144A                                                              
3.437% due 9/15/09(b)                             1,461           1,464     
                                                        ----------

RUSSIA--2.7%                                                                    
European Bank for Reconstruction &                                              
Development                                                                 
6.000% due 2/14/12                              193,000(n)        7,943     
Evraz Group SA 144A                                                             
8.875% due 4/24/13(b)                             2,455           2,470     
Gaz Capital SA 144A                                                             
7.343% due 4/11/13(b)                             2,000           2,045     
Gazprom International SA 144A                                                   
7.201% due 2/1/20(b)                              2,568           2,562     
Gazprom OAO (Gaz Capital SA) 144A                                               
6.212% due 11/22/16(b)                           10,405           9,721     
6.510% due 3/7/22(b)                              3,235           2,904     
International Bank For                                                          
Reconstruction & Development                                                
5.750% due 6/25/10                              211,850(n)        9,032     
OJSC AK Transneft                                                               
(TransCapitalInvest Ltd.) 144A                                              
5.670% due 3/5/14(b)                              5,715           5,345     

12

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

RUSSIA--(CONTINUED)                                                             
Russian Agricultural Bank OJSC                                                  
(RSHB Capital SA) 144A                                                      
6.299% due 5/15/17(b)                       $     2,905      $    2,680     
TNK-BP Finance SA 144A                                                          
7.500% due 3/13/13(b)                             1,750           1,733     
TNK-BP Finance SA RegS                                                          
6.125% due 3/20/12(e)                             4,210           3,972     
                                                        ----------
                                                            50,407
                                                        ----------

SOUTH AFRICA--0.3%                                                              
Sappi Pappier Holding AG 144A                                                   
6.750% due 6/15/12(b)                             5,000           4,808     
                                                        ----------

SOUTH KOREA--0.3%                                                               
Export-Import Bank of Korea                                                     
4.500% due 8/12/09                                1,355           1,351     
Korea Development Bank                                                          
3.875% due 3/2/09                                 3,000           2,995     
5.300% due 1/17/13                                1,113           1,105     
                                                        ----------
                                                             5,451
                                                        ----------

TURKEY--0.1%                                                                    
Bosphorus Financial Services Ltd.                                               
144A                                                                        
4.476% due 2/15/12(b)(c)                          1,875           1,809     
                                                        ----------

UKRAINE--0.1%                                                                   
NAK Naftogaz Ukrainy (Standard Bank                                             
London Holdings plc)                                                        
8.125% due 9/30/09                                2,900           2,835     
                                                        ----------

UNITED ARAB EMIRATES--0.4%                                                      
Abu Dhabi National Energy Co. 144A                                              
5.620% due 10/25/12(b)                            6,730           6,814     
                                                        ----------

UNITED KINGDOM--0.6%                                                            
British Telecommunications plc                                                  
8.625% due 12/15/10                               1,500           1,611     
HBOs plc 144A                                                                   
6.750% due 5/21/18(b)                               685             655     
Ineos Group Holdings plc Tranche B2                                             
7.357% due 2/1/14                                 1,427           1,259     
Ineos Group Holdings plc Tranche C2                                             
7.857% due 6/21/15                                1,427           1,276     
Petroplus Finance Ltd. 144A                                                     
6.750% due 5/1/14(b)                              2,715           2,471     

                                     PAR VALUE         VALUE
                                       -----------      ----------

UNITED KINGDOM--(CONTINUED)                                                     
Vedanta Resources plc 144A                                                      
8.750% due 1/15/14(b)                       $     3,400      $    3,391     
                                                        ----------
                                                            10,663
                                                        ----------

UNITED STATES--1.1%                                                             
ArcelorMittal 144A                                                              
5.375% due 6/1/13(b)                              4,825           4,781     
Canadian National Resources Ltd.                                                
4.900% due 12/1/14                                2,916           2,800     
Credit Suisse New York                                                          
5.000% due 5/15/13                                4,335           4,219     
Freeport-McMoRan Copper & Gold,                                                 
Inc.                                                                        
6.875% due 2/1/14(d)                              2,170           2,246     
Nova Chemicals Corp.                                                            
5.953% due 11/15/13(c)                            7,659           6,548     
Pemex Project Funding Master Trust                                              
6.125% due 8/15/08                                   34              34     
                                                        ----------
                                                            20,628
                                                        ----------

VENEZUELA--0.1%                                                                 
Corporacion Andina de Fomento                                                   
5.200% due 5/21/13                                1,000             988     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL FOREIGN CORPORATE BONDS                                                   
(IDENTIFIED COST $183,939)                                        179,030       
-------------------------------------------------------------------------       

DOMESTIC CONVERTIBLE BONDS--0.1%                                                

Pharmaceuticals--0.1%                                                           
Par Pharmaceutical Cos., Inc.                                                   
2.875% due 9/30/10                                1,195           1,080     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL DOMESTIC CONVERTIBLE BONDS                                                
(IDENTIFIED COST $1,077)                                            1,080       
-------------------------------------------------------------------------       

DOMESTIC LOAN AGREEMENTS(c)--10.4%                                              

ADVERTISING--0.0%                                                               
Lamar Media Corp. Tranche F                                                     
4.375% due 3/31/14                                  925             892     
                                                        ----------

AEROSPACE & DEFENSE--0.0%                                                       
TransDigm. Inc. Tranche                                                         
4.655% due 6/23/13                                  480             467     
                                                        ----------

13

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

APPAREL RETAIL--0.1%                                                            
HBI Branded Apparel Ltd., Inc.                                                  
Tranche 2                                                                   
6.657% due 3/5/14                           $     1,885      $    1,874     
                                                        ----------

APPAREL, ACCESSORIES & LUXURY GOODS--0.1%                                       
Hanesbrands, Inc. Tranche B                                                     
4.540% due 9/5/13                                 1,268           1,232     
Totes Isotoner Corp. Tranche B                                                  
7.387% due 1/16/13                                  472             389     
                                                        ----------
                                                             1,621
                                                        ----------

AUTOMOBILE MANUFACTURERS--0.3%                                                  
Ford Motor Co. Tranche B                                                        
5.800% due 12/15/13                               4,585           3,713     
General Motors Corp. Tranche B                                                  
5.059% due 11/29/13                               1,693           1,445     
                                                        ----------
                                                             5,158
                                                        ----------

BROADCASTING & CABLE TV--0.7%                                                   
Charter Communications Operating                                                
LLC Tranche                                                                 
5.260% due 3/6/14                                 4,916           4,330     
CSC Holdings, Inc. Tranche A1                                                   
4.340% due 2/24/12                                  597             568     
DIRECTV Holdings LLC Tranche B                                                  
4.381% due 4/13/13                                  554             539     
Intelstat Corp. Tranche BA                                                      
5.184% due 1/3/14                                   970             922     
Intelstat Corp. Tranche BB                                                      
5.184% due 1/3/14                                   970             922     
Intelstat Corp. Tranche BC                                                      
5.184% due 1/3/14                                   970             922     
MCC Georgia LLC Tranche E                                                       
6.808% due 9/30/10                                  551             550     
Mediacom LLC Tranche C                                                          
4.473% due 1/31/15                                4,370           4,020     
                                                        ----------
                                                            12,773
                                                        ----------

CASINOS & GAMING--0.0%                                                          
Harrahs Operating Co., Inc. Tranche B3                                          
8.356% due 1/28/15                                  419             384     
                                                        ----------

COMMODITY CHEMICALS--0.3%                                                       
Celanese Holdings LLC Tranche B                                                 
6.479% due 3/30/14                                5,210           4,951     
                                                        ----------

                                     PAR VALUE         VALUE
                                       -----------      ----------

COMMUNICATIONS EQUIPMENT--0.3%                                                  
CommScope, Inc. Tranche B                                                       
5.184% due 12/27/14                         $     6,012      $    5,801     
                                                        ----------

CONSUMER FINANCE--0.1%                                                          
Hertz Corp. Letter of Credit                                                    
4.099% due 12/21/12                                 285             271     
Hertz Corp. Tranche B                                                           
4.470% due 12/21/12                               1,353           1,284     
                                                        ----------
                                                             1,555
                                                        ----------

DATA PROCESSING & OUTSOURCED SERVICES--0.6%                                     
First Data Corp. Tranche B1                                                     
7.500% due 9/24/14                                1,995           1,842     
First Data Corp. Tranche B2                                                     
5.398% due 9/24/14                                  496             458     
First Data Corp. Tranche B3                                                     
5.398% due 9/24/14                                6,377           5,908     
Reynolds & Reynolds Co. (The)                                                   
Tranche FL                                                                  
4.383% due 10/24/12                               2,893           2,759     
                                                        ----------
                                                            10,967
                                                        ----------

DEPARTMENT STORES--0.4%                                                         
Neiman-Marcus Group, Inc. (The)                                                 
Tranche                                                                     
7.090% due 4/6/13                                 7,028           6,715     
                                                        ----------

DISTRIBUTORS--0.2%                                                              
Building Materials Holding Corp.                                                
Tranche B                                                                   
9.330% due 11/10/13                               3,884           3,265     
                                                        ----------

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.1%                            
ARAMARK Corp. Letter of Credit                                                  
5.198% due 1/26/14                                   75              71     
ARAMARK Corp. Tranche B                                                         
6.705% due 1/26/14                                1,184           1,114     
                                                        ----------
                                                             1,185
                                                        ----------

ELECTRIC UTILITIES--0.3%                                                        
Texas Competitive Electric Holdings                                             
Co. LLC Tranche B2                                                          
8.645% due 10/10/14                               2,285           2,120     
Texas Competitive Electric Holdings                                             
Co. LLC Tranche B3                                                          
9.442% due 10/10/14                               3,356           3,115     
                                                        ----------
                                                             5,235
                                                        ----------

14

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

ELECTRICAL COMPONENTS & EQUIPMENT--0.1%                                         
Baldor Electric Co. Tranche                                                     
4.688% due 1/31/14                          $     2,380      $    2,303     
                                                        ----------

ENVIRONMENTAL & FACILITIES SERVICES--0.3%                                       
Allied Waste North America, Inc.                                                
Letter of Credit A                                                          
6.100% due 3/28/14                                1,538           1,522     
Allied Waste North America, Inc.                                                
Tranche B                                                                   
4.152% due 3/28/14                                2,558           2,534     
Duratek, Inc. Tranche B                                                         
7.099% due 6/30/16                                  339             332     
EnergySolutions Inc. Tranche B                                                  
7.099% due 6/7/13                                   706             692     
                                                        ----------
                                                             5,080
                                                        ----------

FERTILIZERS & AGRICULTURAL CHEMICALS--0.0%                                      
Mosaic Co. (The) Tranche B                                                      
4.625% due 12/1/13                                  160             159     
                                                        ----------

HEALTH CARE FACILITIES--0.6%                                                    
HCA, Inc. Tranche A                                                             
4.696% due 11/18/12                               2,225           2,087     
HCA, Inc. Tranche B                                                             
4.946% due 11/18/13                               2,862           2,692     
Health Management Associates, Inc.                                              
Tranche B                                                                   
4.446% due 2/28/14                                1,182           1,099     
Healthsouth Corp. Tranche                                                       
6.944% due 3/10/13                                3,310           3,134     
LifePoint Hospitals, Inc. Tranche B                                             
4.710% due 4/15/12                                2,778           2,709     
                                                        ----------
                                                            11,721
                                                        ----------

HEALTH CARE SERVICES--0.5%                                                      
DaVita, Inc. Tranche B                                                          
4.269% due 10/5/12                                4,157           4,004     
Psychiatric Solutions, Inc. Tranche                                             
5.950% due 7/1/12                                 4,522           4,386     
                                                        ----------
                                                             8,390
                                                        ----------

HOUSEHOLD PRODUCTS--0.1%                                                        
Yankee Candle Co., Inc. Tranche B                                               
4.755% due 2/6/14                                 2,672           2,443     
                                                        ----------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.5%                              
Mirant North America LLC Tranche B                                              
4.613% due 1/3/13                                   760             736     

                                     PAR VALUE         VALUE
                                       -----------      ----------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--(CONTINUED)                       
NRG Energy, Inc. Letter of Credit                                               
4.096% due 2/1/13                           $     2,380      $    2,265     
NRG Energy, Inc. Tranche B                                                      
4.196% due 2/1/13                                 6,814           6,484     
                                                        ----------
                                                             9,485
                                                        ----------

INTEGRATED TELECOMMUNICATION SERVICES--0.6%                                     
Level 3 Communications, Inc.                                                    
Tranche B                                                                   
4.964% due 3/13/14                                  667             613     
NTELOS, Inc. Tranche B1                                                         
5.115% due 8/24/11                                5,538           5,420     
Time Warner Telecom Holdings, Inc.                                              
Tranche B                                                                   
4.870% due 1/7/13                                 5,182           4,992     
                                                        ----------
                                                            11,025
                                                        ----------

LEISURE FACILITIES--0.1%                                                        
AMF Bowling Worldwide, Inc.                                                     
Tranche B                                                                   
5.343% due 5/17/13                                1,999           1,616     
                                                        ----------

METAL & GLASS CONTAINERS--0.3%                                                  
Anchor Glass Container Corp.                                                    
7.750% due 6/1/13                                 5,015           4,952     
                                                        ----------

OIL & GAS EQUIPMENT & SERVICES--0.2%                                            
Helix Energy Solutions Group, Inc.                                              
Tranche                                                                     
6.603% due 7/1/13                                 3,365           3,278     
                                                        ----------

OIL & GAS EXPLORATION & PRODUCTION--0.2%                                        
ATP Oil & Gas Corp. Tranche 1                                                   
8.711% due 3/1/10                                 2,953           2,879     
ATP Oil & Gas Corp. Tranche 2                                                   
8.711% due 3/1/10                                 1,687           1,645     
                                                        ----------
                                                             4,524
                                                        ----------

PAPER PRODUCTS--1.3%                                                            
Boise Paper Holdings LLC Tranche                                                
11.000% due 2/22/15                               9,000           8,572     
Boise Paper Holdings LLC Tranche B                                              
7.500% due 2/22/14                                4,290           4,310     
Georgia-Pacific Corp. Tranche A                                                 
5.546% due 12/20/10                               1,440           1,390     
Georgia-Pacific Corp. Tranche B1                                                
5.224% due 12/20/12                               4,929           4,653     

15

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

PAPER PRODUCTS--(CONTINUED)                                                     
NewPage Corp. Tranche B                                                         
6.313% due 12/20/14                         $     4,225      $    4,205     
                                                        ----------
                                                            23,130
                                                        ----------

PUBLISHING--0.3%                                                                
Idearc, Inc. Tranche B                                                          
6.830% due 11/17/14                               3,712           2,985     
Tribune Co. Tranche B                                                           
5.542% due 5/17/14                                2,336           1,783     
                                                        ----------
                                                             4,768
                                                        ----------

REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0%                                      
Tropicana Entertainment LLC                                                     
Tranche B                                                                   
9.000% due 1/3/12                                   450             436     
                                                        ----------

RESTAURANTS--0.2%                                                               
Burger King Corp. Tranche B1                                                    
4.250% due 6/30/12                                4,490           4,453     
                                                        ----------

SEMICONDUCTORS--0.2%                                                            
Freescale Semiconductor, Inc.                                                   
Tranche                                                                     
4.869% due 12/1/13                                5,020           4,563     
                                                        ----------

SPECIALIZED FINANCE--0.4%                                                       
Sungard Data Systems, Inc.                                                      
Tranche B                                                                   
4.878% due 2/11/13                                7,878           7,472     
                                                        ----------

SPECIALTY CHEMICALS--0.2%                                                       
Compass Minerals Group, Inc.                                                    
Tranche B                                                                   
5.060% due 12/22/12                                 881             855     
Huntsman International LLC                                                      
Tranche B                                                                   
4.636% due 8/16/12                                2,489           2,326     
JohnsonDiversey, Inc. Tranche                                                   
4.784% due 12/16/10                                  54              52     
JohnsonDiversey, Inc. Tranche B                                                 
4.784% due 12/16/11                               1,327           1,287     
                                                        ----------
                                                             4,520
                                                        ----------

WIRELESS TELECOMMUNICATION SERVICES--0.8%                                       
ALLTEL Communications, Inc.                                                     
Tranche B2                                                                  
8.319% due 5/15/15                                1,591           1,573     
ALLTEL Communications, Inc.                                                     
Tranche B3                                                                  
5.466% due 5/15/15                                4,824           4,809     
Cricket Communications, Inc.                                                    
Tranche B                                                                   
7.830% due 6/16/13                                3,528           3,485     

                                     PAR VALUE         VALUE
                                       -----------      ----------

WIRELESS TELECOMMUNICATION SERVICES--(CONTINUED)                                
MetroPCS Wireless, Inc. Tranche B                                               
6.313% due 11/3/13                          $     4,725      $    4,519     
                                                        ----------
                                                            14,386
-------------------------------------------------------------------------       
TOTAL DOMESTIC LOAN AGREEMENTS                                                  
(IDENTIFIED COST $200,083)                                        191,547       
-------------------------------------------------------------------------       

FOREIGN LOAN AGREEMENTS(c)(d)--0.3%                                             

GERMANY--0.2%                                                                   
Fresenius Medical Care AG & Co.                                                 
KGaA Tranche B                                                              
4.113% due 3/31/13                                3,652           3,552     
                                                        ----------

UNITED STATES--0.1%                                                             
Yell Group plc Tranche B1                                                       
5.122% due 2/10/13                                1,925           1,731     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL FOREIGN LOAN AGREEMENTS                                                   
(IDENTIFIED COST $5,577)                                            5,283       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--96.7%                                              
(Identified cost $1,874,388)                                    1,785,807       
                                                        ----------

SHORT-TERM INVESTMENTS--1.2%                                                    

Commercial Paper(s)--1.2%                                                       
ABN-AMRO N.A. Finance, Inc.                                                     
2.470% due 7/3/08                                 1,350           1,350     
AT&T, Inc.                                                                      
2.230% due 7/15/08                                1,800           1,798     
Bank of America Corp.                                                           
2.500% due 7/11/08                                1,480           1,479     
Cintas Corp. No. 2                                                              
2.500% due 7/1/08                                 4,790           4,790     
Danaher Corp.                                                                   
2.100% due 7/28/08                                4,000           3,994     
Danske Corp.                                                                    
2.600% due 7/7/08                                 5,000           4,998     
Govco, Inc.                                                                     
2.600% due 7/1/08                                 2,475           2,475     
NetJets, Inc.                                                                   
2.300% due 7/1/08                                 1,250           1,250     

16

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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $22,134)                                          22,134       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--97.9%                                                        
(IDENTIFIED COST $1,896,522)                                    1,807,941(a)    

Other assets and liabilities, net--2.1%                            39,049       
                                                        ----------
NET ASSETS--100.0%                                             $1,846,990       
                                                        ==========

ABBREVIATIONS:                                                                  
AMBA   American Municipal Bond Assurance Corporation                            
FGIC   Financial Guaranty Insurance Company                                     
FHLM   Freddie Mac or Federal Home Loan Mortgage Corporation                    
FNMA   Fannie Mae or Federal National Mortgage Association                      
FSA    Financial Security Assurance, Inc.                                       
GNMA   Ginnie Mae or Government National Mortgage Association                   
MBIA   Municipal Bond Insurance Association                                     
REIT   Real Estate Investment Trust                                             

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $3,785 and gross 
  depreciation of $93,911 for federal income tax purposes. At June 30,
    2008, the aggregate cost of securities for federal income tax purposes
was $1,898,067.                                                   
(b)    Security exempt from registration under Rule 144A of the Securities Act  
 of 1933. These securities may be resold in transactions exempt from
   registration, normally to qualified institutional buyers. At June 30,
    2008, these securities amounted to a value of $248,572 or 13.5% of net
assets.                                                           
(c)    Variable or step coupon security; interest rate shown reflects the rate  
currently in effect.                                              
(d)    A security is considered to be foreign if the security is issued in a    
foreign country. The country of risk, noted in the header, or     
   parenthetically, is determined based on criteria described in Note 1B
   "Foreign security country determination" in the Notes to Schedules of
Investments.                                                      
(e)    Regulation S security. Security is offered and sold outside of the United
  States, therefore, it is exempt from registration with the SEC under
rules 903 and 904 of the Securities Act of 1933.                  
(f)    Par value represents Australian Dollar (reported in 000s).               
(g)    Par value represents Brazilian Real (reported in 000s).                  
(h)    Par value represents Colombian Peso (reported in 000s).                  
(i)    Par value represents Egyptian pound (reported in 000s).                  
(j)    Par Value represents Indonesian Rupiah (reported in 000s).               
(k)    Par value represents New Zealand Dollar (reported in 000s).              
(l)    Par value represents Norwegian Krone (reported in 000s).                 
(m)    Par value represents Peruvian Neuvo Sol (reported in 000s).              
(n)    Par value represents Russian Ruble (reported in 000s).                   
(o)    Par value represents Singapore Dollar (reported in 000s).                
(p)    Par value represents Swedish Krona (reported in 000s).                   
(q)    Illiquid security.                                                       
(r)    Illiquid and restricted security. At June 30, 2008, these securities     
amounted to value of $995 or 0.1% of net assets. For acquisition  
       information, see Note 2 "Illiquid and Restricted Securities" in the Notes
to Schedules of Investments.                                      
(s)    The rate shown is the discount rate.                                     

17

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PHOENIX SENIOR FLOATING RATE FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

FOREIGN CORPORATE BONDS(c)--3.6%                                                

UNITED STATES--3.6%                                                             
Nova Chemicals Corp.                                                            
5.953% due 11/15/13(b)                      $       650      $      556     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL FOREIGN CORPORATE BONDS                                                   
(IDENTIFIED COST $560)                                                556       
-------------------------------------------------------------------------       

DOMESTIC LOAN AGREEMENTS(b)--92.2%                                              

AEROSPACE & DEFENSE--3.3%                                                       
TransDigm. Inc. Tranche                                                         
4.650% due 6/23/13                                  520             506     
                                                        ----------

APPAREL, ACCESSORIES & LUXURY GOODS--1.8%                                       
Hanesbrands, Inc. Tranche B                                                     
4.540% due 9/5/13                                   285             277     
                                                        ----------

AUTOMOBILE MANUFACTURERS--3.5%                                                  
Ford Motor Co. Tranche B                                                        
5.800% due 12/16/13                                 562             455     
General Motors Corp. Tranche B                                                  
5.059% due 11/29/13                                 109              93     
                                                        ----------
                                                               548
                                                        ----------

BROADCASTING & CABLE TV--2.7%                                                   
CSC Holdings, Inc. Tranche A1                                                   
4.750% due 2/24/12                                  398             379     
MCC Georgia LLC Tranche E                                                       
6.808% due 1/3/16                                    40              40     
                                                        ----------
                                                               419
                                                        ----------

CASINOS & GAMING--1.5%                                                          
Harrahs Operating Co., Inc.                                                     
Tranche B3                                                                  
5.913% due 1/28/15                                  249             229     
                                                        ----------

COMMODITY CHEMICALS--2.4%                                                       
Celanese Holdings LLC Tranche B                                                 
4.188% due 3/30/14                                  399             379     
                                                        ----------

COMMUNICATIONS EQUIPMENT--2.2%                                                  
CommScope, Inc. Tranche B                                                       
5.184% due 12/27/14                                 349             337     
                                                        ----------

DATA PROCESSING & OUTSOURCED SERVICES--8.1%                                     
First Data Corp. Tranche B3                                                     
5.398% due 9/24/14                                  682             632     

                                     PAR VALUE         VALUE
                                       -----------      ----------

DATA PROCESSING & OUTSOURCED SERVICES--(CONTINUED)                              
Reynolds & Reynolds Co. (The)                                                   
Tranche FL                                                                  
4.886% due 10/24/12                         $       656      $      625     
                                                        ----------
                                                             1,257
                                                        ----------

ELECTRIC UTILITIES--4.0%                                                        
Texas Competitive Electric Holdings                                             
Co. LLC Tranche B3                                                          
6.537% due 10/10/14                                 662             614     
                                                        ----------

ENVIRONMENTAL & FACILITIES SERVICES--3.3%                                       
Allied Waste North America, Inc.                                                
Letter of Credit A                                                          
4.600% due 3/28/14                                  197             195     
Allied Waste North America, Inc.                                                
Tranche B                                                                   
4.385% due 3/28/14                                  328             325     
                                                        ----------
                                                               520
                                                        ----------

HEALTH CARE FACILITIES--7.8%                                                    
Community Health Systems, Inc.                                                  
Tranche                                                                     
5.335% due 7/25/14                                  627             592     
Community Health Systems, Inc.                                                  
Tranche DD                                                                  
3.688% due 7/25/14                                   32              30     
HCA, Inc. Tranche A                                                             
4.696% due 11/18/12                                 636             597     
                                                        ----------
                                                             1,219
                                                        ----------

HEALTH CARE SERVICES--4.4%                                                      
DaVita, Inc. Tranche B                                                          
4.105% due 10/5/12                                  400             385     
Psychiatric Solutions, Inc. Tranche                                             
4.531% due 7/1/12                                   304             295     
                                                        ----------
                                                               680
                                                        ----------

HEALTH CARE SUPPLIES--3.1%                                                      
Bausch & Lomb, Inc. Tranche B                                                   
5.946% due 4/26/15                                  398             391     
Bausch & Lomb, Inc. Tranche DD                                                  
7.196% due 4/26/15                                  100              98     
                                                        ----------
                                                               489
                                                        ----------

HOUSEHOLD PRODUCTS--2.2%                                                        
Yankee Candle Co., Inc. Tranche B                                               
4.755% due 2/6/14                                   375             343     
                                                        ----------

1 

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PHOENIX SENIOR FLOATING RATE FUND 
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

                                     PAR VALUE         VALUE
                                       -----------      ----------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--2.3%                              
NRG Energy, Inc. Letter of Credit                                               
4.096% due 2/1/13                           $       123      $      117     
NRG Energy, Inc. Tranche B                                                      
4.196% due 2/1/13                                   251             240     
                                                        ----------
                                                               357
                                                        ----------

INTEGRATED TELECOMMUNICATION SERVICES--7.3%                                     
NTELOS, Inc. Tranche B1                                                         
5.115% due 8/24/11                                  647             633     
Time Warner Telecom Holdings, Inc.                                              
Tranche B                                                                   
4.710% due 1/7/13                                   512             494     
                                                        ----------
                                                             1,127
                                                        ----------

METAL & GLASS CONTAINERS--1.8%                                                  
Anchor Glass Container Corp.                                                    
7.750% due 6/1/13(b)                                290             286     
                                                        ----------

OIL & GAS EQUIPMENT & SERVICES--3.3%                                            
Helix Energy Solutions Group, Inc.                                              
Tranche                                                                     
4.546% due 7/1/13                                   533             519     
                                                        ----------

OIL & GAS EXPLORATION & PRODUCTION--2.5%                                        
ATP Oil & Gas Corp. Tranche 1                                                   
8.711% due 3/1/10                                   255             248     
ATP Oil & Gas Corp. Tranche 2                                                   
8.711% due 3/1/10                                   145             142     
                                                        ----------
                                                               390
                                                        ----------

PAPER PRODUCTS--9.9%                                                            
Boise Paper Holdings LLC Tranche                                                
11.000% due 2/22/15                                 100              95     
Boise Paper Holdings LLC Tranche B                                              
7.500% due 2/22/14                                  499             501     
Georgia-Pacific Corp. Tranche B1                                                
4.690% due 12/20/12                                 522             493     

                                     PAR VALUE         VALUE
                                       -----------      ----------

PAPER PRODUCTS--(CONTINUED)                                                     
NewPage Corp. Tranche B                                                         
6.313% due 12/21/14                         $       449      $      447     
                                                        ----------
                                                             1,536
                                                        ----------

PUBLISHING--2.8%                                                                
Idearc, Inc. Tranche B                                                          
4.545% due 11/17/14                                 532             428     
                                                        ----------

SPECIALIZED FINANCE--3.2%                                                       
Sungard Data Systems, Inc.                                                      
Tranche B                                                                   
4.678% due 2/28/14                                  522             495     
                                                        ----------

SPECIALTY CHEMICALS--3.2%                                                       
JohnsonDiversey, Inc. Tranche                                                   
5.112% due 12/16/10                                  77              74     
JohnsonDiversey, Inc. Tranche B                                                 
5.112% due 12/16/11                                 431             418     
                                                        ----------
                                                               492
                                                        ----------

WIRELESS TELECOMMUNICATION SERVICES--5.6%                                       
ALLTEL Communications, Inc.                                                     
Tranche B2                                                                  
5.500% due 5/15/15                                  309             305     
MetroPCS Wireless, Inc. Tranche B                                               
5.063% due 2/20/14                                  598             573     
                                                        ----------
                                                               878
-------------------------------------------------------------------------       
TOTAL DOMESTIC LOAN AGREEMENTS                                                  
(IDENTIFIED COST $14,210)                                          14,325       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--95.8%                                              
(IDENTIFIED COST $14,770)                                          14,881       
                                                        ----------

TOTAL INVESTMENTS--95.8%                                                        
(IDENTIFIED COST $14,770)                                          14,881(a)    

Other assets and liabilities, net--4.2%                               650       
                                                        ----------
NET ASSETS--100.0%                                             $   15,531       
                                                        ==========

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $224 and gross   
     depreciation of $113 for federal income tax purposes. At June 30, 2008,
  the aggregate cost of securities for federal income tax purposes was
$14,770.                                                          
(b)    Variable or step coupon security; interest rate shown reflects the rate  
currently in effect.                                              
(c)    A security is considered to be foreign if the security is issued in a    
foreign country. The country of risk, noted in the header, or     
   parenthetically, is determined based on criteria described in Note 1B
   "Foreign security country determination" in the Notes to Schedules of
Investments.                                                      

2 

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PHOENIX FOREIGN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

DOMESTIC COMMON STOCKS--5.6%                                                    

UNITED STATES--5.6%                                                             
Philip Morris International, Inc.                                               
(Tobacco)                                     1,083,096      $   53,494     
Transocean, Inc. (Oil & Gas                                                     
Drilling)(b)                                    143,000          21,792     
-------------------------------------------------------------------------       
TOTAL DOMESTIC COMMON STOCKS                                                    
(IDENTIFIED COST $75,348)                                          75,286       
-------------------------------------------------------------------------       

FOREIGN COMMON STOCKS(c)--93.9%                                                 

AUSTRALIA--8.1%                                                                 
BHP Billiton Ltd. (Diversified                                                  
Metals & Mining)                                785,000          33,410     
Coca-Cola Amatil Ltd. (Soft Drinks)             1,244,039           8,360       
Incitec Pivot Ltd. (Fertilizers &                                               
Agricultural Chemicals)                         100,401          17,778     
Macquarie Group Ltd. (Investment                                                
Banking & Brokerage)                            143,200           6,667     
Rio Tinto Ltd. (Diversified Metals                                              
& Mining)                                       150,400          19,460     
WorleyParsons Ltd. (Oil & Gas                                                   
Equipment & Services)                           614,221          22,255     
                                                        ----------
                                                           107,930
                                                        ----------

BELGIUM--1.2%                                                                   
InBev N.V. (Brewers)                              223,545          15,456       

BRAZIL--8.5%                                                                    
Banco Itau Holding Financieira SA                                               
ADR (Diversified Banks)                         892,425          18,125     
CIA Vale do Rio Doce ADR                                                        
(Diversified Metals & Mining)                   956,100          34,247     
Petroleo Brasileiro SA ADR                                                      
(Integrated Oil & Gas)                          784,322          55,554     
Souza Cruz SA (Tobacco)                           222,704           6,339       
                                                        ----------
                                                           114,265
                                                        ----------

CANADA--6.1%                                                                    
Canadian Natural Resources Ltd.                                                 
(Oil & Gas Exploration &                                                    
Production)                                     441,420          43,653     
Suncor Energy, Inc. (Integrated Oil                                             
& Gas)                                          643,600          37,365     
                                                        ----------
                                                            81,018
                                                        ----------

DENMARK--1.0%                                                                   
Novo Nordisk A/S Class B                                                        
(Pharmaceuticals)                               198,100          13,041     

FRANCE--1.1%                                                                    
Air Liquide (Industrial Gases)                    116,000          15,272       

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

GERMANY--3.4%                                                                   
RWE AG (Multi-Utilities)                          227,742      $   28,754       
Siemens AG Registered Shares                                                    
(Industrial Conglomerates)                      153,100          16,973     
                                                        ----------
                                                            45,727
                                                        ----------

HONG KONG--4.1%                                                                 
CNOOC Ltd. (Oil & Gas Exploration &                                             
Production)                                  19,139,300          33,224     
CNOOC Ltd. ADR (Oil & Gas                                                       
Exploration & Production)                        25,000           4,339     
Jardine Matheson Holdings Ltd.                                                  
(Multi-Sector Holdings)                         576,984          17,886     
                                                        ----------
                                                            55,449
                                                        ----------

INDIA--8.1%                                                                     
Bharat Heavy Electricals Ltd.                                                   
(Electrical Components &                                                    
Equipment)                                       51,749           1,662     
Bharti Airtel Ltd. (Wireless                                                    
Telecommunication Services)(b)                1,470,611          24,760     
HDFC Bank Ltd. (Diversified Banks)                535,510          12,543       
HDFC Bank Ltd. ADR (Diversified                                                 
Banks)                                          278,549          19,961     
Housing Development Finance Corp.                                               
(Consumer Finance)                              480,290          21,988     
Infrastructure Development Finance                                              
Co. Ltd. (Consumer Finance)(b)                2,091,883           5,043     
ITC Ltd. (Tobacco)                              2,363,500          10,309       
United Spirits Ltd. (Brewers)                     432,071          12,551       
                                                        ----------
                                                           108,817
                                                        ----------

ITALY--1.2%                                                                     
Maire Tecnimont S.p.A.                                                          
(Construction & Engineering)                  2,338,482          15,655     

JAPAN--8.4%                                                                     
Daito Trust Construction Co. Ltd.                                               
(Homebuilding)                                  255,200          12,377     
Millea Holdings, Inc. (Property &                                               
Casualty Insurance)                             935,200          36,450     
Mitsubishi Corp. (Trading Companies                                             
& Distributors)                                 639,100          21,059     
Mitsui & Co., Ltd. (Trading                                                     
Companies & Distributors)                       711,100          15,695     
Secom Co. Ltd. (Diversified                                                     
Commercial & Professional                                                   
Services)                                       543,500          26,473     
                                                        ----------
                                                           112,054
                                                        ----------

1 

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PHOENIX FOREIGN OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

LUXEMBOURG--2.0%                                                                
ArcelorMittal (Steel)                             269,100      $   26,463       

MEXICO--2.4%                                                                    
America Movil S.A.B. de C.V. ADR                                                
Series L (Wireless                                                          
Telecommunication Services)                     611,253          32,244     

NETHERLANDS--7.7%                                                               
Core Laboratories N.V. (Oil & Gas                                               
Equipment & Services)(b)                        279,597          39,800     
Schlumberger Ltd. (Oil & Gas                                                    
Equipment & Services)(e)                        562,000          60,376     
Schlumberger Ltd. (Oil & Gas                                                    
Equipment & Services)(d)                         20,000           2,156     
                                                        ----------
                                                           102,332
                                                        ----------

NORWAY--1.9%                                                                    
Orkla ASA (Industrial Conglomerates)            1,990,975          25,511       

SINGAPORE--0.6%                                                                 
Keppel Corp. Ltd. (Industrial                                                   
Conglomerates)                                  937,300           7,688     

SPAIN--3.7%                                                                     
Enagas S.A. (Gas Utilities)                     1,569,801          44,312       
Red Electrica Corp.  S.A. (Electric                                             
Utilities)                                       71,000           4,609     
                                                        ----------
                                                            48,921
                                                        ----------

SWITZERLAND--6.6%                                                               
ABB Ltd. Registered Shares (Heavy                                               
Electrical Equipment)(b)                        663,100          18,770     
Lindt & Spruengli AG (Packaged                                                  
Foods & Meats)                                    2,812           7,749     
Meyer Burger Technology AG                                                      
(Industrial Machinery)(b)                        14,500           4,322     
Nestle S.A. Registered Shares                                                   
(Packaged Foods & Meats)                        699,130          31,506     
Roche Holding AG Registered Shares                                              
(Pharmaceuticals)                               146,404          26,319     
                                                        ----------
                                                            88,666
                                                        ----------

UNITED KINGDOM--17.8%                                                           
AMEC plc (Construction &                                                        
Engineering)                                    318,100           5,605     
BG Group plc (Oil & Gas Exploration                                             
& Production)                                 1,332,575          34,630     
British American Tobacco plc                                                    
(Tobacco)                                     2,148,487          74,109     
Diageo plc (Distillers & Vintners)                771,871          14,142       
Imperial Tobacco Group plc (Tobacco)            1,126,708          41,856       

                                      SHARES           VALUE
                                       -----------      ----------
UNITED KINGDOM--(CONTINUED)                                                     
Reckitt Benckiser Group plc                                                     
(Household Products)                            465,131      $   23,493     
Tesco plc (Food Retail)                         6,082,890          44,492       
                                                        ----------
                                                           238,327
-------------------------------------------------------------------------       
TOTAL FOREIGN COMMON STOCKS                                                     
(IDENTIFIED COST $1,161,174)                                    1,254,836       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--99.5%                                              
(IDENTIFIED COST $1,236,522)                                    1,330,122       
                                                        ----------

SHORT-TERM INVESTMENTS--1.1%                                                    

                                     PAR VALUE         VALUE
                                       -----------      ----------

FEDERAL AGENCY SECURITIES(f)--1.1%                                              
FHLMC                                                                           
2.000% due 7/1/08                               $14,850          14,850     
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $14,850)                                          14,850       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--100.6%                                                       
(IDENTIFIED COST $1,251,372)                                    1,344,972(a)    

Other assets and liabilities, net--(0.6)%                          (7,746)      
                                                        ----------
NET ASSETS--100.0%                                             $1,337,226       
                                                        ==========

2 

N-Q 80th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 80th
PHOENIX FOREIGN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

ABBREVIATIONS:                                                                  
ADR    American Depositary Receipt                                              
FHLMC  Freddie Mac or Federal Home Loan Mortgage Corporation                    

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized appreciation of investment
 securities is comprised of gross appreciation of $133,601 and gross
  depreciation of $43,155 for federal income tax purposes. At June 30,
    2008, the aggregate cost of securities for federal income tax purposes
was $1,254,526.                                                   
(b)    Non-income producing.                                                    
(c)    A security is considered to be foreign if the security is issued in a    
      foreign country. The country of risk, noted in the header, is determined
based on criteria described in Note 1B "Foreign security country  
determination" in the Notes to Schedules of Investments.          
(d)    Shares traded on Alt-X Exchange.                                         
(e)    Shares traded on NYSE.                                                   
(f)    The rate shown is the discount rate.                                     

3 

N-Q 81st “Page” of 101 TOC 1st Previous Next ↓Bottom Just 81st
PHOENIX INTERNATIONAL STRATEGIES FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

FOREIGN COMMON STOCKS(c)--98.2%                                                 

ARGENTINA--0.1%                                                                 
Telecom Argentina S.A. Sponsored                                                
ADR (Integrated Telecommunication                                           
Services)(b)                                      2,800      $       40     
                                                        ----------

AUSTRALIA--6.2%                                                                 
Aquila Resources Ltd. (Coal &                                                   
Consumable Fuels)(b)                              7,776             123     
ASX Ltd. (Specialized Finance)                      5,507             166       
Ausenco Ltd. (Construction &                                                    
Engineering)                                      1,620              24     
BHP Billiton Ltd.                                                               
(Diversified                                                                
Metals & Mining)                                  9,211             392     
BlueScope Steel Ltd. (Steel)                       36,686             399       
Carbon Energy Ltd. (Diversified                                                 
Metals & Mining)(b)                               8,526               7     
Incitec Pivot Ltd. (Fertilizers &                                               
Agricultural Chemicals)                             186              33     
Leighton Holdings Ltd.                                                          
(Construction & Engineering)                      8,323             405     
McPherson's Ltd. (Personal Products)               10,878              29       
Orica Ltd. (Diversified Chemicals)                 16,820             472       
Paladin Energy Ltd. (Diversified                                                
Metals & Mining)(b)                               6,923              42     
Qantas Airways Ltd. (Airlines)                    129,794             378       
QBE Insurance Group Ltd. (Property                                              
& Casualty Insurance)                            16,500             355     
Rio Tinto Ltd. (Diversified Metals                                              
& Mining)                                         5,964             772     
Riversdale Mining Ltd. (Diversified                                             
Metals & Mining)(b)                              12,228             138     
Santos Ltd. (Oil & Gas Exploration                                              
& Production)                                    52,556           1,082     
Sims Group Ltd. (Steel)                             6,241             249       
                                                        ----------
                                                             5,066
                                                        ----------

AUSTRIA--0.0%                                                                   
Voestalpine AG (Steel)                                164              13       
                                                        ----------

BELGIUM--1.4%                                                                   
Belgacom SA (Integrated                                                         
Telecommunication Services)                       5,000             215     
Delhaize Group (Food Retail)                        5,146             345       
Dexia SA (Diversified Banks)                       37,588             598       
                                                        ----------
                                                             1,158
                                                        ----------

BERMUDA--0.2%                                                                   
Aquarius Platinum Ltd. (Precious                                                
Metals & Minerals)                                6,951             111     

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

BERMUDA--(CONTINUED)                                                            
Lancashire Holdings Ltd.                                                        
(Multi-line Insurance)                            2,244      $       14     
                                                        ----------
                                                               125
                                                        ----------

BRAZIL--0.6%                                                                    
Usinas Siderurgicas de Minas Gerais                                             
SA (Steel)                                       10,500             517     
                                                        ----------

CANADA--2.5%                                                                    
CGI Group, Inc. Class A (IT                                                     
Consulting & Other Services)(b)                   4,700              47     
Churchill Corp. (The) Class A                                                   
(Construction & Engineering)(b)                     600              11     
Hammond Power Solutions, Inc.                                                   
(Electrical Components &                                                    
Equipment)(b)                                     2,200              28     
Petro-Canada (Integrated Oil & Gas)                 1,700              95       
Potash Corp. of Saskatchewan, Inc.                                              
(Fertilizers & Agricultural                                                 
Chemicals)                                        5,800           1,325     
Rothmans, Inc. (Tobacco)                            3,382              90       
Sherritt International Corp.                                                    
(Diversified Metals & Mining)                     7,500             113     
Teck Cominco Ltd. (Diversified                                                  
Metals & Mining)                                  6,112             295     
                                                        ----------
                                                             2,004
                                                        ----------

CHINA--0.5%                                                                     
China Construction Bank Corp.                                                   
(Regional Banks)                                166,000             134     
PetroChina Co., Ltd. Class H                                                    
(Integrated Oil & Gas)                          180,000             233     
Truly International Holdings Ltd.                                               
(Electronic Equipment                                                       
Manufacturers)                                   10,000               9     
                                                        ----------
                                                               376
                                                        ----------

DENMARK--0.9%                                                                   
D/S Norden (Marine)                                 6,780             726       
                                                        ----------

FINLAND--1.3%                                                                   
Fortum Oyj (Electric Utilities)                     9,100             460       
Nokia Oyj (Communications Equipment)               24,822             607       
                                                        ----------
                                                             1,067
                                                        ----------

FRANCE--9.5%                                                                    
Alstom (Heavy Electrical Equipment)                 2,151             493       
AXA SA (Multi-line Insurance)                      13,600             401       
BNP Paribas SA (Diversified Banks)                  7,896             711       
Bouygues SA (Wireless                                                           
Telecommunication Services)                       3,600             237     
Compagnie Generale des                                                          
Etablissements Michelin Class B                                             
(Tires & Rubber)                                  3,356             240     

1 

N-Q 82nd “Page” of 101 TOC 1st Previous Next ↓Bottom Just 82nd
PHOENIX INTERNATIONAL STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

FRANCE--(CONTINUED)                                                             
Credit Agricole SA (Diversified                                                 
Banks)                                            1,652      $       33     
France Telecom SA (Integrated                                                   
Telecommunication Services)                      17,886             525     
LVMH Moet Hennessy Louis Vuitton SA                                             
(Apparel, Accessories & Luxury                                              
Goods)                                            4,174             435     
Nexans SA (Electrical Components &                                              
Equipment)                                          563              69     
PPR (Department Stores)                             3,448             381       
PSA Peugeot Citroen SA (Automobile                                              
Manufacturers)                                   17,515             946     
Publicis Groupe (Advertising)(b)                    2,264              73       
Rallye SA (Specialty Stores)                          919              54       
Recylex SA (Diversified Metals &                                                
Mining)(b)                                        2,607              33     
Sanofi-Aventis SA (Pharmaceuticals)                 7,000             465       
Suez SA (Multi-Utilities)                           4,900             332       
Technip SA (Oil & Gas Equipment &                                               
Services)                                         2,825             261     
Total SA (Integrated Oil & Gas)                    12,977           1,105       
UBISOFT Entertainment (Home                                                     
Entertainment Software)(b)                        1,946             170     
Vallourec SA (Industrial Machinery)                 1,200             420       
Vivendi Universal SA (Movies &                                                  
Entertainment)                                   10,683             403     
                                                        ----------
                                                             7,787
                                                        ----------

GERMANY--10.6%                                                                  
Allianz AG Registered Shares                                                    
(Multi-line Insurance)                            2,283             402     
Arcandor AG (Department Stores)(b)                 11,100             129       
Arques Industries AG (Health Care                                               
Facilities)(b)                                    1,070              10     
Bayer AG (Diversified Chemicals)                    5,200             438       
Daimler AG (Automobile                                                          
Manufacturers)                                    4,000             248     
Deutsche Bank AG Registered Shares                                              
(Diversified Capital Markets)                     3,200             276     
Deutsche Boerse AG (Specialized                                                 
Finance)                                          4,912             555     
Deutsche Lufthansa AG Registered                                                
Shares (Airlines)                                36,239             781     
Deutsche Telekom AG Registered                                                  
Shares (Integrated                                                          
Telecommunication Services)                      50,543             829     
E.ON AG (Electric Utilities)                        8,352           1,683       
GEA Group AG (Industrial Machinery)                 7,517             265       
MAN AG (Industrial Machinery)                       9,292           1,030       
MTU Aero Engines Holding AG                                                     
(Aerospace & Defense)                             1,138              37     
Muenchener                                                                      
Rueckversicherungs-Gesellschaft                                             
AG Registered Shares (Reinsurance)                4,436             778     

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

GERMANY--(CONTINUED)                                                            
Norddeutsche Affinerie AG                                                       
(Diversified Metals & Mining)                     1,410      $       77     
Salzgitter AG (Steel)                               4,942             905       
Symrise AG (Fertilizers &                                                       
Agricultural Chemicals)                           8,295             180     
                                                        ----------
                                                             8,623
                                                        ----------

GREECE--0.4%                                                                    
Alpha Bank AE (Diversified Banks)                  11,945             362       
                                                        ----------

HONG KONG--1.9%                                                                 
Bank of East Asia Ltd. (Diversified                                             
Banks)                                           49,000             267     
Cheung Kong Holdings Ltd. (Real                                                 
Estate Management & Development)                 25,000             338     
China Mobile Ltd. (Wireless                                                     
Telecommunication Services)                       4,000              54     
Chun Wo Development Holdings Ltd.                                               
(Construction & Engineering)                     90,000               9     
Hang Lung Properties Ltd. (Real                                                 
Estate Management & Development)                125,000             401     
Sinolink Worldwide Holdings Ltd.                                                
(Real Estate Management &                                                   
Development)                                    174,000              25     
Television Broadcasts Ltd.                                                      
(Broadcasting & Cable TV)                        57,000             329     
VTech Holdings Ltd. (Communications                                             
Equipment)                                       21,998             133     
                                                        ----------
                                                             1,556
                                                        ----------

ITALY--2.5%                                                                     
AS Roma S.p.A (Movies &                                                         
Entertainment)(b)                                13,016              16     
Banca Popolare dell'Emilia Romagna                                              
Scrl (Regional Banks)                             2,095              36     
Enel S.p.A. (Electric Utilities)                   38,665             367       
ENI S.p.A. (Integrated Oil & Gas)                  24,549             912       
Fiat S.p.A. (Automobile                                                         
Manufacturers)                                   14,327             233     
Indesit Co. S.p.A. (Household                                                   
Appliances)                                       3,705              41     
Istituto Finanziario Industriale                                                
S.p.A. (Multi-Sector Holdings)(b)                 1,212              24     
Pirelli & C S.p.A (Industrial                                                   
Conglomerates)                                  140,486              96     
UniCredito Italiano S.p.A.                                                      
(Diversified Banks)                              51,700             315     
                                                        ----------
                                                             2,040
                                                        ----------

JAPAN--23.4%                                                                    
Aisin Seiko Co., Ltd. (Auto Parts &                                             
Equipment)                                       26,000             854     
Allied Telesis Holdings KK                                                      
(Communications Equipment)(b)                    20,600              13     

2 

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PHOENIX INTERNATIONAL STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

JAPAN--(CONTINUED)                                                              
Bank of Yokohama Ltd. (The)                                                     
(Regional Banks)                                 31,000      $      214     
Calsonic Kansei Corp. (Auto Parts &                                             
Equipment)                                        6,000              24     
Chiba Bank Ltd. (The) (Regional                                                 
Banks)                                           14,000              98     
Chuo Denki Kogyo Co., Ltd.                                                      
(Diversified Metals & Mining)                     3,000              45     
Create SD Co., Ltd. (Drug Retail)                   1,500              28       
Daihatsu Motor Co., Ltd.                                                        
(Automobile Manufacturers)                       23,000             264     
East Japan Railway Co. (Railroads)                     57             464       
FamilyMart Co., Ltd. (Food Retail)                  5,700             233       
FANUC Ltd. (Industrial Machinery)                   5,700             557       
Fuji Heavy Industries (Automobile                                               
Manufacturers)                                   20,000              98     
Fuji Machine Manufacturing Co.,                                                 
Ltd. (Industrial Machinery)                         400               8     
Fujitsu Ltd. (Computer Hardware)                   47,000             349       
Furuno Electric Co., Ltd.                                                       
(Household Appliances)                            2,100              28     
Geo Corp. (Computer & Electronics                                               
Retail)                                              61              51     
Gulliver International Co., Ltd.                                                
(Automotive Retail)                                 330               9     
Hanwa Co., Ltd. (Trading Companies                                              
& Distributors)                                  20,000             124     
Hitachi Construction Machinery Co.,                                             
Ltd. (Construction & Farm                                                   
Machinery & Heavy Trucks)                        15,300             429     
Hitachi Ltd. (Electronic Equipment                                              
Manufacturers)                                  192,000           1,383     
Hitachi Metals Ltd. (Steel)                        11,000             181       
Hyakujushi Bank Ltd. (The)                                                      
(Regional Banks)                                  2,000              11     
IDU Co. (Diversified Commercial &                                               
Professional Services)                               18               5     
Inpex Holdings, Inc. (Oil & Gas                                                 
Exploration & Production)                            45             568     
Intelligence Ltd. (Human Resource &                                             
Employment Services)                                  9               7     
Itoham Foods, Inc. (Packaged Foods                                              
& Meats)                                          3,000              15     
Iyo Bank Ltd. (The) (Regional Banks)                4,000              47       
JFE Shoji Holdings, Inc. (Trading                                               
Companies & Distributors)                         9,000              68     
Juki Corp. (Household Appliances)                   8,000              23       
Juroku Bank Ltd. (The) (Regional                                                
Banks)                                            9,000              44     
Kagoshima Bank Ltd. (The) (Regional                                             
Banks)                                            7,000              53     
Kao Corp. (Household Products)                      9,000             236       
Keiyo Bank Ltd. (The) (Regional                                                 
Banks)                                            5,000              30     

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

JAPAN--(CONTINUED)                                                              
Kioritz Corp. (Industrial Machinery)               11,000      $       29       
KK DaVinci Holdings (Real Estate                                                
Management & Development)(b)                        133              92     
Kosaido Co., Ltd. (Commercial                                                   
Printing)(b)                                      2,000              10     
Kyoei Steel Ltd. (Steel)                              900              17       
Leopalace21 Corp. (Real Estate                                                  
Management & Development)                         4,200              60     
Marubeni Corp. (Trading Companies &                                             
Distributors)                                    85,000             709     
Maruetsu, Inc. (The) (Food                                                      
Retail)(b)                                        4,000              34     
Meiji Dairies Corp. (Packaged Foods                                             
& Meats)                                          6,000              31     
Mitsubishi Corp. (Trading Companies                                             
& Distributors)                                  12,700             418     
Mitsubishi Paper Mills Ltd. (Paper                                              
Products)                                        21,000              55     
Mitsubishi UFJ Financial Group,                                                 
Inc. (Diversified Banks)                         50,300             444     
Mitsui & Co., Ltd. (Trading                                                     
Companies & Distributors)                         9,000             199     
Mitsui Fudosan Co., Ltd. (Real                                                  
Estate Management & Development)                 18,000             385     
Mitsui O.S.K. Lines Ltd. (Marine)                  42,000             599       
Mitsumi Electric Co. Ltd. (Computer                                             
Storage & Peripherals)                            1,600              36     
Mizuho Trust & Banking Co., Ltd.                                                
(Diversified Banks)                             119,000             205     
Money Partners Co., Ltd.                                                        
(Investment Banking & Brokerage)                     34              33     
Murata Manufacturing Co., Ltd.                                                  
(Electronic Equipment                                                       
Manufacturers)                                    9,900             467     
Namura Shipbuilding Co., Ltd.                                                   
(Construction & Farm Machinery &                                            
Heavy Trucks)                                     2,100              14     
NGK Insulators Ltd. (Industrial                                                 
Machinery)                                       14,000             273     
Nidec Corp. (Electronic Equipment                                               
Manufacturers)                                    6,200             413     
Nintendo Co., Ltd. (Home                                                        
Entertainment Software)                           1,000             567     
Nippon Electric Glass Co., Ltd.                                                 
(Electronic Equipment                                                       
Manufacturers)                                   14,000             243     
Nippon Game Card Corp. (Leisure                                                 
Products)                                             9              11     
Nippon Metal Industry Co., Ltd.                                                 
(Steel)                                          11,000              34     
Nippon Oil Corp. (Oil & Gas                                                     
Refining & Marketing)                            69,000             465     
Nippon Shinyaku Co., Ltd.                                                       
(Pharmaceuticals)                                 2,000              25     

3 

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PHOENIX INTERNATIONAL STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

JAPAN--(CONTINUED)                                                              
Nippon Telegraph & Telephone Corp.                                              
(Integrated Telecommunication                                               
Services)                                           131      $      646     
Nissan Shatai Co., Ltd. (Auto Parts                                             
& Equipment)                                      3,000              23     
Nisshin Steel Co., Ltd. (Steel)                    58,000             197       
Nomura Holdings, Inc. (Investment                                               
Banking & Brokerage)                             36,100             535     
Nomura Research Institute Ltd. (IT                                              
Consulting & Other Services)                     20,700             485     
Ogaki Kyoritsu Bank Ltd. (The)                                                  
(Regional Banks)                                  3,000              17     
Okinawa Electric Power Co., Inc.                                                
(The) (Electric Utilities)                          300              15     
Pioneer Corp. (Consumer Electronics)               21,600             174       
Round One Corp. (Leisure Facilities)                   26              29       
Saison Information Systems Co.,                                                 
Ltd. (Data Processing &                                                     
Outsourced Services)                              1,000               6     
Sanyo Electric Co., Ltd. (Consumer                                              
Electronics)                                     89,000             207     
Seiko Epson Corp. (Computer Storage                                             
& Peripherals)                                      900              25     
Shin-Etsu Chemical Co., Ltd.                                                    
(Specialty Chemicals)                             7,900             490     
Siix Corp. (Trading Companies &                                                 
Distributors)                                     2,100              15     
Sojitz Corp. (Trading Companies &                                               
Distributors)                                    62,000             207     
Sumikin Bussan Corp. (Trading                                                   
Companies & Distributors)                         5,000              20     
Sumitomo Mitsui Financial Group,                                                
Inc. (Diversified Banks)                            209           1,572     
Tabuchi Electric Co., Ltd.                                                      
(Electrical Components &                                                    
Equipment)                                        4,000              11     
Takeda Pharmaceutical Co., Ltd.                                                 
(Pharmaceuticals)                                 9,300             473     
Toa Corp. (Construction &                                                       
Engineering)(b)                                  31,000              46     
Tokai Rika Co., Ltd. (Auto Parts &                                              
Equipment)                                        1,800              37     
Tokyo Dome Corp. (Leisure                                                       
Facilities)                                       5,000              23     
Toshiba Plant Systems & Services                                                
Corp. (Construction & Engineering)                5,000              43     
Toyo Kohan Co., Ltd. (Steel)                        3,000              12       
Toyoda Gosei Co., Ltd. (Auto Parts                                              
& Equipment)                                      3,000              88     
Toyota Auto Body Co., Ltd. (Auto                                                
Parts & Equipment)                                2,200              41     
Toyota Motor Corp. (Automobile                                                  
Manufacturers)                                   12,600             595     
TS Tech Co., Ltd. (Tires & Rubber)                  2,200              35       
Weathernews, Inc. (Diversified                                                  
Commercial & Professional Services)               1,900              24     

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

JAPAN--(CONTINUED)                                                              
Yamaguchi Financial Group, Inc.                                                 
(Regional Banks)                                  6,040      $       84     
Yamaha Motor Co., Ltd. (Motorcycle                                              
Manufacturers)                                   21,100             395     
Yamato Kogyo Co., Ltd. (Steel)                      1,400              67       
                                                        ----------
                                                            19,066
                                                        ----------

KAZAKHSTAN--0.2%                                                                
Kazakhmys plc (Diversified Metals &                                             
Mining)                                           4,002             126     
                                                        ----------

LUXEMBOURG--0.7%                                                                
ArcelorMittal (Steel)                               6,104             600       
                                                        ----------

MALAYSIA--0.3%                                                                  
Hong Leong Bank Bhd (Regional Banks)               16,200              29       
Kulim Malaysia Bhd (Agricultural                                                
Products)                                         9,900              29     
Lion Industries Corp. Bhd (Steel)                  21,900              18       
RHB Capital Bhd (Regional Banks)                  149,500             193       
                                                        ----------
                                                               269
                                                        ----------

MEXICO--1.1%                                                                    
Axtel S.A.B. de C.V. (Integrated                                                
Telecommunication Services)(b)                   74,800             137     
Cemex S.A.B. de C.V. (Construction                                              
Materials)(b)                                    45,200             112     
Gruma S.A.B. de C.V. (Packaged                                                  
Foods & Meats)(b)                                 9,257              25     
Grupo Mexico S.A.B. de C.V. Series                                              
B (Diversified Metals & Mining)                  48,780             111     
Grupo Simec S.A.B. de C.V. Series B                                             
(Building Products)(b)                           37,420             212     
Industrias CH S.A.B. de C.V.                                                    
(Steel)(b)                                        5,800              32     
Mexichem S.A.B. de C.V.                                                         
(Fertilizers & Agricultural                                                 
Chemicals)                                       25,830             209     
Telefonos de Mexico S.A.B. de C.V.                                              
Series L (Integrated                                                        
Telecommunication Services)                      22,100              26     
Telmex Internacional S.A.B. de C.V.                                             
(Integrated Telecommunication                                               
Services)(b)                                     86,000              70     
                                                        ----------
                                                               934
                                                        ----------

NETHERLANDS--5.7%                                                               
ASML Holding N.V. (Semiconductor                                                
Equipment)                                       14,100             345     
Draka Holding N.V. (Electrical                                                  
Components & Equipment)                           2,305              62     
Heineken N.V. (Brewers)                            26,927           1,371       
ING Groep N.V. (Other Diversified                                               
Financial Services)                              52,064           1,646     

4 

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PHOENIX INTERNATIONAL STRATEGIES FUND 
SHCEUDLE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

NETHERLANDS--(CONTINUED)                                                        
Koninklijke Ahold N.V. (Food Retail)               10,069      $      135       
OCE N.V. (Office Electronics)(d)                      103               1       
OCE N.V. (Office Electronics)(f)                    2,300              36       
Unilever N.V. (Packaged Foods &                                                 
Meats)                                           25,300             716     
Wolters Kluwer N.V. (Publishing)                   15,800             368       
                                                        ----------
                                                             4,680
                                                        ----------

NEW ZEALAND--0.0%                                                               
Fletcher Building Ltd.                                                          
(Construction Materials)                          5,455              26     
                                                        ----------

NORWAY--0.0%                                                                    
Belships ASA (Marine)                               1,000               4       
                                                        ----------

RUSSIA--1.9%                                                                    
Gazprom OAO Sponsored ADR (Oil &                                                
Gas Storage & Transportation)                     3,900             226     
LUKOIL Oil Co. (Integrated Oil &                                                
Gas)                                                572              56     
LUKOIL Sponsored ADR (Integrated                                                
Oil & Gas)                                       12,946           1,272     
                                                        ----------
                                                             1,554
                                                        ----------

SINGAPORE--1.0%                                                                 
CapitaLand Ltd. (Real Estate                                                    
Management & Development)                        84,000             353     
Golden Agri-Resources Ltd.                                                      
(Agricultural Products)                         134,000              88     
Jardine Cycle & Carriage Ltd.                                                   
(Distributors)                                   24,000             301     
Neptune Orient Lines Ltd. (Marine)                 15,000              36       
Rotary Engineering Ltd.                                                         
(Construction & Engineering)                     20,000              12     
Singapore Petroleum Co., Ltd. (Oil                                              
& Gas Refining & Marketing)                       8,000              39     
Swiber Holdings Ltd. (Oil & Gas                                                 
Equipment & Services)(b)                         10,000              18     
                                                        ----------
                                                               847
                                                        ----------

SOUTH KOREA--0.5%                                                               
C-motech Co., Ltd. (Communications                                              
Equipment)                                          594               7     
Honam Petrochemical Corp.                                                       
(Fertilizers & Agricultural                                                 
Chemicals)                                          711              51     
KT Corp. (Integrated                                                            
Telecommunication Services)                       7,480             321     
Samsung SDI Co., Ltd. (Electronic                                               
Equipment Manufacturers)(b)                         254              20     
                                                        ----------
                                                               399
                                                        ----------

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

SPAIN--1.4%                                                                     
Banco Santander SA (Diversified                                                 
Banks)                                           17,951      $      327     
Construcciones y Auxiliar de                                                    
Ferrocarriles SA (Construction &                                            
Farm Machinery & Heavy Trucks)                      164              72     
Telefonica SA (Integrated                                                       
Telecommunication Services)                      27,700             733     
                                                        ----------
                                                             1,132
                                                        ----------

SWEDEN--0.5%                                                                    
Electrolux AB Series B (Household                                               
Appliances)                                       9,766             124     
JM AB (Construction & Engineering)                  5,068              65       
NCC AB Class B (Construction &                                                  
Engineering)                                      1,600              24     
Telefonaktiebolaget LM Ericsson                                                 
Class B (Communications Equipment)               16,980             177     
                                                        ----------
                                                               390
                                                        ----------

SWITZERLAND--4.8%                                                               
Basler Kantonalbank (Regional Banks)                  126              14       
Credit Suisse Group AG Registered                                               
Shares (Diversified Capital                                                 
Markets)                                          7,400             337     
Galenica AG Registered Shares                                                   
(Health Care Distributors)                          133              47     
Georg Fisher AG Registered Shares                                               
(Industrial Machinery)(b)                           212              87     
Holcim Ltd. Registered Shares                                                   
(Construction Materials)                          6,300             509     
Nestle S.A. Registered Shares                                                   
(Packaged Foods & Meats)                          9,000             406     
Roche Holding AG Registered Shares                                              
(Pharmaceuticals)                                 4,959             891     
Zurich Financial Services AG                                                    
Registered Shares (Multi-line                                               
Insurance)                                        6,403           1,632     
                                                        ----------
                                                             3,923
                                                        ----------

TAIWAN--0.5%                                                                    
Taiwan Semiconductor Manufacturing                                              
Co., Ltd. Sponsored ADR                                                     
(Semiconductors)                                 35,539             388     
Taiwan Surface Mounting Technology                                              
Co., Ltd. (Electronic Equipment                                             
Manufacturers)(b)                                 8,050              12     
                                                        ----------
                                                               400
                                                        ----------

TURKEY--0.2%                                                                    
Dogan Sirketler Grubu Holdings A.S.                                             
(Industrial Machinery)(b)                        74,488              91     
Sekerbank T.A.S. (Regional Banks)                  10,346              20       

5 

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PHOENIX INTERNATIONAL STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

TURKEY--(CONTINUED)                                                             
Tupras-Turkiye Petro Rafinerileri                                               
A.S. (Oil & Gas Refining &                                                  
Marketing)                                        2,910      $       67     
                                                        ----------
                                                               178
                                                        ----------

UNITED KINGDOM--17.3%                                                           
3i Group plc (Asset Management &                                                
Custody Banks)                                   26,374             431     
AMEC plc (Construction &                                                        
Engineering)                                      4,171              74     
Anglo American plc (Diversified                                                 
Metals & Mining)                                  2,335             164     
Antofagasta plc (Diversified Metals                                             
& Mining)                                       111,000           1,443     
AstraZeneca plc (Pharmaceuticals)                  30,856           1,312       
Aviva plc (Multi-line Insurance)                   27,200             270       
BAE Systems plc (Aerospace &                                                    
Defense)                                         57,000             500     
Barclays plc (Diversified Banks)                   41,600             236       
BHP Billiton plc (Diversified                                                   
Metals & Mining)                                  8,180             314     
BP plc (Integrated Oil & Gas)                      67,213             779       
British Sky Broadcasting Group plc                                              
(Broadcasting & Cable TV)                        44,000             412     
BT Group plc (Integrated                                                        
Telecommunication Services)                     148,092             587     
Catlin Group Ltd. (Property &                                                   
Casualty Insurance)                               1,256               9     
Centrica plc (Multi-Utilities)                     27,133             167       
De la Rue plc (Commercial Printing)                 1,784              32       
GlaxoSmithKline plc                                                             
(Pharmaceuticals)                                33,400             738     
IG Group Holdings plc (Investment                                               
Banking & Brokerage)                              9,348              61     
Legal & General Group plc (Life &                                               
Health Insurance)                               187,220             372     
Micro Focus International plc                                                   
(Application Software)                            8,900              46     
National Grid plc (Multi-Utilities)                30,185             396       
Next plc (Department Stores)                        7,351             141       
Petrofac Ltd. (Oil & Gas Equipment                                              
& Services)                                       1,179              17     
Regus Group plc (Diversified                                                    
Commercial & Professional                                                   
Services)                                        18,201              29     
Rio Tinto plc (Diversified Metals &                                             
Mining)                                           5,551             669     
Rolls-Royce Group plc (Aerospace &                                              
Defense)(b)                                      23,902             162     
Royal Bank of Scotland Group plc                                                
(Diversified Banks)                               7,164              31     
Royal Dutch Shell plc Class A                                                   
(Integrated Oil & Gas)(e)                        13,100             537     
Royal Dutch Shell plc Class A                                                   
(Integrated Oil & Gas)(d)                        70,999           2,903     

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

UNITED KINGDOM--(CONTINUED)                                                     
Schroders plc (Asset Management &                                               
Custody Banks)                                    5,749      $      104     
Smith (W.H.) plc (Specialty Stores)                 5,192              38       
Smiths Group plc (Industrial                                                    
Conglomerates)                                   17,266             372     
Sportingbet plc (Casinos &                                                      
Gaming)(b)                                       16,121              11     
Thomas Cook Group plc (Hotels,                                                  
Resorts & Cruise Lines)                          12,384              57     
Vodafone Group plc (Wireless                                                    
Telecommunication Services)                     233,979             689     
                                                        ----------
                                                            14,103
                                                        ----------

UNITED STATES--0.1%                                                             
Methanex Corp. (Commodity Chemicals)                1,400              39       
                                                        ----------
-------------------------------------------------------------------------       
TOTAL FOREIGN COMMON STOCKS                                                     
(IDENTIFIED COST $74,639)                                          80,130       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--98.2%                                              
(IDENTIFIED COST $74,639)                                          80,130       
                                                        ----------

                                      PAR VALUE          VALUE
                                       -----------      ----------

SHORT-TERM INVESTMENTS--0.8%                                                    

COMMERCIAL PAPER(g)--0.8%                                                       
International Lease Finance Corp.                                               
2.650% due 7/1/08                                  $630             630     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $630)                                                630       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.0%                                                        
(Identified Cost $75,269)                                          80,760(a)    

Other assets and liabilities, net--1.0%                               806       
                                                        ----------
NET ASSETS--100.0%                                             $   81,566       
                                                        ==========

6 

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PHOENIX INTERNATIONAL STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $12,794 and gross
       depreciation of $7,489 for federal income tax purposes. At June 30, 2008,
  the aggregate cost of securities for federal income tax purposes was
$75,455.                                                          
(b)    Non-income producing.                                                    
(c)    A security is considered to be foreign if the security is issued in a    
      foreign country. The country of risk, noted in the header, is determined
based on criteria described in Note 1B "Foreign security country  
determination" in the Notes to Schedules of Investments.          
(d)    Shares traded on Amsterdam Exchange.                                     
(e)    Shares traded on London Exchange.                                        
(f)    Shares traded on Frankfurt Exchange.                                     
(g)    The rate shown is the discount rate.                                     

7 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

DOMESTIC COMMON STOCKS--28.2%                                                   

UNITED STATES--28.2%                                                            
Abbott Laboratories                                                             
(Pharmaceuticals)                                   820      $       43     
Abercrombie & Fitch Co. Class A                                                 
(Apparel Retail)                                    250              16     
Acuity Brands, Inc. (Electrical                                                 
Components & Equipment)                           1,700              82     
Adobe Systems, Inc. (Application                                                
Software)(b)                                      2,420              95     
Aetna, Inc. (Managed Health Care)                   3,710             150       
AFLAC, Inc. (Life & Health                                                      
Insurance)                                        2,420             152     
AGCO Corp. (Construction & Farm                                                 
Machinery & Heavy Trucks)(b)                      1,450              76     
Agilent Technologies, Inc.                                                      
(Electronic Equipment                                                       
Manufacturers)(b)                                 2,400              85     
AK Steel Holding Corp. (Steel)                      2,240             155       
Altria Group, Inc. (Tobacco)                        7,610             156       
American Express Co. (Consumer                                                  
Finance)                                          1,970              74     
Ameriprise Financial, Inc. (Asset                                               
Management & Custody Banks)                       1,870              76     
Amgen, Inc. (Biotechnology)(b)                      3,270             154       
Amkor Technology, Inc.                                                          
(Semiconductor Equipment)(b)                      3,120              32     
Annaly Capital Management, Inc.                                                 
(Mortgage REITs)                                  8,080             125     
AON Corp. (Insurance Brokers)                       2,300             106       
Applied Materials, Inc.                                                         
(Semiconductor Equipment)                         6,070             116     
AT&T, Inc. (Integrated                                                          
Telecommunication Services)                      23,239             783     
Automatic Data Processing, Inc.                                                 
(Data Processing & Outsourced                                               
Services)                                         3,680             154     
Ball Corp. (Metal & Glass                                                       
Containers)                                         560              27     
Bank of America Corp. (Other                                                    
Diversified Financial Services)                   8,290             198     
Bank of Hawaii Corp. (Regional                                                  
Banks)                                              830              40     
Bank of New York Mellon Corp. (The)                                             
(Asset Management & Custody Banks)               10,613             401     
Best Buy Co., Inc. (Computer &                                                  
Electronics Retail)                               2,440              97     
Big Lots, Inc. (General Merchandise                                             
Stores)(b)                                        2,210              69     
BJ's Wholesale Club, Inc.                                                       
(Hypermarkets & Super Centers)(b)                 2,530              98     
BMC Software, Inc. (Systems                                                     
Software)(b)                                      1,800              65     
Boeing Co. (The) (Aerospace &                                                   
Defense)                                          4,040             266     

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

UNITED STATES--(CONTINUED)                                                      
Boston Scientific Corp. (Health                                                 
Care Equipment)(b)                               11,600      $      143     
Brandywine Realty Trust (Office                                                 
REITs)                                            4,040              64     
Bristol-Myers Squibb Co.                                                        
(Pharmaceuticals)                                 9,430             194     
Cardinal Health, Inc. (Health Care                                              
Distributors)                                     5,790             299     
CBS Corp. Class B (Broadcasting &                                               
Cable TV)                                         7,120             139     
Cephalon, Inc. (Biotechnology)(b)                   1,750             117       
Chemtura Corp. (Specialty Chemicals)                8,970              52       
Chevron Corp. (Integrated Oil & Gas)                5,590             554       
Chubb Corp. (The) (Property &                                                   
Casualty Insurance)                               2,580             126     
CIGNA Corp. (Managed Health Care)                   2,410              85       
Cincinnati Financial Corp.                                                      
(Property & Casualty Insurance)                   1,100              28     
Cisco Systems, Inc. (Communications                                             
Equipment)(b)                                    18,290             425     
Citigroup, Inc. (Other Diversified                                              
Financial Services)                               1,930              32     
Clorox Co. (The) (Household                                                     
Products)                                         1,370              72     
Coach, Inc. (Apparel, Accessories &                                             
Luxury Goods)(b)                                  1,440              42     
Coca-Cola Co. (The) (Soft Drinks)                   2,630             137       
Coca-Cola Enterprises, Inc. (Soft                                               
Drinks)                                           8,710             151     
ConocoPhillips (Integrated Oil &                                                
Gas)                                              7,910             747     
Corning, Inc. (Communications                                                   
Equipment)                                        2,120              49     
Coventry Health Care, Inc. (Managed                                             
Health Care)(b)                                     540              16     
Cummins, Inc. (Construction & Farm                                              
Machinery & Heavy Trucks)                           480              31     
Devon Energy Corp. (Oil & Gas                                                   
Exploration & Production)                           330              40     
Dollar Tree, Inc. (General                                                      
Merchandise Stores)(b)                            1,080              35     
Donnelley (R.R.) & Sons Co.                                                     
(Commercial Printing)                             3,760             112     
Dover Corp. (Industrial Machinery)                  1,440              70       
Dow Chemical Co. (The) (Diversified                                             
Chemicals)                                        2,570              90     
Dresser-Rand Group, Inc. (Oil & Gas                                             
Equipment & Services)(b)                          1,380              54     
Duke Energy Corp. (Electric                                                     
Utilities)                                        7,690             134     
Eaton Corp. (Industrial Machinery)                  2,710             230       
eBay, Inc. (Internet Software &                                                 
Services)(b)                                      7,230             198     
Embarq Corp. (Integrated                                                        
Telecommunication Services)                       1,390              66     

1 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

UNITED STATES--(CONTINUED)                                                      
Emerson Electric Co. (Electrical                                                
Components & Equipment)                           5,700      $      282     
Emulex Corp. (Communications                                                    
Equipment)(b)                                     3,710              43     
Endo Pharmaceuticals Holdings, Inc.                                             
(Pharmaceuticals)(b)                              1,680              41     
ENSCO International, Inc. (Oil &                                                
Gas Drilling)                                     1,170              94     
Expedia, Inc. (Internet Retail)(b)                  1,570              29       
Exxon Mobil Corp. (Integrated Oil &                                             
Gas)                                             15,920           1,403     
Federated Investors, Inc. Class B                                               
(Asset Management & Custody Banks)                1,730              60     
First Industrial Realty Trust, Inc.                                             
(Industrial REITs)                                2,630              72     
Ford Motor Co. (Automobile                                                      
Manufacturers)(b)                                 4,341              21     
Forest Laboratories, Inc.                                                       
(Pharmaceuticals)(b)                              2,660              92     
Gap, Inc. (The) (Apparel Retail)                    4,770              80       
Gardner Denver, Inc. (Industrial                                                
Machinery)(b)                                       990              56     
General Dynamics Corp. (Aerospace &                                             
Defense)                                            930              78     
General Motors Corp. (Automobile                                                
Manufacturers)                                    9,070             104     
GFI Group, Inc. (Investment Banking                                             
& Brokerage)                                      4,970              45     
Google, Inc. Class A (Internet                                                  
Software & Services)(b)                             340             179     
Hartford Financial Services Group,                                              
Inc. (The) (Multi-line Insurance)                   510              33     
Hasbro, Inc. (Leisure Products)                     1,430              51       
Hewlett-Packard Co. (Computer                                                   
Hardware)                                        13,960             617     
Holly Corp. (Oil & Gas Refining &                                               
Marketing)                                          470              17     
Honeywell International, Inc.                                                   
(Aerospace & Defense)                             3,380             170     
Host Hotels & Resorts, Inc.                                                     
(Specialized REITs)                               8,100             111     
IAC/InterActiveCorp. (Internet                                                  
Retail)(b)                                        3,020              58     
Illinois Tool Works, Inc.                                                       
(Industrial Machinery)                              960              46     
Intel Corp. (Semiconductors)                       14,330             308       
International Business Machines                                                 
Corp. (Computer Hardware)                         6,690             793     
Invitrogen Corp. (Life Sciences                                                 
Tools & Services)(b)                              1,430              56     
JDS Uniphase Corp. (Communications                                              
Equipment)(b)                                     5,100              58     
Johnson & Johnson (Pharmaceuticals)                 5,820             374       
JPMorgan Chase & Co. (Other                                                     
Diversified Financial Services)                  11,250             386     

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

UNITED STATES--(CONTINUED)                                                      
Juniper Networks, Inc.                                                          
(Communications Equipment)(b)                     1,880      $       42     
KBR, Inc. (Construction &                                                       
Engineering)                                      2,640              92     
KeyCorp (Regional Banks)                            2,450              27       
Kimberly-Clark Corp. (Household                                                 
Products)                                         1,460              87     
King Pharmaceuticals, Inc.                                                      
(Pharmaceuticals)(b)                              1,650              17     
Knight Capital Group, Inc. Class A                                              
(Investment Banking &                                                       
Brokerage)(b)                                     2,470              44     
Kroger Co. (The) (Food Retail)                      3,570             103       
Lear Corp. (Auto Parts &                                                        
Equipment)(b)                                     3,480              49     
Lexington Realty Trust (Office                                                  
REITs)                                            2,360              32     
Lincoln National Corp. (Life &                                                  
Health Insurance)                                 3,100             140     
Lockheed Martin Corp. (Aerospace &                                              
Defense)                                          2,600             257     
Longs Drug Stores Corp. (Drug                                                   
Retail)                                           1,940              82     
Lorillard, Inc. (Tobacco)(b)                        2,060             142       
LSI Corp. (Semiconductors)(b)                      23,570             145       
Lubrizol Corp. (The) (Specialty                                                 
Chemicals)                                        1,550              72     
Macy's, Inc. (Department Stores)                    4,860              94       
Massey Energy Co. (Coal &                                                       
Consumable Fuels)                                   450              42     
McDonald's Corp. (Restaurants)                      7,310             411       
Medicis Pharmaceutical Corp. Class                                              
A (Pharmaceuticals)                               2,290              48     
MEMC Electronic Materials, Inc.                                                 
(Semiconductor Equipment)(b)                        660              41     
Merck & Co., Inc. (Pharmaceuticals)                10,580             399       
MetLife, Inc. (Life & Health                                                    
Insurance)                                        6,750             356     
Microsoft Corp. (Systems Software)                 32,600             897       
Morgan Stanley (Investment Banking                                              
& Brokerage)                                      2,100              76     
NetApp, Inc. (Computer Storage &                                                
Peripherals)(b)                                   2,920              63     
NIKE, Inc. Class B (Footwear)                       2,960             176       
Noble Energy, Inc. (Oil & Gas                                                   
Exploration & Production)                           380              38     
Northern Trust Corp. (Asset                                                     
Management & Custody Banks)                       2,160             148     
Northrop Grumman Corp. (Aerospace &                                             
Defense)                                          1,620             108     
NYSE Euronext (Specialized Finance)                   650              33       
Occidental Petroleum Corp.                                                      
(Integrated Oil & Gas)                           10,020             900     
Omnicom Group, Inc. (Advertising)                   1,820              82       
Oracle Corp. (Systems Software)(b)                 15,390             323       
Owens-Illinois, Inc. (Metal & Glass                                             
Containers)(b)                                      900              38     
Parker Hannifin Corp. (Industrial                                               
Machinery)                                        1,545             110     

2 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

UNITED STATES--(CONTINUED)                                                      
Pepsi Bottling Group, Inc. (The)                                                
(Soft Drinks)                                     1,980      $       55     
Perini Corp. (Construction &                                                    
Engineering)(b)                                   1,430              47     
Pfizer, Inc. (Pharmaceuticals)                     34,420             601       
Philadelphia Consolidated Holding                                               
Co. (Property & Casualty                                                    
Insurance)(b)                                       480              16     
Philip Morris International, Inc.                                               
(Tobacco)                                         3,260             161     
Principal Financial Group, Inc.                                                 
(Life & Health Insurance)                         2,700             113     
Procter & Gamble Co. (The)                                                      
(Household Products)                              4,620             281     
Prudential Financial, Inc. (Life &                                              
Health Insurance)                                 3,110             186     
Public Service Enterprise Group,                                                
Inc. (Multi-Utilities)                            5,450             250     
QLogic Corp. (Computer Storage &                                                
Peripherals)(b)                                   2,050              30     
Quiksilver, Inc. (Apparel,                                                      
Accessories & Luxury Goods)(b)                    4,710              46     
Ralcorp Holdings, Inc. (Packaged                                                
Foods & Meats)(b)                                   870              43     
Raytheon Co. (Aerospace & Defense)                  1,800             101       
Reynolds American, Inc. (Tobacco)                     790              37       
Schering-Plough Corp.                                                           
(Pharmaceuticals)                                 1,460              29     
SEI Investments Co. (Asset                                                      
Management & Custody Banks)                       2,530              60     
Sherwin-Williams Co. (The) (Home                                                
Improvement Retail)                               1,110              51     
Southern Copper Corp. (Diversified                                              
Metals & Mining)                                    980             105     
Sprint Nextel Corp. (Wireless                                                   
Telecommunication Services)                       2,730              26     
StanCorp Financial Group, Inc.                                                  
(Life & Health Insurance)                           450              21     
Stanley Works (The) (Household                                                  
Appliances)                                       1,120              50     
State Street Corp. (Asset                                                       
Management & Custody Banks)                       3,850             246     
Stone Energy Corp. (Oil & Gas                                                   
Exploration & Production)(b)                        730              48     
SUPERVALU, Inc. (Food Retail)                       2,050              63       
Symantec Corp. (Systems Software)(b)                7,970             154       
SYSCO Corp. (Food Distributors)                    10,390             286       
TD Ameritrade Holding Corp.                                                     
(Investment Banking &                                                       
Brokerage)(b)                                     3,370              61     

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

UNITED STATES--(CONTINUED)                                                      
Telephone & Data Systems, Inc.                                                  
(Wireless Telecommunication                                                 
Services)                                           560      $       26     
Terra Industries, Inc. (Fertilizers                                             
& Agricultural Chemicals)                         1,130              56     
Texas Instruments, Inc.                                                         
(Semiconductors)                                  7,450             210     
Thermo Fisher Scientific, Inc.                                                  
(Life Sciences Tools &                                                      
Services)(b)                                      3,400             189     
Tidewater, Inc. (Oil & Gas                                                      
Equipment & Services)                               940              61     
Tiffany & Co. (Specialty Stores)                    1,120              46       
Time Warner, Inc. (Movies &                                                     
Entertainment)                                   15,450             229     
TJX Cos., Inc. (The) (Apparel                                                   
Retail)                                           1,150              36     
Transocean, Inc. (Oil & Gas                                                     
Drilling)(b)                                      1,660             253     
Travelers Cos., Inc. (The)                                                      
(Property & Casualty Insurance)                   5,620             244     
Tyco Electronics Ltd. (Electronic                                               
Manufacturing Services)                           1,570              56     
Tyco International Ltd. (Industrial                                             
Conglomerates)                                    5,642             226     
United Technologies Corp.                                                       
(Aerospace & Defense)                             6,240             385     
UnitedHealth Group, Inc. (Managed                                               
Health Care)                                      3,260              86     
Unum Group (Life & Health Insurance)                  970              20       
Valero Energy Corp. (Oil & Gas                                                  
Refining & Marketing)                             2,420             100     
Verizon Communications, Inc.                                                    
(Integrated Telecommunication                                               
Services)                                         6,110             216     
VF Corp. (Apparel, Accessories &                                                
Luxury Goods)                                       850              61     
Viacom, Inc. Class B (Movies &                                                  
Entertainment)(b)                                 6,960             213     
W&T Offshore, Inc. (Oil & Gas                                                   
Exploration & Production)                         2,160             126     
Wal-Mart Stores, Inc. (Hypermarkets                                             
& Super Centers)                                  4,280             241     
Walt Disney Co. (The) (Movies &                                                 
Entertainment)                                   10,540             329     
Waste Management, Inc.                                                          
(Environmental & Facilities                                                 
Services)                                         2,690             101     
WellPoint, Inc. (Managed Health                                                 
Care)(b)                                          2,420             115     
Wells Fargo & Co. (Diversified                                                  
Banks)                                           11,280             268     
Western Union Co. (The) (Data                                                   
Processing & Outsourced Services)                 3,060              76     
Williams Cos., Inc. (The) (Oil &                                                
Gas Storage & Transportation)                     1,660              67     
Windstream Corp. (Integrated                                                    
Telecommunication Services)                      15,910             196     

3 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

-------------------------------------------------------------------------       
TOTAL DOMESTIC COMMON STOCKS                                                    
(IDENTIFIED COST $25,864)                                          27,293       
-------------------------------------------------------------------------       

FOREIGN COMMON STOCKS(c)--70.5%                                                 

ARGENTINA--0.0%                                                                 
Telecom Argentina S.A. Sponsored                                                
ADR (Integrated Telecommunication                                           
Services)(b)                                        500      $        7     
                                                        ----------

AUSTRALIA--4.3%                                                                 
Aquila Resources Ltd. (Coal &                                                   
Consumable Fuels)(b)                              9,959             158     
ASX Ltd. (Specialized Finance)                      2,477              75       
Ausenco Ltd. (Construction &                                                    
Engineering)                                      1,109              16     
BHP Billiton Ltd. (Diversified                                                  
Metals & Mining)                                 18,187             774     
Caltex Australia Ltd. (Oil & Gas                                                
Refining & Marketing)                             4,072              51     
Flight Centre Ltd. (Education                                                   
Services)                                         1,296              21     
Incitec Pivot Ltd. (Fertilizers &                                               
Agricultural Chemicals)                           2,072             367     
Leighton Holdings Ltd.                                                          
(Construction & Engineering)                      7,412             361     
Orica Ltd. (Diversified Chemicals)                 15,561             437       
Paladin Energy Ltd. (Diversified                                                
Metals & Mining)(b)                               5,920              36     
Qantas Airways Ltd. (Airlines)                     42,930             125       
QBE Insurance Group Ltd. (Property                                              
& Casualty Insurance)                            17,100             368     
Rio Tinto Ltd. (Diversified Metals                                              
& Mining)                                         5,143             665     
Riversdale Mining Ltd. (Diversified                                             
Metals & Mining)(b)                              10,406             118     
Santos Ltd. (Oil & Gas Exploration                                              
& Production)                                    16,224             334     
Sims Group Ltd. (Steel)                             6,164             246       
                                                        ----------
                                                             4,152
                                                        ----------

AUSTRIA--0.2%                                                                   
Voestalpine AG (Steel)                              2,894             237       
                                                        ----------

BELGIUM--1.1%                                                                   
Belgacom SA (Integrated                                                         
Telecommunication Services)                       4,000             171     
Delhaize Group (Food Retail)                        3,253             218       
Dexia SA (Diversified Banks)                       41,946             668       
Sipef SA (Agricultural Products)                       31              24       
                                                        ----------
                                                             1,081
                                                        ----------

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

BERMUDA--0.1%                                                                   
Aquarius Platinum Ltd. (Precious                                                
Metals & Minerals)                                3,280      $       52     
Lancashire Holdings Ltd.                                                        
(Multi-line Insurance)                            2,728              17     
                                                        ----------
                                                                69
                                                        ----------

CANADA--0.8%                                                                    
CGI Group, Inc. Class A (IT                                                     
Consulting & Other Services)(b)                   4,400              44     
Churchill Corp. (The) Class A                                                   
(Construction & Engineering)(b)                   3,100              59     
Empire Co. Ltd. Class A (Food                                                   
Retail)                                             600              26     
Indigo Books & Music,  Inc.                                                     
(Specialty Stores)(b)                               600               9     
Petro-Canada (Integrated Oil & Gas)                 4,300             240       
Rothmans, Inc. (Tobacco)                            2,900              77       
Sherritt International Corp.                                                    
(Diversified Metals & Mining)                     4,200              63     
Superior Plus Income Fund (Trading                                              
Companies & Distributors)                           800               9     
Taseko Mines Ltd. (Gold)(b)                         5,010              26       
Teck Cominco Ltd. (Diversified                                                  
Metals & Mining)                                  5,280             254     
                                                        ----------
                                                               807
                                                        ----------

CHINA--0.2%                                                                     
PetroChina Co., Ltd. Class H                                                    
(Integrated Oil & Gas)                          156,000             201     
SunVic Chemical Holdings Ltd.                                                   
(Fertilizers & Agricultural                                                 
Chemicals)                                       62,000              17     
                                                        ----------
                                                               218
                                                        ----------

DENMARK--0.6%                                                                   
D/S Norden (Marine)                                 5,125             549       
                                                        ----------

FINLAND--1.0%                                                                   
Fortum Oyj (Electric Utilities)                     8,000             405       
Nokia Oyj (Communications Equipment)               21,400             523       
Ramirent Oyj (Consumer Finance)                     1,192              12       
                                                        ----------
                                                               940
                                                        ----------

FRANCE--7.6%                                                                    
Alstom (Heavy Electrical Equipment)                 1,763             404       
AXA SA (Multi-line Insurance)                      11,600             342       
BNP Paribas SA (Diversified Banks)                 11,350           1,022       
Bouygues SA (Wireless                                                           
Telecommunication Services)                       3,200             211     
Compagnie Generale des                                                          
Etablissements Michelin Class B                                             
(Tires & Rubber)                                  2,869             205     

4 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

FRANCE--(CONTINUED)                                                             
Credit Agricole SA (Diversified                                                 
Banks)                                            6,151      $      125     
France Telecom SA (Integrated                                                   
Telecommunication Services)                      38,444           1,127     
LVMH Moet Hennessy Louis Vuitton SA                                             
(Apparel, Accessories & Luxury                                              
Goods)                                            3,204             334     
PPR (Department Stores)                             2,933             324       
PSA Peugeot Citroen SA (Automobile                                              
Manufacturers)                                   12,487             674     
Publicis Groupe (Advertising)(b)                    2,141              69       
Rallye SA (Specialty Stores)                          921              54       
Recylex SA (Diversified Metals &                                                
Mining)(b)                                        2,228              29     
Sanofi-Aventis SA (Pharmaceuticals)                 4,960             330       
Suez SA (Multi-Utilities)                           4,200             285       
Technip SA (Oil & Gas Equipment &                                               
Services)                                         2,411             222     
Total SA (Integrated Oil & Gas)                     9,000             766       
UBISOFT Entertainment (Home                                                     
Entertainment Software)(b)                          917              80     
Vallourec SA (Industrial Machinery)                 1,100             385       
Vivendi Universal SA (Movies &                                                  
Entertainment)                                   10,677             403     
                                                        ----------
                                                             7,391
                                                        ----------

GERMANY--7.5%                                                                   
Allianz AG Registered Shares                                                    
(Multi-line Insurance)                            1,945             342     
Arcandor AG (Department Stores)(b)                  8,200              95       
Arques Industries AG (Health Care                                               
Facilities)(b)                                    1,074              10     
Bayer AG (Diversified Chemicals)                    4,500             379       
Bechtle AG (IT Consulting & Other                                               
Services)                                           546              15     
Daimler AG (Automobile                                                          
Manufacturers)                                    3,457             214     
Deutsche Bank AG Registered Shares                                              
(Diversified Capital Markets)                     3,200             276     
Deutsche Boerse AG (Specialized                                                 
Finance)                                          1,045             118     
Deutsche Lufthansa AG Registered                                                
Shares (Airlines)                                41,132             886     
Deutsche Telekom AG Registered                                                  
Shares (Integrated                                                          
Telecommunication Services)                      43,494             713     
E.ON AG (Electric Utilities)                        7,986           1,610       
GEA Group AG (Industrial Machinery)                 6,832             241       
MAN AG (Industrial Machinery)                       3,161             351       
Norddeutsche Affinerie AG                                                       
(Diversified Metals & Mining)                     1,413              77     
Salzgitter AG (Steel)                               4,873             893       
Symrise AG (Fertilizers &                                                       
Agricultural Chemicals)                           7,089             154     

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

GERMANY--(CONTINUED)                                                            
ThyssenKrupp AG (Steel)                            13,752      $      863       
                                                        ----------
                                                             7,237
                                                        ----------

GREECE--0.3%                                                                    
Alpha Bank AE (Diversified Banks)                  10,354             313       
                                                        ----------

HONG KONG--1.7%                                                                 
Bank of East Asia Ltd. (Diversified                                             
Banks)                                           43,000             234     
Cheung Kong Holdings Ltd. (Real                                                 
Estate Management & Development)                 22,000             297     
China Mobile Ltd. (Wireless                                                     
Telecommunication Services)                      20,000             268     
Chun Wo Development Holdings Ltd.                                               
(Construction & Engineering)                     42,000               4     
Hang Lung Properties Ltd. (Real                                                 
Estate Management & Development)                 93,000             299     
Midland Holdings Ltd. (Real Estate                                              
Management & Development)                        62,000              39     
Pacific Andes International                                                     
Holdings Ltd. (Packaged Foods &                                             
Meats)                                          108,000              19     
Sinolink Worldwide Holdings Ltd.                                                
(Real Estate Management &                                                   
Development)                                    176,000              26     
Television Broadcasts Ltd.                                                      
(Broadcasting & Cable TV)                        52,000             300     
VTech Holdings Ltd. (Communications                                             
Equipment)                                       19,907             120     
                                                        ----------
                                                             1,606
                                                        ----------

ITALY--2.4%                                                                     
AS Roma S.p.A (Movies &                                                         
Entertainment)(b)                                12,914              16     
Banca Popolare dell'Emilia Romagna                                              
Scrl (Regional Banks)                             1,113              19     
Enel S.p.A. (Electric Utilities)                   76,808             729       
ENI S.p.A. (Integrated Oil & Gas)                  27,029           1,004       
Fiat S.p.A. (Automobile                                                         
Manufacturers)                                   14,716             239     
Indesit Co. S.p.A. (Household                                                   
Appliances)                                       3,033              34     
Istituto Finanziario Industriale                                                
S.p.A. (Multi-Sector Holdings)(b)                 1,354              27     
UniCredito Italiano S.p.A.                                                      
(Diversified Banks)                              34,900             212     
                                                        ----------
                                                             2,280
                                                        ----------

JAPAN--16.0%                                                                    
Aichi Bank Ltd. (The) (Regional                                                 
Banks)                                              200              16     
Aichi Machine Industry Co. Ltd.                                                 
(Auto Parts & Equipment)                          8,000              26     

5 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

JAPAN--(CONTINUED)                                                              
Aisin Seiko Co., Ltd. (Auto Parts &                                             
Equipment)                                       19,469      $      640     
Allied Telesis Holdings KK                                                      
(Communications Equipment)(b)                    23,500              15     
Ardepro Co. Ltd. (Real Estate                                                   
Management & Development)                         1,072              50     
Bank of Nagoya Ltd. (The) (Regional                                             
Banks)                                            4,000              25     
Bank of Yokohama Ltd. (The)                                                     
(Regional Banks)                                 27,000             187     
Canon Marketing Japan, Inc.                                                     
(Distributors)                                       20              --(e)  
Chiba Bank Ltd. (The) (Regional                                                 
Banks)                                           11,000              77     
Create SD Co., Ltd. (Drug Retail)                   1,600              30       
Daihatsu Motor Co., Ltd.                                                        
(Automobile Manufacturers)                       21,000             241     
Dena Co. Ltd. (Internet Retail)                         5              29       
East Japan Railway Co. (Railroads)                     49             399       
Elecom Co. Ltd. (Computer Storage &                                             
Peripherals)                                      1,400              15     
FamilyMart Co., Ltd. (Food Retail)                  4,400             180       
FANUC Ltd. (Industrial Machinery)                   4,900             479       
Fujitsu Ltd. (Computer Hardware)                   43,000             319       
Fukuda Corp. (Construction &                                                    
Engineering)                                      8,000              27     
Furuno Electric Co., Ltd.                                                       
(Household Appliances)                            1,000              13     
Geo Corp. (Computer & Electronics                                               
Retail)                                              35              29     
Hitachi Construction Machinery Co.,                                             
Ltd. (Construction & Farm                                                   
Machinery & Heavy Trucks)                        13,200             370     
Hitachi Ltd. (Electronic Equipment                                              
Manufacturers)                                  157,000           1,131     
Hitachi Metals Ltd. (Steel)                        10,000             164       
Imagineer Co. Ltd. (Electronic                                                  
Equipment Manufacturers)                            800               6     
Inpex Holdings, Inc. (Oil & Gas                                                 
Exploration & Production)                            39             492     
Intelligence Ltd. (Human Resource &                                             
Employment Services)                                 91              68     
Itoham Foods, Inc. (Packaged Foods                                              
& Meats)                                          3,000              15     
Iyo Bank Ltd. (The) (Regional Banks)                4,000              47       
Juki Corp. (Household Appliances)                   6,000              17       
Kanto Auto Works Ltd. (Auto Parts &                                             
Equipment)                                        1,700              22     
Kao Corp. (Household Products)                      8,000             210       
Keiyo Bank Ltd. (The) (Regional                                                 
Banks)                                            5,000              30     
Kioritz Corp. (Industrial Machinery)                                            
KK DaVinci Holdings (Real Estate                    4,000              10       
Management & Development)(b)                         39              27     

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

JAPAN--(CONTINUED)                                                              
Kohnan Shoji Co. Ltd. (General                                                  
Merchandise Stores)                               2,500      $       34     
Kosaido Co., Ltd. (Commercial                                                   
Printing)(b)                                      9,300              45     
Leopalace21 Corp. (Real Estate                                                  
Management & Development)                        10,400             149     
Marubeni Corp. (Trading Companies &                                             
Distributors)                                   147,000           1,226     
Mikuni Corp. (Auto Parts &                                                      
Equipment)                                        5,000              12     
Mitsubishi Corp. (Trading Companies                                             
& Distributors)                                  10,400             343     
Mitsubishi Electric Corp. (Heavy                                                
Electrical Equipment)                             3,000              32     
Mitsubishi Paper Mills Ltd. (Paper                                              
Products)                                         9,000              24     
Mitsubishi UFJ Financial Group,                                                 
Inc. (Diversified Banks)                         43,100             381     
Mitsui & Co., Ltd. (Trading                                                     
Companies & Distributors)                         8,000             177     
Mitsui Fudosan Co., Ltd. (Real                                                  
Estate Management & Development)                 15,000             321     
Mitsui O.S.K. Lines Ltd. (Marine)                   9,000             128       
Mizuho Trust & Banking Co., Ltd.                                                
(Diversified Banks)                              24,000              41     
Money Partners Co., Ltd.                                                        
(Investment Banking & Brokerage)                     18              17     
Murata Manufacturing Co., Ltd.                                                  
(Electronic Equipment                                                       
Manufacturers)                                    8,200             387     
Namura Shipbuilding Co., Ltd.                                                   
(Construction & Farm Machinery &                                            
Heavy Trucks)                                     1,600              11     
NGK Insulators Ltd. (Industrial                                                 
Machinery)                                       12,000             234     
Nidec Corp. (Electronic Equipment                                               
Manufacturers)                                    5,300             353     
NIFTY Corp. (Internet Software &                                                
Services)                                            51              38     
Nintendo Co., Ltd. (Home                                                        
Entertainment Software)                           2,100           1,191     
Nippon Electric Glass Co., Ltd.                                                 
(Electronic Equipment                                                       
Manufacturers)                                   12,000             209     
Nippon Oil Corp. (Oil & Gas                                                     
Refining & Marketing)                            49,000             330     
Nippon Shinyaku Co., Ltd.                                                       
(Pharmaceuticals)                                 2,000              25     
Nissan Shatai Co., Ltd. (Auto Parts                                             
& Equipment)                                      3,000              24     
Nomura Holdings, Inc. (Investment                                               
Banking & Brokerage)                             31,100             461     
Nomura Research Institute Ltd. (IT                                              
Consulting & Other Services)                     17,900             420     

6 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

JAPAN--(CONTINUED)                                                              
Ogaki Kyoritsu Bank Ltd. (The)                                                  
(Regional Banks)                                  3,000      $       17     
Okinawa Electric Power Co., Inc.                                                
(The) (Electric Utilities)                          300              15     
Pioneer Corp. (Consumer Electronics)                8,000              64       
Plenus Co. Ltd. (Restaurants)                       2,200              33       
Proto Corp. (Advertising)                             500              12       
Ricoh Leasing Co. Ltd. (Specialized                                             
Finance)                                            600              13     
Riso Kagaku Corp. (Office                                                       
Electronics)                                      1,400              20     
San-A Co. Ltd. (Hotels, Resorts &                                               
Cruise Lines)                                       400              13     
Sanix, Inc. (Education Services)(b)                 6,300              17       
Sanken Electric Co. Ltd.                                                        
(Semiconductors)                                 14,000              83     
Sanki Engineering Co. Ltd.                                                      
(Construction & Engineering)                      2,000              16     
Shin-Etsu Chemical Co., Ltd.                                                    
(Specialty Chemicals)                             6,800             422     
Shinkawa Ltd. (Semiconductor                                                    
Equipment)                                          700               9     
Siix Corp. (Trading Companies &                                                 
Distributors)                                     1,800              13     
Sinko Industries Ltd. (Building                                                 
Products)                                         7,000              47     
Sumitomo Densetsu Co. Ltd.                                                      
(Construction & Engineering)                      2,900              19     
Sumitomo Mitsui Financial Group,                                                
Inc. (Diversified Banks)                             84             632     
Sun Frontier Fudousan Co. Ltd.                                                  
(Real Estate Management &                                                   
Development)                                         40              26     
Taihei Kogyo Co. Ltd. (Construction                                             
& Engineering)                                   10,000              35     
Takeda Pharmaceutical Co., Ltd.                                                 
(Pharmaceuticals)                                 8,600             437     
Toa Corp. (Construction &                                                       
Engineering)(b)                                  11,000              16     
Toa Road Corp. (Construction &                                                  
Engineering)                                      6,000              13     
Tokai Rika Co., Ltd. (Auto Parts &                                              
Equipment)                                        1,800              37     
Tokyo Steel Manufacturing Co. Ltd.                                              
(Steel)                                           5,900              68     
Tokyo Tekko Co. Ltd. (Steel)                        6,000              18       
Toshiba Plant Systems & Services                                                
Corp. (Construction & Engineering)               13,000             112     
Toyo Kohan Co., Ltd. (Steel)                        3,000              12       
Toyo Tire & Rubber Co. Ltd. (Tires                                              
& Rubber)                                         2,000               6     
Toyoda Gosei Co., Ltd. (Auto Parts                                              
& Equipment)                                      1,495              44     
Toyota Auto Body Co., Ltd. (Auto                                                
Parts & Equipment)                                4,000              75     
Toyota Motor Corp. (Automobile                                                  
Manufacturers)                                   10,900             515     
TS Tech Co., Ltd. (Tires & Rubber)                  2,600              42       
Tsudakoma Corp (Industrial                                                      
Machinery)                                        5,000              11     

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

JAPAN--(CONTINUED)                                                              
Yamaguchi Financial Group, Inc.                                                 
(Regional Banks)                                  2,000      $       28     
Yamaha Motor Co., Ltd. (Motorcycle                                              
Manufacturers)                                   18,700             350     
Yamato Kogyo Co., Ltd. (Steel)                      3,200             153       
                                                        ----------
                                                            15,462
                                                        ----------

KAZAKHSTAN--0.2%                                                                
Kazakhmys plc (Diversified Metals &                                             
Mining)                                           6,725             212     
                                                        ----------

LUXEMBOURG--0.5%                                                                
ArcelorMittal (Steel)                               5,279             519       
                                                        ----------

MALAYSIA--0.0%                                                                  
Kulim Malaysia Bhd (Agricultural                                                
Products)                                         4,300              13     
Lion Industries Corp. Bhd (Steel)                  14,700              12       
RHB Capital Bhd (Regional Banks)                   17,300              22       
                                                        ----------
                                                                47
                                                        ----------

MEXICO--0.7%                                                                    
Cemex S.A.B. de C.V. (Construction                                              
Materials)(b)                                    44,900             111     
Grupo Financiero Banorte S.A.B. de                                              
C.V. (Regional Banks)                             7,100              33     
Grupo Mexico S.A.B. de C.V. Series                                              
B (Diversified Metals & Mining)                  39,600              90     
Grupo Simec S.A.B. de C.V. Series B                                             
(Building Products)(b)                            3,700              21     
Industrias CH S.A.B. de C.V.                                                    
(Steel)(b)                                        6,300              35     
Industrias Penoles S.A.B de C.V.                                                
(Diversified Metals & Mining)                       915              25     
Mexichem S.A.B. de C.V.                                                         
(Fertilizers & Agricultural                                                 
Chemicals)                                       13,969             113     
Telefonos de Mexico S.A.B. de C.V.                                              
Series L (Integrated                                                        
Telecommunication Services)                     151,200             179     
Telmex Internacional S.A.B. de C.V.                                             
(Integrated Telecommunication                                               
Services)(b)                                    151,200             123     
                                                        ----------
                                                               730
                                                        ----------

NETHERLANDS--3.9%                                                               
ASML Holding N.V. (Semiconductor                                                
Equipment)                                       12,155             297     
Draka Holding N.V. (Electrical                                                  
Components & Equipment)                           3,751             100     
Heineken N.V. (Brewers)                            15,844             807       
ING Groep N.V. (Other Diversified                                               
Financial Services)(d)                           49,975           1,580     
OCE N.V. (Office Electronics)(d)                    4,164              51       

7 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

NETHERLANDS--(CONTINUED)                                                        
Unilever N.V. (Packaged Foods &                                                 
Meats)(d)                                        21,848      $      618     
Wolters Kluwer N.V. (Publishing)                   13,471             314       
                                                        ----------
                                                             3,767
                                                        ----------

NEW ZEALAND--0.2%                                                               
New Zealand Oil & Gas Ltd. (Oil &                                               
Gas Exploration & Production)                   144,967             197     
                                                        ----------

NORWAY--0.0%                                                                    
Cermaq ASA (Agricultural Products)                  1,500              18       
ODIM ASA (Highways & Railtracks)(b)                   600              10       
                                                        ----------
                                                                28
                                                        ----------

RUSSIA--1.2%                                                                    
Gazprom OAO Sponsored ADR (Oil &                                                
Gas Storage & Transportation)                     3,150             183     
LUKOIL Sponsored ADR (Integrated                                                
Oil & Gas)                                        9,701             953     
Novolipetsk Steel GDR Registered                                                
Shares (Steel)                                      323              18     
                                                        ----------
                                                             1,154
                                                        ----------

SINGAPORE--0.9%                                                                 
CapitaLand Ltd. (Real Estate                                                    
Management & Development)                        63,000             265     
Golden Agri-Resources Ltd.                                                      
(Agricultural Products)                         138,000              91     
Jardine Cycle & Carriage Ltd.                                                   
(Distributors)                                   30,000             376     
L.C. Development Ltd. (Real Estate                                              
Management & Development)                        29,000               4     
Rotary Engineering Ltd.                                                         
(Construction & Engineering)                     44,000              26     
Seagate Technology (Computer                                                    
Storage & Peripherals)                            3,040              58     
Swiber Holdings Ltd. (Oil & Gas                                                 
Equipment & Services)(b)                         17,000              31     
                                                        ----------
                                                               851
                                                        ----------

SOUTH KOREA--1.1%                                                               
KT Corp. (Integrated                                                            
Telecommunication Services)                       5,800             248     
LG Display Co. Ltd. (Technology                                                 
Distributors)                                    11,410             427     
LG Electronics, Inc. (Household                                                 
Appliances)                                       2,930             331     
Samsung SDI Co., Ltd. (Electronic                                               
Equipment Manufacturers)(b)                         224              18     
                                                        ----------
                                                             1,024
                                                        ----------

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

SPAIN--1.0%                                                                     
Banco Santander SA (Diversified                                                 
Banks)                                           15,548      $      284     
Construcciones y Auxiliar de                                                    
Ferrocarriles SA (Construction &                                            
Farm Machinery & Heavy Trucks)                       85              37     
Telefonica SA (Integrated                                                       
Telecommunication Services)                      23,700             627     
                                                        ----------
                                                               948
                                                        ----------

SWEDEN--0.2%                                                                    
Autoliv, Inc. (Auto Parts &                                                     
Equipment)                                          850              40     
JM AB (Construction & Engineering)                  3,200              41       
Telefonaktiebolaget LM Ericsson                                                 
Class B (Communications Equipment)               14,543             151     
                                                        ----------
                                                               232
                                                        ----------

SWITZERLAND--3.6%                                                               
Credit Suisse Group AG Registered                                               
Shares (Diversified Capital                                                 
Markets)                                          6,417             292     
Forbo Holding AG Registered Shares                                              
(Home Furnishings)(b)                                30              13     
Galenica AG Registered Shares                                                   
(Health Care Distributors)                          474             167     
Holcim Ltd. Registered Shares                                                   
(Construction Materials)                          5,800             469     
Meyer Burger Technology AG                                                      
(Industrial Machinery)(b)                           149              44     
Nestle S.A. Registered Shares                                                   
(Packaged Foods & Meats)                          8,000             361     
Roche Holding AG Registered Shares                                              
(Pharmaceuticals)                                 4,284             770     
Swatch Group AG (The) (Apparel,                                                 
Accessories & Luxury Goods)                         350              87     
Zurich Financial Services AG                                                    
Registered Shares (Multi-line                                               
Insurance)                                        4,867           1,240     
                                                        ----------
                                                             3,443
                                                        ----------

TAIWAN--0.4%                                                                    
Chi Mei Optoelectronics Corp.                                                   
(Electronic Equipment                                                       
Manufacturers)                                   11,000              13     
Chunghwa Telecom Co. Ltd.                                                       
(Integrated Telecommunication                                               
Services)                                         1,674               4     
Taiwan Semiconductor Manufacturing                                              
Co., Ltd. Sponsored ADR                                                     
(Semiconductors)                                 30,259             330     
                                                        ----------
                                                               347
                                                        ----------

8 

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PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

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

TURKEY--0.2%                                                                    
Sekerbank T.A.S. (Regional Banks)                   6,629      $       13       
Tupras-Turkiye Petro Rafinerileri                                               
A.S. (Oil & Gas Refining &                                                  
Marketing)                                        6,335             146     
                                                        ----------
                                                               159
                                                        ----------

UNITED KINGDOM--12.1%                                                           
3i Group plc (Asset Management &                                                
Custody Banks)                                   27,971             458     
Antofagasta plc (Diversified Metals                                             
& Mining)                                        93,261           1,213     
AstraZeneca plc (Pharmaceuticals)                  27,426           1,166       
Aveva Group plc (Application                                                    
Software)                                         1,271              39     
Aviva plc (Multi-line Insurance)                   24,270             241       
BAE Systems plc (Aerospace &                                                    
Defense)                                         29,710             261     
Barclays plc (Diversified Banks)                   36,550             207       
BHP Billiton plc (Diversified                                                   
Metals & Mining)                                  7,070             271     
BP plc (Integrated Oil & Gas)                      57,745             669       
British American Tobacco plc                                                    
(Tobacco)                                        11,675             403     
British Sky Broadcasting Group plc                                              
(Broadcasting & Cable TV)                        38,700             363     
BT Group plc (Integrated                                                        
Telecommunication Services)                      48,160             191     
Character Group plc (The) (Leisure                                              
Products)                                         2,889               6     
CSR plc (Semiconductors)(b)                           751               4       
GlaxoSmithKline plc                                                             
(Pharmaceuticals)                                29,400             650     
IG Group Holdings plc (Investment                                               
Banking & Brokerage)                             16,716             109     
Keller Group plc (Construction &                                                
Engineering)                                        759               9     
Legal & General Group plc (Life &                                               
Health Insurance)                               172,300             342     
Micro Focus International plc                                                   
(Application Software)                            3,289              17     
National Grid plc (Multi-Utilities)                28,212             370       
Next plc (Department Stores)                          912              17       
Petrofac Ltd. (Oil & Gas Equipment                                              
& Services)                                       7,392             108     
Reckitt Benckiser Group plc                                                     
(Household Products)                                715              36     
Rio Tinto plc (Diversified Metals &                                             
Mining)                                           4,746             571     
Rolls-Royce Group plc (Aerospace &                                              
Defense)(b)                                      20,635             139     
Royal Bank of Scotland Group plc                                                
(Diversified Banks)                              19,584              83     
Royal Dutch Shell plc Class A                                                   
(Integrated Oil & Gas)                           11,460             470     
Royal Dutch Shell plc Class A                                                   
(Integrated Oil & Gas)(d)                        55,892           2,286     

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

UNITED KINGDOM--(CONTINUED)                                                     
Smiths Group plc (Industrial                                                    
Conglomerates)                                   13,979      $      301     
Thomas Cook Group plc (Hotels,                                                  
Resorts & Cruise Lines)                          32,906             153     
Vodafone Group plc (Wireless                                                    
Telecommunication Services)                     201,925             595     
                                                        ----------
                                                            11,748
                                                        ----------

UNITED STATES--0.5%                                                             
Accenture Ltd. Class A (IT                                                      
Consulting & Other Services)                      4,710             192     
ACE Ltd. (Property & Casualty                                                   
Insurance)                                        2,550             140     
Herbalife Ltd. (Personal Products)                  2,130              83       
Ingersoll-Rand Co., Ltd. Class A                                                
(Industrial Machinery)                              680              25     
Methanex Corp. (Commodity Chemicals)                1,100              31       
XL Capital Ltd. Class A (Property &                                             
Casualty Insurance)                               1,580              33     
                                                        ----------
                                                               504
-------------------------------------------------------------------------       
TOTAL FOREIGN COMMON STOCKS                                                     
(IDENTIFIED COST $64,718)                                          68,259       
-------------------------------------------------------------------------       

TOTAL LONG TERM INVESTMENTS--98.7%                                              
(Identified cost $90,582)                                          95,552       

SHORT-TERM INVESTMENTS--0.6%                                                    

                                     PAR VALUE         VALUE
                                       -----------      ----------

COMMERCIAL PAPER(f)--0.6%                                                       
International Lease Finance Corp.                                               
2.650% due 7/1/08                                  $540             540     
                                                        ----------
-------------------------------------------------------------------------       
TOTAL SHORT-TERM INVESTMENTS                                                    
(IDENTIFIED COST $540)                                                540       
-------------------------------------------------------------------------       

TOTAL INVESTMENTS--99.3%                                                        
(IDENTIFIED COST $91,122)                                          96,092(a)    

Other assets and liabilities, net--0.7%                               636       
                                                        ----------
NET ASSETS--100.0%                                             $   96,728       
                                                        ==========

9 

N-Q 97th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 97th
PHOENIX WORLDWIDE STRATEGIES FUND 
SCHEDULE OF INVESTMENTS (CONTINUED) 
JUNE 30, 2008 (UNAUDITED) 

($ reported in thousands)                                                       

ABBREVIATIONS:                                                                  
ADR    American Depositary Receipt                                              
REIT   Real Estate Investment Trust                                             

FOOTNOTE LEGEND:                                                                
(a)    Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $13,894 and gross
       depreciation of $9,218 for federal income tax purposes. At June 30, 2008,
  the aggregate cost of securities for federal income tax purposes was
$91,416.                                                          
(b)    Non-income producing.                                                    
(c)    A security is considered to be foreign if the security is issued in a    
foreign country. The country of risk, noted in the header, or     
   parenthetically, is determined based on criteria described in Note 1B
   "Foreign security country determination" in the Notes to Schedules of
Investments.                                                      
(d)    Shares traded on Amsterdam Exchange.                                     
(e)    Amount is less than $500.                                                
(f)    The rate shown is the discount rate.                                     

10

N-Q 98th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 98th
PHOENIX OPPORTUNITIES TRUST                                                     
NOTES TO SCHEDULES OF INVESTMENTS                                               
JUNE 30, 2008 (UNAUDITED)                                                       

NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:                                        

The following is a summary of significant accounting policies     
consistently followed by the Phoenix Opportunities Trust, a trust consisting of 
nineteen funds (each a "Fund") in the preparation of the Schedules of           
Investments. The preparation of the Schedules of Investments 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, and contingent assets and liabilities at the 
date of the Schedules of Investments. 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 may be 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. On June 30, 2008, the International Funds utilized fair value   
pricing for its foreign common stocks.                                          

  Certain securities held by the Funds were valued on the basis of a price
provided by a principal market maker. The prices provided by the principal      
market maker may differ from the value that would be realized if the securities 
were sold. At June 30, 2008, the total value of these securities represented    
approximately 4% of the net assets of the Senior Floating Rate Fund.            

   Short-term investments having a remaining maturity of 60 days or less are
valued at amortized cost, which approximates market.                            

B. 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 the security is traded and country  
in which the greatest percentage of company revenue is generated.               

NOTE 2--ILLIQUID AND RESTRICTED SECURITIES                                

Investments shall be considered illiquid if they cannot be disposed of
within 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 liquidity: the frequency
of trades and quotes for the investment, whether the investment is listed       

Other information regarding the Fund is available in the Fund's most recent     
Report to Shareholders.                                                         

N-Q 99th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 99th
PHOENIX OPPORTUNITIES TRUST                                                     
NOTES TO SCHEDULES OF INVESTMENTS                                               
JUNE 30, 2008 (CONTINUED)(UNAUDITED)                                            

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 each Fund's 
Schedule of Investments where applicable.                                       

Restricted securities are illiquid securities, as defined above, not  
registered under the Securities Act of 1933. Generally, 144A securities are     
excluded from this category, except where defined as illiquid.                  

At June 30, 2008, the Funds held the following illiquid and restricted
securities (reported in 000s):                                                  

                                                        [Enlarge/Download Table]


                                                                   Market           % of            
                                Acquisition      Acquisition       Value At         Net Assets      
                                Date             Cost              June 30, 2008    At June 30, 2008
                                --------------------------------------------------------------------
                                                                                                    
Market Neutral Fund                                                                                 

     Telefonica Moviles S.A.    12/20/01         $0                $0               0.0%            
     Telefonica Data                                                                                
             Argentina S.A.     12/20/01         $0                $0               0.0%            

Bond Fund                                                                                           

     DLJ Mortgage Acceptance Corp.                                                                  
         96-M, 1 144A                                                                               
         0.000%, 11/28/11       4/28/04          $16               $12              0.0%            

Core Bond Fund                                                                                      

     Greenwich Structured ARM Products                                                              
         05-5A, N2 144A                                                                             
         5.981%, 9/27/45        2/28/06          $333              $221             0.4%            
      MASTR Resecuritization Trust                                                                  
         05-4CI, N2 144A                                                                            
         5.482%, 4/26/45        1/12/06          $170              $47              0.0%            

High Yield Fund                                                                                     

     CB Cambridge                                                                                   
         Industries Liquidating Trust                                                               
         Interests 0%, 12/24/05 12/24/01         $369              $6               0.0%            
     Poland Telecom                                                                                 
         Finance BV Series B                                                                        
         14%, 12/1/07           11/24/97         $5,000            $62              0.1%            
     ACG Holdings, Inc.         12/4/93          $358              $0               0.0%            

Multi-Sector Fixed Income Fund                                                                      

     MASTR Alternative                                                                              
     Net Interest Margin Trust                                                                      
     06-6, N1 144A                                                                                  
     3.482%, 9/26/46            8/3/06           $89               $2               0.0%            

     Northampton Pulp LLC       12/30/99         349               0                0.0%            

Other information regarding the Fund is available in the Fund's most recent     
Report to Shareholders.                                                         

N-Q 100th “Page” of 101 TOC 1st Previous Next ↓Bottom Just 100th
PHOENIX OPPORTUNITIES TRUST                                                     
NOTES TO SCHEDULES OF INVESTMENTS                                               
JUNE 30, 2008 (CONTINUED)(UNAUDITED)                                            

                                                                [Download Table]

                                                           
Multi-Sector Short Term Bond Fund                          

     Home Equity Asset Trust                               
     06-7, A 144A                                          
         6.000%, 2/25/37        10/11/06  $2,170  $11  0.0%

     MASTR Alternative                                     
     Net Interest Margin Trust                             
     06-6, N1 144A                                         
         3.482%, 9/26/46        8/3/06    1,226   23   0.0%

     MASTR Alternative                                     
     Net Interest Margin Trust                             
     05-CW1A, N1 144A                                      
         6.750%, 12/26/35       11/18/05  447     65   0.0%

     MASTR Resecuritization Trust                          
         05-4CI, N2 144A                                   
         5.886%, 4/26/45        1/12/06   3,250   896  0.1%

 The Funds will bear any costs, including those involved in registration
under the Securities Act of 1933, in connection with the disposition of such    
securities.                                                                     

NOTE 3--RECENTLY ISSUED ACCOUNTING STANDARDS                                    

 In September 2006, Statement of Financial Accounting Standards No. 157,
"Fair Value Measurements" ("SFAS 157"), was issued and is effective for fiscal  
years beginning after November 15, 2007. SFAS 157 defines fair value,           
establishes a framework for measuring fair value, and expands disclosures about 
fair value measurements. Management is currently evaluating the impact the      
adoption of SFAS 157 will have on the Funds' financial statement disclosures.   

In March 2008, Statement of Financial Accounting Standards No. 161,   
"Disclosures about Derivative Instruments and Hedging Activities" (SFAS 161) was
issued and is effective for fiscal years and interim periods beginning after    
November 15, 2008. SFAS 161 is intended to improve financial reporting for      
derivative instruments by requiring enhanced disclosure that enables investors  
to understand how and why a fund uses derivatives, how derivatives are accounted
for, and how derivative instruments affect a fund's results of operations and   
financial position. Management is currently evaluating the impact, if any, of   
SFAS 161 on financial statement disclosures.                                    

NOTE 4--MERGER                                                                  

    The Board of Trustees of the Phoenix Opportunities Trust, on behalf of the
Phoenix International Strategies Fund, has unanimously approved the merger of   
the Phoenix International Strategies Fund with and into the Phoenix Foreign     
Opportunities Fund, also a series of the Phoenix Opportunities Trust. The merger
will be effective on or about September 12, 2008.                               

Other information regarding the Fund is available in the Fund's most recent     
Report to Shareholders.                                                         

ITEM 2. 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 Rule  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 last fiscal quarter that
    have materially affected, or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.                 

ITEM 3. EXHIBITS.                                                               

Certifications  pursuant to Rule 30a-2(a)  under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.                             

N-Q Last “Page” of 101 TOC 1st Previous Next ↓Bottom Just 101st
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 Opportunities Trust                          
              ------------------------------------------------------------------

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

Date    August 28, 2008                                                         
    ----------------------------------------------------------------------------

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, President
   (principal executive officer)

Date    August 28, 2008                                                         
    ----------------------------------------------------------------------------

By (Signature and Title)*  /s/ W. Patrick Bradley                               
                         -------------------------------------------------------
                 W. Patrick Bradley, Chief Financial Officer
and Treasurer             
   (principal financial officer)

Date    August 28, 2008                                                         
    ----------------------------------------------------------------------------

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

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-Q’ Filing	Date	First	Last	Other Filings

	11/15/08	100
	9/12/08	100		497
Filed on / Effective on:	8/28/08	101
For Period End:	6/30/08	1	100	N-PX
	11/15/07	100
				List all Filings

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Filing Submission 0000935069-08-002006 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Virtus Opportunities Trust – ‘N-Q’ for 6/30/08

On: Thursday, 8/28/08, at 12:56pm ET · Effective: 8/28/08 · For: 6/30/08 · Accession #: 935069-8-2006 · File #: 811-07455

Previous ‘N-Q’: ‘N-Q’ on 2/29/08 for 12/31/07 · Next: ‘N-Q’ on 3/2/09 for 12/31/08 · Latest: ‘N-Q’ on 3/1/19 for 12/31/18

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-QFiling Table of Contents

N-Q — Phoenix Opportunities Trust Nq 6-08Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

N-Q — Phoenix Opportunities Trust Nq 6-08
Document Table of Contents