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Virtus Opportunities Trust · N-Q · For 6/30/08

Filed On 8/28/08, 12:56pm ET   ·   Accession Number 935069-8-2006   ·   SEC File 811-07455

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  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

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     14K 


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

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith
100Item 2. Controls and Procedures
"Item 3. Exhibits
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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.
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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 $48,122) 49,492 ------------------------------------------------------------------------- FOREIGN COMMON STOCKS(b)--32.8% ELECTRIC UTILITIES--10.6% E.ON AG (Germany) 12,510 2,521 Energias de Portugal SA (Portugal) 150,990 785 Fortum Oyj (Finland) 25,705 1,301 Iberdrola S.A. (Spain) 104,330 1,390 Red Electrica Corp. S.A. (Spain) 15,290 993 Scottish and Southern Energy plc (United Kingdom) 40,460 1,127 -------- 8,117 -------- INTEGRATED TELECOMMUNICATION SERVICES--12.6% Chunghwa Telecom Co., Ltd. ADR (Taiwan) 48,730 1,236 France Telecom SA Sponsored ADR (France) 39,480 1,170 Koninklijke KPN N.V. (Netherlands) 92,650 1,584 Singapore Telecommunications Ltd. (Singapore) 370,400 987 Swisscom AG (Switzerland) 2,610 869 Telecom Corporation of New Zealand Ltd. Sponsored ADR (New Zealand) 52,780 713 Telefonica S.A. Sponsored ADR (Spain) 24,700 1,966 TELUS Corp. (Canada) 27,040 1,137 -------- 9,662 -------- MULTI-UTILITIES--2.4% National Grid plc (United Kingdom) 36,020 472 RWE AG (Germany) 10,740 1,356 -------- 1,828 -------- OIL & GAS STORAGE & TRANSPORTATION--4.3% Enbridge, Inc. (Canada) 39,580 1,709 TransCanada Corp. (Canada) 41,620 1,614 -------- 3,323 -------- WIRELESS TELECOMMUNICATION SERVICES--2.9% Vodafone Group plc Sponsored ADR (United Kingdom) 75,930 2,237 -------- 1
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PHOENIX GLOBAL UTILITIES FUND SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ 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 $74,053. (b) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (c) The rate shown is the discount rate. 2
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PHOENIX INTERNATIONAL REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS JUNE 30, 2008 (UNAUDITED) ($ 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
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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 $13,497. (b) Non-income producing. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (d) The rate shown is the discount rate. 2
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PHOENIX MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT JUNE 30, 2008 (UNAUDITED) ($ 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
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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 ------- -------- 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
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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 ------- -------- 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
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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 ------- -------- 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 $90,376) 86,042 ------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--12.4% ADVERTISING--0.4% WPP Group plc (United Kingdom) 47,250 452 -------- AIR FREIGHT & LOGISTICS--0.7% UTi Worldwide, Inc. (United States) 41,170 821 -------- AUTO PARTS & EQUIPMENT--0.4% Autoliv, Inc. (Sweden) 11,680 545 -------- AUTOMOBILE MANUFACTURERS--0.9% Bayerische Motoren Werke AG (Germany) 8,910 428 Daihatsu Motor Co., Ltd. (Japan) 19,000 218 Daimler AG (Germany) 6,410 398 -------- 1,044 -------- BROADCASTING & CABLE TV--0.4% Central European Media Enterprises Ltd. (Bermuda)(b) 5,550 502 -------- COMMUNICATIONS EQUIPMENT--0.5% Research In Motion Ltd. (Canada)(b) 5,050 590 -------- CONSTRUCTION MATERIALS--0.5% Buzzi Unicem SpA (Italy) 24,250 604 -------- DIVERSIFIED METALS & MINING--0.4% Freeport-McMoRan Copper & Gold, Inc. (United States) 3,700 434 -------- ELECTRICAL COMPONENTS & EQUIPMENT--0.7% Spectris plc (United Kingdom) 59,560 844 -------- FOOD RETAIL--0.4% Casino Guichard Perrachon SA (France) 4,280 483 -------- 4
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PHOENIX MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ------- -------- 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
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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 ------- -------- 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
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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 ------- -------- 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
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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 $803,800. (b) The rate shown is the discount rate. 2
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PHOENIX DIVERSIFIER PHOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2008 (UNAUDITED) ($ 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 $105,748. (b) Non-income producing. (c) Affiliated Funds. (d) The rate shown is the discount rate. 1
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PHOENIX WEALTH GUARDIAN PHOLIO SCHEDULE OF INVESTMENTS JUNE 30, 2008 (UNAUDITED) ($ 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 $2,922) 2,876 ------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--25.3% ADVERTISING--0.3% Affinion Group, Inc. 10.125% due 10/15/13 560 564 -------- AEROSPACE & DEFENSE--0.4% Bombardier Inc. 144A 8.000% due 11/15/14(b) 675 695 -------- APPLICATION SOFTWARE--0.2% Intuit, Inc. 5.750% due 3/15/17 450 423 -------- ASSET MANAGEMENT & CUSTODY BANKS--0.3% Janus Capital Group, Inc. 6.250% due 6/15/12 355 346 State Street Capital Trust III 8.250% due 12/29/49(c) 180 184 -------- 530 -------- BROADCASTING & CABLE TV--1.3% Clear Channel Communications, Inc. 7.650% due 9/15/10 420 431 EchoStar DBS Corp. 7.125% due 2/1/16 530 492 Time Warner Cable, Inc. 6.750% due 7/1/18 930 936 United Artists Theatre Circuit, Inc. Series BD-1 9.300% due 7/1/15(e) 29 29 Viacom, Inc. 5.750% due 4/30/11 650 651 -------- 2,539 -------- 1
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PHOENIX BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ 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
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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
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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 $49,720) 48,591 ------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--5.8% Banc of America Funding Corp. 07-E, 6A1 6.188% due 9/20/37(c) --(g) --(h) Banc of America Funding Corp. 07-E, 9A1 6.306% due 9/20/37(c) 5,440 4,935 Citigroup Mortgage Loan Trust, Inc. 04-NCM2, 2CB3 8.000% due 8/25/34 52 52 DLJ Mortgage Acceptance Corp. 96-M, 1 144A 0.000% due 11/28/11(b)(c)(i) 15 12 HSBC Asset Loan Obligation 07-AR2, 4A1 6.121% due 9/25/37(c) 4,105 3,749 Master Asset Securitization Trust Alternative Loans Trust 03-7, 5A1 6.250% due 11/25/33 163 146 Master Asset Securitization Trust Alternative Loans Trust 04-1, 3A1 7.000% due 1/25/34 113 113 Master Asset Securitization Trust Alternative Loans Trust 04-5, 6A1 7.000% due 6/25/34 72 68 Master Asset Securitization Trust Alternative Loans Trust 04-6, 6A1 6.500% due 7/25/34 473 440 Merrill Lynch Mortgage Trust 05-MCP1, A2 4.556% due 6/12/43 725 718 Morgan Stanley Mortgage Loan Trust 04-3, 3A 6.000% due 4/25/34 609 594 4
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PHOENIX BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ 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
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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
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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
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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% $109,960 ======== 4
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PHOENIX HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ 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 $68 or 0.1% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. 5
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PHOENIX MONEY MARKET FUND SCHEDULE OF INVESTMENTS JUNE 30, 2008 (UNAUDITED) ($ 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) 2
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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 $408,237) 390,939 ------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--15.2% American General Mortgage Loan Trust 06-1, A2 144A 5.750% due 12/25/35(b)(c) 8,392 8,205 American Home Mortgage Assets 07-2, M4 3.013% due 3/25/47(c)(q) 5,974 719 American Tower Trust L 07-1A, C 144A 5.615% due 4/15/37(b) 3,685 3,200 Asset Securitization Corp. 96-D3, A1C 7.400% due 10/13/26 170 173 Banc of America Commercial Mortgage, Inc. 05-6, AM 5.352% due 9/10/47(c) 1,600 1,508 Bear Stearns Commercial Mortgage Securities 04-ESA, J 144A 5.817% due 5/14/16(b) 8,510 8,680 Bear Stearns Structured Products, Inc. 04-15, A2 144A 0.000% due 11/27/34(b) 408 403 Bear Stearns Structured Products, Inc. 05-10 144A 4.893% due 4/26/35(b)(c) 2,671 2,545 Bear Stearns Structured Products, Inc. 05-20N, A 144A 5.983% due 10/25/45(b)(c) 1,613 1,519 Bear Stearns Structured Products, Inc. 05-20N, B 144A 5.983% due 10/25/45(b)(c) 5,000 3,625 Bear Stearns Structured Products, Inc. 06-2, 2A1 144A 5.393% due 3/27/46(b)(c) 1,490 1,432 Chase Mortgage Finance Corp. 04-S1, M 5.098% due 2/25/19(c) 1,899 1,669 8
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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ 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 $323,157) 281,353 ------------------------------------------------------------------------- FOREIGN GOVERNMENT SECURITIES--12.2% AUSTRALIA--2.0% Commonwealth of Australia Series 909 7.500% due 9/15/09 38,040(f) 36,703 ---------- BRAZIL--2.9% Federative Republic of Brazil 10.500% due 7/14/14 9,135 11,556 7.875% due 3/7/15 6,650 7,465 12.500% due 1/5/16 48,851(g) 30,244 12.500% due 1/5/22 8,000(g) 4,934 ---------- 54,199 ---------- COLOMBIA--0.4% Republic of Colombia 9.750% due 4/23/09 3,500 3,693 10
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PHOENIX MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ 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% $1,337,226 ========== 2
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PHOENIX FOREIGN OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) ($ 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 $1,254,526. (b) Non-income producing. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (d) Shares traded on Alt-X Exchange. (e) Shares traded on NYSE. (f) The rate shown is the discount rate. 3
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PHOENIX INTERNATIONAL STRATEGIES FUND SCHEDULE OF INVESTMENTS JUNE 30, 2008 (UNAUDITED) ($ 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
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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
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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
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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.
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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.
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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.
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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.

Dates Referenced Herein   and   Documents Incorporated By Reference

Referenced-On Page
This N-Q Filing   Date First   Last      Other Filings
11/15/07100
For The Period Ended6/30/081100N-PX
Filed On / Filed As Of / Effective As Of8/28/08101
9/12/08100497
11/15/08100
 
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