N-Q 1 g31730_nq.txt PHOENIX OPPORTUNITIES TRUST (SENECA) NQ FILING 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) 909 Montgomery Street San Francisco, CA 94133 -------------------------------------------------------------------------------- (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 Secretary 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) 828-1212 -------------- Date of fiscal year end: September 30 ------------ Date of reporting period: December 31, 2005 ----------------- 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. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. PHOENIX OPPORTUNITIES TRUST (FORMERLY PHOENIX-SENECA FUNDS) Glossary December 31, 2005 Consumer Price Index (CPI) Measures the change in consumer prices of goods and services, including housing, electricity, food and transportation as determined by a monthly survey of the U.S. Bureau of Labor Statistics. Also called the cost-of-living index. Real Estate Investment Trusts (REITs) Real estate investment trusts are typically publicly traded companies that own, develop and operate income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties. Repurchase agreement A repurchase agreement is a transaction where a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. Treasury-Inflation Protected Securities (TIPS) U.S. Treasury bonds and notes whose value is adjusted according to the changes in inflation rate every six months, as measured by the consumer price index. As inflation occurs the value of TIPS increases. When-issued and delayed delivery transactions Securities purchased on a when-issued or forward commitment basis are also known as delayed-delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date ordinarily up to 90 days later. When-issued or forward commitments enable a Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. PHOENIX BOND FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2005 (UNAUDITED) PAR VALUE (000) VALUE --------- ------------ U.S. GOVERNMENT SECURITIES--13.1% U.S. TREASURY BONDS--2.8% U.S. Treasury Bond 6.25%, 8/15/23(f) $1,465 $ 1,749,417 U.S. TREASURY NOTES--10.3% U.S. Treasury Note 3.375%, 2/28/07 2,930 2,894,289 U.S. Treasury Inflationary Note 3%, 7/15/12(d)(f) 1,000 1,171,273 U.S. Treasury Note 4%, 11/15/12(f) 1,040 1,017,616 U.S. Treasury Note 4.75%, 5/15/14 1,470 1,505,774 ------------ 6,588,952 ------------ ----------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $8,293,128) 8,338,369 ----------------------------------------------------------------------------- AGENCY MORTGAGE-BACKED SECURITIES--33.9% FHLMC 5.50%, 9/15/17 434 439,156 FHLMC 5%, 3/15/19(f) 455 443,481 FHLMC 7%, 1/1/33 434 452,029 FHLMC 3.531%, 2/1/34(e) 448 445,483 FNCI TBA 5%, 1/30/21(g) 675 667,617 FNCL TBA 5%, 2/1/36(g) 5,165 5,000,365 FNCL TBA 5.50%, 2/1/36(g) 5,045 4,989,818 FNMA 3.272%, 7/1/33(e) 481 482,298 FNMA 3.209%, 9/1/33(e) 329 328,771 FNMA 3.447%, 11/1/33(e) 497 496,999 FNMA 3.485%, 12/1/33(e) 322 322,167 FNMA 3.534%, 3/1/34(e) 543 541,541 FNMA 3.607%, 4/1/34(e) 297 294,958 FNMA 4.50%, 1/1/35 542 511,644 FNMA 5.36%, 5/1/35(e)(f) 6,166 6,158,637 ----------------------------------------------------------------------------- TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $21,635,736) 21,574,964 ----------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--7.0% Banc of America Commercial Mortgage, Inc. 00-1, A1A 7.109%, 11/15/31 341 349,881 Citigroup Mortgage Loan Trust, Inc. 04-NCM2, 2CB3 8%, 8/25/34 256 263,902 Master Asset Securitization Trust Alternative Loans Trust 03-7, 5A1 6.25%, 11/25/33 308 310,832 Master Asset Securitization Trust Alternative Loans Trust 04-1, 3A1 7%, 1/25/34 244 245,763 PAR VALUE (000) VALUE --------- ------------ Master Asset Securitization Trust Alternative Loans Trust 04-5, 6A1 7%, 6/25/34 $ 210 $ 213,696 Master Asset Securitization Trust Alternative Loans Trust 04-6, 6A1 6.50%, 7/25/34 952 963,029 Merrill Lynch Mortgage Trust 05-MCP1, A2 4.556%, 6/12/43 725 709,760 Morgan Stanley Mortgage Loan Trust 04-3, 3A 6%, 4/25/34 904 905,099 Residential Asset Mortgage Products, Inc. 04-SL3, A4 8.50%, 12/25/31 514 532,429 ----------------------------------------------------------------------------- TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $4,578,883) 4,494,391 ----------------------------------------------------------------------------- FOREIGN GOVERNMENT SECURITIES--1.7% SWEDEN--1.7% Swedish Export Credit Corp. 0%, 6/5/07(f) 1,130 1,107,400 ----------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT SECURITIES (IDENTIFIED COST $1,130,000) 1,107,400 ----------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(c)--7.5% AUSTRALIA--0.6% BHP Billiton Finance USA Ltd. 5.25%, 12/15/15 400 401,586 BERMUDA--0.2% Intelsat Bermuda Ltd. 144A 8.625%, 1/15/15(b) 125 126,875 CANADA--2.0% CHC Helicopter Corp. 7.375%, 5/1/14 70 71,138 Corus Entertainment, Inc. 8.75%, 3/1/12 82 89,175 Intrawest Corp. 7.50%, 10/15/13 385 391,737 Novelis, Inc. 144A 7.50%, 2/15/15(b) 105 98,438 Rogers Wireless Communications, Inc. 6.375%, 3/1/14 135 136,013 TransCanada Pipelines Ltd. 4%, 6/15/13(f) 285 267,187 Videotron Ltee 6.875%, 1/15/14 205 208,587 ------------ 1,262,275 ------------ CHILE--0.4% Celulosa Arauco y Constitucion SA 5.625%, 4/20/15 235 233,285 1 See Notes to Schedules of Investments PHOENIX BOND FUND PAR VALUE (000) VALUE --------- ------------ HONG KONG--0.3% Hutchison Whampoa International Ltd. 144A 7.45%, 11/24/33(b) $ 155 $ 179,031 IRELAND--0.2% Eircom Funding 8.25%, 8/15/13 95 102,125 ITALY--0.7% Telecom Italia Capital S.A. 4.73%, 2/1/11(e) 155 155,691 Telecom Italia Capital S.A. 5.25%, 10/1/15 280 271,959 ------------ 427,650 ------------ JAPAN--0.4% Resona Bank Ltd. 144A 5.85%, 9/29/49(b)(e) 250 248,944 NETHERLANDS--0.5% ING Groep NV 5.775%, 12/8/49(e) 335 339,523 UNITED KINGDOM--1.1% Barclays Bank plc 6.278%, 12/15/49(e) 70 70,482 British Sky Broadcasting Group plc 144A 6.50%, 10/15/35(b) 65 64,771 HBOS plc 144A 6.413%, 9/29/49(b)(e) 200 202,326 Reed Elsevier Capital, Inc. 4.625%, 6/15/12 155 150,216 Scottish Power plc 5.375%, 3/15/15 230 230,129 ------------ 717,924 ------------ UNITED STATES--1.1% Endurance Specialty Holdings Ltd. 6.15%, 10/15/15 165 166,243 Endurance Specialty Holdings Ltd. 7%, 7/15/34 195 206,785 Ship Finance International Ltd. 8.50%, 12/15/13 185 173,900 Tyco International Group SA 6%, 11/15/13 160 163,438 ------------ 710,366 ------------ ----------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $4,780,953) 4,749,584 ----------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--36.0% AEROSPACE & DEFENSE--1.5% Armor Holdings, Inc. 8.25%, 8/15/13 105 113,400 Boeing Capital Corp. 6.10%, 3/1/11 175 184,384 Esterline Technologies Corp. 7.75%, 6/15/13 30 31,500 Goodrich Corp. 7.625%, 12/15/12(f) 248 281,292 L-3 Communications Corp. 5.875%, 1/15/15 105 102,375 United Technologies Corp. 4.875%, 5/1/15 215 212,897 ------------ 925,848 ------------ PAR VALUE (000) VALUE --------- ------------ AGRICULTURAL PRODUCTS--0.6% United Agri Products 8.25%, 12/15/11(f) $ 355 $ 374,525 AUTOMOBILE MANUFACTURERS--0.5% DaimlerChrysler Holdings Corp. 4.78%, 10/31/08(e)(f) 340 340,190 AUTOMOTIVE RETAIL--0.3% Hertz Corp. 144A 8.875%, 1/1/14(b) 95 97,256 Pantry, Inc. (The) 7.75%, 2/15/14 105 105,525 ------------ 202,781 ------------ BIOTECHNOLOGY--0.5% Amgen, Inc. 4.85%, 11/18/14 305 300,237 BROADCASTING & CABLE TV--2.8% Charter Communications Operating LLC/ Charter Communications Operating Capital 144A 8.375%, 4/30/14(b) 100 100,000 Clear Channel Communications, Inc. 5.50%, 9/15/14 185 177,024 Comcast Corp. 5.85%, 11/15/15 135 136,744 Comcast Corp. 6.50%, 11/15/35 115 117,192 COX Communications, Inc. 6.75%, 3/15/11 5 5,229 CSC Holdings, Inc. 10.50%, 5/15/16 525 559,125 DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 6.375%, 6/15/15 250 245,625 Echostar DBS Corp. 9.125%, 1/15/09 70 73,413 Lenfest Communications, Inc. 10.50%, 6/15/06 231 235,896 Liberty Media Corp. 5.70%, 5/15/13 40 37,470 Mediacom Broadband LLC 144A 8.50%, 10/15/15(b) 110 102,437 ------------ 1,790,155 ------------ BUILDING PRODUCTS--0.8% American Standard, Inc. 7.625%, 2/15/10 328 352,560 Building Materials Corporation of America 7.75%, 8/1/14 35 33,950 Ply Gem Industries, Inc. 9%, 2/15/12 175 156,187 ------------ 542,697 ------------ CASINOS & GAMING--1.1% Harrah's Operating Co., Inc. 5.75%, 10/1/17 355 345,520 MGM Mirage, Inc. 6.75%, 9/1/12 105 106,969 OED Corp./DIAMOND JO LLC 8.75%, 4/15/12 70 68,600 Station Casinos, Inc. 6.875%, 3/1/16 100 102,750 2 See Notes to Schedules of Investments PHOENIX BOND FUND PAR VALUE (000) VALUE --------- ------------ CASINOS & GAMING--(CONTINUED) Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625%, 12/1/14 $ 105 $ 102,637 ------------ 726,476 ------------ COAL & CONSUMABLE FUELS--0.5% Arch Western Finance LLC 6.75%, 7/1/13 150 153,562 Peabody Energy Corp. Series B 6.875%, 3/15/13 165 172,425 ------------ 325,987 ------------ COMMERCIAL PRINTING--0.7% Cenveo Corp. 7.875%, 12/1/13 190 184,300 Donnelley (R.R.) & Sons Co. 5.50%, 5/15/15 275 264,667 ------------ 448,967 ------------ CONSTRUCTION, FARM MACHINERY & HEAVY TRUCKS--0.1% Trinity Industries, Inc. 6.50%, 3/15/14 60 59,400 CONSUMER FINANCE--2.7% American General Finance Corp. 4%, 3/15/11 450 425,701 Ford Motor Credit Co. 8.625%, 11/1/10 140 127,679 General Electric Capital Corp. 4.875%, 10/21/10 175 174,612 General Electric Capital Corp. 4.875%, 3/4/15 380 374,775 General Motors Acceptance Corp. 6.75%, 12/1/14 130 117,139 General Motors Acceptance Corp. 8%, 11/1/31 50 47,894 Residential Capital Corp. 6.125%, 11/21/08 220 220,535 Residential Capital Corp. 6.375%, 6/30/10 235 238,787 ------------ 1,727,122 ------------ DATA PROCESSING & OUTSOURCED SERVICES--0.2% SunGard Data Systems, Inc. 4.875%, 1/15/14 115 100,625 DIVERSIFIED BANKS--1.0% HSBC Bank USA 5.875%, 11/1/34(f) 370 373,309 Wachovia Corp. 4.875%, 2/15/14(f) 240 234,879 ------------ 608,188 ------------ DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.2% Cendant Corp. 7.375%, 1/15/13 140 156,411 ELECTRIC UTILITIES--0.8% Progress Energy, Inc. 7.10%, 3/1/11 175 188,811 Reliant Energy, Inc. 9.50%, 7/15/13 175 176,312 Texas Genco LLC/Texas Genco Financing Corp. 144A 6.875%, 12/15/14(b) 145 157,688 ------------ 522,811 ------------ FOOD RETAIL--0.4% Ahold Lease USA, Inc. A-2 8.62%, 1/2/25(e) 140 156,187 PAR VALUE (000) VALUE --------- ------------ FOOD RETAIL--(CONTINUED) Stater Bros. Holdings, Inc. 7.37%, 6/15/10(e) $ 105 $ 105,525 ------------ 261,712 ------------ HEALTH CARE DISTRIBUTORS--0.7% AmerisourceBergen Corp. 144A 5.875%, 9/15/15(b) 140 141,925 Owens & Minor, Inc. 8.50%, 7/15/11 300 316,500 ------------ 458,425 ------------ HEALTH CARE FACILITIES--0.7% HCA, Inc. 5.75%, 3/15/14(f) 290 282,664 HCA, Inc. 6.375%, 1/15/15 45 45,712 US Oncology, Inc. 10.75%, 8/15/14 125 139,375 ------------ 467,751 ------------ HEALTH CARE SERVICES--0.7% Fresenius Medical Capital Trust II 7.875%, 2/1/08 335 346,725 Omnicare, Inc. 6.875%, 12/15/15 70 71,400 ------------ 418,125 ------------ HOMEBUILDING--1.1% Horton (D.R.), Inc. 7.50%, 12/1/07 234 244,110 Horton (D.R.), Inc. 5.625%, 9/15/14(f) 395 382,461 Meritage Homes Corp. 6.25%, 3/15/15 115 105,225 ------------ 731,796 ------------ HOTELS, RESORTS & CRUISE LINES--0.5% Hilton Hotels Corp. 7.625%, 12/1/12(f) 149 160,912 La Quinta Properties, Inc. 7%, 8/15/12 135 146,813 Royal Caribbean Cruises Ltd. 7.25%, 3/15/18 22 23,760 ------------ 331,485 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.3% NRG Energy, Inc. 8%, 12/15/13 95 106,400 TXU Corp. Series P 5.55%, 11/15/14 110 105,032 ------------ 211,432 ------------ INDUSTRIAL MACHINERY--0.2% Gardner Denver, Inc. 8%, 5/1/13 100 105,500 INSURANCE BROKERS--0.5% Marsh & McLennan Cos., Inc. 5.75%, 9/15/15 345 347,772 INTEGRATED TELECOMMUNICATION SERVICES--1.4% Cincinnati Bell, Inc. 7.25%, 7/15/13 175 182,875 Qwest Corp. 8.875%, 3/15/12 185 209,513 Verizon Global Funding Corp. 7.75%, 12/1/30 230 273,391 3 See Notes to Schedules of Investments PHOENIX BOND FUND PAR VALUE (000) VALUE --------- ------------ INTEGRATED TELECOMMUNICATION SERVICES--(CONTINUED) Verizon Global Funding Corp. 5.85%, 9/15/35 $ 210 $ 202,371 ------------ 868,150 ------------ INVESTMENT BANKING & BROKERAGE--0.9% Bear Stearns Co., Inc. 5.30%, 10/30/15 85 84,811 Goldman Sachs Group, Inc. (The) 5.25%, 10/15/13 175 174,958 Merrill Lynch & Co. 4.25%, 2/8/10 180 175,090 Morgan Stanley 5.375%, 10/15/15 170 170,165 ------------ 605,024 ------------ LEISURE PRODUCTS--0.2% K2, Inc. 7.375%, 7/1/14 110 110,000 LIFE & HEALTH INSURANCE--1.4% MetLife, Inc. 5.70%, 6/15/35(f) 275 276,018 Protective Life Secured Trust 4.22%, 1/14/08(e) 180 180,213 Protective Life Secured Trust 4%, 4/1/11 300 287,736 UnumProvident Finance Co., plc 144A 6.85%, 11/15/15(b) 135 140,872 ------------ 884,839 ------------ MANAGED HEALTH CARE--0.2% Coventry Health Care, Inc. 6.125%, 1/15/15 135 139,050 METAL & GLASS CONTAINERS--0.9% AEP Industries, Inc. 7.875%, 3/15/13 135 132,666 Ball Corp. 6.875%, 12/15/12 105 108,938 Crown Americas LLC/Crown Americas Capital Corp. 144A 7.75%, 11/15/15(b) 40 41,600 Owens-Brockway Glass Container, Inc. 8.875%, 2/15/09 298 312,527 ------------ 595,731 ------------ MOVIES & ENTERTAINMENT--0.8% News America, Inc. 6.20%, 12/15/34 180 178,794 Time Warner, Inc. 9.125%, 1/15/13(f) 150 177,536 WMG Holdings Corp. 0%, 12/15/14(e) 265 186,825 ------------ 543,155 ------------ MULTI-LINE INSURANCE--0.3% Loews Corp. 6%, 2/1/35(f) 170 169,758 MULTI-UTILITIES & UNREGULATED POWER--0.2% Nisource Finance Corp. 5.25%, 9/15/17 155 150,766 OIL & GAS DRILLING--0.2% Pride International, Inc. 7.375%, 7/15/14 110 118,525 PAR VALUE (000) VALUE --------- ------------ OIL & GAS EQUIPMENT & SERVICES--0.3% Gulfmark Offshore, Inc. 7.75%, 7/15/14 $ 180 $ 188,100 OIL & GAS EXPLORATION & PRODUCTION--0.5% Chesapeake Energy Corp. 6.25%, 1/15/18 175 172,375 Newfield Exploration Co. 8.375%, 8/15/12 130 139,750 ------------ 312,125 ------------ OIL & GAS STORAGE & TRANSPORTATION--0.9% Atlas Pipeline Partners LP 144A 8.125%, 12/15/15(b) 125 126,719 El Paso Production Holding Co. 7.75%, 6/1/13 70 72,975 Ferrellgas Escrow LLC/ Ferrellgas Finance Escrow Corp. 6.75%, 5/1/14 115 109,250 Holly Energy Partners LP 6.25%, 3/1/15 105 102,244 Kinder Morgan Energy Partners LP 7.30%, 8/15/33(f) 150 171,667 ------------ 582,855 ------------ OTHER DIVERSIFIED FINANCIAL SERVICES--0.8% American Real Estate Partners LP/American Real Estate Finance Corp. 144A 7.125%, 2/15/13(b) 185 185,925 Citigroup, Inc. 5%, 9/15/14 330 324,837 ------------ 510,762 ------------ PACKAGED FOODS & MEATS--1.3% B&G Foods, Inc. 8%, 10/1/11 100 102,500 Dean Foods Co. 8.15%, 8/1/07 443 457,398 Kraft Foods, Inc. 5.625%, 11/1/11 235 241,109 ------------ 801,007 ------------ PHARMACEUTICALS--0.4% Wyeth 5.50%, 3/15/13 225 228,098 PROPERTY & CASUALTY INSURANCE--0.7% Fund American Cos., Inc. 5.875%, 5/15/13(f) 430 433,897 PUBLISHING & PRINTING--0.8% Cadmus Communications Corp. 8.375%, 6/15/14 95 98,087 Knight-Ridder, Inc. 5.75%, 9/1/17 115 97,540 News America, Inc. 5.30%, 12/15/14 165 163,764 Primedia, Inc. 8.875%, 5/15/11 35 32,463 Primedia, Inc. 8%, 5/15/13 105 89,381 ------------ 481,235 ------------ REGIONAL BANKS--0.6% Colonial Bank 6.375%, 12/1/15 395 407,308 4 See Notes to Schedules of Investments PHOENIX BOND FUND PAR VALUE (000) VALUE --------- ------------ REINSURANCE--0.4% Reinsurance Group of America, Inc. 6.75%, 12/15/65(e) $ 260 $ 262,307 REITS--1.7% Archstone-Smith Trust 7.90%, 2/15/16 191 217,359 Brandywine Operating Partnership LP 5.625%, 12/15/10 175 175,130 Camden Property Trust 5%, 6/15/15 175 167,993 Host Marriott LP Series O 6.375%, 3/15/15 105 105,263 iStar Financial, Inc. Series B 5.125%, 4/1/11 185 180,466 Washington Real Estate Investment Trust 5.35%, 5/1/15 215 212,603 ------------ 1,058,814 ------------ RESTAURANTS--0.2% Restaurant Co. (The) 144A 10%, 10/1/13(b) 110 102,300 SPECIALIZED CONSUMER SERVICES--0.2% Service Corporation International 6.75%, 4/1/16 110 107,800 SPECIALIZED FINANCE--0.3% CIT Group, Inc. 5%, 11/24/08 175 174,905 STEEL--0.2% Chaparral Steel Co. 10%, 7/15/13 95 102,838 TOBACCO--0.3% Reynolds (R.J.) Tobacco Holdings, Inc. 144A 6.50%, 7/15/10(b) 80 80,000 Reynolds (R.J.) Tobacco Holdings, Inc. 144A 7.30%, 7/15/15(b) 95 97,375 ------------ 177,375 ------------ WIRELESS TELECOMMUNICATION SERVICES--0.5% Sprint Capital Corp. 8.75%, 3/15/32 255 338,405 ----------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $22,933,569) 22,941,547 ----------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--99.2% (IDENTIFIED COST $63,352,269) 63,206,255 ----------------------------------------------------------------------------- PAR VALUE (000) VALUE --------- ------------ SHORT-TERM INVESTMENTS--16.8% FEDERAL AGENCY SECURITIES--16.8% FFCB 3.35%, 1/3/06 $2,700 $ 2,699,498 FHLB 4.19%, 1/26/06 8,000 7,976,722 ----------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $10,676,220) 10,676,220 ----------------------------------------------------------------------------- TOTAL INVESTMENTS--116.0% (IDENTIFIED COST $74,028,489) 73,882,475(a) Other assets and liabilities, net--(16.0)% (10,178,432) ------------ NET ASSETS--100.0% $ 63,704,043 ============ (a) Federal Income Tax Information: Net unrealized depreciation of investment securities is comprised of gross appreciation of $426,089 and gross depreciation of $625,537 for federal income tax purposes. At December 31, 2005, the aggregate cost of securities for federal income tax purposes was $74,081,923. (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 December 31, 2005, these securities amounted to a value of $2,294,482 or 3.6% of net assets. (c) Foreign corporate bonds are determined based on the country in which the security is issued. The country of risk is determined based on criteria described in Note 1D "Foreign security country determination" in the Notes to Schedules of Investments. (d) Principal amount is adjusted daily pursuant to the change in the Consumer Price Index. (e) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (f) All or a portion segregated as collateral for when-issued securities. (g) When-issued security. 5 See Notes to Schedules of Investments PHOENIX EARNINGS DRIVEN GROWTH FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2005 (UNAUDITED) SHARES VALUE ------- ----------- DOMESTIC COMMON STOCKS--98.0% APPAREL RETAIL--2.9% TJX Cos., Inc. (The) 39,770 $ 923,857 Urban Outfitters, Inc.(b) 25,810 653,251 ----------- 1,577,108 ----------- APPLICATION SOFTWARE--1.6% NAVTEQ Corp.(b) 19,520 856,342 ASSET MANAGEMENT & CUSTODY BANKS--2.3% Legg Mason, Inc. 10,130 1,212,460 AUTOMOTIVE RETAIL--1.8% O'Reilly Automotive, Inc.(b) 30,920 989,749 BIOTECHNOLOGY--3.7% Genzyme Corp.(b) 15,930 1,127,525 Protein Design Labs, Inc.(b) 31,240 887,841 ----------- 2,015,366 ----------- BROADCASTING & CABLE TV--3.3% Scripps (E.W.) Co. (The) Class A 20,260 972,885 Univision Communications, Inc. Class A(b) 28,010 823,214 ----------- 1,796,099 ----------- CASINOS & GAMING--2.2% International Game Technology 38,000 1,169,640 COMMUNICATIONS EQUIPMENT--4.7% Avaya, Inc.(b) 107,640 1,148,519 Comverse Technology, Inc.(b) 52,180 1,387,466 ----------- 2,535,985 ----------- COMPUTER STORAGE & PERIPHERALS--1.9% Network Appliance, Inc.(b) 37,750 1,019,250 CONSTRUCTION MATERIALS--2.1% Vulcan Materials Co. 16,520 1,119,230 CONSTRUCTION, FARM MACHINERY & HEAVY TRUCKS--2.3% Oshkosh Truck Corp. 27,450 1,223,996 DATA PROCESSING & OUTSOURCED SERVICES--4.0% Alliance Data Systems Corp.(b) 36,300 1,292,280 Global Payments, Inc. 18,550 864,615 ----------- 2,156,895 ----------- SHARES VALUE ------- ----------- DISTILLERS & VINTNERS--1.5% Brown-Forman Corp. Class B 12,020 $ 833,226 ELECTRICAL COMPONENTS & EQUIPMENT--3.6% Ametek, Inc. 19,200 816,768 Rockwell Automation, Inc. 19,260 1,139,422 ----------- 1,956,190 ----------- ELECTRONIC MANUFACTURING SERVICES--1.6% Jabil Circuit, Inc.(b) 23,120 857,521 HEALTH CARE FACILITIES--2.9% LifePoint Hospitals, Inc.(b) 21,200 795,000 United Surgical Partners International, Inc.(b) 23,660 760,669 ----------- 1,555,669 ----------- HEALTH CARE SERVICES--1.8% Quest Diagnostics, Inc. 19,150 985,842 HEALTH CARE SUPPLIES--1.7% Gen-Probe, Inc.(b) 18,900 922,131 HOME FURNISHING RETAIL--2.1% Williams-Sonoma, Inc.(b) 26,400 1,139,160 HOTELS, RESORTS & CRUISE LINES--1.9% Starwood Hotels & Resorts Worldwide, Inc. 15,940 1,017,928 HOUSEHOLD PRODUCTS--1.5% Church & Dwight Co., Inc. 24,710 816,171 HOUSEWARES & SPECIALTIES--2.1% Newell Rubbermaid, Inc. 46,960 1,116,709 HUMAN RESOURCES & EMPLOYMENT SERVICES--1.9% Monster Worldwide, Inc.(b) 24,840 1,013,969 INDUSTRIAL MACHINERY--4.0% Eaton Corp. 14,630 981,527 Harsco Corp. 17,570 1,186,150 ----------- 2,167,677 ----------- IT CONSULTING & OTHER SERVICES--1.9% Cognizant Technology Solutions Corp. Class A(b) 20,150 1,014,553 MANAGED HEALTH CARE--6.6% Humana, Inc.(b) 31,660 1,720,088 Sierra Health Services, Inc.(b) 11,690 934,732 UnitedHealth Group, Inc. 14,762 917,311 ----------- 3,572,131 ----------- 1 See Notes to Schedules of Investments PHOENIX EARNINGS DRIVEN GROWTH FUND SHARES VALUE ------- ----------- METAL & GLASS CONTAINERS--1.6% Ball Corp. 21,630 $ 859,144 OIL & GAS DRILLING--2.6% Diamond Offshore Drilling, Inc. 9,000 626,040 Patterson-UTI Energy, Inc. 24,100 794,095 ----------- 1,420,135 ----------- OIL & GAS STORAGE & TRANSPORTATION--2.1% Williams Cos., Inc. (The) 49,130 1,138,342 PHARMACEUTICALS--2.0% Sepracor, Inc.(b) 20,550 1,060,380 REGIONAL BANKS--3.2% Marshall & Ilsley Corp. 21,490 924,929 Synovus Financial Corp. 28,560 771,406 ----------- 1,696,335 ----------- RESTAURANTS--1.6% Darden Restaurants, Inc. 22,210 863,525 SEMICONDUCTOR EQUIPMENT--1.8% KLA-Tencor Corp. 19,390 956,509 SEMICONDUCTORS--8.4% Advanced Micro Devices, Inc.(b) 29,860 913,716 Intersil Corp. Class A 53,510 1,331,329 Microchip Technology, Inc. 30,920 994,078 Xilinx, Inc. 50,720 1,278,651 ----------- 4,517,774 ----------- SPECIALTY CHEMICALS--2.2% Rohm and Haas Co. 24,320 1,177,574 WIRELESS TELECOMMUNICATION SERVICES--4.6% Nextel Partners, Inc. Class A(b) 41,540 1,160,628 NII Holdings, Inc.(b) 30,700 1,340,976 ----------- 2,501,604 ----------- ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $47,340,749) 52,832,319 ----------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--3.2% APPLICATION SOFTWARE--1.6% Cognos, Inc. (United States)(b) 25,250 876,427 SHARES VALUE ------- ----------- PERSONAL PRODUCTS--1.6% Herbalife Ltd. (United States)(b) 26,330 $ 856,252 ----------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $1,697,373) 1,732,679 ----------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--101.2% (IDENTIFIED COST $49,038,122) 54,564,998 ----------------------------------------------------------------------------- PAR VALUE (000) --------- SHORT-TERM INVESTMENTS--0.6% REPURCHASE AGREEMENTS--0.6% State Street Bank & Trust Co. repurchase agreement, 2.50% dated 12/30/05 due 1/3/06, repurchase price $318,088 collateralized by U.S. Treasury Bond 7.875%, 2/15/21, market value $330,000. $318 318,000 ----------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $318,000) 318,000 ----------------------------------------------------------------------------- TOTAL INVESTMENTS--101.8% (IDENTIFIED COST $49,356,122) 54,882,998(a) Other assets and liabilities, net--(1.8)% (945,763) ----------- NET ASSETS--100.0% $53,937,235 =========== (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $6,340,356 and gross depreciation of $813,480 for federal income tax purposes. At December 31, 2005, the aggregate cost of securities for federal income tax purposes was $49,356,122. (b) Non-income producing. (c) Foreign common stocks are determined based on the country in which the security is issued. The country of risk is determined based on criteria described in Note 1D "Foreign security country determination" in the Notes to Schedules of Investments. 2 See Notes to Schedules of Investments PHOENIX OPPORTUNITIES TRUST (FORMERLY PHOENIX-SENECA FUNDS) NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2005 (UNAUDITED) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies consistently followed by the Phoenix Opportunities Trust 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. Short-term investments having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market. B. SECURITY TRANSACTIONS AND RELATED INCOME: Security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Realized gains and losses are determined on the identified cost basis. C. FOREIGN CURRENCY TRANSLATION Foreign securities and other assets and liabilities are valued using the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. D. 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. 1 PHOENIX OPPORTUNITIES TRUST (FORMERLY PHOENIX-SENECA FUNDS) NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2005 (UNAUDITED) E. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS Certain Funds may engage in when-issued or delayed delivery transactions. Each Fund records when-issued and delayed delivery securities on the trade date. Each Fund maintains collateral for the securities purchased. F. REPURCHASE AGREEMENTS A repurchase agreement is a transaction where a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. Each Fund, through its custodian, takes possession of securities collateralizing the repurchase agreement. The collateral is marked-to-market daily to ensure that the market value of the underlying assets remains sufficient to protect the Fund in the event of default by the seller. If the seller defaults and the value of the collateral declines, or if the seller enters insolvency proceedings, realization of collateral may be delayed or limited. NOTE 2--CREDIT RISK AND ASSET CONCENTRATION In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund's ability to repatriate such amounts. Certain Funds may invest a high percentage of their assets in specific sectors of the market in their pursuit of a greater investment return. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if a Fund did not concentrate its investments in such sectors. High yield/high risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high yield securities may be complex, and as a result, it may be more difficult for the adviser and/or subadviser to accurately predict risk. At December 31, 2005, the Bond Fund held $40,591,918 in investments issued by the U.S. Government, comprising 63.7% of the total net assets of the Fund. 2 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. 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, Executive Vice President (principal executive officer) Date February 23, 2006 ---------------------------------------------------------------------------- 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, Executive Vice President (principal executive officer) Date February 23, 2006 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ W. Patrick Bradley ------------------------------------------------------- W. Patrick Bradley, Chief Financial Officer and Treasurer (principal financial officer) Date February 23, 2006 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.