N-Q 1 g36128phnxopp_nq.txt PHOENIX OPPORTUNITIES TRUST NQ 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: December 31, 2006 ----------------- 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 GLOSSARY DECEMBER 31, 2006 (UNAUDITED) ADR (AMERICAN DEPOSITARY RECEIPT) Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares. 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. DEBT INDEX SECURITIES Securities comprised of a basket of credit default swaps referencing a diversified pool of high yield or emerging markets debt instruments. 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. SPONSORED ADR An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. These shares carry all the rights of the common share such as voting rights. ADRs must be sponsored to be able to trade on the NYSE. 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 (W.I. AND TBA) 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, 2006 (UNAUDITED) PAR VALUE (000) VALUE ------------ ------------- U.S. GOVERNMENT SECURITIES--19.8% U.S. TREASURY BONDS--2.6% U.S. Treasury Bond 4.50%, 2/15/36(f) $ 2,585 $ 2,458,175 U.S. TREASURY NOTES--17.2% U.S. Treasury Note 4.375%, 1/31/08(f) 4,385 4,356,050 U.S. Treasury Inflation Index Note 3%, 7/15/12(d) 1,000 1,155,630 U.S. Treasury Note 4%, 11/15/12(f) 7,565 7,304,068 U.S. Treasury Note 4.75%, 5/15/14(f) 1,500 1,503,867 U.S. Treasury Note 4.625%, 11/15/16(f) 1,885 1,872,631 ------------- 16,192,246 ------------- ------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $18,524,776) 18,650,421 ------------------------------------------------------------------------------ AGENCY MORTGAGE-BACKED SECURITIES--33.8% FHLMC 7.50%, 7/1/09 15 15,435 FHLMC 7.50%, 4/1/14 59 61,700 FHLMC 7%, 4/1/16 45 46,389 FHLMC 5.50%, 9/15/17 357 357,822 FHLMC 5%, 3/15/19 455 443,188 FHLMC 7%, 1/1/33 331 339,814 FHLMC 3.531%, 2/1/34(e) 298 299,000 FNCL TBA 5.50%, 2/1/37(g) 7,715 7,620,970 FNMA 7%, 5/1/14 43 44,947 FNMA 8%, 1/1/15 9 8,953 FNMA 5.228%, 7/1/33(e) 265 266,908 FNMA 5.181%, 9/1/33(e) 155 155,634 FNMA 5.406%, 11/1/33(e) 279 279,939 FNMA 4.003%, 12/1/33(e) 164 164,983 FNMA 3.556%, 3/1/34(e) 374 375,052 FNMA 3.623%, 4/1/34(e) 212 213,548 FNMA 4.50%, 1/1/35 499 468,054 FNMA 5.308%, 5/1/35(e) 4,497 4,483,254 FNMA TBA 5.50%, 3/25/22(g) 4,490 4,487,194 FNMA TBA 5%, 2/1/37(g) 12,155 11,733,367 ------------------------------------------------------------------------------ TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $32,216,411) 31,866,151 ------------------------------------------------------------------------------ PAR VALUE (000) VALUE ------------ ------------- DOMESTIC CORPORATE BONDS--28.3% ADVERTISING--0.2% Affinion Group, Inc. 10.125%, 10/15/13 $ 150 $ 159,750 AEROSPACE & DEFENSE--0.7% Armor Holdings, Inc. 8.25%, 8/15/13 105 109,725 DRS Technologies, Inc. 6.625%, 2/1/16 115 116,438 Esterline Technologies Corp. 7.75%, 6/15/13 30 30,750 Honeywell International, Inc. 5.42%, 3/13/09(e) 95 95,075 L-3 Communications Corp. 5.875%, 1/15/15 140 135,800 United Technologies Corp. 4.875%, 5/1/15 215 207,263 ------------- 695,051 ------------- AUTOMOBILE MANUFACTURERS--0.2% DaimlerChrysler NA Holding Corp. (Germany) 5.75%, 9/8/11 225 224,433 AUTOMOTIVE RETAIL--0.1% Hertz Corp. 144A 8.875%, 1/1/14(b) 95 99,987 BIOTECHNOLOGY--0.3% Amgen, Inc. 4.85%, 11/18/14 305 295,309 BROADCASTING & CABLE TV--1.0% Charter Communications Operating LLC/ Charter Communications Operating Capital 144A 8.375%, 4/30/14(b) 150 157,313 Comcast Corp. 5.85%, 11/15/15 320 320,455 Comcast Corp. 6.50%, 11/15/35 115 115,812 Echostar Dbx Corp. 7.125%, 2/1/16 155 155,775 Mediacom Broadband LLC 8.50%, 10/15/15 110 111,925 Sinclair Broadcast Group, Inc. 8%, 3/15/12 100 103,750 ------------- 965,030 ------------- BUILDING PRODUCTS--0.2% Building Materials Corporation of America 7.75%, 8/1/14 35 31,850 Goodman Global Holding Corp. 7.875%, 12/15/12 50 49,375 Ply Gem Industries, Inc. 9%, 2/15/12 175 149,625 ------------- 230,850 ------------- 1 Phoenix Bond Fund PAR VALUE (000) VALUE ------------ ------------- CASINOS & GAMING--0.9% American Real Estate Partners LP/American Real Estate Finance Corp. 7.125%, 2/15/13 $ 185 $ 186,850 MGM MIRAGE 6.75%, 9/1/12 105 103,950 MGM MIRAGE 6.625%, 7/15/15 45 43,088 OED Corp./Diamond Jo LLC 8.75%, 4/15/12 180 179,100 Station Casinos, Inc. 7.75%, 8/15/16 245 248,062 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625%, 12/1/14 105 104,869 ------------- 865,919 ------------- COAL & CONSUMABLE FUELS--0.3% Arch Western Finance LLC 6.75%, 7/1/13 150 149,625 Peabody Energy Corp. Series B 6.875%, 3/15/13 165 169,950 ------------- 319,575 ------------- COMMUNICATIONS EQUIPMENT--0.8% Cisco Systems, Inc. 5.50%, 2/22/16(f) 640 640,408 Dycom Industries, Inc. 8.125%, 10/15/15 90 93,600 ------------- 734,008 ------------- CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.1% Trinity Industries, Inc. 6.50%, 3/15/14 90 88,875 CONSUMER FINANCE--1.8% American General Finance Corp. 4%, 3/15/11(f) 450 427,232 Capital One Financial Corp. 6.15%, 9/1/16 260 268,895 Ford Motor Credit Co. 8.625%, 11/1/10 140 144,226 General Electric Capital Corp. 4.875%, 10/21/10 265 262,212 GMAC LLC 6.75%, 12/1/14 130 133,731 Residential Capital Corp. 6.375%, 6/30/10 235 237,735 Residential Capital Corp. 6.875%, 6/30/15 235 243,621 ------------- 1,717,652 ------------- DATA PROCESSING & OUTSOURCED SERVICES--0.1% SunGard Data Systems, Inc. 9.125%, 8/15/13 95 100,225 DIVERSIFIED BANKS--0.5% HSBC Bank USA NA 5.875%, 11/1/34 155 155,091 Wells Fargo & Co. 5.125%, 9/15/16 275 268,719 ------------- 423,810 ------------- DIVERSIFIED CAPITAL MARKETS--0.3% UBS Preferred Funding Trust V 6.243%, 5/15/49(e) 260 269,227 DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.3% FTI Consulting, Inc. 144A 7.75%, 10/1/16(b) 120 125,100 PAR VALUE (000) VALUE ------------ ------------- DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--(CONTINUED) International Lease Finance Corp. 5.625%, 9/20/13 $ 130 $ 130,950 ------------- 256,050 ------------- ELECTRIC UTILITIES--0.3% Progress Energy, Inc. 7.10%, 3/1/11 115 122,469 Reliant Energy, Inc. 9.50%, 7/15/13 175 188,563 ------------- 311,032 ------------- FERTILIZERS & AGRICULTURAL CHEMICALS--0.3% Mosaic Co. 144A 7.625%, 12/1/16(b) 125 130,156 Tronox Worldwide LLC/Tronox Finance Corp. 9.50%, 12/1/12 150 158,625 ------------- 288,781 ------------- FOOD RETAIL--0.1% Stater Bros. Holdings, Inc. 8.86%, 6/15/10(e) 105 106,837 Stater Bros. Holdings, Inc. 8.125%, 6/15/12 25 25,500 ------------- 132,337 ------------- GAS UTILITIES--0.1% Ferrellgas Escrow LLC/ Ferrellgas Finance Escrow Corp. 6.75%, 5/1/14 115 112,412 HEALTH CARE EQUIPMENT--0.0% Fisher Scientific International, Inc. 6.125%, 7/1/15 10 9,886 HEALTH CARE FACILITIES--0.2% HCA, Inc. 144A 9.25%, 11/15/16(b) 45 48,319 US Oncology, Inc. 10.75%, 8/15/14 125 138,750 ------------- 187,069 ------------- HEALTH CARE SERVICES--0.4% Fresenius Medical Care Capital Trust II 7.875%, 2/1/08 335 341,700 Omnicare, Inc. 6.875%, 12/15/15 70 69,475 ------------- 411,175 ------------- HOME FURNISHINGS--0.3% Mohawk Industries, Inc. 6.125%, 1/15/16 265 263,093 HOMEBUILDING--0.5% Horton (D.R.), Inc. 7.50%, 12/1/07 234 238,148 Meritage Homes Corp. 7%, 5/1/14 180 178,200 Technical Olympic USA, Inc. 9%, 7/1/10 65 64,350 ------------- 480,698 ------------- 2 Phoenix Bond Fund PAR VALUE (000) VALUE ------------ ------------- HOUSEWARES & SPECIALTIES--0.6% Fortune Brands, Inc. 5.375%, 1/15/16(f) $ 545 $ 516,774 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.1% TXU Corp. Series P 5.55%, 11/15/14 110 104,978 INDUSTRIAL MACHINERY--0.1% Valmont Industries, Inc. 6.875%, 5/1/14 110 109,587 INTEGRATED OIL & GAS--1.7% Conoco Funding Co. 6.35%, 10/15/11(f) 1,000 1,046,520 ConocoPhillips 5.625%, 10/15/16 340 341,617 Shell International Finance BV 5.625%, 6/27/11 190 193,839 ------------- 1,581,976 ------------- INTEGRATED TELECOMMUNICATION SERVICES--2.5% AT&T, Inc. 5.875%, 2/1/12(f) 1,200 1,222,598 BellSouth Corp. 5.572%, 8/15/08(e) 235 235,137 Cincinnati Bell, Inc. 7.25%, 7/15/13 130 135,200 New Cingular Wireless Services, Inc. 8.75%, 3/1/31 125 162,446 Qwest Communications International, Inc. Series B 7.50%, 2/15/14 70 72,450 Qwest Corp. 8.875%, 3/15/12 185 206,969 Telcordia Technologies, Inc. 144A 10%, 3/15/13(b) 50 44,250 Verizon Global Funding Corp. 7.75%, 12/1/30 240 281,514 ------------- 2,360,564 ------------- INVESTMENT BANKING & BROKERAGE--0.6% E*Trade Financial Corp. 7.375%, 9/15/13 115 120,175 Goldman Sachs Group, Inc. (The) 5.25%, 10/15/13 155 153,856 Lehman Brothers Holdings, Inc. 5.60%, 4/4/16 265 264,964 ------------- 538,995 ------------- LEISURE PRODUCTS--0.1% K2, Inc. 7.375%, 7/1/14 90 91,350 LIFE & HEALTH INSURANCE--2.4% MetLife, Inc. 6.125%, 12/1/11(f) 1,500 1,552,260 MetLife, Inc. 6.40%, 12/15/36(e) 145 146,153 Protective Life Secured Trust 5.58%, 1/14/08(e) 180 180,153 Protective Life Secured Trust 4%, 4/1/11 300 285,547 UnumProvident Finance Co. plc 144A 6.85%, 11/15/15(b) 135 140,592 ------------- 2,304,705 ------------- PAR VALUE (000) VALUE ------------ ------------- MANAGED HEALTH CARE--0.4% Coventry Health Care, Inc. 6.125%, 1/15/15 $ 135 $ 133,718 WellPoint, Inc. 5.85%, 1/15/36 285 276,862 ------------- 410,580 ------------- METAL & GLASS CONTAINERS--0.6% AEP Industries, Inc. 7.875%, 3/15/13 105 106,575 Ball Corp. 6.875%, 12/15/12 56 57,400 Crown Americas LLC & Crown Americas Capital Corp. 7.75%, 11/15/15 40 41,700 Owens-Brockway Glass Container, Inc. 8.875%, 2/15/09 372 382,230 ------------- 587,905 ------------- MORTGAGE REITS--0.6% iStar Financial, Inc. Series B 5.125%, 4/1/11(f) 535 523,944 MOVIES & ENTERTAINMENT--0.5% Time Warner, Inc. 5.875%, 11/15/16 110 109,722 Time Warner, Inc. 6.50%, 11/15/36 110 109,486 WMG Holdings Corp. 0%, 12/15/14(e) 265 213,325 ------------- 432,533 ------------- MULTI-LINE INSURANCE--0.5% Genworth Financial, Inc. 6.15%, 11/15/49(e) 135 134,810 Genworth Global Funding Trust 5.125%, 3/15/11 160 159,238 Loews Corp. 5.25%, 3/15/16 170 165,634 ------------- 459,682 ------------- MULTI-UTILITIES--0.4% Consolidated Edison Company of New York, Inc. 5.85%, 3/15/36 125 123,522 Midamerican Energy Co. 5.80%, 10/15/36 245 240,714 ------------- 364,236 ------------- OFFICE ELECTRONICS--0.2% Xerox Corp. 6.75%, 2/1/17 155 162,750 OFFICE REITS--0.4% Brandywine Operating Partnership LP 6%, 4/1/16 265 269,617 Duke Realty LP 5.625%, 8/15/11 75 75,436 ------------- 345,053 ------------- OIL & GAS EQUIPMENT & SERVICES--0.2% Gulfmark Offshore, Inc. 7.75%, 7/15/14 180 184,500 OIL & GAS EXPLORATION & PRODUCTION--0.2% Chesapeake Energy Corp. 6.625%, 1/15/16 220 219,725 3 Phoenix Bond Fund PAR VALUE (000) VALUE ------------ ------------- OIL & GAS STORAGE & TRANSPORTATION--0.7% Atlas Pipeline Partners LP 8.125%, 12/15/15 $ 125 $ 129,063 Enbridge Energy Partners 5.875%, 12/15/16 120 119,034 Holly Energy Partners LP 6.25%, 3/1/15 105 100,275 Kinder Morgan Energy Partners LP 7.30%, 8/15/33 150 162,669 Pacific Energy Partners LP/ Pacific Energy Finance Corp. 6.25%, 9/15/15 75 73,444 SemGroup LP 144A 8.75%, 11/15/15(b) 100 101,000 ------------- 685,485 ------------- OTHER DIVERSIFIED FINANCIAL SERVICES--0.8% Bank of America Corp. 5.75%, 8/15/16(f) 395 403,147 Citigroup, Inc. 5%, 9/15/14 330 322,211 ------------- 725,358 ------------- PAPER PACKAGING--0.1% Caraustar Industries, Inc. 7.375%, 6/1/09 75 72,937 PAPER PRODUCTS--0.1% Exopack Holding Corp. 144A 11.25%, 2/1/14(b) 100 105,000 PHARMACEUTICALS--0.6% Wyeth 5.50%, 3/15/13(f) 525 528,397 PROPERTY & CASUALTY INSURANCE--0.5% CNA Financial Corp. 6.50%, 8/15/16(f) 480 500,715 PUBLISHING--0.1% Primedia, Inc. 8.875%, 5/15/11 35 35,875 Primedia, Inc. 8%, 5/15/13 105 102,112 ------------- 137,987 ------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.9% Colonial Realty LP 6.05%, 9/1/16 200 202,542 Realogy Corp. 144A 6.50%, 10/15/16(b) 300 307,158 Westfield Group 144A (Australia) 5.70%, 10/1/16(b)(c)(f) 375 376,409 ------------- 886,109 ------------- REGIONAL BANKS--0.4% Colonial Bank NA 6.375%, 12/1/15 395 405,977 RESIDENTIAL REITS--0.7% Archstone-Smith Trust 5.75%, 3/15/16 215 217,769 AvalonBay Communities, Inc. 5.75%, 9/15/16 145 146,894 ERP Operating LP 5.375%, 8/1/16 270 267,178 ------------- 631,841 ------------- PAR VALUE (000) VALUE ------------ ------------- RETAIL REITS--0.3% Simon Property Group LP 5.60%, 9/1/11 $ 235 $ 236,894 SEMICONDUCTORS--0.1% Freescale Semi-Conductor 144A 8.875%, 12/15/14(b) 85 85,106 SPECIALIZED REITS--0.3% Felcor Lodging LP 144A 7.276%, 12/1/11(b)(e) 95 95,950 Host Marriott LP Series O 6.375%, 3/15/15 105 104,081 Ventas Realty LP Capital Corp. 9%, 5/1/12 40 45,400 ------------- 245,431 ------------- STEEL--0.2% Gibraltar Industries, Inc. Series B 8%, 12/1/15 140 138,775 TOBACCO--0.2% Reynolds America, Inc. 6.50%, 7/15/10 80 81,549 Reynolds American, Inc. 7.30%, 7/15/15 95 99,080 ------------- 180,629 ------------- WIRELESS TELECOMMUNICATION SERVICES--0.2% Sprint Nextel Corp. 6%, 12/1/16 145 141,321 ------------------------------------------------------------------------------ TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $26,500,009) 26,650,033 ------------------------------------------------------------------------------ NON-AGENCY MORTGAGE-BACKED SECURITIES--3.5% Banc of America Commercial Mortgage, Inc. 00-1, A1A 7.109%, 11/15/31 148 149,140 Citigroup Mortgage Loan Trust, Inc. 04-NCM2, 2CB3 8%, 8/25/34 118 122,507 Master Asset Securitization Trust Alternative Loans Trust 03-7, 5A1 6.25%, 11/25/33 212 213,210 Master Asset Securitization Trust Alternative Loans Trust 04-1, 3A1 7%, 1/25/34 172 172,845 Master Asset Securitization Trust Alternative Loans Trust 04-5, 6A1 7%, 6/25/34 116 116,845 Master Asset Securitization Trust Alternative Loans Trust 04-6, 6A1 6.50%, 7/25/34 706 714,490 Merrill Lynch Mortgage Trust 05-MCP1, A2 4.556%, 6/12/43 725 709,506 Morgan Stanley Mortgage Loan Trust 04-3, 3A 6%, 4/25/34 749 749,217 4 Phoenix Bond Fund PAR VALUE (000) VALUE ------------ ------------- Residential Asset Mortgage Products, Inc. 04-SL3, A4 8.50%, 12/25/31 $ 392 $ 409,974 ------------------------------------------------------------------------------ TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $3,412,317) 3,357,734 ------------------------------------------------------------------------------ FOREIGN CORPORATE BONDS(c)--5.0% BERMUDA--0.1% Intelsat Subsidiary Holding Co. Ltd. 8.625%, 1/15/15 125 130,625 CANADA--1.0% Canadian Natural Resources 6.50%, 2/15/37 310 310,993 CHC Helicopter Corp. 7.375%, 5/1/14 100 96,875 Norampac, Inc. 6.75%, 6/1/13 100 97,750 Rogers Wireless Communications, Inc. 6.375%, 3/1/14 135 137,362 TransCanada PipeLines Ltd. 5.85%, 3/15/36 155 151,070 Xstrata Finance Canada 144A 5.80%, 11/15/16(b) 160 159,536 ------------- 953,586 ------------- CHILE--0.2% Celulosa Arauco y Constitucion SA 5.625%, 4/20/15 235 230,968 ITALY--0.2% Telecom Italia Capital S.A. 5.969%, 2/1/11(e) 155 154,192 JAPAN--1.0% MUFG Capital Finance 1 Ltd. 6.346%, 7/25/36(e) 290 294,317 Resona Bank Ltd. 144A 5.85%, 9/29/49(b)(e) 345 336,878 SMFG Preferred Capital 144A 6.078%, 1/29/49(b)(e) 295 292,584 ------------- 923,779 ------------- NETHERLANDS--0.6% ING Groep N.V. 5.775%, 12/8/49(e)(f) 535 529,396 SPAIN--0.4% Santander Issuances S.A 144A 5.911%, 6/20/16(b)(f) 410 419,615 SWITZERLAND--0.4% Swiss Re Capital I LP 144A 6.854%, 5/29/49(b)(e) 345 362,750 UNITED KINGDOM--0.5% HBOS plc 144A 6.413%, 9/29/49(b)(e) 280 278,119 Lloyds TSB Group plc 144A 6.267%, 12/31/49(b)(e) 215 214,992 ------------- 493,111 ------------- PAR VALUE (000) VALUE ------------ ------------- UNITED STATES--0.6% Endurance Specialty Holdings Ltd. 6.15%, 10/15/15 $ 165 $ 164,455 Teva Pharmaceutical Finance LLC 6.15%, 2/1/36 190 184,609 Vale Overseas Ltd. 6.25%, 1/23/17 205 205,932 ------------- 554,996 ------------- ------------------------------------------------------------------------------ TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $4,749,668) 4,753,018 ------------------------------------------------------------------------------ DEBT INDEX SECURITIES--4.9% Dow Jones CDX HY 6-T2 144A 7.375%, 6/29/11(b) 4,500 4,626,450 ------------------------------------------------------------------------------ TOTAL DEBT INDEX SECURITIES (IDENTIFIED COST $4,376,925) 4,626,450 ------------------------------------------------------------------------------ SHARES VALUE ------------ ------------- DOMESTIC CONVERTIBLE PREFERRED STOCKS--0.3% DIVERSIFIED BANKS--0.3% Bank of America Corp. Pfd. 6.204% 10,800 269,460 ------------------------------------------------------------------------------ TOTAL DOMESTIC CONVERTIBLE PREFERRED STOCKS (IDENTIFIED COST $270,000) 269,460 ------------------------------------------------------------------------------ TOTAL LONG TERM INVESTMENTS--95.6% (IDENTIFIED COST $90,050,106) 90,173,267 ------------- PAR VALUE (000) VALUE ------------ ------------- SHORT-TERM INVESTMENTS--29.1% FEDERAL AGENCY SECURITIES(h)--18.5% FHLB 4.85%, 1/4/07 $ 10,800 $ 10,798,545 FNMA 5.13%, 1/19/07 1,800 1,795,896 FHLB 5.15%, 1/24/07 4,900 4,884,518 ------------- 17,478,959 ------------- COMMERCIAL PAPER--10.6% World Bank Discount Notes 5.11%, 2/12/07 10,000 9,942,276 ------------------------------------------------------------------------------ TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $27,415,622) 27,421,235 ------------------------------------------------------------------------------ TOTAL INVESTMENTS--124.7% (IDENTIFIED COST $117,465,728) 117,594,502(a) Other assets and liabilities, net--(24.7)% (23,301,500) ------------- NET ASSETS--100.0% $ 94,293,002 ============= 5 Phoenix Bond Fund (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $676,163 and gross depreciation of $659,522 for federal income tax purposes. At December 31, 2006, the aggregate cost of securities for federal income tax purposes was $117,577,861. (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, 2006, these securities amounted to a value of $8,507,264 or 9.0% of net assets. (c) A corporate bond 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 1C "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 a when-issued security. (g) When-issued security. (h) The rate shown is the discount rate. 6 Phoenix Earnings Driven Growth Fund SCHEDULE OF INVESTMENTS DECEMBER 31, 2006 (UNAUDITED) SHARES VALUE ------------ ------------- DOMESTIC COMMON STOCKS--97.6% ADVERTISING--1.9% Lamar Advertising Co. Class A(b) 10,050 $ 657,169 AIR FREIGHT & LOGISTICS--2.3% UTI Worldwide, Inc. 26,180 782,782 APPAREL RETAIL--3.7% Crew (J.) Group, Inc.(b) 13,330 513,871 TJX Cos., Inc. (The) 26,240 748,365 ------------- 1,262,236 ------------- APPAREL, ACCESSORIES & LUXURY GOODS--3.8% Polo Ralph Lauren Corp. 9,430 732,334 VF Corp. 7,060 579,485 ------------- 1,311,819 ------------- APPLICATION SOFTWARE--2.0% Cadence Design Systems, Inc.(b) 39,070 699,744 BIOTECHNOLOGY--2.4% Genzyme Corp.(b) 13,570 835,641 CASINOS & GAMING--1.5% International Game Technology 11,500 531,300 COMMUNICATIONS EQUIPMENT--1.6% Foundry Networks, Inc.(b) 36,600 548,268 COMPUTER & ELECTRONICS RETAIL--1.7% Circuit City Stores, Inc. 30,680 582,306 COMPUTER STORAGE & PERIPHERALS--1.6% Network Appliance, Inc.(b) 13,710 538,529 CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--2.3% Oshkosh Truck Corp. 16,280 788,278 CONSTRUCTION MATERIALS--1.5% Vulcan Materials Co. 5,910 531,132 DATA PROCESSING & OUTSOURCED SERVICES--3.6% Alliance Data Systems Corp.(b) 9,250 577,847 Global Payments, Inc. 14,540 673,202 ------------- 1,251,049 ------------- ELECTRICAL COMPONENTS & EQUIPMENT--2.5% Ametek, Inc. 27,300 869,232 SHARES VALUE ------------ ------------- ELECTRONIC EQUIPMENT MANUFACTURERS--2.2% Agilent Technologies, Inc.(b) 21,690 $ 755,896 ELECTRONIC MANUFACTURING SERVICES--1.8% Molex, Inc. 19,390 613,306 FOOD RETAIL--1.5% Whole Foods Market, Inc. 11,360 533,125 HEALTH CARE EQUIPMENT--3.6% ArthroCare Corp.(b) 16,970 677,442 Cytyc Corp.(b) 20,530 580,999 ------------- 1,258,441 ------------- HEALTH CARE FACILITIES--2.0% LifePoint Hospitals, Inc.(b) 20,040 675,348 HEALTH CARE SERVICES--2.2% Quest Diagnostics, Inc. 14,400 763,200 HEALTH CARE SUPPLIES--2.9% Gen-Probe, Inc.(b) 18,960 992,935 HOME ENTERTAINMENT SOFTWARE--1.6% Activision, Inc.(b) 31,920 550,301 HOMEBUILDING--1.8% Centex Corp. 11,120 625,722 HOTELS, RESORTS & CRUISE LINES--0.9% Hilton Hotels Corp. 9,110 317,939 HOUSEHOLD PRODUCTS--1.8% Church & Dwight Co., Inc. 14,510 618,851 HUMAN RESOURCES & EMPLOYMENT SERVICES--2.7% Monster Worldwide, Inc.(b) 19,940 930,002 INDUSTRIAL MACHINERY--2.1% Harsco Corp. 9,670 735,887 INVESTMENT BANKING & BROKERAGE--1.9% Jefferies Group, Inc. 24,830 665,941 IT CONSULTING & OTHER SERVICES--2.0% Cognizant Technology Solutions Corp. Class A(b) 9,120 703,699 MANAGED HEALTH CARE--1.4% Humana, Inc.(b) 8,590 475,113 METAL & GLASS CONTAINERS--1.7% Ball Corp. 13,740 599,064 1 Phoenix Earnings Driven Growth Fund SHARES VALUE ------------ ------------- OIL & GAS EQUIPMENT & SERVICES--2.1% Grant Prideco, Inc.(b) 18,190 $ 723,416 OIL & GAS REFINING & MARKETING--2.4% Sunoco, Inc. 13,380 834,377 PERSONAL PRODUCTS--2.2% NBTY, Inc.(b) 18,460 767,382 PHARMACEUTICALS--1.8% Sepracor, Inc.(b) 9,960 613,337 REAL ESTATE MANAGEMENT & DEVELOPMENT--2.2% CB Richard Ellis Group, Inc. Class A(b) 23,050 765,260 SEMICONDUCTOR EQUIPMENT--4.4% KLA-Tencor Corp. 14,800 736,300 MEMC Electronic Materials, Inc.(b) 20,120 787,497 ------------- 1,523,797 ------------- SEMICONDUCTORS--5.4% Intersil Corp. Class A 32,530 778,118 Microchip Technology, Inc. 19,640 642,228 SiRF Technology Holdings, Inc.(b) 17,110 436,647 ------------- 1,856,993 ------------- SPECIALIZED FINANCE--0.4% Nymex Holdings Inc(b) 1,100 136,411 SPECIALTY CHEMICALS--1.8% Rohm and Haas Co. 12,050 615,996 SPECIALTY STORES--3.8% Dick's Sporting Goods, Inc.(b) 13,150 644,219 Office Depot, Inc.(b) 17,990 686,678 ------------- 1,330,897 ------------- WIRELESS TELECOMMUNICATION SERVICES--4.6% American Tower Corp. Class A(b) 21,940 817,923 NII Holdings, Inc.(b) 11,770 758,459 ------------- 1,576,382 ------------- ------------------------------------------------------------------------------ TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $29,290,533) 33,748,503 ------------------------------------------------------------------------------ FOREIGN COMMON STOCKS(c)--2.7% ASSET MANAGEMENT & CUSTODY BANKS--2.7% Amvescap plc Sponsored ADR (United States) 38,210 941,876 ------------------------------------------------------------------------------ TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $709,401) 941,876 ------------------------------------------------------------------------------ TOTAL INVESTMENTS--100.3% (IDENTIFIED COST $29,999,934) 34,690,379(a) Other assets and liabilities, net--(0.3)% (114,796) ------------- NET ASSETS--100.0% $ 34,575,583 ============= (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $5,594,428 and gross depreciation of $903,983 for federal income tax purposes. At December 31, 2006, the aggregate cost of securities for federal income tax purposes was $29,999,934. (b) Non-income producing. (c) A common stock 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 1C "Foreign Security Country Determination" in the Notes to Schedules of Investments. 2 Phoenix Growth Opportunities Fund SCHEDULE OF INVESTMENTS DECEMBER 31, 2006 (UNAUDITED) SHARES VALUE ------------ ------------- DOMESTIC COMMON STOCKS--86.9% AEROSPACE & DEFENSE--1.4% Precision Castparts Corp. 1,550 $ 121,334 AGRICULTURAL PRODUCTS--1.7% Archer Daniels Midland Co. 3,390 108,345 Bunge Ltd. 610 44,231 ------------- 152,576 ------------- AIRLINES--1.3% US Airways Group, Inc.(b) 2,080 112,008 AIR FREIGHT & LOGISTICS--1.0% Robinson (C.H.) Worldwide, Inc. 2,200 89,958 APPAREL, ACCESSORIES & LUXURY GOODS--2.9% Coach, Inc.(b) 2,850 122,436 Polo Ralph Lauren Corp. 1,090 84,649 Under Armour, Inc. Class A(b) 1,060 53,477 ------------- 260,562 ------------- APPLICATION SOFTWARE--1.8% Salesforce.Com, Inc.(b) 4,440 161,838 BIOTECHNOLOGY--4.0% Celgene Corp.(b) 2,300 132,319 Gilead Sciences, Inc.(b) 3,500 227,255 ------------- 359,574 ------------- BROADCASTING & CABLE TV--1.5% Comcast Corp. Class A(b) 3,140 132,916 CASINOS & GAMING--3.7% International Game Technology 3,190 147,378 Las Vegas Sands Corp.(b) 1,990 178,065 ------------- 325,443 ------------- COMMUNICATIONS EQUIPMENT--6.2% Cisco Systems, Inc.(b) 13,160 359,663 F5 Networks, Inc.(b) 1,440 106,862 JDS Uniphase Corp.(b) 4,916 81,901 ------------- 548,426 ------------- COMPUTER HARDWARE--5.2% Apple, Inc.(b) 2,320 196,829 Dell, Inc.(b) 4,900 122,941 SHARES VALUE ------------ ------------- COMPUTER HARDWARE--(CONTINUED) Sun Microsystems, Inc.(b) 25,540 $ 138,427 ------------- 458,197 ------------- COMPUTER STORAGE & PERIPHERALS--2.0% Network Appliance, Inc.(b) 2,070 81,309 SanDisk Corp.(b) 2,160 92,945 ------------- 174,254 ------------- CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--1.4% Deere & Co. 1,300 123,591 CONSUMER ELECTRONICS--1.0% Harman International Industries, Inc. 900 89,919 DATA PROCESSING & OUTSOURCED SERVICES--0.7% Global Payments, Inc. 1,390 64,357 ELECTRICAL COMPONENTS & EQUIPMENT--1.4% Roper Industries, Inc. 2,550 128,112 ELECTRONIC EQUIPMENT MANUFACTURERS--1.1% Sunpower Corp.-Class A(b) 2,710 100,731 FERTILIZERS & AGRICULTURAL CHEMICALS--1.8% Monsanto Co. 3,080 161,792 HEALTH CARE EQUIPMENT--3.1% Baxter International, Inc. 3,700 171,643 Intuitive Surgical, Inc.(b) 1,040 99,736 ------------- 271,379 ------------- HOME ENTERTAINMENT SOFTWARE--1.2% Electronic Arts, Inc.(b) 2,070 104,245 HUMAN RESOURCES & EMPLOYMENT SERVICES--1.5% Monster Worldwide, Inc.(b) 2,830 131,991 INDUSTRIAL CONGLOMERATES--4.6% General Electric Co. 11,080 412,287 INTERNET RETAIL--1.2% Nutri/System, Inc.(b) 1,730 109,665 INTERNET SOFTWARE & SERVICES--5.4% Akamai Technologies, Inc.(b) 2,350 124,832 Google, Inc. Class A(b) 780 359,175 ------------- 484,007 ------------- INVESTMENT BANKING & BROKERAGE--4.0% Charles Schwab Corp. (The) 8,500 164,390 1 Phoenix Growth Opportunities Fund SHARES VALUE ------------ ------------- INVESTMENT BANKING & BROKERAGE--(CONTINUED) Goldman Sachs Group, Inc. (The) 970 $ 193,370 ------------- 357,760 ------------- LIFE SCIENCES TOOLS & SERVICES--3.7% Applera Corp. - Applied Biosystems Group 2,210 81,085 Covance, Inc.(b) 1,670 98,380 Thermo Fisher Scientific(b) 3,260 147,645 ------------- 327,110 ------------- MOVIES & ENTERTAINMENT--1.1% News Corp. Class A 4,490 96,445 OIL & GAS EQUIPMENT & SERVICES--1.5% Cooper Cameron Corp.(b) 2,540 134,747 OIL & GAS EXPLORATION & PRODUCTION--1.3% XTO Energy, Inc. 2,440 114,802 PHARMACEUTICALS--1.3% Allergan, Inc. 1,000 119,740 REAL ESTATE MANAGEMENT & DEVELOPMENT--1.7% CB Richard Ellis Group, Inc. Class A(b) 4,470 148,404 RESTAURANTS--1.3% Starbucks Corp.(b) 3,290 116,532 SEMICONDUCTOR EQUIPMENT--2.2% KLA-Tencor Corp. 3,860 192,035 SEMICONDUCTORS--5.1% Broadcom Corp. Class A(b) 4,220 136,348 NVIDIA Corp.(b) 4,300 159,143 Texas Instruments, Inc. 5,320 153,216 ------------- 448,707 ------------- SPECIALIZED FINANCE--3.8% Chicago Mercantile Exchange Holdings, Inc. 340 173,315 IntercontinentalExchange, Inc.(b) 380 41,002 Nasdaq Stock Market, Inc. (The)(b) 3,860 118,849 ------------- 333,166 ------------- WIRELESS TELECOMMUNICATION SERVICES--2.8% Crown Castle International Corp.(b) 3,790 122,417 NII Holdings, Inc.(b) 1,900 122,436 ------------- 244,853 ------------- ------------------------------------------------------------------------------ TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $6,333,755) 7,713,463 ------------------------------------------------------------------------------ SHARES VALUE ------------ ------------- FOREIGN COMMON STOCKS(c)--12.1% ADVERTISING--1.5% Focus Media Holding Ltd. ADR (China)(b) 1,950 $ 129,460 COMMUNICATIONS EQUIPMENT--2.5% Nokia Oyj Sponsored ADR (Finland) 5,680 115,418 Research In Motion Ltd. (United States)(b) 850 108,613 ------------- 224,031 ------------- DIVERSIFIED CAPITAL MARKETS--1.4% UBS AG (Switzerland) 2,090 126,090 DIVERSIFIED METALS & MINING--1.1% Cameco Corp. (Canada) 2,450 99,102 HEAVY ELECTRICAL EQUIPMENT--1.5% ABB Ltd. Sponsored ADR (Switzerland) 7,450 133,951 PHARMACEUTICALS--3.1% Roche Holding AG Sponsored ADR (Switzerland) 1,320 118,137 Shire Pharmaceuticals Group plc ADR (United Kingdom) 2,450 151,312 ------------- 269,449 ------------- SEMICONDUCTORS--1.0% Qimonda AG Sponsored ADR (Germany)(b) 5,200 91,052 ------------------------------------------------------------------------------ TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $960,246) 1,073,135 ------------------------------------------------------------------------------ TOTAL LONG TERM INVESTMENTS--99.0% (IDENTIFIED COST $7,294,001) 8,786,598 ------------- SHORT-TERM INVESTMENTS--1.1% MONEY MARKET MUTUAL FUNDS--1.1% BlackRock Liquidity Funds TempCash Portfolio (5.04% seven day effective yield) 99,398 99,398 ------------------------------------------------------------------------------ TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $99,398) 99,398 ------------------------------------------------------------------------------ TOTAL INVESTMENTS--100.1% (IDENTIFIED COST $7,393,399) 8,885,996(a) Other assets and liabilities, net--(0.1)% (10,696) ------------- NET ASSETS--100.0% $ 8,875,300 ============= 2 Phoenix Growth Opportunities Fund (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $1,524,045 and gross depreciation of $88,587 for federal income tax purposes. At December 31, 2006, the aggregate cost of securities for federal income tax purposes was $7,450,538. (b) Non-income producing. (c) A common stock 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 1C "Foreign Security Country Determination" in the Notes to Schedules of Investments. 3 PHOENIX OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2006 (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. 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. 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 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 NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2006 (UNAUDITED) D. 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. E. 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. F. DEBT INDEX SECURITIES: Certain Funds may invest in securities that represent an interest in a diversified portfolio (the "basket") of debt instruments (the "underlying securities"). Under the term of the baskets, the Fund has direct ownership in each underlying security equal to its pro rata interest in the basket. In the event of default of any underlying security, the notional amount on which interest is earned is reduced by the par amount of the defaulted security, and the pro rata interest of such security is distributed to the Fund. Debt index securities are comprised of a basket of credit default swaps referencing a diversified pool of high yield or emerging markets debt instruments. Certain baskets may be purchased on a funded or unfunded basis such that the Fund receives interest payments based upon the notional amount or par amount of the basket. In connection with these investments collateral may be set aside by the Fund's custodian. In the event of default of any of the underlying notional securities within the unfunded basket, the Fund will be required to pay the counterparty an amount equal to its pro rata share of the notional amount of the defaulted security and similarly the Fund will then receive its pro rata interest of the defaulted security or equivalent cash amount. In a funded transaction, in the event of default of any par securities in the funded basket, the Fund would be required to receive its pro rata interest of the defaulted security or equivalent cash amount. 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 2 PHOENIX OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2006 (UNAUDITED) 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, 2006, the Bond Fund held $67,995,531 in securities issued or guaranteed by the U.S. Government, comprising 72% of the total net assets of the Fund. The Earnings Driven Growth Fund and the Growth Opportunities Fund held securities issued by various companies in the Information Technology sector, comprising 26% and 35%, respectively, of the total net assets of the Fund. 3 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, President (principal executive officer) Date February 23, 2007 ---------------------------------------------------------------------------- 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 February 23, 2007 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ W. Patrick Bradley ------------------------------------------------------- W. Patrick Bradley, Chief Financial Officer and Treasurer (principal financial officer) Date February 23, 2007 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.