N-Q 1 g31576phnxeqtrust_nq.txt PHOENIX EQUITY TRUST N-Q 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 811-00945 --------- Phoenix Equity Trust -------------------------------------------------- (Exact name of registrant as specified in charter) 101 Munson Street Greenfield, MA 01301 -------------------------------------------------- (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) 243-1574 -------------- Date of fiscal year end: June 30 ------- Date of reporting period: March 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 EQUITY TRUST GLOSSARY MARCH 31, 2006 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. GDR (GLOBAL DEPOSITARY RECEIPT) A negotiable certificate held in the bank of one country representing a specific number of shares of a stock traded on an exchange of another country. NVDR (NON-VOTING DEPOSITARY RECEIPT) Trading instruments issued in place of stocks by the Stock Exchange of Thailand in order to simulate foreign investment in Thai companies. NVDR holders receive all financial benefits as a company's ordinary shareholders - dividends, right issues, or warrants - except voting rights. 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. Phoenix Mid-Cap Value Fund SCHEDULE OF INVESTMENTS MARCH 31, 2006 (UNAUDITED) SHARES VALUE ------------ ------------- DOMESTIC COMMON STOCKS--86.3% AEROSPACE & DEFENSE--3.5% Raytheon Co. 199,200 $ 9,131,328 APPAREL RETAIL--8.7% Foot Locker, Inc. 515,600 12,312,528 Limited Brands, Inc. 429,400 10,503,124 ------------- 22,815,652 ------------- AUTO PARTS & EQUIPMENT--2.2% Lear Corp. 328,400 5,822,532 BUILDING PRODUCTS--0.7% American Standard Cos., Inc. 42,450 1,819,407 DEPARTMENT STORES--4.2% Penney (J.C.) Co., Inc. 183,000 11,055,030 DIVERSIFIED CHEMICALS--4.1% Hercules, Inc.(b) 784,400 10,824,720 ELECTRIC UTILITIES--3.7% Cinergy Corp. 108,900 4,945,149 Reliant Energy, Inc.(b) 442,400 4,680,592 ------------- 9,625,741 ------------- ELECTRICAL COMPONENTS & EQUIPMENT--2.4% Thomas & Betts Corp.(b) 122,000 6,268,360 ENVIRONMENTAL & FACILITIES SERVICES--8.0% Allied Waste Industries, Inc.(b) 974,800 11,931,552 Waste Management, Inc. 260,800 9,206,240 ------------- 21,137,792 ------------- FOOD RETAIL--3.5% Safeway, Inc. 54,950 1,380,344 SUPERVALU, Inc. 254,200 7,834,444 ------------- 9,214,788 ------------- GAS UTILITIES--3.6% ONEOK, Inc. 295,900 9,542,775 GENERAL MERCHANDISE STORES--2.9% Big Lots, Inc.(b) 552,100 7,707,316 HOUSEWARES & SPECIALTIES--2.9% Fortune Brands, Inc. 96,200 7,756,606 SHARES VALUE ------------ ------------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--4.2% Dynegy, Inc. Class A(b) 1,293,700 $ 6,209,760 NRG Energy, Inc.(b) 107,900 4,879,238 ------------- 11,088,998 ------------- LEISURE PRODUCTS--2.0% Brunswick Corp. 135,700 5,273,302 METAL & GLASS CONTAINERS--6.3% Crown Holdings, Inc.(b) 512,500 9,091,750 Pactiv Corp.(b) 303,800 7,455,252 ------------- 16,547,002 ------------- MULTI-UTILITIES--4.9% Duke Energy Corp. 447,500 13,044,625 OFFICE SERVICES & SUPPLIES--2.0% ACCO Brands Corp.(b) 237,232 5,266,550 OIL & GAS EQUIPMENT & SERVICES--1.0% FMC Technologies, Inc.(b) 50,500 2,586,610 PACKAGED FOODS & MEATS--6.9% Del Monte Foods Co. 826,500 9,802,290 Sara Lee Corp. 470,400 8,410,752 ------------- 18,213,042 ------------- PAPER PACKAGING--3.2% Packaging Corporation of America 378,500 8,493,540 PROPERTY & CASUALTY INSURANCE--0.8% Alleghany Corp.(b) 7,135 2,065,554 TRUCKING--4.6% Laidlaw International, Inc. 441,900 12,019,680 ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $207,135,914) 227,320,950 ----------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--9.3% COMMODITY CHEMICALS--2.2% NOVA Chemicals Corp. (United States) 199,000 5,671,500 FOOD RETAIL--4.4% Koninklijke Ahold NV Sponsored ADR (Netherlands)(b) 1,479,800 11,542,440 HEAVY ELECTRICAL EQUIPMENT--2.7% ABB Ltd. Sponsored ADR (Switzerland)(b) 572,500 7,184,875 1 Phoenix Mid-Cap Value Fund ----------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $22,671,074) 24,398,815 ----------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--95.6% (IDENTIFIED COST $229,806,988) 251,719,765 ----------------------------------------------------------------------------- PAR VALUE (000) VALUE ------------ ------------- SHORT-TERM INVESTMENTS--5.3% COMMERCIAL PAPER(d)--5.3% Cargill, Inc. 4.75%, 4/3/06 $ 2,000 $ 1,999,472 Goldman Sachs Group, Inc. (The) 4.78%, 4/3/06 1,345 1,344,643 Goldman Sachs Group, Inc. (The) 4.85%, 4/4/06 2,485 2,483,995 Preferred Receivables Funding Corp. 4.66%, 4/13/06 2,050 2,046,816 UBS Finance Delaware LLC 4.475%, 4/17/06 600 598,763 Clipper Receivables Co. LLC 4.75%, 4/26/06 1,453 1,448,207 Govco, Inc. 4.76%, 4/28/06 2,135 2,127,378 Danske Corp. 4.80%, 5/15/06 2,000 1,988,267 ----------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $14,037,585) 14,037,541 ----------------------------------------------------------------------------- TOTAL INVESTMENTS--100.9% (IDENTIFIED COST $243,844,573) 265,757,306(a) Other assets and liabilities, net--(0.9)% (2,451,612) ------------- NET ASSETS--100.0% $ 263,305,694 ============= (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $31,025,540 and gross depreciation of $9,233,630 for federal income tax purposes. At March 31, 2006, the aggregate cost of securities for federal income tax purposes was $243,965,396. (b) Non-income producing. (c) 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 1D "Foreign Security Country Determination" in the Notes to Schedules of Investments. (d) The rate shown is the discount rate. 2 Phoenix Pathfinder Fund SCHEDULE OF INVESTMENTS MARCH 31, 2006 (UNAUDITED) SHARES VALUE ----------- ------------ DOMESTIC COMMON STOCKS--98.5% AEROSPACE & DEFENSE--2.9% Northrop Grumman Corp. 1,300 $ 88,777 APPAREL RETAIL--1.3% Abercrombie & Fitch Co. Class A 700 40,810 ASSET MANAGEMENT & CUSTODY BANKS--0.6% Franklin Resources, Inc. 200 18,848 BIOTECHNOLOGY--0.2% Gilead Sciences, Inc.(b) 100 6,222 COMMUNICATIONS EQUIPMENT--1.3% Cisco Systems, Inc.(b) 1,900 41,173 COMPUTER & ELECTRONICS RETAIL--2.6% GameStop Corp. Class A(b) 1,700 80,138 CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.9% PACCAR, Inc. 400 28,192 DEPARTMENT STORES--1.3% Dillard's, Inc. Class A 1,600 41,664 DISTRIBUTORS--1.1% Building Materials Holding Corp. 1,000 35,640 DIVERSIFIED BANKS--0.4% Wells Fargo & Co. 200 12,774 DIVERSIFIED CHEMICALS--0.5% Ashland, Inc. 200 14,216 DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.1% PHH Corp.(b) 100 2,670 DIVERSIFIED METALS & MINING--2.8% Phelps Dodge Corp. 1,080 86,972 ELECTRIC UTILITIES--1.2% Edison International 100 4,118 FirstEnergy Corp. 700 34,230 ------------ 38,348 ------------ FOREST PRODUCTS--0.3% Louisiana-Pacific Corp. 400 10,880 HEALTH CARE DISTRIBUTORS--2.3% AmerisourceBergen Corp. 1,500 72,405 SHARES VALUE ----------- ------------ HOME IMPROVEMENT RETAIL--1.8% Home Depot, Inc. (The) 1,000 $ 42,300 Sherwin-Williams Co. (The) 300 14,832 ------------ 57,132 ------------ HOMEBUILDING--0.6% William Lyon Homes, Inc.(b) 200 19,136 HOUSEHOLD APPLIANCES--0.3% Black & Decker Corp. (The) 100 8,689 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--1.3% TXU Corp. 918 41,090 INSURANCE BROKERS--1.3% AON Corp. 1,000 41,510 INTEGRATED OIL & GAS--15.8% Amerada Hess Corp. 200 28,480 Chevron Corp. 470 27,246 ConocoPhillips 1,400 88,410 Exxon Mobil Corp. 4,460 271,435 Marathon Oil Corp. 500 38,085 Occidental Petroleum Corp. 400 37,060 ------------ 490,716 ------------ INTEGRATED TELECOMMUNICATION SERVICES--5.4% AT&T, Inc. 4,000 108,160 BellSouth Corp. 100 3,465 CenturyTel, Inc. 1,300 50,856 Talk America Holdings, Inc.(b) 600 5,118 ------------ 167,599 ------------ INTERNET RETAIL--0.1% Netflix, Inc.(b) 100 2,899 INVESTMENT BANKING & BROKERAGE--9.9% Bear Stearns Cos., Inc. (The) 800 110,960 Lehman Brothers Holdings, Inc. 800 115,624 Morgan Stanley 1,300 81,666 ------------ 308,250 ------------ LIFE & HEALTH INSURANCE--3.5% Lincoln National Corp. 200 10,918 MetLife, Inc. 1,572 76,038 Prudential Financial, Inc. 200 15,162 1 Phoenix Pathfinder Fund SHARES VALUE ----------- ------------ LIFE & HEALTH INSURANCE--(CONTINUED) Torchmark Corp. 125 $ 7,137 ------------ 109,255 ------------ MULTI-LINE INSURANCE--4.0% American International Group, Inc. 500 33,045 Assurant, Inc. 300 14,775 Hartford Financial Services Group, Inc. (The) 954 76,845 ------------ 124,665 ------------ OIL & GAS REFINING, & MARKETING--1.2% Valero Energy Corp. 600 35,868 OIL & GAS STORAGE & TRANSPORTATION--1.1% Teekay Shipping Corp. 900 33,363 OTHER DIVERSIFIED FINANCIAL SERVICES--3.9% Bank of America Corp. 2,657 121,000 PACKAGED FOODS & MEATS--0.1% Gold Kist, Inc. 163 2,060 PHARMACEUTICALS--1.2% Alpharma, Inc. Class A 800 21,456 King Pharmaceuticals, Inc.(b) 900 15,525 ------------ 36,981 ------------ PROPERTY & CASUALTY INSURANCE--6.9% Chubb Corp. (The) 700 66,808 CNA Financial Corp.(b) 2,900 92,336 Progressive Corp. (The) 17 1,772 St. Paul Travelers Cos., Inc. (The) 1,300 54,327 ------------ 215,243 ------------ RAILROADS--2.7% CSX Corp. 1,400 83,720 REGIONAL BANKS--5.7% KeyCorp 597 21,970 PNC Financial Services Group, Inc. (The) 1,200 80,772 Zions Bancorp 900 74,457 ------------ 177,199 ------------ RESTAURANTS--1.6% Darden Restaurants, Inc. 1,200 49,236 SEMICONDUCTORS--2.1% Texas Instruments, Inc. 2,000 64,940 SHARES VALUE ----------- ------------ SPECIALIZED CONSUMER SERVICES--1.0% Jackson Hewitt Tax Service Inc. 1,000 $ 31,580 STEEL--5.2% Nucor Corp. 1,182 123,862 Reliance Steel & Aluminum Co. 200 18,784 United States Steel Corp. 300 18,204 ------------ 160,850 ------------ TOBACCO--2.0% Reynolds American, Inc. 600 63,300 ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $2,817,697) 3,066,010 ----------------------------------------------------------------------------- TOTAL INVESTMENTS--98.5% (IDENTIFIED COST $2,817,697) 3,066,010(a) Other assets and liabilities, net--1.5% 46,780 ------------ NET ASSETS--100.0% $ 3,112,790 ============ (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $280,080 and gross depreciation of $31,767 for federal income tax purposes. At March 31, 2006, the aggregate cost of securities for federal income tax purposes was $2,817,697. (b) Non-income producing. 2 Phoenix Relative Value Fund SCHEDULE OF INVESTMENTS MARCH 31, 2006 (UNAUDITED) SHARES VALUE ----------- ------------ DOMESTIC COMMON STOCKS--91.4% AEROSPACE & DEFENSE--2.0% United Technologies Corp. 840 $ 48,695 AIR FREIGHT & LOGISTICS--2.1% FedEx Corp. 450 50,823 ASSET MANAGEMENT & CUSTODY BANKS--3.8% Mellon Financial Corp. 1,320 46,992 Northern Trust Corp. 850 44,625 ------------ 91,617 ------------ COMMUNICATIONS EQUIPMENT--1.8% Motorola, Inc. 1,920 43,987 COMPUTER HARDWARE--3.9% Hewlett-Packard Co. 1,570 51,653 International Business Machines Corp. 530 43,709 ------------ 95,362 ------------ DATA PROCESSING & OUTSOURCED SERVICES--2.0% Computer Sciences Corp.(b) 870 48,328 DIVERSIFIED BANKS--1.7% Comerica, Inc. 700 40,579 ELECTRIC UTILITIES--1.7% Exelon Corp. 790 41,791 ELECTRICAL COMPONENTS & EQUIPMENT--2.4% Cooper Industries Ltd. Class A 660 57,354 FOOTWEAR--2.0% NIKE, Inc. Class B 560 47,656 HEALTH CARE EQUIPMENT--4.3% Becton, Dickinson & Co. 800 49,264 Thermo Electron Corp.(b) 1,485 55,079 ------------ 104,343 ------------ HEALTH CARE SUPPLIES--1.4% Bausch & Lomb, Inc. 540 34,398 HOMEBUILDING--1.7% Lennar Corp. Class A 690 41,662 HOUSEHOLD APPLIANCES--2.0% Black & Decker Corp. (The) 550 47,789 SHARES VALUE ----------- ------------ HOUSEHOLD PRODUCTS--3.7% Clorox Co. (The) 750 $ 44,888 Procter & Gamble Co. (The) 760 43,791 ------------ 88,679 ------------ INDUSTRIAL CONGLOMERATES--1.8% 3M Co. 580 43,900 INDUSTRIAL GASES--2.0% Praxair, Inc. 890 49,083 INDUSTRIAL MACHINERY--2.2% Eaton Corp. 740 53,998 INSURANCE BROKERS--2.3% AON Corp. 1,330 55,208 INTEGRATED OIL & GAS--7.0% Chevron Corp. 690 39,999 ConocoPhillips 650 41,048 Exxon Mobil Corp. 700 42,602 Occidental Petroleum Corp. 510 47,251 ------------ 170,900 ------------ INVESTMENT BANKING & BROKERAGE--6.6% Goldman Sachs Group, Inc. (The) 330 51,797 Lehman Brothers Holdings, Inc. 390 56,367 Merrill Lynch & Co., Inc. 670 52,769 ------------ 160,933 ------------ LIFE & HEALTH INSURANCE--3.6% Lincoln National Corp. 840 45,855 MetLife, Inc. 870 42,082 ------------ 87,937 ------------ MANAGED HEALTH CARE--3.9% Aetna, Inc. 1,040 51,105 UnitedHealth Group, Inc. 800 44,688 ------------ 95,793 ------------ MOTORCYCLE MANUFACTURERS--1.8% Harley-Davidson, Inc. 850 44,098 OIL & GAS EQUIPMENT & SERVICES--1.8% Tidewater, Inc. 790 43,632 OTHER DIVERSIFIED FINANCIAL SERVICES--1.9% Bank of America Corp. 990 45,085 1 Phoenix Relative Value Fund SHARES VALUE ----------- ------------ PACKAGED FOODS & MEATS--1.7% Kellogg Co. 940 $ 41,398 PHARMACEUTICALS--3.4% Johnson & Johnson 660 39,085 Wyeth 920 44,639 ------------ 83,724 ------------ PROPERTY & CASUALTY INSURANCE--1.7% Allstate Corp. (The) 770 40,125 SEMICONDUCTORS--5.2% Intel Corp. 1,780 34,443 National Semiconductor Corp. 1,650 45,936 Texas Instruments, Inc. 1,440 46,757 ------------ 127,136 ------------ SPECIALTY STORES--2.4% Office Depot, Inc.(b) 1,590 59,212 SYSTEMS SOFTWARE--1.8% Microsoft Corp. 1,600 43,536 WIRELESS TELECOMMUNICATION SERVICES--3.8% ALLTEL Corp. 690 44,678 Sprint Nextel Corp. 1,872 48,372 ------------ 93,050 ------------ ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $2,095,212) 2,221,811 ----------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--4.1% APPLICATION SOFTWARE--2.3% Amdocs Ltd. (United States)(b) 1,550 55,893 PROPERTY & CASUALTY INSURANCE--1.8% ACE Ltd. (United States) 850 44,209 ----------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $85,081) 100,102 ----------------------------------------------------------------------------- EXCHANGE TRADED FUNDS--2.3% iShares S&P 500 Index Fund 420 54,558 ----------------------------------------------------------------------------- TOTAL EXCHANGE TRADED FUNDS (IDENTIFIED COST $51,481) 54,558 ----------------------------------------------------------------------------- TOTAL INVESTMENTS--97.8% (IDENTIFIED COST $2,231,774) 2,376,471(a) Other assets and liabilities, net--2.2% 53,515 ------------ NET ASSETS--100.0% $ 2,429,986 ============ (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $193,622 and gross depreciation of $49,388 for federal income tax purposes. At March 31, 2006, the aggregate cost of securities for federal income tax purposes was $2,232,237. (b) Non-income producing. (c) 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 1D "Foreign security country determination" in the Notes to Schedules of Investments. 2 Phoenix Total Value Fund SCHEDULE OF INVESTMENTS MARCH 31, 2006 (UNAUDITED) SHARES VALUE ----------- ------------- DOMESTIC COMMON STOCKS--95.9% AEROSPACE & DEFENSE--2.0% General Dynamics Corp. 3,000 $ 191,940 Lockheed Martin Corp. 1,400 105,182 Northrop Grumman Corp. 1,414 96,562 United Technologies Corp. 3,090 179,127 ------------- 572,811 ------------- AGRICULTURAL PRODUCTS--0.3% Archer-Daniels-Midland Co. 2,200 74,030 AIR FREIGHT & LOGISTICS--0.7% FedEx Corp. 1,760 198,774 APPAREL RETAIL--0.2% Abercrombie & Fitch Co. Class A 1,200 69,960 ASSET MANAGEMENT & CUSTODY BANKS--3.2% Franklin Resources, Inc. 3,300 310,992 Mellon Financial Corp. 5,080 180,848 Northern Trust Corp. 7,030 369,075 Nuveen Investments, Inc. Class A 1,000 48,150 ------------- 909,065 ------------- AUTOMOTIVE RETAIL--0.2% AutoNation, Inc.(b) 2,800 60,340 BIOTECHNOLOGY--0.3% Gilead Sciences, Inc.(b) 1,200 74,664 BROADCASTING & CABLE TV--0.1% CBS Corp. Class B 1,500 35,970 BUILDING PRODUCTS--0.3% USG Corp.(b) 1,024 97,239 COAL & CONSUMABLE FUELS--0.3% Peabody Energy Corp. 1,800 90,738 COMMODITY CHEMICALS--0.1% Celanese Corp. Series A 800 16,776 COMMUNICATIONS EQUIPMENT--0.7% Motorola, Inc. 8,230 188,549 COMPUTER & ELECTRONICS RETAIL--0.6% GameStop Corp. Class A(b) 3,400 160,276 COMPUTER HARDWARE--3.4% Hewlett-Packard Co. 15,290 503,041 SHARES VALUE ----------- ------------- COMPUTER HARDWARE--(CONTINUED) International Business Machines Corp. 5,780 $ 476,677 ------------- 979,718 ------------- COMPUTER STORAGE & PERIPHERALS--0.6% EMC Corp.(b) 9,150 124,715 Komag, Inc.(b) 1,100 52,360 ------------- 177,075 ------------- CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.1% PACCAR, Inc. 500 35,240 CONSTRUCTION MATERIALS--0.6% Lafarge North America, Inc. 2,000 168,000 CONSUMER FINANCE--0.4% Capital One Financial Corp. 1,600 128,832 DATA PROCESSING & OUTSOURCED SERVICES--1.1% Computer Sciences Corp.(b) 5,450 302,748 DEPARTMENT STORES--0.3% Dillard's, Inc. Class A 2,900 75,516 DIVERSIFIED BANKS--2.6% Comerica, Inc. 3,130 181,446 U.S. Bancorp 9,600 292,800 Wachovia Corp. 5,000 280,250 ------------- 754,496 ------------- DIVERSIFIED CHEMICALS--0.5% Ashland, Inc. 2,100 149,268 DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.6% Dun & Bradstreet Corp.(b) 850 65,178 PHH Corp.(b) 4,209 112,380 ------------- 177,558 ------------- DIVERSIFIED METALS & MINING--1.5% Freeport-McMoRan Copper & Gold, Inc. Class B (Indonesia) 900 53,793 Phelps Dodge Corp. 4,712 379,457 ------------- 433,250 ------------- ELECTRIC UTILITIES--1.6% Allegheny Energy, Inc.(b) 2,500 84,625 Exelon Corp. 3,130 165,577 FirstEnergy Corp. 1,700 83,130 1 Phoenix Total Value Fund SHARES VALUE ----------- ------------- ELECTRIC UTILITIES--(CONTINUED) FPL Group, Inc. 2,900 $ 116,406 ------------- 449,738 ------------- ELECTRICAL COMPONENTS & EQUIPMENT--0.6% Cooper Industries Ltd. Class A 2,100 182,490 ELECTRONIC MANUFACTURING SERVICES--0.5% Jabil Circuit, Inc.(b) 3,510 150,439 ENVIRONMENTAL & FACILITIES SERVICES--1.0% Republic Services, Inc. 6,550 278,441 FOOTWEAR--0.6% NIKE, Inc. Class B 2,080 177,008 GAS UTILITIES--0.4% ONEOK, Inc. 3,200 103,200 HEALTH CARE DISTRIBUTORS--0.8% AmerisourceBergen Corp. 4,800 231,696 HEALTH CARE EQUIPMENT--1.3% Becton, Dickinson & Co. 2,730 168,113 Thermo Electron Corp.(b) 5,120 189,901 ------------- 358,014 ------------- HEALTH CARE SERVICES--0.3% Caremark Rx, Inc.(b) 1,050 51,639 Cerner Corp.(b) 900 42,705 ------------- 94,344 ------------- HEALTH CARE SUPPLIES--0.5% Bausch & Lomb, Inc. 2,090 133,133 HOME IMPROVEMENT RETAIL--0.1% Sherwin-Williams Co. (The) 800 39,552 HOMEBUILDING--0.6% Lennar Corp. Class A 3,080 185,970 HOUSEHOLD APPLIANCES--0.8% Black & Decker Corp. (The) 2,510 218,094 HOUSEHOLD PRODUCTS--1.2% Clorox Co. (The) 2,880 172,368 Procter & Gamble Co. (The) 2,930 168,827 ------------- 341,195 ------------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.2% TXU Corp. 980 43,865 INDUSTRIAL CONGLOMERATES--1.9% 3M Co. 2,410 182,413 SHARES VALUE ----------- ------------- INDUSTRIAL CONGLOMERATES--(CONTINUED) General Electric Co. 9,950 $ 346,061 ------------- 528,474 ------------- INDUSTRIAL GASES--0.7% Praxair, Inc. 3,410 188,062 INDUSTRIAL MACHINERY--0.7% Eaton Corp. 2,640 192,641 INSURANCE BROKERS--0.7% AON Corp. 5,000 207,550 INTEGRATED OIL & GAS--8.9% Chevron Corp. 4,461 258,604 ConocoPhillips 14,250 899,887 Exxon Mobil Corp. 13,117 798,301 Marathon Oil Corp. 5,041 383,973 Occidental Petroleum Corp. 1,980 183,447 ------------- 2,524,212 ------------- INTEGRATED TELECOMMUNICATION SERVICES--3.6% AT&T, Inc. 21,900 592,176 BellSouth Corp. 7,500 259,875 CenturyTel, Inc. 1,800 70,416 Talk America Holdings, Inc.(b) 600 5,118 Verizon Communications, Inc. 3,300 112,398 ------------- 1,039,983 ------------- INTERNET RETAIL--0.0% IAC/InterActiveCorp.(b) 100 2,947 INTERNET SOFTWARE & SERVICES--0.3% EarthLink, Inc.(b) 5,200 49,660 ValueClick, Inc.(b) 2,900 49,068 ------------- 98,728 ------------- INVESTMENT BANKING & BROKERAGE--4.3% Goldman Sachs Group, Inc. (The) 1,240 194,630 Lehman Brothers Holdings, Inc. 1,970 284,724 Merrill Lynch & Co., Inc. 3,190 251,245 Morgan Stanley 1,900 119,358 Schwab (Charles) Corp. (The) 15,500 266,755 TD Ameritrade Holding Corp. 4,700 98,089 ------------- 1,214,801 ------------- LEISURE PRODUCTS--0.0% Mattel, Inc. 300 5,439 LIFE & HEALTH INSURANCE--4.4% Conseco, Inc.(b) 5,600 138,992 Lincoln National Corp. 3,250 177,418 2 Phoenix Total Value Fund SHARES VALUE ----------- ------------- LIFE & HEALTH INSURANCE--(CONTINUED) MetLife, Inc. 13,482 $ 652,124 Principal Financial Group, Inc. 2,600 126,880 Prudential Financial, Inc. 2,041 154,728 ------------- 1,250,142 ------------- MANAGED HEALTH CARE--2.2% Aetna, Inc. 3,520 172,973 CIGNA Corp. 750 97,965 Health Net, Inc.(b) 2,500 127,050 Humana, Inc.(b) 1,000 52,650 UnitedHealth Group, Inc. 3,010 168,138 ------------- 618,776 ------------- MOTORCYCLE MANUFACTURERS--0.6% Harley-Davidson, Inc. 3,390 175,873 MOVIES & ENTERTAINMENT--0.2% Time Warner, Inc. 2,700 45,333 MULTI-LINE INSURANCE--2.1% Assurant, Inc. 3,400 167,450 Genworth Financial, Inc. Class A 3,550 118,676 Hartford Financial Services Group, Inc. (The) 4,025 324,214 ------------- 610,340 ------------- MULTI-UTILITIES--1.5% Duke Energy Corp. 2,500 72,875 PG&E Corp. 5,250 204,225 Sempra Energy 1,950 90,597 Xcel Energy, Inc. 3,400 61,710 ------------- 429,407 ------------- OIL & GAS EQUIPMENT & SERVICES--0.6% Tidewater, Inc. 3,330 183,916 OIL & GAS EXPLORATION & PRODUCTION--1.8% Burlington Resources, Inc. 1,500 137,865 Devon Energy Corp. 5,256 321,510 Southwestern Energy Co.(b) 1,400 45,066 ------------- 504,441 ------------- OIL & GAS REFINING, & MARKETING--2.6% Sunoco, Inc. 2,886 223,867 Tesoro Corp. 1,700 116,178 Valero Energy Corp. 6,524 390,005 ------------- 730,050 ------------- OTHER DIVERSIFIED FINANCIAL SERVICES--4.2% Bank of America Corp. 20,306 924,735 Citigroup, Inc. 3,700 174,751 SHARES VALUE ----------- ------------- OTHER DIVERSIFIED FINANCIAL SERVICES--(CONTINUED) JPMorgan Chase & Co. 2,600 $ 108,264 ------------- 1,207,750 ------------- PACKAGED FOODS & MEATS--1.8% Campbell Soup Co. 5,800 187,920 Gold Kist, Inc. 3,200 40,448 Kellogg Co. 4,070 179,243 Pilgrim's Pride Corp. 4,600 99,682 ------------- 507,293 ------------- PHARMACEUTICALS--2.7% Alpharma, Inc. Class A 100 2,682 Johnson & Johnson 4,560 270,043 King Pharmaceuticals, Inc.(b) 9,290 160,253 Pfizer, Inc. 5,950 148,274 Wyeth 3,750 181,950 ------------- 763,202 ------------- PROPERTY & CASUALTY INSURANCE--4.0% Allstate Corp. (The) 2,860 149,035 Axis Capital Holdings Ltd. 4,050 121,095 Berkley (W.R.) Corp. 2,950 171,277 Chubb Corp. (The) 3,950 376,988 Progressive Corp. (The) 128 13,345 St. Paul Travelers Cos., Inc. (The) 7,079 295,831 ------------- 1,127,571 ------------- PUBLISHING & PRINTING--0.1% Donnelley (R.H.) Corp. 700 40,761 RAILROADS--1.0% Burlington Northern Santa Fe Corp. 1,500 124,995 CSX Corp. 2,865 171,327 ------------- 296,322 ------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.4% CB Richard Ellis Group, Inc. Class A(b) 1,550 125,085 REGIONAL BANKS--2.7% AmSouth Bancorp 1,200 32,460 Colonial BancGroup, Inc. (The) 3,200 80,000 KeyCorp 8,800 323,840 PNC Financial Services Group, Inc. (The) 3,800 255,778 Zions Bancorp 900 74,457 ------------- 766,535 ------------- RESTAURANTS--2.2% Brinker International, Inc. 2,000 84,500 Darden Restaurants, Inc. 10,750 441,072 3 Phoenix Total Value Fund SHARES VALUE ----------- ------------- RESTAURANTS--(CONTINUED) Yum! Brands, Inc. 2,350 $ 114,821 ------------- 640,393 ------------- SEMICONDUCTORS--2.0% Intel Corp. 10,510 203,368 National Semiconductor Corp. 6,290 175,114 Texas Instruments, Inc. 5,640 183,131 ------------- 561,613 ------------- SPECIALIZED CONSUMER SERVICES--0.5% ServiceMaster Co. (The) 10,450 137,104 SPECIALIZED FINANCE--0.3% Moody's Corp. 1,100 78,606 SPECIALTY STORES--0.7% Office Depot, Inc.(b) 5,340 198,862 STEEL--2.0% Nucor Corp. 4,043 423,666 Quanex Corp. 700 46,641 Reliance Steel & Aluminum Co. 100 9,392 United States Steel Corp. 1,300 78,884 ------------- 558,583 ------------- SYSTEMS SOFTWARE--0.6% Microsoft Corp. 6,530 177,681 TECHNOLOGY DISTRIBUTORS--0.3% Ingram Micro, Inc. Class A(b) 3,900 78,000 THRIFTS & MORTGAGE FINANCE--0.2% Radian Group, Inc. 300 18,075 Sovereign Bancorp, Inc. 1,800 39,438 ------------- 57,513 ------------- TRUCKING--0.1% YRC Worldwide, Inc.(b) 800 30,448 WIRELESS TELECOMMUNICATION SERVICES--1.8% ALLTEL Corp. 2,840 183,890 Sprint Nextel Corp. 12,360 319,382 ------------- 503,272 ------------- ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $25,059,751) 27,325,781 ----------------------------------------------------------------------------- SHARES VALUE ----------- ------------- FOREIGN COMMON STOCKS(c)--1.9% APPLICATION SOFTWARE--0.7% Amdocs Ltd. (United States)(b) 5,320 $ 191,840 IT CONSULTING & OTHER SERVICES--0.6% Accenture Ltd. Class A (United States) 5,400 162,378 PROPERTY & CASUALTY INSURANCE--0.6% ACE Ltd. (United States) 3,320 172,673 REINSURANCE--0.0% Endurance Specialty Holdings Ltd. (United States) 322 10,481 ----------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $459,618) 537,372 ----------------------------------------------------------------------------- EXCHANGE TRADED FUNDS--0.3% iShares S&P 500 Index Fund 600 77,940 ----------------------------------------------------------------------------- TOTAL EXCHANGE TRADED FUNDS (IDENTIFIED COST $76,746) 77,940 ----------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--98.1% (IDENTIFIED COST $25,596,115) 27,941,093 ----------------------------------------------------------------------------- PAR VALUE (000) VALUE ----------- ------------- SHORT-TERM INVESTMENTS--1.3% COMMERCIAL PAPER(d)--1.3% Goldman Sachs Group Inc, (The) 4.78%, 4/3/06 $ 375 374,900 ----------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $374,901) 374,900 ----------------------------------------------------------------------------- TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $25,971,016) 28,315,993(a) Other assets and liabilities, net--0.6% 168,474 ------------- NET ASSETS--100.0% $ 28,484,467 ============= (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $2,746,351 and gross depreciation of $416,240 for federal income tax purposes. At March 31, 2006, the aggregate cost of securities for federal income tax purposes was $25,985,882. (b) Non-income producing. (c) 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 1D "Foreign Security Country Determination" in the Notes to Schedules of Investments. (d) The rate shown is the discount rate. 4 Phoenix Worldwide Strategies Fund SCHEDULE OF INVESTMENTS MARCH 31, 2006 (UNAUDITED) SHARES VALUE ------------ ------------- DOMESTIC COMMON STOCKS--33.4% UNITED STATES--33.4% Alaska Air Group, Inc. (Airlines)(b) 12,300 $ 436,035 Alliance Data Systems Corp. (Data Processing & Outsourced Services)(b) 16,000 748,320 Anadarko Petroleum Corp. (Oil & Gas Exploration & Production) 5,800 585,858 AT&T, Inc. (Integrated Telecommunication Services) 9,000 243,360 Automatic Data Processing, Inc. (Data Processing & Outsourced Services) 12,300 561,864 Bank of America Corp. (Other Diversified Financial Services) 30,700 1,398,078 Baxter International, Inc. (Health Care Equipment) 24,100 935,321 Beckman Coulter, Inc. (Health Care Equipment) 13,000 709,410 Centene Corp. (Managed Health Care)(b) 28,400 828,428 Church & Dwight Co., Inc. (Household Products) 5,900 217,828 CIGNA Corp. (Managed Health Care) 5,600 731,472 Cintas Corp. (Diversified Commercial & Professional Services) 10,100 430,462 Cisco Systems, Inc. (Communications Equipment)(b) 28,800 624,096 Citigroup, Inc. (Other Diversified Financial Services) 9,700 458,131 Coca-Cola Co. (The) (Soft Drinks) 14,900 623,863 Colgate-Palmolive Co. (Household Products) 9,500 542,450 CommScope, Inc. (Communications Equipment)(b) 22,800 650,940 Coventry Health Care, Inc. (Managed Health Care)(b) 7,000 377,860 CVS Corp. (Drug Retail) 12,600 376,362 Danaher Corp. (Industrial Machinery) 4,500 285,975 Dean Foods Co. (Packaged Foods & Meats)(b) 10,600 411,598 DPL, Inc. (Electric Utilities) 16,000 432,000 Emerson Electric Co. (Electrical Components & Equipment) 4,800 401,424 ENSCO International, Inc. (Oil & Gas Drilling) 7,000 360,150 Exxon Mobil Corp. (Integrated Oil & Gas) 21,600 1,314,576 FedEx Corp. (Air Freight & Logistics) 5,800 655,052 Fisher Scientific International, Inc. (Health Care Equipment)(b) 14,600 993,530 SHARES VALUE ------------ ------------- UNITED STATES--(CONTINUED) General Electric Co. (Industrial Conglomerates) 63,400 $ 2,205,052 Harte-Hanks, Inc. (Advertising) 12,400 339,140 Intel Corp. (Semiconductors) 12,600 243,810 International Business Machines Corp. (Computer Hardware) 12,900 1,063,863 Invitrogen Corp. (Biotechnology)(b) 10,700 750,391 Johnson & Johnson (Pharmaceuticals) 9,500 562,590 JPMorgan Chase & Co. (Other Diversified Financial Services) 30,100 1,253,364 Kellogg Co. (Packaged Foods & Meats) 5,000 220,200 Manpower, Inc. (Human Resources & Employment Services) 13,600 777,648 McDonald's Corp. (Restaurants) 15,300 525,708 Mellon Financial Corp. (Asset Management & Custody Banks) 11,600 412,960 Merrill Lynch & Co., Inc. (Investment Banking & Brokerage) 11,100 874,236 Microsoft Corp. (Systems Software) 37,000 1,006,770 Motorola, Inc. (Communications Equipment) 33,100 758,321 NIKE, Inc. Class B (Footwear) 4,700 399,970 Pfizer, Inc. (Pharmaceuticals) 21,200 528,304 PG&E Corp. (Multi-Utilities) 19,800 770,220 Procter & Gamble Co. (The) (Household Products) 22,800 1,313,736 Quest Diagnostics, Inc. (Health Care Services) 4,000 205,200 Spectrum Brands, Inc. (Household Products)(b)(e) 11,600 251,952 Sprint Nextel Corp. (Wireless Telecommunication Services) 17,079 441,321 Thermo Electron Corp. (Health Care Equipment)(b) 20,500 760,345 Transocean, Inc. (Oil & Gas Drilling)(b) 5,400 433,620 TreeHouse Foods, Inc. (Packaged Foods & Meats)(b) 2,160 57,348 United Technologies Corp. (Aerospace & Defense) 18,700 1,084,039 Verizon Communications, Inc. (Integrated Telecommunication Services) 9,400 320,164 Wachovia Corp. (Diversified Banks) 18,800 1,053,740 Walt Disney Co. (The) (Movies & Entertainment) 20,100 560,589 Waste Management, Inc. (Environmental & Facilities Services) 28,300 998,990 1 Phoenix Worldwide Strategies Fund SHARES VALUE ------------ ------------- UNITED STATES--(CONTINUED) WellCare Health Plans, Inc. (Managed Health Care)(b)(e) 12,200 $ 554,368 Wells Fargo & Co. (Diversified Banks) 19,900 1,271,013 ----------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $32,925,524) 38,333,415 ----------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--62.6% AUSTRALIA--3.0% AXA Asia Pacific Holdings Ltd. (Life & Health Insurance) 18,810 78,104 Caltex Australia Ltd. (Oil & Gas Refining, Marketing) 8,207 112,808 Leighton Holdings Ltd. (Construction & Engineering) 10,521 133,693 Orica Ltd. (Diversified Chemicals) 11,390 189,094 Oxiana Ltd (Diversified Metals & Mining)(b) 54,218 104,024 Publishing & Broadcasting Ltd. (Broadcasting & Cable TV) 27,539 341,073 QBE Insurance Group Ltd. (Property & Casualty Insurance) 1,543 24,169 Rinker Group Ltd. (Construction Materials) 83,340 1,184,315 Rio Tinto Ltd. (Diversified Metals & Mining) 7,800 440,301 Santos Ltd. (Oil & Gas Exploration & Production) 65,879 536,714 Westfield Group (Real Estate Management & Development) 20,000 244,838 Woodside Petroleum Ltd. (Oil & Gas Exploration & Production) 2,468 80,356 ------------- 3,469,489 ------------- BELGIUM--0.8% Dexia (Diversified Banks) 16,994 439,482 Fortis (Other Diversified Financial Services) 7,600 271,514 KBC Groep N.V. (Diversified Banks) 1,655 177,698 Omega Pharma SA (Health Care Distributors) 522 31,978 ------------- 920,672 ------------- CANADA--0.8% EnCana Corp. (Oil & Gas Exploration & Production) 6,800 317,801 Methanex Corp. (Commodity Chemicals) 1,700 34,790 Teck Cominco Ltd. Class B (Gold) 8,000 514,724 TELUS Corp. (Integrated Telecommunication Services) 900 34,810 ------------- 902,125 ------------- SHARES VALUE ------------ ------------- CHINA--1.2% ASM Pacific Technology Ltd. (Semiconductor Equipment) 11,500 $ 68,622 China Petroleum & Chemical Corp. Class H (Integrated Oil & Gas) 439,000 254,603 PetroChina Co. Ltd. Class H (Integrated Oil & Gas) 850,000 887,339 Yanzhou Coal Mining Co. Ltd. (Coal & Consumable Fuels) 202,000 175,728 ------------- 1,386,292 ------------- DENMARK--0.4% Danske Bank A/S (Diversified Banks) 10,500 389,628 DSV A/S (Trucking) 325 43,278 ------------- 432,906 ------------- FINLAND--0.3% Metso Corp. (Industrial Machinery) 3,800 146,671 Sampo OYJ Class A (Multi-line Insurance) 8,900 187,345 ------------- 334,016 ------------- FRANCE--6.8% Air France -KLM (Airlines) 14,702 346,179 Alcatel SA (Communications Equipment)(b) 23,600 365,220 Alcatel SA Sponsored ADR (Communications Equipment)(b)(e) 34,100 525,140 Alstom (Heavy Electrical Equipment)(b) 4,000 335,442 Assurances Generales de France (Multi-line Insurance) 2,300 277,612 AXA SA (Multi-line Insurance) 13,400 470,278 BNP Paribas SA (Diversified Banks) 4,800 445,866 Bouygues SA (Wireless Telecommunication Services) 7,300 387,921 Capgemini SA (IT Consulting & Other Services) 6,800 370,499 Carrefour SA (Hypermarkets & Super Centers) 5,300 281,963 Lafarge SA (Construction Materials) 2,700 305,933 Sanofi-aventis (Pharmaceuticals) 6,500 618,350 Societe Generale (Diversified Banks) 5,200 782,035 Suez SA (Multi-Utilities) 10,000 394,096 Technip SA (Oil & Gas Equipment & Services) 3,270 221,321 Total SA (Integrated Oil & Gas) 4,372 1,153,426 Vivendi Universal SA (Movies & Entertainment) 15,245 523,575 ------------- 7,804,856 ------------- GERMANY--3.9% Allianz AG Registered Shares (Multi-line Insurance) 5,238 874,587 BASF AG (Diversified Chemicals) 5,647 442,765 2 Phoenix Worldwide Strategies Fund SHARES VALUE ------------ ------------- GERMANY--(CONTINUED) Bayerische Motoren Werke AG (Automobile Manufacturers) 3,700 $ 203,792 Celesio AG (Health Care Distributors) 1,621 153,434 Commerzbank AG (Diversified Banks) 5,234 208,553 Continental AG (Tires & Rubber) 191 21,028 Deutsche Lufthansa AG Registered Shares (Airlines) 17,994 322,077 E.ON AG (Electric Utilities) 5,000 550,486 Fresenius Medical Care AG (Health Care Services) 2,200 262,876 MAN AG (Industrial Machinery) 2,160 149,910 Metro AG (Hypermarkets & Super Centers) 8,400 430,699 Mobilcom AG (Wireless Telecommunication Services)(b) 2,638 63,873 Puma AG Rudolf Dassler Sport (Footwear) 528 199,931 Salzgitter AG (Steel) 4,573 336,666 SAP AG (Application Software) 1,300 282,015 ------------- 4,502,692 ------------- GREECE--0.4% Alpha Bank A.E. (Diversified Banks) 12,100 446,943 HONG KONG--2.5% Bank of East Asia, Ltd. (Diversified Banks) 27,200 98,330 Cheung Kong Holdings Ltd. (Real Estate Management & Development) 32,000 339,212 China Mobile Ltd. (Wireless Telecommunication Services) 51,000 267,845 China Netcom Group Corp. (Integrated Telecommunication Services) 25,000 44,141 CNOOC Ltd. (Oil & Gas Exploration & Production) 786,000 607,799 Guangdong Investments Ltd. (Industrial Conglomerates) 592,000 265,132 Solomon Systech International Ltd. (Semiconductors) 752,000 363,442 Sun Hung Kai Properties Ltd. (Real Estate Management & Development) 34,000 345,296 Television Broadcasts Ltd. (Broadcasting & Cable TV) 39,000 221,158 VTech Holdings Ltd. (Communications Equipment) 60,000 271,422 ------------- 2,823,777 ------------- ITALY--1.6% ENI S.p.A. (Integrated Oil & Gas) 32,314 919,475 Fondiaria - Sai S.p.A. (Multi-line Insurance) 5,500 219,752 SHARES VALUE ------------ ------------- ITALY--(CONTINUED) UniCredito Italiano S.p.A. (Diversified Banks) 91,400 $ 660,706 ------------- 1,799,933 ------------- JAPAN--14.3% Abilit Corp. (Leisure Products) 4,500 71,533 Advantest Corp. (Semiconductor Equipment) 800 95,361 AEON Co. Ltd. (Hypermarkets & Super Centers) 36,300 880,514 Aisin Seiko Co. Ltd. (Auto Parts & Equipment) 8,300 322,974 Canon, Inc. (Office Electronics) 10,200 675,089 Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) 1,500 27,209 Daiwa House Industry Co. Ltd. (Homebuilding) 4,000 69,329 Fujikura Ltd. (Electrical Components & Equipment) 24,000 271,810 Kaneka Corp. (Commodity Chemicals) 28,000 335,667 Kanto Auto Works Ltd. (Auto Parts & Equipment) 1,700 25,117 Kao Corp. (Household Products) 13,000 342,396 KDDI Corp. (Wireless Telecommunication Services) 140 748,173 Keyence Corp. (Electronic Equipment Manufacturers) 1,100 285,981 Makita Corp. (Household Appliances) 4,100 126,449 Matsui Securities Co., Ltd. (Investment Banking & Brokerage) 25,000 346,644 Mazda Motor Corp. (Automobile Manufacturers) 45,000 273,364 Millea Holdings, Inc. (Property & Casualty Insurance) 30 593,883 Mitsui O.S.K. Lines Ltd. (Marine) 72,000 486,933 Mitsui Sumitomo Insurance Co. Ltd. (Property & Casualty Insurance) 26,000 353,662 Mizuho Financial Group, Inc. (Diversified Banks) 127 1,039,091 Momiji Holdings, Inc. (Regional Banks)(b) 17 47,375 Murata Manufacturing Co. Ltd. (Electronic Equipment Manufacturers) 5,300 358,887 Nikko Cordial Corp. (Investment Banking & Brokerage) 21,000 347,918 Nippon Oil Corp. (Oil & Gas Refining, Marketing) 59,000 462,676 Nippon Yusen Kabushiki Kaisha (Marine) 22,000 134,392 Nissan Diesel Motor Co. Ltd. (Construction & Farm Machinery & Heavy Trucks) 6,000 34,002 Nissin Kogyo Co. Ltd (Auto Parts & Equipment) 19,200 393,951 Nomura Holdings, Inc. (Investment Banking & Brokerage) 24,000 535,259 NTT DoCoMo, Inc. (Wireless Telecommunication Services) 214 316,364 3 Phoenix Worldwide Strategies Fund SHARES VALUE ------------ ------------- JAPAN--(CONTINUED) OMRON Corp. (Electronic Equipment Manufacturers) 16,100 $ 462,345 ORIX Corp. (Consumer Finance) 3,600 1,120,985 Secom Co. Ltd. (Specialized Consumer Services) 8,500 434,749 Sega Sammy Holdings, Inc. (Leisure Products) 2,100 85,285 Sekisui House Ltd. (Homebuilding) 36,000 537,094 Sharp Corp. (Consumer Electronics) 20,000 354,291 Shinsei Bank Ltd. (Regional Banks) 85,000 595,072 Sumitomo Trust & Banking Co. Ltd. (The) (Diversified Banks) 79,000 914,172 Suzuki Motor Corp. (Automobile Manufacturers) 4,900 112,613 Tokyo Electron Ltd. (Semiconductor Equipment) 9,000 620,901 Yamaha Motor Co. Ltd. (Motorcycle Manufacturers) 43,100 1,065,599 Yamato Kogyo Co., Ltd. (Steel) 4,700 100,229 ------------- 16,405,338 ------------- MALAYSIA--0.1% DiGi.Com Berhad (Integrated Telecommunication Services)(b) 22,200 50,933 Shell Refining Co. (Oil & Gas Refining, Marketing) 4,700 13,016 Telekom Malaysia Berhad (Integrated Telecommunication Services) 15,600 39,602 ------------- 103,551 ------------- NETHERLANDS--3.1% ABN AMRO Holding N.V. (Diversified Banks) 4,615 138,364 Akzo Nobel N.V. (Diversified Chemicals) 4,296 227,977 ASML Holding N.V. (Semiconductor Equipment)(b) 20,000 408,396 ING Groep N.V. (Other Diversified Financial Services) 56,977 2,250,964 Unilever N.V. (Packaged Foods & Meats) 80 5,555 Wolters Kluwer N.V. (Publishing & Printing) 20,300 506,282 ------------- 3,537,538 ------------- NEW ZEALAND--0.0% Fletcher Building Ltd. (Construction Materials) 7,722 42,308 NORWAY--0.5% Orkla ASA (Industrial Conglomerates) 420 20,828 Statoil ASA (Integrated Oil & Gas) 18,800 542,176 ------------- 563,004 ------------- RUSSIA--0.5% LUKOIL Sponsored ADR (Integrated Oil & Gas) 3,800 316,160 SHARES VALUE ------------ ------------- RUSSIA--(CONTINUED) Mobile TeleSystems OJSC Sponsored ADR (Wireless Telecommunication Services)(b) 6,400 $ 211,840 ------------- 528,000 ------------- SINGAPORE--1.0% Flextronics International Ltd. (Electronic Manufacturing Services)(b) 24,800 256,680 SembCorp Industries Ltd. (Industrial Conglomerates) 194,000 420,212 Singapore Airlines Ltd. (Airlines) 17,000 147,291 Starhub Ltd. (Wireless Telecommunication Services) 98,000 131,609 United Overseas Bank Ltd. (Diversified Banks) 22,000 212,396 ------------- 1,168,188 ------------- SOUTH KOREA--0.1% Samsung Electronics Co. Ltd. GDR (Semiconductors) 471 152,694 SPAIN--1.9% Actividades de Construccion y Servicios SA (Construction & Engineering) 5,699 221,418 Banco Bilbao Vizcaya Argentaria SA (Diversified Banks) 27,623 576,442 Banco Santander Central Hispano SA (Diversified Banks) 96,919 1,415,296 ------------- 2,213,156 ------------- SWEDEN--1.2% Nordea Bank AB (Diversified Banks) 91,000 1,124,575 Securitas AB Class B (Diversified Commercial & Professional Services) 14,100 271,554 ------------- 1,396,129 ------------- SWITZERLAND--3.3% Actelion Ltd. (Biotechnology)(b) 576 57,218 Nestle S.A. Registered Shares (Packaged Foods & Meats) 143 42,451 Novartis AG Registered Shares (Pharmaceuticals) 15,200 845,319 Phonak Holding AG Registered Shares (Health Care Equipment) 657 37,394 Roche Holding AG (Pharmaceuticals) 4,700 699,781 UBS AG Registered Shares (Diversified Capital Markets) 3,800 417,413 Zurich Financial Services AG Registered Shares (Multi-line Insurance)(b) 7,427 1,744,731 ------------- 3,844,307 ------------- 4 Phoenix Worldwide Strategies Fund SHARES VALUE ------------ ------------- TAIWAN--0.9% Chunghwa Telecom Co., Ltd. (Integrated Telecommunication Services) 71,000 $ 133,869 Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Semiconductors) 93,600 941,616 ------------- 1,075,485 ------------- THAILAND--0.4% Advanced Info Service Public Co. Ltd. NVDR (Wireless Telecommunication Services) 86,000 202,418 Bangkok Bank Public Co. NVDR (Regional Banks) 81,200 227,673 ------------- 430,091 ------------- UNITED KINGDOM--11.7% Antofagasta plc (Diversified Metals & Mining) 21,637 803,347 Ashtead Group plc (Trading Companies & Distributors) 25,029 96,973 AstraZeneca plc (Pharmaceuticals) 33,891 1,707,593 Aviva plc (Multi-line Insurance) 35,500 493,116 BAE Systems plc (Aerospace & Defense) 41,000 299,716 Barclays plc (Diversified Banks) 31,600 369,766 British American Tobacco plc (Tobacco) 60,000 1,453,168 Emap plc (Publishing & Printing) 103,556 1,585,087 GlaxoSmithKline plc (Pharmaceuticals) 42,200 1,103,445 HSBC Holdings plc (Diversified Banks) 45,248 758,627 Legal & General Group plc (Life & Health Insurance) 193,300 476,894 Marks & Spencer Group plc (Department Stores) 63,098 610,074 Michael Page International plc (Human Resources & Employment Services) 23,656 140,151 NETeller plc (Other Diversified Financial Services)(b) 15,300 194,716 Next plc (Department Stores) 11,050 316,773 Rolls-Royce Group plc (Aerospace & Defense)(b) 60,562 481,912 Rolls-Royce Group plc Class B (Aerospace & Defense) 3,258,236 5,774 Scottish & Newcastle plc (Brewers) 38,100 344,215 Scottish Power plc (Electric Utilities) 62,788 634,894 Sportingbet plc (Casinos & Gaming) 9,921 64,638 Standard Chartered plc (Diversified Banks) 31,392 781,023 Vodafone Group plc (Wireless Telecommunication Services) 369,000 772,530 ------------- 13,494,432 ------------- UNITED STATES--1.8% AEGON N.V. (Life & Health Insurance) 25,108 464,625 Amdocs Ltd. (Application Software)(b) 23,900 861,834 SHARES VALUE ------------ ------------- UNITED STATES--(CONTINUED) European Aeronautic Defence and Space Co. (Aerospace & Defense) 4,382 $ 184,641 Royal Dutch Shell plc Class A (Integrated Oil & Gas) 19,000 593,533 ------------- 2,104,633 ------------- VENEZUELA--0.1% Compania Anonima Nacional Telefonos de Venezuela ADR (Integrated Telecommunication Services) 5,200 110,136 ----------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $58,062,574) 71,992,691 ----------------------------------------------------------------------------- EXCHANGE TRADED FUNDS--0.9% SPDR Trust Series I (Exchange Traded Funds)(e) 7,700 999,691 ----------------------------------------------------------------------------- TOTAL EXCHANGE TRADED FUNDS (IDENTIFIED COST $853,708) 999,691 ----------------------------------------------------------------------------- WARRANTS--0.0% FERTILIZERS & AGRICULTURAL CHEMICALS--0.0% Syngenta Strike $1.79, 5/23/06 (Fertilizers & Agricultural Chemicals)(b) 680 855 ----------------------------------------------------------------------------- TOTAL WARRANTS (IDENTIFIED COST $0) 855 ----------------------------------------------------------------------------- FOREIGN PREFERRED STOCKS--0.3% GERMANY--0.3% Porsche AG pfd (Automobile Manufacturers) 348 333,164 ----------------------------------------------------------------------------- TOTAL FOREIGN PREFERRED STOCKS (IDENTIFIED COST $268,398) 333,164 ----------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--97.2% (IDENTIFIED COST $92,110,204) 111,659,816 ----------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--3.9% MONEY MARKET MUTUAL FUNDS--2.0% State Street Navigator Prime Plus Money Market (4.814% seven day effective yield)(f) 2,309,675 2,309,675 PAR VALUE (000) VALUE ------------ ------------- COMMERCIAL PAPER(d)--1.9% CAFCO LLC 4.83%, 4/3/06 $ 2,210 2,209,407 ----------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $4,519,082) 4,519,082 ----------------------------------------------------------------------------- 5 Phoenix Worldwide Strategies Fund TOTAL INVESTMENTS--101.1% (IDENTIFIED COST $96,629,286) 116,178,898(a) Other assets and liabilities, net--(1.1)% (1,314,923) ------------- NET ASSETS--100.0% $ 114,863,975 ============= (a) Federal Income Tax Information: Net unrealized appreciation of investment securities is comprised of gross appreciation of $20,331,257 and gross depreciation of $1,103,331 for federal income tax purposes. At March 31, 2006, the aggregate cost of securities for federal income tax purposes was $96,950,972. (b) Non-income producing. (c) Common stock 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 1D "Foreign Security Country Determination" in the Notes to Schedules of Investments. (d) The rate shown is the discount rate. (e) All or a portion of security is on loan. (f) Represents security purchased with cash collateral received for securities on loan. Phoenix Worldwide Strategies Fund INDUSTRY DIVERSIFICATION AS A PERCENTAGE OF TOTAL VALUE OF TOTAL LONG-TERM INVESTMENTS (UNAUDITED) Advertising 0.3% Aerospace & Defense 1.8 Air Freight & Logistics 0.6 Airlines 1.1 Application Software 1.0 Asset Management & Custody Banks 0.4 Auto Parts & Equipment 0.7 Automobile Manufacturers 0.8 Biotechnology 0.7 Brewers 0.3 Broadcasting & Cable TV 0.5 Casinos & Gaming 0.1 Coal & Consumable Fuels 0.2 Commodity Chemicals 0.3 Communications Equipment 2.9 Computer Hardware 1.0 Construction & Engineering 0.3 Construction & Farm Machinery & Heavy Trucks 0.0* Construction Materials 1.4 Consumer Electronics 0.3 Consumer Finance 1.0 Data Processing & Outsourced Services 1.2 Department Stores 0.8 Diversified Banks 11.9 Diversified Capital Markets 0.4 Diversified Chemicals 0.8 Diversified Commercial & Professional Services 0.6 Diversified Metals & Mining 1.2 Drug Retail 0.3 Electric Utilities 1.4 Electrical Components & Equipment 0.6 Electronic Equipment Manufacturers 1.0 Electronic Manufacturing Services 0.2 Environmental & Facilities Services 0.9 Exchange Traded Funds 0.9 Fertilizers & Agricultural Chemicals 0.0* Footwear 0.5 Gold 0.5 Health Care Distributors 0.2 Health Care Equipment 3.1 Health Care Services 0.4 Heavy Electrical Equipment 0.3 Homebuilding 0.5 Household Appliances 0.1 Household Products 2.4 Human Resources & Employment Services 0.8 Hypermarkets & Super Centers 1.4 IT Consulting & Other Services 0.3 Industrial Conglomerates 2.6 Industrial Machinery 0.5 Integrated Oil & Gas 5.4 Integrated Telecommunication Services 0.9 Investment Banking & Brokerage 1.9 Leisure Products 0.1 Life & Health Insurance 0.9 Managed Health Care 2.2 Marine 0.6 Motorcycle Manufacturers 1.0 Movies & Entertainment 1.0 Multi-Utilities 1.0 Multi-line Insurance 3.8 Office Electronics 0.6 Oil & Gas Drilling 0.7 Oil & Gas Equipment & Services 0.2 Oil & Gas Exploration & Production 1.9 Oil & Gas Refining, Marketing 0.5 Other Diversified Financial Services 5.2 Packaged Foods & Meats 0.7 Pharmaceuticals 5.5 Property & Casualty Insurance 0.9 Publishing & Printing 1.9 Real Estate Management & Development 0.8 Regional Banks 0.8 Restaurants 0.5 Semiconductor Equipment 1.1 Semiconductors 1.5 Soft Drinks 0.6 Phoenix Worldwide Strategies Fund Specialized Consumer Services 0.4 Steel 0.4 Systems Software 0.9 Tires & Rubber 0.0* Tobacco 1.3 Trading Companies & Distributors 0.1 Trucking 0.0* Wireless Telecommunication Services 3.2 ------ 100.0% ====== * Amount is less than 0.05% 2 See Notes to Financial Statements PHOENIX EQUITY TRUST NOTES TO SCHEDULES OF INVESTMENTS MARCH 31, 2006 (UNAUDITED) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Phoenix Equity 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 disclosure of 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 in determining value 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. PHOENIX EQUITY TRUST NOTES TO SCHEDULES OF INVESTMENTS MARCH 31, 2006 (UNAUDITED) (CONTINUED) E. SECURITY LENDING Certain Funds loan securities to qualified brokers through an agreement with State Street Bank (the "Custodian") and the Fund. Under the terms of the agreement, the Fund receives collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral consists of cash, securities issued or guaranteed by the U.S. Government or its agencies and the sovereign debt of foreign countries. Cash collateral has been invested in short-term money market funds. Dividends earned on the collateral and premiums paid by the borrower are recorded as income by the Fund net of fees and rebates charged by the Custodian for its services in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the foreclosure on collateral. NOTE 2--CREDIT RISK AND ASSET CONCENTRATIONS 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. Each Fund 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. 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 the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 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 Equity Trust -------------------------------------------------------------------- By (Signature and Title)* /S/ George R. Aylward ------------------------------------------------------- George R. Aylward, Executive Vice President (principal executive officer) Date May 25, 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 May 25, 2006 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Nancy G. Curtiss ------------------------------------------------------- Nancy G. Curtiss, Chief Financial Officer and Treasurer (principal financial officer) Date May 24, 2006 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.