PHOENIX INSIGHT FUNDS TRUST

                            PHOENIX INSIGHT BOND FUND

                      PHOENIX INSIGHT HIGH YIELD BOND FUND



                              SUBADVISORY AGREEMENT





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                           PHOENIX INSIGHT FUNDS TRUST

                            PHOENIX INSIGHT BOND FUND

                      PHOENIX INSIGHT HIGH YIELD BOND FUND



                              SUBADVISORY AGREEMENT

                              ---------------------



                                                                    May 18, 2006



Seneca Capital Management LLC

909 Montgomery Street, Suite 500

San Francisco, CA 94133



RE:      SUBADVISORY AGREEMENT



Ladies and Gentlemen:



Phoenix Insight Funds Trust (the "Fund") is a diversified open-end investment

company of the series type registered under the Investment Company Act of 1940

(the "Act"), and is subject to the rules and regulations promulgated thereunder.

The shares of the Fund are offered or may be offered in several series,

including the Phoenix Insight Bond Fund and the Phoenix Insight High Yield Bond

Fund (collectively, sometimes hereafter referred to as the "Series").



Phoenix Investment Counsel, Inc. (the "Adviser") evaluates and recommends series

advisers for the Series and is responsible for the day-to-day management of the

Series.



1.       Employment as a Subadviser. The Adviser, being duly authorized, hereby

         employs Seneca Capital Management LLC (the "Subadviser") as a

         discretionary series adviser to invest and reinvest the assets of the

         Series designated by the Advisers as set forth on Schedule F attached

         hereto (the "Designated Series") on the terms and conditions set forth

         herein. The services of the Subadviser hereunder are not to be deemed

         exclusive; the Subadviser may render services to others and engage in

         other activities that do not conflict in any material manner in the

         Subadviser's performance hereunder.



2.       Acceptance of Employment; Standard of Performance. The Subadviser

         accepts its employment as a discretionary series adviser of the

         Designated Series and agrees to use its best professional judgment to

         make investment decisions for the Designated Series in accordance with

         the provisions of this Agreement and as set forth in Schedule D

         attached hereto and made a part hereof.



3.       Services of Subadviser. In providing management services to the

         Designated Series, the Subadviser shall be subject to the investment

         objectives, policies and restrictions of the Fund as they apply to the

         Designated Series and as set forth in the Fund's then current

         prospectus ("Prospectus") and statement of additional information

         ("Statement of Additional Information") filed with the Securities and

         Exchange Commission (the "SEC") as part of the Fund's Registration

         Statement, as may be periodically amended and





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         provided to the Subadviser by the Adviser, and to the investment

         restrictions set forth in the Act and the Rules thereunder, to the

         supervision and control of the Trustees of the Fund (the "Trustees"),

         and to instructions from the Adviser. The Subadviser shall not, without

         the Fund's prior written approval, effect any transactions that would

         cause the Designated Series at the time of the transaction to be out of

         compliance with any of such restrictions or policies.



4.       Transaction Procedures. All series transactions for the Designated

         Series shall be consummated by payment to, or delivery by, the

         Custodian(s) from time to time designated by the Fund (the

         "Custodian"), or such depositories or agents as may be designated by

         the Custodian in writing, of all cash and/or securities due to or from

         the Series. The Subadviser shall not have possession or custody of such

         cash and/or securities or any responsibility or liability with respect

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