ADMINISTRATION AGREEMENT



         This agreement is effective as of the 1st day of July, 2006 by and

between the trusts listed on Schedule A (each a "Trust" and together the

"Trusts") including the funds listed under each Trust (each, a "Fund" and

together the "Funds"), and Phoenix Equity Planning Corporation, a Connecticut

corporation (the "Administrator").



                              W I T N E S S E T H:

                               - - - - - - - - - -



         WHEREAS, each Trust is registered as an open-end diversified management

investment company under the Investment Company Act of 1940, as amended (the

"1940 Act"); and



         WHEREAS, each Trust desires to retain the Administrator to render or

otherwise provide for administrative services in the manner and on the terms and

conditions hereafter set forth; and



         WHEREAS, the Administrator desires to be so retained on said terms and

conditions.



         NOW, THEREFORE, in consideration of the promises and the mutual

covenants hereinafter contained, each Trust and the Administrator agree as

follows:



         1. Appointment and Acceptance. Each Trust hereby appoints Phoenix

Equity Planning Corporation to act as Administrator of the Funds, subject to the

supervision and direction of the Board of Trustees of each Trust, as hereinafter

set forth. The Administrator hereby accepts such appointment and agrees to

furnish or cause to be furnished the services contemplated by this Agreement.



         2. Duties of the Administrator.



            (a) The Administrator shall perform or arrange for the performance

of the following administrative and clerical services: (i) maintain and preserve

the books and records, including financial and corporate records, of each Trust

as required by law or otherwise for the proper operation of each Trust; (ii)

prepare and, subject to approval by each Trust, file registration statements,

notices, reports, tax returns and other documents required by U.S. Federal,

state and other applicable laws and regulations (other than state "blue sky"

laws), including proxy materials and periodic reports to Fund shareholders,

oversee the preparation and filing of registration statements, notices, reports

and other documents required by state "blue sky" laws, and oversee the

monitoring of sales of shares of the Funds for compliance with state securities

laws; (iii) calculate and publish the net asset value of each Fund's shares;

(iv) calculate dividends and distributions and performance data, and prepare

other financial information regarding each Trust; (v) oversee and assist in the

coordination of, and, as the Board may reasonably request or deem appropriate,

make reports and recommendations to the Board on, the performance of

administrative and professional services rendered to the Funds by others

including, but not limited to, the custodian, registrar, transfer agent and

dividend disbursing agent, shareholder servicing agents, accountants, attorneys,

underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and

such other persons in any such other capacity deemed to be necessary or

desirable; (vi) furnish corporate secretarial services to each Trust, including,





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without limitation, preparation of materials necessary in connection with

meetings of each Trust's Board of Trustees, including minutes, notices of

meetings, agendas and other Board materials; (vii) provide each Trust with the

services of an adequate number of persons competent to perform the

administrative and clerical functions described herein; (viii) provide each

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