Exhibit 11

                                 Legal Opinion






                                                                   June 27, 2007

Phoenix Equity Trust
101 Munson Street
Greenfield, MA  01301



Ladies and Gentlemen:

         We have acted as counsel to the Phoenix Equity Trust (the "Equity
Trust") in connection with the Registration Statement of the Equity Trust on
Form N-14 (the "Registration Statement") being filed by the Equity Trust under
the Securities Act of 1933, as amended (the "Act"), relating to the proposed
combination of the Phoenix Value Equity Fund (the "Acquired Fund"), a series of
the Phoenix Investment Trust 97 (the "Trust 97"), and the Phoenix Value
Opportunities Fund (the "Acquiring Fund"), a series of the Equity Trust, and the
issuance of Class A Shares and Class C Shares of beneficial interest of the
Acquiring Fund in connection therewith (the "Shares"), all in accordance with
the terms of the proposed Agreement and Plan of Reorganization by and among the
Trust 97 on behalf of the Acquired Fund and the Equity Trust on behalf of the
Acquiring Fund (the "Agreement and Plan of Reorganization"), in substantially
the form to be included in the Registration Statement as Exhibit A.

         We have examined such documents, records and other instruments and have
made such other examinations and inquiries as we have deemed necessary for the
purposes of this opinion. In addition, we have assumed for purposes of this
opinion that, prior to the date of the issuance of the Shares, (1) the Trustees
of the Trust and the shareholders of the Acquired Fund will have taken all
actions required of them for the approval of the Agreement and Plan of
Reorganization and (2) the Agreement and Plan of Reorganization will have been
duly executed and delivered by each party thereto and will constitute the legal,
valid and binding obligation of each of the Acquiring Fund, the Trust and the
Acquired Fund.

         Based upon and subject to the foregoing, we are of the opinion that,
when issued in accordance with the Agreement and Plan of Reorganization, the
Shares will be validly issued, fully paid and non-assessable, assuming that as
consideration for the Shares not less than the net asset value of such Shares
has been paid and that the conditions set forth in the Agreement and Plan of
Reorganization have been satisfied.



                                            Very truly yours,

                                               /s/ Kevin J. Carr
                                               Kevin J. Carr, Esq.
                                               Vice President and Counsel