PHOENIX ASSET RESERVE
Supplement dated October 20, 1995 to
Prospectus dated March 1, 1995
Foreign Securities
In the first sentence under the heading "Foreign Securities" on page 10, the
words "and in countries whose economies are developing" are inserted after the
word "Adviser."
How to Buy Shares
The following should be inserted following the first full paragraph under the
heading "How to Buy Shares" on page 20:
Completed applications for the purchase of shares should be mailed to
the Phoenix Funds, c/o State Street Bank and Trust Company, P.O. Box
8301, Boston MA 02266-8301.
Initial Sales Charge Alternative - Class A Shares
The following replaces the chart in footnote ** on page 21 and applies to
purchases excluding purchases by qualified employee benefit plans as described
below:
Purchase Amount Payment to Broker-Dealer
$1,000,000 to $3,000,000 1%
$3,000,001 to $6,000,000 0.50 of 1%
$6,000,001 or more 0.25 of 1%
The following should be inserted following the first footnote on page 21:
*** In connection with Class A Share purchases by accounts held in the
name of qualified benefit plans with at least 100 eligible employees,
Equity Planning may pay broker/dealers, from its own resources, an
amount equal to 1% on the first $3 million of purchases, 0.50% on the
next $3 million, plus 0.25% on the amount in excess of $6 million.
How to Obtain Reduced Sales Charges on Class A Shares
The following should be substituted in the first paragraph under "Qualified
Purchasers" on page 22:
In (9) the words "100 eligible employees" are substituted for the words
"200 participant employees."
Systematic Withdrawal Program
The following replaces the second full paragraph on page 26:
To participate in the Systematic Withdrawal Program, Class B
shareholders must initially own shares of the Fund worth $5,000 or more
and elect to have all dividends reinvested in Class B Shares of the
Fund. Through the Program, Class B shareholders may withdraw up to 1%
of their aggregate net investments (purchases, at initial value, to
date net of non-Program redemptions) each month or up to 3% of their
aggregate net investments each quarter without incurring otherwise
applicable contingent deferred sales charges.
How to Redeem Shares
The heading "Reinstatement Privilege" on page 29 is changed to "Reinvestment
Privilege."
The following is substituted under the heading "Reinvestment Privilege" on page
29:
In the first sentence the words "one time" are deleted and in the fifth
sentence the "90" is replaced with "180."
