<PAGE> PAGE 1
000 B000000 10/31/95
000 C000000 0000884122
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PHOENIX ASSET RESERVE
001 B000000 811-6566
001 C000000 8609876144
002 A000000 101 MUNSON STREET
002 B000000 GREENFIELD
002 C000000 MA
002 D010000 01301
002 D020000 0000
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C020100 PHOENIX ASSET RESERVE
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 NATIONAL SECURITIES AND RESEARCH CORP.
008 B000001 A
008 C000001 801-8177
008 D010001 HARTFORD
008 D020001 CT
008 D030001 06115
008 D040001 2520
010 A000001 PHOENIX EQUITY PLANNING CORP.
010 B000001 14100
010 C010001 ENFIELD
010 C020001 CT
010 C030001 06083
010 C040001 2200
011 A000001 PHOENIX EQUITY PLANNING CORP.
011 B000001 8-14100
011 C010001 ENFIELD
<PAGE> PAGE 2
011 C020001 CT
011 C030001 06083
011 C040001 2200
012 A000001 PHOENIX EQUITY PLANNING CORP.
012 B000001 84-5491
012 C010001 ENFIELD
012 C020001 CT
012 C030001 06083
012 C040001 2200
013 A000001 PRICE WATERHOUSE LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 PHOENIX EQUITY PLANNING CORP.
014 B000001 8-14100
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02103
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 30
019 C000000 PHOENIX-HL
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 CHASE SECURITIES
022 B000001 13-3112953
022 C000001 29185
022 D000001 25742
022 A000002 MERRIL LYNCH
022 B000002 13-5674085
022 C000002 49468
022 D000002 4520
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 25869
022 D000003 2766
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004 20720
<PAGE> PAGE 3
022 D000004 4707
022 A000005 BANK OF AMERICA
022 B000005 94-1687665
022 C000005 6078
022 D000005 2556
022 A000006 SALOMON BROTHERS
022 B000006 13-3082694
022 C000006 4469
022 D000006 2894
022 A000007 FIRST CHICAGO CAPITAL MARKETS
022 B000007 36-3595942
022 C000007 2128
022 D000007 2807
022 A000008 J.P. MORGAN SECURITIES
022 B000008 13-3224016
022 C000008 2882
022 D000008 1965
022 A000009 FUJI
022 B000009 36-2880742
022 C000009 2657
022 D000009 2053
022 A000010 PAINE WEBBER
022 B000010 13-2638166
022 C000010 1795
022 D000010 1817
023 C000000 157025
023 D000000 57405
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 736
028 A020000 58
028 A030000 0
028 A040000 394
028 B010000 555
<PAGE> PAGE 4
028 B020000 67
028 B030000 0
028 B040000 371
028 C010000 269
028 C020000 55
028 C030000 0
028 C040000 2592
028 D010000 548
028 D020000 60
028 D030000 0
028 D040000 828
028 E010000 2044
028 E020000 63
028 E030000 0
028 E040000 387
028 F010000 869
028 F020000 57
028 F030000 0
028 F040000 1629
028 G010000 5021
028 G020000 360
028 G030000 0
028 G040000 6201
028 H000000 2581
029 000000 Y
030 A000000 22
030 B000000 2.25
030 C000000 0.00
031 A000000 3
031 B000000 0
032 000000 19
033 000000 0
034 000000 Y
035 000000 32
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 67
042 D000000 33
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 61
044 000000 0
<PAGE> PAGE 5
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 1000000
048 A020000 0.550
048 B010000 1000000
048 B020000 0.500
048 C010000 1000000
048 C020000 0.450
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 C000000 Y
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
<PAGE> PAGE 6
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 500
062 A000000 Y
062 B000000 0.0
062 C000000 1.2
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 6.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 3.6
062 N000000 7.0
062 O000000 3.6
062 P000000 67.8
062 Q000000 9.3
062 R000000 0.0
063 A000000 0
063 B000000 4.8
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
<PAGE> PAGE 7
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 45383
071 B000000 47160
071 C000000 13185
071 D000000 344
072 A000000 12
072 B000000 1159
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 79
072 G000000 4
072 H000000 0
072 I000000 54
072 J000000 18
072 K000000 0
072 L000000 44
072 M000000 28
072 N000000 59
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 36
072 S000000 1
072 T000000 61
072 U000000 17
072 V000000 0
072 W000000 15
072 X000000 416
072 Y000000 248
072 Z000000 991
072AA000000 0
072BB000000 340
072CC010000 716
072CC020000 0
<PAGE> PAGE 8
072DD010000 661
072DD020000 327
072EE000000 0
073 A010000 0.3300
073 A020000 0.3000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 6
074 B000000 0
074 C000000 999
074 D000000 12747
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 62
074 L000000 214
074 M000000 28
074 N000000 14056
074 O000000 0
074 P000000 9
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 84
074 S000000 0
074 T000000 13963
074 U010000 1961
074 U020000 982
074 V010000 4.74
074 V020000 4.74
074 W000000 0.0000
074 X000000 653
074 Y000000 0
075 A000000 0
075 B000000 14351
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 NATIONAL UNION
080 C000000 21000
081 A000000 Y
081 B000000 37
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
<PAGE> PAGE 9
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JACKIE PORTER
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000884122
<NAME> PHOENIX ASSET RESERVE
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 13601
<INVESTMENTS-AT-VALUE> 13746
<RECEIVABLES> 276
<ASSETS-OTHER> 34
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14056
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93
<TOTAL-LIABILITIES> 93
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14359
<SHARES-COMMON-STOCK> 1961
<SHARES-COMMON-PRIOR> 2034
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (15)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (526)
<ACCUM-APPREC-OR-DEPREC> 145
<NET-ASSETS> 13963
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1159
<OTHER-INCOME> 0
<EXPENSES-NET> (168)
<NET-INVESTMENT-INCOME> 991
<REALIZED-GAINS-CURRENT> (340)
<APPREC-INCREASE-CURRENT> 716
<NET-CHANGE-FROM-OPS> 1367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 661
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1676
<NUMBER-OF-SHARES-REDEEMED> 1852
<SHARES-REINVESTED> 103
<NET-CHANGE-IN-ASSETS> (67)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (14)
<OVERDIST-NET-GAINS-PRIOR> (198)
<GROSS-ADVISORY-FEES> 79
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 416
<AVERAGE-NET-ASSETS> 14351
<PER-SHARE-NAV-BEGIN> 4.61
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 4.74
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0.00
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844122
<NAME> PHOENIX ASSET RESERVE
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 13601
<INVESTMENTS-AT-VALUE> 13746
<RECEIVABLES> 276
<ASSETS-OTHER> 34
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14056
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93
<TOTAL-LIABILITIES> 93
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14359
<SHARES-COMMON-STOCK> 982
<SHARES-COMMON-PRIOR> 1393
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (15)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (526)
<ACCUM-APPREC-OR-DEPREC> 145
<NET-ASSETS> 13963
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1159
<OTHER-INCOME> 0
<EXPENSES-NET> (168)
<NET-INVESTMENT-INCOME> 991
<REALIZED-GAINS-CURRENT> (340)
<APPREC-INCREASE-CURRENT> 716
<NET-CHANGE-FROM-OPS> 1367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 327
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 259
<NUMBER-OF-SHARES-REDEEMED> 718
<SHARES-REINVESTED> 48
<NET-CHANGE-IN-ASSETS> (1759)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (14)
<OVERDIST-NET-GAINS-PRIOR> (198)
<GROSS-ADVISORY-FEES> 79
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 416
<AVERAGE-NET-ASSETS> 14351
<PER-SHARE-NAV-BEGIN> 4.61
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 4.74
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
