diff --git a/a3p-integration/proposals/p:upgrade-19/.gitignore b/a3p-integration/proposals/p:upgrade-19/.gitignore
index 57c4873daf7..b1f2bfa095d 100644
--- a/a3p-integration/proposals/p:upgrade-19/.gitignore
+++ b/a3p-integration/proposals/p:upgrade-19/.gitignore
@@ -6,3 +6,4 @@ upgradeProvisionPool/
 upgradeAgoricNames/
 publishTestInfo/
 upgrade-mintHolder/
+upgradeAssetReserve/
diff --git a/a3p-integration/proposals/p:upgrade-19/addCollateral/add-collateral-permit.json b/a3p-integration/proposals/p:upgrade-19/addCollateral/add-collateral-permit.json
new file mode 100644
index 00000000000..211b499fe4c
--- /dev/null
+++ b/a3p-integration/proposals/p:upgrade-19/addCollateral/add-collateral-permit.json
@@ -0,0 +1,8 @@
+{
+    "consume": {
+      "contractKits": true,
+      "zoe": true,
+      "agoricNames": true,
+      "reserveKit": true
+    }
+}
diff --git a/a3p-integration/proposals/p:upgrade-19/addCollateral/add-collateral.js b/a3p-integration/proposals/p:upgrade-19/addCollateral/add-collateral.js
new file mode 100644
index 00000000000..c14306cf0eb
--- /dev/null
+++ b/a3p-integration/proposals/p:upgrade-19/addCollateral/add-collateral.js
@@ -0,0 +1,59 @@
+// @ts-nocheck
+/* eslint-disable no-undef */
+
+const addCollateral = async powers => {
+  const {
+    consume: {
+      contractKits: contractKitsP,
+      reserveKit: reserveKitP,
+      zoe,
+      agoricNames,
+    },
+  } = powers;
+
+  const [contractKits, reserveKit, usdLemonsIssuer, usdLemonsBrand] =
+    await Promise.all([
+      contractKitsP,
+      reserveKitP,
+      E(agoricNames).lookup('issuer', 'USD_LEMONS'),
+      E(agoricNames).lookup('brand', 'USD_LEMONS'),
+    ]);
+
+  console.log('[CONTRACT_KITS]', contractKits);
+  console.log('[ISSUER]', usdLemonsIssuer);
+
+  const { governorCreatorFacet } = reserveKit;
+
+  const arPublicFacet = await E(governorCreatorFacet).getPublicFacet();
+  const arLimitedFacet = await E(governorCreatorFacet).getCreatorFacet();
+
+  let usdLemonsMint;
+  for (const { publicFacet, creatorFacet: mint } of contractKits.values()) {
+    if (publicFacet === usdLemonsIssuer) {
+      usdLemonsMint = mint;
+      console.log('USD_LEMONS found', mint);
+      break;
+    }
+  }
+
+  await E(arLimitedFacet).addIssuer(usdLemonsIssuer, 'USD_LEMONS');
+
+  console.log('Minting USD_LEMONS');
+  const amt = harden({ brand: usdLemonsBrand, value: 500000n });
+  const helloPayment = await E(usdLemonsMint).mintPayment(amt);
+
+  console.log('Adding to the reserve...');
+
+  const seat = E(zoe).offer(
+    E(arPublicFacet).makeAddCollateralInvitation(),
+    harden({
+      give: { Collateral: amt },
+    }),
+    harden({ Collateral: helloPayment }),
+  );
+
+  console.log(await E(seat).getOfferResult());
+  console.log('Done.');
+};
+
+addCollateral;
diff --git a/a3p-integration/proposals/p:upgrade-19/assetReserve.test.js b/a3p-integration/proposals/p:upgrade-19/assetReserve.test.js
new file mode 100644
index 00000000000..a3bda12bde3
--- /dev/null
+++ b/a3p-integration/proposals/p:upgrade-19/assetReserve.test.js
@@ -0,0 +1,92 @@
+/* eslint-env node */
+/**
+ * @file The goal of this file is to make sure v36-reserve upgraded.
+ *
+ * The test scenario is as follows;
+ * 1. Add asset USD_LEMONS
+ * 2. Add collateral to the reserve
+ * 3. Upgrade reserve
+ * 4. Ensure that the collateral is still in the reserve
+ */
+
+import '@endo/init';
+import test from 'ava';
+import {
+  evalBundles,
+  agd as agdAmbient,
+  agoric,
+  getDetailsMatchingVats,
+} from '@agoric/synthetic-chain';
+import {
+  makeVstorageKit,
+  waitUntilContractDeployed,
+} from '@agoric/client-utils';
+
+const ADD_PSM_DIR = 'addUsdLemons';
+const UPGRADE_AR_DIR = 'upgradeAssetReserve';
+const ADD_COLLATERAL = 'addCollateral';
+
+const ambientAuthority = {
+  query: agdAmbient.query,
+  follow: agoric.follow,
+  setTimeout,
+  log: console.log,
+};
+
+/**
+ * @typedef {import('@agoric/ertp').NatAmount} NatAmount
+ * @typedef {{
+ *   allocations: { Fee: NatAmount, USD_LEMONS: NatAmount },
+ *  }} ReserveAllocations
+ */
+
+test.before(async t => {
+  const vstorageKit = await makeVstorageKit(
+    { fetch },
+    { rpcAddrs: ['http://localhost:26657'], chainName: 'agoriclocal' },
+  );
+
+  t.context = {
+    vstorageKit,
+  };
+});
+
+test.serial('add collatoral to reserve', async t => {
+  // @ts-expect-error casting
+  const { vstorageKit } = t.context;
+
+  // Introduce USD_LEMONS
+  await evalBundles(ADD_PSM_DIR);
+  await waitUntilContractDeployed('psm-IST-USD_LEMONS', ambientAuthority, {
+    errorMessage: 'psm-IST-USD_LEMONS instance not observed.',
+  });
+
+  await evalBundles(ADD_COLLATERAL);
+
+  const metrics = /** @type {ReserveAllocations} */ (
+    await vstorageKit.readLatestHead('published.reserve.metrics')
+  );
+
+  t.truthy(Object.keys(metrics.allocations).includes('USD_LEMONS'));
+  t.is(metrics.allocations.USD_LEMONS.value, 500000n);
+});
+
+test.serial('upgrade', async t => {
+  // @ts-expect-error casting
+  const { vstorageKit } = t.context;
+
+  await evalBundles(UPGRADE_AR_DIR);
+
+  const vatDetailsAfter = await getDetailsMatchingVats('reserve');
+  const { incarnation } = vatDetailsAfter.find(vat => vat.vatID === 'v36'); // assetReserve is v36
+
+  t.log(vatDetailsAfter);
+  t.is(incarnation, 1, 'incorrect incarnation');
+
+  const metrics = /** @type {ReserveAllocations} */ (
+    await vstorageKit.readLatestHead('published.reserve.metrics')
+  );
+
+  t.truthy(Object.keys(metrics.allocations).includes('USD_LEMONS'));
+  t.is(metrics.allocations.USD_LEMONS.value, 500000n);
+});
diff --git a/a3p-integration/proposals/p:upgrade-19/package.json b/a3p-integration/proposals/p:upgrade-19/package.json
index bdd9490ec35..666230406a8 100644
--- a/a3p-integration/proposals/p:upgrade-19/package.json
+++ b/a3p-integration/proposals/p:upgrade-19/package.json
@@ -5,6 +5,7 @@
       "testing/replace-feeDistributor-short.js replaceFeeDistributor",
       "testing/add-USD-LEMONS.js addUsdLemons",
       "vats/upgrade-provisionPool.js upgradeProvisionPool",
+      "vats/upgrade-asset-reserve.js upgradeAssetReserve",
       "vats/upgrade-paRegistry.js",
       "vats/upgrade-board.js",
       "testing/test-upgraded-board.js testUpgradedBoard",
diff --git a/a3p-integration/proposals/p:upgrade-19/test.sh b/a3p-integration/proposals/p:upgrade-19/test.sh
index f42147483ef..193e27da231 100644
--- a/a3p-integration/proposals/p:upgrade-19/test.sh
+++ b/a3p-integration/proposals/p:upgrade-19/test.sh
@@ -4,4 +4,7 @@ yarn ava replaceFeeDistributor.test.js
 yarn ava upgradedBoard.test.js
 yarn ava mintHolder.test.js
 yarn ava provisionPool.test.js
+
 yarn ava agoricNames.test.js
+
+yarn ava assetReserve.test.js
diff --git a/golang/cosmos/app/upgrade.go b/golang/cosmos/app/upgrade.go
index 8e6a2c68bcd..89857e26166 100644
--- a/golang/cosmos/app/upgrade.go
+++ b/golang/cosmos/app/upgrade.go
@@ -259,6 +259,9 @@ func unreleasedUpgradeHandler(app *GaiaApp, targetUpgrade string) func(sdk.Conte
 			// 	vm.CoreProposalStepForModules(
 			// 		"@agoric/builders/scripts/vats/upgrade-agoricNames.js",
 			// 	),
+			// 	vm.CoreProposalStepForModules(
+			// 		"@agoric/builders/scripts/vats/upgrade-asset-reserve.js",
+			// 	),
 			// )
 		}
 
diff --git a/packages/builders/scripts/vats/upgrade-asset-reserve.js b/packages/builders/scripts/vats/upgrade-asset-reserve.js
new file mode 100644
index 00000000000..b7d70d8e205
--- /dev/null
+++ b/packages/builders/scripts/vats/upgrade-asset-reserve.js
@@ -0,0 +1,21 @@
+import { makeHelpers } from '@agoric/deploy-script-support';
+
+/** @type {import('@agoric/deploy-script-support/src/externalTypes.js').CoreEvalBuilder} */
+export const defaultProposalBuilder = async ({ publishRef, install }) =>
+  harden({
+    sourceSpec: '@agoric/vats/src/proposals/upgrade-asset-reserve-proposal.js',
+    getManifestCall: [
+      'getManifestForUpgradingAssetReserve',
+      {
+        assetReserveRef: publishRef(
+          install('@agoric/inter-protocol/src/reserve/assetReserve.js'),
+        ),
+      },
+    ],
+  });
+
+/** @type {import('@agoric/deploy-script-support/src/externalTypes.js').DeployScriptFunction} */
+export default async (homeP, endowments) => {
+  const { writeCoreProposal } = await makeHelpers(homeP, endowments);
+  await writeCoreProposal('upgrade-asset-reserve', defaultProposalBuilder);
+};
diff --git a/packages/inter-protocol/src/proposals/econ-behaviors.js b/packages/inter-protocol/src/proposals/econ-behaviors.js
index 9b58897e6c9..a90744fca9a 100644
--- a/packages/inter-protocol/src/proposals/econ-behaviors.js
+++ b/packages/inter-protocol/src/proposals/econ-behaviors.js
@@ -157,9 +157,10 @@ export const setupReserve = async ({
     'reserve.governor',
   );
 
-  const [creatorFacet, publicFacet, instance] = await Promise.all([
+  const [creatorFacet, publicFacet, adminFacet, instance] = await Promise.all([
     E(g.creatorFacet).getCreatorFacet(),
     E(g.creatorFacet).getPublicFacet(),
+    E(g.creatorFacet).getAdminFacet(),
     E(g.publicFacet).getGovernedContract(),
   ]);
 
@@ -169,7 +170,7 @@ export const setupReserve = async ({
       instance,
       publicFacet,
       creatorFacet,
-      adminFacet: g.adminFacet,
+      adminFacet,
 
       governor: g.instance,
       governorCreatorFacet: g.creatorFacet,
diff --git a/packages/inter-protocol/src/reserve/assetReserve.js b/packages/inter-protocol/src/reserve/assetReserve.js
index 322172e0e0f..f8ed8204564 100644
--- a/packages/inter-protocol/src/reserve/assetReserve.js
+++ b/packages/inter-protocol/src/reserve/assetReserve.js
@@ -57,22 +57,13 @@ export const start = async (zcf, privateArgs, baggage) => {
     privateArgs.marshaller,
   );
 
-  /** @type {() => Promise<ZCFMint<'nat'>>} */
-  const takeFeeMint = async () => {
-    if (baggage.has('feeMint')) {
-      return baggage.get('feeMint');
-    }
-
-    const feeMintTemp = await zcf.registerFeeMint(
-      'Fee',
-      privateArgs.feeMintAccess,
-    );
-    baggage.init('feeMint', feeMintTemp);
-    return feeMintTemp;
-  };
-  trace('awaiting takeFeeMint');
-  const feeMint = await takeFeeMint();
   const storageNode = await privateArgs.storageNode;
+
+  trace('awaiting feeMint');
+  const { feeMint } = await provideAll(baggage, {
+    feeMint: () => zcf.registerFeeMint('Fee', privateArgs.feeMintAccess),
+  });
+
   const makeAssetReserveKit = await prepareAssetReserveKit(baggage, {
     feeMint,
     makeRecorderKit,
diff --git a/packages/inter-protocol/test/swingsetTests/reserve/bootstrap-assetReserve-upgrade.js b/packages/inter-protocol/test/swingsetTests/reserve/bootstrap-assetReserve-upgrade.js
index d6bb13d4d50..91318683cb5 100644
--- a/packages/inter-protocol/test/swingsetTests/reserve/bootstrap-assetReserve-upgrade.js
+++ b/packages/inter-protocol/test/swingsetTests/reserve/bootstrap-assetReserve-upgrade.js
@@ -271,6 +271,11 @@ export const buildRootObject = async () => {
 
       metricsRecord = await E(metrics).getUpdateSince();
 
+      // verify allocations
+      const allocations = await E(arLimitedFacet).getAllocations();
+      assert.equal(allocations.Moola.value, 100_000n);
+      assert.equal(allocations.Moola.brand, moola.brand);
+
       // same as last
       assert.equal(metricsRecord.updateCount, 2n);
 
diff --git a/packages/vats/src/proposals/upgrade-asset-reserve-proposal.js b/packages/vats/src/proposals/upgrade-asset-reserve-proposal.js
new file mode 100644
index 00000000000..89fbf0042c3
--- /dev/null
+++ b/packages/vats/src/proposals/upgrade-asset-reserve-proposal.js
@@ -0,0 +1,93 @@
+import { E } from '@endo/far';
+import { deeplyFulfilled } from '@endo/marshal';
+import { makeTracer } from '@agoric/internal';
+
+const tracer = makeTracer('UpgradeAssetReserve');
+
+/**
+ * @param {BootstrapPowers & {
+ *   consume: {
+ *     economicCommitteeCreatorFacet: any;
+ *     reserveKit: any;
+ *   };
+ *   produce: {
+ *     reserveKit: any;
+ *   };
+ * }} powers
+ * @param {object} options
+ * @param {{ assetReserveRef: VatSourceRef }} options.options
+ */
+export const upgradeAssetReserve = async (
+  {
+    consume: {
+      economicCommitteeCreatorFacet: electorateCreatorFacet,
+      reserveKit: reserveKitP,
+      instancePrivateArgs: instancePrivateArgsP,
+    },
+    produce: { reserveKit: reserveKitWriter },
+  },
+  options,
+) => {
+  const { assetReserveRef } = options.options;
+
+  assert(assetReserveRef.bundleID);
+  tracer(`ASSET RESERVE BUNDLE ID: `, assetReserveRef);
+
+  const [reserveKit, instancePrivateArgs] = await Promise.all([
+    reserveKitP,
+    instancePrivateArgsP,
+  ]);
+  const { governorCreatorFacet, instance } = reserveKit;
+
+  const [originalPrivateArgs, poserInvitation] = await Promise.all([
+    // eslint-disable-next-line @typescript-eslint/ban-ts-comment
+    // @ts-ignore Local tsc sees this as an error but typedoc does not
+    deeplyFulfilled(instancePrivateArgs.get(instance)),
+    E(electorateCreatorFacet).getPoserInvitation(),
+  ]);
+
+  const newPrivateArgs = harden({
+    ...originalPrivateArgs,
+    initialPoserInvitation: poserInvitation,
+  });
+
+  const adminFacet = await E(governorCreatorFacet).getAdminFacet();
+
+  // We need to reset the kit and produce a new adminFacet because the
+  // original contract is producing an admin facet that is for the
+  // governor, not the reserve.
+  reserveKitWriter.reset();
+  reserveKitWriter.resolve(
+    harden({
+      ...reserveKit,
+      adminFacet,
+    }),
+  );
+
+  const upgradeResult = await E(adminFacet).upgradeContract(
+    assetReserveRef.bundleID,
+    newPrivateArgs,
+  );
+
+  tracer('AssetReserve upgraded: ', upgradeResult);
+  tracer('Done.');
+};
+
+export const getManifestForUpgradingAssetReserve = (
+  _powers,
+  { assetReserveRef },
+) => ({
+  manifest: {
+    [upgradeAssetReserve.name]: {
+      consume: {
+        economicCommitteeCreatorFacet: true,
+        instancePrivateArgs: true,
+        reserveKit: true,
+      },
+      produce: {
+        reserveKit: true,
+      },
+    },
+  },
+  options: { assetReserveRef },
+});