<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0001004658
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FD
001 B000000 811-9140
001 C000000 3027913197
002 A000000 101 MUNSON STREET
002 B000000 GREENFIELD
002 C000000 MA
002 D010000 01301
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 BALANCED PORTFOLIO
007 C030100 Y
007 C010200 2
007 C020200 MANAGED BOND PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 GROWTH STOCK PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 MONEY MARKET PORTFOLIO
007 C030400 Y
007 C010500 5
007 C020500 U.S. GOVERNMENT SECURITIES PORTFOLIO
007 C030500 Y
007 C010600 6
007 C020600 ENHANCED RESERVES PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 REAL ESTATE EQUITY SECURITIES PORTFOLIO
007 C030700 N
007 C010800 8
007 C020800 CORE EQUITY PORTFOLIO
007 C030800 N
007 C010900 9
007 C011000 10
010 A00AA01 PHOENIX EQUITY PLANNING CORPORATION
010 B00AA01 84-5491
010 C01AA01 ENFIELD
<PAGE> PAGE 2
010 C02AA01 CT
010 C03AA01 06083
010 C04AA01 2200
011 A00AA01 PHOENIX EQUITY PLANNING CORPORATION
011 B00AA01 8-45491
011 C01AA01 ENFIELD
011 C02AA01 CT
011 C03AA01 06083
011 C04AA01 2200
012 A00AA01 PHOENIX EQUITY PLANNING CORPORATION
012 B00AA01 84-5491
012 C01AA01 ENFIELD
012 C02AA01 CT
012 C03AA01 06083
012 C04AA01 2200
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 PHOENIX EQUITY PLANNING CORPORATION
014 B00AA01 8-45491
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 57
019 C00AA00 PHOENIX-IP
020 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000001 13-2741729
020 C000001 36
020 A000002 INSTINET CORP.
020 B000002 13-3443395
020 C000002 26
020 A000003 SMITH BARNEY INC.
020 B000003 13-1912900
020 C000003 11
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000004 13-5674085
020 C000004 11
020 A000005 LEHMAN BROTHERS
020 B000005 13-2518466
020 C000005 9
020 A000006 GOLDMAN, SACHS & CO.
020 B000006 13-5108880
020 C000006 8
020 A000007 COWEN & CO.
020 B000007 13-5616116
020 C000007 7
020 A000008 BEAR STEARNS & CO., INC.
020 B000008 13-3299429
020 C000008 5
020 A000009 DEUTSCHE MORGAN GRENFELL
020 B000009 13-2730828
<PAGE> PAGE 3
020 C000009 5
020 A000010 PAINEWEBBER INC.
020 B000010 13-2638166
020 C000010 5
021 000000 193
022 A000001 STATE STREET BANK & TRUST
022 B000001 04-1867445
022 C000001 1222230
022 D000001 5275
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 601354
022 D000002 29141
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003 197664
022 D000003 24491
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004 177041
022 D000004 20376
022 A000005 CHASE SECURITIES
022 B000005 13-3112953
022 C000005 153905
022 D000005 33579
022 A000006 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000006 36-3595492
022 C000006 150128
022 D000006 2788
022 A000007 SALOMON BROTHERS, INC.
022 B000007 13-3082694
022 C000007 43845
022 D000007 55299
022 A000008 PRUDENTIAL SECURITIES
022 B000008 22-2347336
022 C000008 40481
022 D000008 37229
022 A000009 ZIONS FIRST NATIONAL BANK
022 B000009 87-0278784
022 C000009 55936
022 D000009 4644
022 A000010 BANK OF AMERICA
022 B000010 94-1687665
022 C000010 56002
022 D000010 3889
023 C000000 3042751
023 D000000 345279
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
<PAGE> PAGE 4
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 2
042 D00AA00 98
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 70
044 00AA00 0
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
<PAGE> PAGE 5
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INS CO. OF PITTSBURGH, PA
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 39
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
008 A000101 PHOENIX INVESTMENT COUNSEL, INC.
008 B000101 A
008 C000101 801-5995
008 D010101 HARTFORD
008 D020101 CT
008 D030101 06115
008 D040101 0480
015 A000101 THE CHASE MANHATTAN BANK, N.A.
015 B000101 C
015 C010101 NEW YORK
015 C020101 NY
015 C030101 10081
015 E010101 X
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 73
<PAGE> PAGE 6
028 A020100 0
028 A030100 0
028 A040100 1592
028 B010100 53
028 B020100 0
028 B030100 0
028 B040100 51
028 C010100 587
028 C020100 0
028 C030100 0
028 C040100 1651
028 D010100 62
028 D020100 2325
028 D030100 0
028 D040100 19811
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 775
028 G020100 2325
028 G030100 0
028 G040100 23105
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 1000000
048 A020100 0.550
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
<PAGE> PAGE 7
048 J020100 0.000
048 K010100 1000000
048 K020100 0.500
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 N
061 000100 1000000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
<PAGE> PAGE 8
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 26236
071 B000100 51377
071 C000100 25130
071 D000100 104
072 A000100 10
072 B000100 655
072 C000100 88
072 D000100 0
072 E000100 0
072 F000100 118
072 G000100 48
072 H000100 0
072 I000100 36
072 J000100 21
072 K000100 0
072 L000100 6
<PAGE> PAGE 9
072 M000100 11
072 N000100 40
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 18
072 S000100 1
072 T000100 13
072 U000100 0
072 V000100 0
072 W000100 11
072 X000100 323
072 Y000100 170
072 Z000100 590
072AA000100 2435
072BB000100 0
072CC010100 0
072CC020100 1601
072DD010100 448
072DD020100 151
072EE000100 3523
073 A010100 0.4710
073 A020100 0.4270
073 B000100 3.1210
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 0
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 0
074 U010100 0
074 U020100 0
074 V010100 0.00
<PAGE> PAGE 10
074 V020100 0.00
074 W000100 0.0000
074 X000100 0
074 Y000100 0
075 A000100 0
075 B000100 26025
076 000100 0.00
008 A000201 PHOENIX INVESTMENT COUNSEL, INC.
008 B000201 A
008 C000201 801-5995
008 D010201 HARTFORD
008 D020201 CT
008 D030201 06115
008 D040201 0480
015 A000201 THE CHASE MANHATTAN BANK, N.A.
015 B000201 C
015 C010201 NEW YORK
015 C020201 NY
015 C030201 10081
015 E010201 X
024 000200 Y
025 A000201 MERRILL LYNCH & CO., INC.
025 B000201 13-5674085
025 C000201 D
025 D000201 106
025 A000202 CS FIRST BOSTON
025 B000202 13-5659485
025 C000202 D
025 D000202 2410
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 1383
028 A020200 0
028 A030200 0
028 A040200 4451
028 B010200 14325
028 B020200 0
028 B030200 0
028 B040200 8225
028 C010200 1732
028 C020200 0
028 C030200 0
028 C040200 56
028 D010200 11975
028 D020200 0
028 D030200 0
028 D040200 4279
<PAGE> PAGE 11
028 E010200 332
028 E020200 0
028 E030200 0
028 E040200 1407
028 F010200 16540
028 F020200 4400
028 F030200 0
028 F040200 882
028 G010200 46287
028 G020200 4400
028 G030200 0
028 G040200 19300
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 1000000
048 A020200 0.450
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 1000000
048 K020200 0.400
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
<PAGE> PAGE 12
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000000
062 A000200 Y
062 B000200 0.0
062 C000200 4.8
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 7.5
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 13.4
062 N000200 8.6
062 O000200 6.4
062 P000200 42.7
062 Q000200 23.6
062 R000200 0.7
063 A000200 0
063 B000200 8.8
064 A000200 Y
064 B000200 Y
065 000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
<PAGE> PAGE 13
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 142133
071 B000200 91981
071 C000200 87420
071 D000200 105
072 A000200 12
072 B000200 6744
072 C000200 231
072 D000200 0
072 E000200 0
072 F000200 422
072 G000200 96
072 H000200 0
072 I000200 45
072 J000200 21
072 K000200 0
072 L000200 12
072 M000200 13
072 N000200 44
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 39
072 S000200 3
072 T000200 18
072 U000200 0
072 V000200 0
072 W000200 25
072 X000200 738
072 Y000200 205
072 Z000200 6442
072AA000200 0
072BB000200 1443
072CC010200 0
072CC020200 3363
<PAGE> PAGE 14
072DD010200 6448
072DD020200 482
072EE000200 436
073 A010200 2.2500
073 A020200 2.1700
073 B000200 0.1300
073 C000200 0.0000
074 A000200 51
074 B000200 0
074 C000200 14853
074 D000200 114368
074 E000200 861
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 40
074 J000200 0
074 K000200 0
074 L000200 2551
074 M000200 2
074 N000200 132726
074 O000200 11782
074 P000200 56
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 124
074 S000200 0
074 T000200 120764
074 U010200 3600
074 U020200 238
074 V010200 31.47
074 V020200 31.47
074 W000200 0.0000
074 X000200 110
074 Y000200 0
075 A000200 0
075 B000200 93736
076 000200 0.00
008 A000301 PHOENIX INVESTMENT COUNSEL, INC.
008 B000301 A
008 C000301 801-5995
008 D010301 HARTFORD
008 D020301 CT
008 D030301 06115
008 D040301 0480
015 A000301 THE CHASE MANHATTAN BANK, N.A.
015 B000301 C
015 C010301 NEW YORK
015 C020301 NY
<PAGE> PAGE 15
015 C030301 10081
015 E010301 X
024 000300 N
028 A010300 106
028 A020300 0
028 A030300 0
028 A040300 2435
028 B010300 2514
028 B020300 0
028 B030300 0
028 B040300 1069
028 C010300 1136
028 C020300 0
028 C030300 0
028 C040300 3267
028 D010300 7137
028 D020300 0
028 D030300 0
028 D040300 7307
028 E010300 3155
028 E020300 0
028 E030300 0
028 E040300 4055
028 F010300 204
028 F020300 4643
028 F030300 0
028 F040300 1703
028 G010300 14252
028 G020300 4643
028 G030300 0
028 G040300 19836
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 1000000
048 A020300 0.600
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
<PAGE> PAGE 16
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 1000000
048 K020300 0.550
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1000000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
<PAGE> PAGE 17
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 70683
071 B000300 83173
071 C000300 61532
071 D000300 115
072 A000300 12
072 B000300 75
072 C000300 459
072 D000300 0
072 E000300 0
072 F000300 383
072 G000300 69
072 H000300 0
<PAGE> PAGE 18
072 I000300 44
072 J000300 21
072 K000300 0
072 L000300 9
072 M000300 13
072 N000300 47
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 30
072 S000300 3
072 T000300 48
072 U000300 0
072 V000300 0
072 W000300 18
072 X000300 685
072 Y000300 189
072 Z000300 38
072AA000300 8876
072BB000300 0
072CC010300 8733
072CC020300 0
072DD010300 30
072DD020300 8
072EE000300 10405
073 A010300 0.1500
073 A020300 0.1000
073 B000300 5.8100
073 C000300 0.0000
074 A000300 2
074 B000300 0
074 C000300 1110
074 D000300 0
074 E000300 0
074 F000300 66812
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 799
074 K000300 2
074 L000300 56
074 M000300 1
074 N000300 68782
074 O000300 1009
074 P000300 17
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 80
074 S000300 0
<PAGE> PAGE 19
074 T000300 67676
074 U010300 1225
074 U020300 565
074 V010300 37.82
074 V020300 37.79
074 W000300 0.0000
074 X000300 89
074 Y000300 0
075 A000300 0
075 B000300 63855
076 000300 0.00
008 A000401 PHOENIX INVESTMENT COUNSEL, INC.
008 B000401 A
008 C000401 801-5995
008 D010401 HARTFORD
008 D020401 CT
008 D030401 06115
008 D040401 0480
015 A000401 THE CHASE MANHATTAN BANK, N.A.
015 B000401 C
015 C010401 NEW YORK
015 C020401 NY
015 C030401 10081
015 E010401 X
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 4169
028 A020400 37
028 A030400 0
028 A040400 144
028 B010400 961
028 B020400 16
028 B030400 0
028 B040400 7825
028 C010400 46
028 C020400 10
028 C030400 0
028 C040400 446
028 D010400 843
028 D020400 5
028 D030400 0
028 D040400 3130
028 E010400 0
028 E020400 0
<PAGE> PAGE 20
028 E030400 0
028 E040400 0
028 F010400 0
028 F020400 0
028 F030400 0
028 F040400 0
028 G010400 6019
028 G020400 68
028 G030400 0
028 G040400 11545
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 1000000
048 A020400 0.250
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 1000000
048 K020400 0.200
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
<PAGE> PAGE 21
060 B000400 N
061 000400 1000000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
<PAGE> PAGE 22
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 10
072 B000400 300
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 13
072 G000400 32
072 H000400 0
072 I000400 35
072 J000400 8
072 K000400 0
072 L000400 0
072 M000400 11
072 N000400 23
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 16
072 S000400 0
072 T000400 3
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 144
072 Y000400 122
072 Z000400 278
072AA000400 0
072BB000400 3
072CC010400 0
072CC020400 0
072DD010400 189
072DD020400 90
072EE000400 0
<PAGE> PAGE 23
073 A010400 0.0400
073 A020400 0.0400
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 0
074 M000400 0
074 N000400 0
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 0
074 U010400 0
074 U020400 0
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 0
075 A000400 6487
075 B000400 0
076 000400 0.00
008 A000501 PHOENIX INVESTMENT COUNSEL, INC.
008 B000501 A
008 C000501 801-5995
008 D010501 HARTFORD
008 D020501 CT
008 D030501 06115
008 D040501 0480
015 A000501 THE CHASE MANHATTAN BANK, N.A.
015 B000501 C
015 C010501 NEW YORK
015 C020501 NY
015 C030501 10081
015 E010501 X
024 000500 N
<PAGE> PAGE 24
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 9
028 A020500 0
028 A030500 0
028 A040500 1499
028 B010500 110
028 B020500 0
028 B030500 0
028 B040500 4
028 C010500 174
028 C020500 0
028 C030500 0
028 C040500 830
028 D010500 11
028 D020500 123
028 D030500 0
028 D040500 5626
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 0
028 F020500 0
028 F030500 0
028 F040500 0
028 G010500 304
028 G020500 123
028 G030500 0
028 G040500 7959
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 1000000
048 A020500 0.300
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
<PAGE> PAGE 25
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 1000000
048 K020500 0.250
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 N
061 000500 1000000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
064 A000500 Y
064 B000500 N
066 A000500 N
<PAGE> PAGE 26
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 1509141
071 B000500 7557765
071 C000500 6002581
071 D000500 25
072 A000500 10
072 B000500 361
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 19
072 G000500 49
<PAGE> PAGE 27
072 H000500 0
072 I000500 33
072 J000500 2
072 K000500 0
072 L000500 6
072 M000500 11
072 N000500 39
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 16
072 S000500 1
072 T000500 9
072 U000500 0
072 V000500 0
072 W000500 4
072 X000500 189
072 Y000500 155
072 Z000500 327
072AA000500 182
072BB000500 0
072CC010500 0
072CC020500 80
072DD010500 160
072DD020500 189
072EE000500 0
073 A010500 0.6900
073 A020500 0.6700
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 0
074 N000500 0
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 0
<PAGE> PAGE 28
074 S000500 0
074 T000500 0
074 U010500 0
074 U020500 0
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 0
074 Y000500 0
075 A000500 0
075 B000500 7768
076 000500 0.00
008 A000601 DUFF & PHELPS INVESTMENT MANAGEMENT CO.
008 B000601 A
008 C000601 801-14813
008 D010601 CHICAGO
008 D020601 IL
008 D030601 60603
015 A000601 STATE STREET BANK AND TRUST CO.
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02101
015 E010601 X
024 000600 Y
025 A000601 PRUDENTIAL SECURITIES
025 B000601 22-2347336
025 C000601 D
025 D000601 750
025 A000602 STATE STREET BANK
025 B000602 04-1867445
025 C000602 D
025 D000602 744
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 1000
028 A020600 264
028 A030600 0
028 A040600 228
028 B010600 37
028 B020600 236
028 B030600 0
028 B040600 623
028 C010600 152
028 C020600 240
028 C030600 0
028 C040600 708
<PAGE> PAGE 29
028 D010600 3047
028 D020600 235
028 D030600 0
028 D040600 16267
028 E010600 1606
028 E020600 141
028 E030600 0
028 E040600 16246
028 F010600 4689
028 F020600 95
028 F030600 0
028 F040600 9987
028 G010600 10531
028 G020600 1211
028 G030600 0
028 G040600 44059
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.000
048 A010600 1000000
048 A020600 0.240
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 1000000
048 K020600 0.190
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
055 A000600 N
<PAGE> PAGE 30
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000000
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 3.8
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 21.3
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 23.3
062 N000600 16.9
062 O000600 0.0
062 P000600 34.9
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 7.0
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
<PAGE> PAGE 31
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 142994
071 B000600 195961
071 C000600 54073
071 D000600 264
072 A000600 12
072 B000600 3558
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 142
072 G000600 80
072 H000600 0
072 I000600 42
072 J000600 13
072 K000600 0
072 L000600 14
072 M000600 13
072 N000600 46
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 37
072 S000600 3
072 T000600 2
072 U000600 0
072 V000600 0
072 W000600 17
072 X000600 409
072 Y000600 188
072 Z000600 3337
072AA000600 6
<PAGE> PAGE 32
072BB000600 0
072CC010600 0
072CC020600 85
072DD010600 3253
072DD020600 34
072EE000600 31
073 A010600 0.5400
073 A020600 0.5100
073 B000600 0.0100
073 C000600 0.0100
074 A000600 0
074 B000600 744
074 C000600 4150
074 D000600 14674
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 17
074 L000600 103
074 M000600 1
074 N000600 19689
074 O000600 0
074 P000600 22
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 132
074 S000600 0
074 T000600 19535
074 U010600 1925
074 U020600 46
074 V010600 9.91
074 V020600 9.90
074 W000600 0.0000
074 X000600 43
074 Y000600 0
075 A000600 0
075 B000600 59179
076 000600 0.00
008 A000701 DUFF & PHELPS INVESTMENT MANAGEMENT CO
008 B000701 A
008 C000701 801-14813
008 D010701 CHICAGO
008 D020701 IL
008 D030701 60603
015 A000701 STATE STREET BANK AND TRUST CO.
015 B000701 C
<PAGE> PAGE 33
015 C010701 BOSTON
015 C020701 MA
015 C030701 02101
015 E010701 X
024 000700 Y
025 A000701 STATE STREET BANK
025 B000701 04-1867445
025 C000701 D
025 D000701 1424
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 60
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 0
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 0
028 C020700 127
028 C030700 0
028 C040700 0
028 D010700 7155
028 D020700 0
028 D030700 0
028 D040700 0
028 E010700 0
028 E020700 0
028 E030700 0
028 E040700 0
028 F010700 0
028 F020700 406
028 F030700 0
028 F040700 0
028 G010700 7215
028 G020700 533
028 G030700 0
028 G040700 0
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.500
048 A010700 0
048 A020700 0.000
<PAGE> PAGE 34
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 Y
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 250000
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
<PAGE> PAGE 35
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 N
066 E000700 Y
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
<PAGE> PAGE 36
070 R020700 N
071 A000700 12954
071 B000700 2207
071 C000700 14983
071 D000700 15
072 A000700 12
072 B000700 71
072 C000700 830
072 D000700 0
072 E000700 0
072 F000700 80
072 G000700 81
072 H000700 0
072 I000700 33
072 J000700 5
072 K000700 0
072 L000700 31
072 M000700 13
072 N000700 41
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 21
072 S000700 3
072 T000700 2
072 U000700 0
072 V000700 0
072 W000700 7
072 X000700 317
072 Y000700 168
072 Z000700 752
072AA000700 0
072BB000700 758
072CC010700 0
072CC020700 3480
072DD010700 753
072DD020700 31
072EE000700 0
073 A010700 0.4600
073 A020700 0.4200
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 1424
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 18919
074 G000700 0
074 H000700 0
074 I000700 0
<PAGE> PAGE 37
074 J000700 0
074 K000700 0
074 L000700 137
074 M000700 0
074 N000700 20480
074 O000700 0
074 P000700 14
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 92
074 S000700 0
074 T000700 20374
074 U010700 2168
074 U020700 75
074 V010700 9.08
074 V020700 9.09
074 W000700 0.0000
074 X000700 16
074 Y000700 0
075 A000700 0
075 B000700 16581
076 000700 0.00
008 A000801 DUFF & PHELPS INVESTMENT MANAGEMENT CO
008 B000801 A
008 C000801 801-14813
008 D010801 CHICAGO
008 D020801 IL
008 D030801 60603
015 A000801 STATE STREET BANK AND TRUST CO.
015 B000801 C
015 C010801 BOSTON
015 C020801 MA
015 C030801 02101
015 E010801 X
024 000800 Y
025 A000801 STATE STREET BANK
025 B000801 04-1867445
025 C000801 D
025 D000801 68
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 280
028 A020800 0
028 A030800 0
<PAGE> PAGE 38
028 A040800 0
028 B010800 140
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 994
028 C020800 0
028 C030800 0
028 C040800 0
028 D010800 43
028 D020800 0
028 D030800 0
028 D040800 0
028 E010800 2374
028 E020800 0
028 E030800 0
028 E040800 0
028 F010800 0
028 F020800 70
028 F030800 0
028 F040800 0
028 G010800 3831
028 G020800 70
028 G030800 0
028 G040800 0
028 H000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.500
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
<PAGE> PAGE 39
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 1000000
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 Y
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
<PAGE> PAGE 40
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 13419
071 B000800 3278
071 C000800 6309
071 D000800 52
072 A000800 9
072 B000800 6
072 C000800 50
072 D000800 0
072 E000800 0
072 F000800 23
072 G000800 26
072 H000800 0
072 I000800 28
072 J000800 7
072 K000800 0
072 L000800 16
072 M000800 10
072 N000800 73
<PAGE> PAGE 41
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 18
072 S000800 3
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 4
072 X000800 208
072 Y000800 178
072 Z000800 26
072AA000800 0
072BB000800 724
072CC010800 1390
072CC020800 0
072DD010800 69
072DD020800 1
072EE000800 0
073 A010800 0.0700
073 A020800 0.0600
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 68
074 D000800 0
074 E000800 0
074 F000800 10807
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 52
074 L000800 8
074 M000800 16
074 N000800 10951
074 O000800 0
074 P000800 8
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 69
074 S000800 0
074 T000800 10874
074 U010800 1053
074 U020800 10
074 V010800 10.23
074 V020800 10.21
074 W000800 0.0000
<PAGE> PAGE 42
074 X000800 17
074 Y000800 0
075 A000800 0
075 B000800 6436
076 000800 0.00
SIGNATURE JACQUELINE PORTER
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 017
<NAME> BALANCED PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> OCT-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1455
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (8)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (118)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 88
<INTEREST-INCOME> 655
<OTHER-INCOME> 0
<EXPENSES-NET> (153)
<NET-INVESTMENT-INCOME> 590
<REALIZED-GAINS-CURRENT> 2435
<APPREC-INCREASE-CURRENT> (1601)
<NET-CHANGE-FROM-OPS> 1424
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (448)
<DISTRIBUTIONS-OF-GAINS> (2477)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98
<NUMBER-OF-SHARES-REDEEMED> (1734)
<SHARES-REINVESTED> 180
<NET-CHANGE-IN-ASSETS> (15975)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1086
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 323
<AVERAGE-NET-ASSETS> 26025
<PER-SHARE-NAV-BEGIN> 16.17
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> (.47)
<PER-SHARE-DISTRIBUTIONS> (3.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.00
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 018
<NAME> BALANCED PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> OCT-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 387
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (8)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (118)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 88
<INTEREST-INCOME> 655
<OTHER-INCOME> 0
<EXPENSES-NET> (153)
<NET-INVESTMENT-INCOME> 590
<REALIZED-GAINS-CURRENT> 2435
<APPREC-INCREASE-CURRENT> (1601)
<NET-CHANGE-FROM-OPS> 1424
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (151)
<DISTRIBUTIONS-OF-GAINS> (1046)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18
<NUMBER-OF-SHARES-REDEEMED> (488)
<SHARES-REINVESTED> 83
<NET-CHANGE-IN-ASSETS> (2908)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1086
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 323
<AVERAGE-NET-ASSETS> 26025
<PER-SHARE-NAV-BEGIN> 16.18
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> (3.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.03
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 027
<NAME> MANAGED BOND PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 132187
<INVESTMENTS-AT-VALUE> 130122
<RECEIVABLES> 2551
<ASSETS-OTHER> 53
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132726
<PAYABLE-FOR-SECURITIES> 11782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180
<TOTAL-LIABILITIES> 11962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120764
<SHARES-COMMON-STOCK> 3600
<SHARES-COMMON-PRIOR> 2193
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2234)
<ACCUM-APPREC-OR-DEPREC> (2065)
<NET-ASSETS> 120764
<DIVIDEND-INCOME> 231
<INTEREST-INCOME> 6744
<OTHER-INCOME> 0
<EXPENSES-NET> (533)
<NET-INVESTMENT-INCOME> 6442
<REALIZED-GAINS-CURRENT> (1443)
<APPREC-INCREASE-CURRENT> (3363)
<NET-CHANGE-FROM-OPS> 1636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6448)
<DISTRIBUTIONS-OF-GAINS> (405)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2186
<NUMBER-OF-SHARES-REDEEMED> (985)
<SHARES-REINVESTED> 206
<NET-CHANGE-IN-ASSETS> 40526
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1)
<GROSS-ADVISORY-FEES> 422
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 738
<AVERAGE-NET-ASSETS> 93736
<PER-SHARE-NAV-BEGIN> 33.17
<PER-SHARE-NII> 2.26
<PER-SHARE-GAIN-APPREC> (1.58)
<PER-SHARE-DIVIDEND> (2.25)
<PER-SHARE-DISTRIBUTIONS> (.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.47
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 028
<NAME> MANAGED BOND PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 132187
<INVESTMENTS-AT-VALUE> 130122
<RECEIVABLES> 2551
<ASSETS-OTHER> 53
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132726
<PAYABLE-FOR-SECURITIES> 11782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180
<TOTAL-LIABILITIES> 11962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120764
<SHARES-COMMON-STOCK> 238
<SHARES-COMMON-PRIOR> 203
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2234)
<ACCUM-APPREC-OR-DEPREC> (2065)
<NET-ASSETS> 120764
<DIVIDEND-INCOME> 231
<INTEREST-INCOME> 6744
<OTHER-INCOME> 0
<EXPENSES-NET> (533)
<NET-INVESTMENT-INCOME> 6443
<REALIZED-GAINS-CURRENT> (1443)
<APPREC-INCREASE-CURRENT> (3363)
<NET-CHANGE-FROM-OPS> 1636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 482
<DISTRIBUTIONS-OF-GAINS> (31)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39
<NUMBER-OF-SHARES-REDEEMED> (19)
<SHARES-REINVESTED> 16
<NET-CHANGE-IN-ASSETS> 767
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1)
<GROSS-ADVISORY-FEES> 422
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 738
<AVERAGE-NET-ASSETS> 93736
<PER-SHARE-NAV-BEGIN> 33.18
<PER-SHARE-NII> 2.18
<PER-SHARE-GAIN-APPREC> (1.59)
<PER-SHARE-DIVIDEND> (2.17)
<PER-SHARE-DISTRIBUTIONS> (.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.47
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 037
<NAME> GROWTH STOCK PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 51565
<INVESTMENTS-AT-VALUE> 67921
<RECEIVABLES> 857
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68782
<PAYABLE-FOR-SECURITIES> 1009
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97
<TOTAL-LIABILITIES> 1106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47487
<SHARES-COMMON-STOCK> 1225
<SHARES-COMMON-PRIOR> 1310
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3834
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16356
<NET-ASSETS> 67676
<DIVIDEND-INCOME> 459
<INTEREST-INCOME> 75
<OTHER-INCOME> 0
<EXPENSES-NET> (496)
<NET-INVESTMENT-INCOME> 38
<REALIZED-GAINS-CURRENT> 8876
<APPREC-INCREASE-CURRENT> 8733
<NET-CHANGE-FROM-OPS> 17647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30)
<DISTRIBUTIONS-OF-GAINS> (7279)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 447
<NUMBER-OF-SHARES-REDEEMED> (738)
<SHARES-REINVESTED> 205
<NET-CHANGE-IN-ASSETS> 1980
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5363
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 685
<AVERAGE-NET-ASSETS> 63855
<PER-SHARE-NAV-BEGIN> 33.85
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 9.88
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (5.81)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.82
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 038
<NAME> GROWTH STOCK PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 51565
<INVESTMENTS-AT-VALUE> 67921
<RECEIVABLES> 857
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68782
<PAYABLE-FOR-SECURITIES> 1009
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97
<TOTAL-LIABILITIES> 1106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47487
<SHARES-COMMON-STOCK> 565
<SHARES-COMMON-PRIOR> 521
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3834
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16356
<NET-ASSETS> 67676
<DIVIDEND-INCOME> 459
<INTEREST-INCOME> 75
<OTHER-INCOME> 0
<EXPENSES-NET> (496)
<NET-INVESTMENT-INCOME> 38
<REALIZED-GAINS-CURRENT> 8876
<APPREC-INCREASE-CURRENT> 8733
<NET-CHANGE-FROM-OPS> 17647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8)
<DISTRIBUTIONS-OF-GAINS> (3125)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43
<NUMBER-OF-SHARES-REDEEMED> (85)
<SHARES-REINVESTED> 86
<NET-CHANGE-IN-ASSETS> 3716
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5363
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 685
<AVERAGE-NET-ASSETS> 63855
<PER-SHARE-NAV-BEGIN> 33.86
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 9.88
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (5.81)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.79
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 047
<NAME> MONEY MARKET PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-28-1998
<PERIOD-END> OCT-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 8129
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 300
<OTHER-INCOME> 0
<EXPENSES-NET> (22)
<NET-INVESTMENT-INCOME> 278
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (189)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10744
<NUMBER-OF-SHARES-REDEEMED> (19093)
<SHARES-REINVESTED> 221
<NET-CHANGE-IN-ASSETS> (8129)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144
<AVERAGE-NET-ASSETS> 6487
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 048
<NAME> MONEY MARKET PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> OCT-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1722
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 300
<OTHER-INCOME> 0
<EXPENSES-NET> (22)
<NET-INVESTMENT-INCOME> 278
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (90)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 911
<NUMBER-OF-SHARES-REDEEMED> (2686)
<SHARES-REINVESTED> 54
<NET-CHANGE-IN-ASSETS> (1722)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144
<AVERAGE-NET-ASSETS> 6487
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 057
<NAME> U.S. GOVERNMENT SECURITIES PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> OCT-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 334
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18)
<ACCUMULATED-NET-GAINS> (20)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 361
<OTHER-INCOME> 0
<EXPENSES-NET> (34)
<NET-INVESTMENT-INCOME> 327
<REALIZED-GAINS-CURRENT> 182
<APPREC-INCREASE-CURRENT> (80)
<NET-CHANGE-FROM-OPS> 429
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (160)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68
<NUMBER-OF-SHARES-REDEEMED> (413)
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> (4432)
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (202)
<GROSS-ADVISORY-FEES> 19
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (189)
<AVERAGE-NET-ASSETS> 7768
<PER-SHARE-NAV-BEGIN> 13.26
<PER-SHARE-NII> .65
<PER-SHARE-GAIN-APPREC> (.35)
<PER-SHARE-DIVIDEND> (.69)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.87
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 058
<NAME> U.S. GOVERNMENT SECURITIES PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> OCT-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 303
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18)
<ACCUMULATED-NET-GAINS> (20)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 361
<OTHER-INCOME> 0
<EXPENSES-NET> (34)
<NET-INVESTMENT-INCOME> 327
<REALIZED-GAINS-CURRENT> 182
<APPREC-INCREASE-CURRENT> (80)
<NET-CHANGE-FROM-OPS> 429
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (189)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5
<NUMBER-OF-SHARES-REDEEMED> (324)
<SHARES-REINVESTED> 16
<NET-CHANGE-IN-ASSETS> (4019)
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (202)
<GROSS-ADVISORY-FEES> 19
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (189)
<AVERAGE-NET-ASSETS> 7768
<PER-SHARE-NAV-BEGIN> 13.25
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .28
<PER-SHARE-DIVIDEND> (.67)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.41
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 067
<NAME> ENHANCED RESERVES PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 19542
<INVESTMENTS-AT-VALUE> 19568
<RECEIVABLES> 120
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154
<TOTAL-LIABILITIES> 154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19891
<SHARES-COMMON-STOCK> 1925
<SHARES-COMMON-PRIOR> 7565
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (26)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (356)
<ACCUM-APPREC-OR-DEPREC> 26
<NET-ASSETS> 19535
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3558
<OTHER-INCOME> 0
<EXPENSES-NET> (221)
<NET-INVESTMENT-INCOME> 3337
<REALIZED-GAINS-CURRENT> 6
<APPREC-INCREASE-CURRENT> (85)
<NET-CHANGE-FROM-OPS> 3258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3253)
<DISTRIBUTIONS-OF-GAINS> (31)
<DISTRIBUTIONS-OTHER> (31)
<NUMBER-OF-SHARES-SOLD> 11389
<NUMBER-OF-SHARES-REDEEMED> (17365)
<SHARES-REINVESTED> 336
<NET-CHANGE-IN-ASSETS> (56194)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (43)
<OVERDIST-NET-GAINS-PRIOR> (364)
<GROSS-ADVISORY-FEES> 142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 409
<AVERAGE-NET-ASSETS> 59179
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> (.54)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> (.01)
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> .37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 068
<NAME> ENHANCED RESERVES PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 19542
<INVESTMENTS-AT-VALUE> 19568
<RECEIVABLES> 120
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154
<TOTAL-LIABILITIES> 154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19891
<SHARES-COMMON-STOCK> 46
<SHARES-COMMON-PRIOR> 203
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (26)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (356)
<ACCUM-APPREC-OR-DEPREC> 26
<NET-ASSETS> 19535
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3558
<OTHER-INCOME> 0
<EXPENSES-NET> (221)
<NET-INVESTMENT-INCOME> 3337
<REALIZED-GAINS-CURRENT> 6
<APPREC-INCREASE-CURRENT> (85)
<NET-CHANGE-FROM-OPS> 3258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 287
<NUMBER-OF-SHARES-REDEEMED> (445)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (1554)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (43)
<OVERDIST-NET-GAINS-PRIOR> (364)
<GROSS-ADVISORY-FEES> 142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 409
<AVERAGE-NET-ASSETS> 59179
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> (.51)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> (0.01)
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> .63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 077
<NAME> REAL ESTATE EQUITY SECURITIES PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 21723
<INVESTMENTS-AT-VALUE> 20342
<RECEIVABLES> 137
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20480
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106
<TOTAL-LIABILITIES> 106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22474
<SHARES-COMMON-STOCK> 2168
<SHARES-COMMON-PRIOR> 1320
<ACCUMULATED-NII-CURRENT> 39
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (758)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1381)
<NET-ASSETS> 20374
<DIVIDEND-INCOME> 830
<INTEREST-INCOME> 71
<OTHER-INCOME> 0
<EXPENSES-NET> (149)
<NET-INVESTMENT-INCOME> 752
<REALIZED-GAINS-CURRENT> (757)
<APPREC-INCREASE-CURRENT> (3481)
<NET-CHANGE-FROM-OPS> (3486)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (753)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 771
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 78
<NET-CHANGE-IN-ASSETS> 3906
<ACCUMULATED-NII-PRIOR> 45
<ACCUMULATED-GAINS-PRIOR> 5
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 317
<AVERAGE-NET-ASSETS> 16581
<PER-SHARE-NAV-BEGIN> 11.96
<PER-SHARE-NII> .47
<PER-SHARE-GAIN-APPREC> (2.89)
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.08
<EXPENSE-RATIO> .88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 078
<NAME> REAL ESTATE EQUITY SECURITIES PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 21723
<INVESTMENTS-AT-VALUE> 20342
<RECEIVABLES> 137
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20480
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106
<TOTAL-LIABILITIES> 106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22474
<SHARES-COMMON-STOCK> 75
<SHARES-COMMON-PRIOR> 71
<ACCUMULATED-NII-CURRENT> 39
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (758)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1381)
<NET-ASSETS> 20374
<DIVIDEND-INCOME> 830
<INTEREST-INCOME> 71
<OTHER-INCOME> 0
<EXPENSES-NET> (149)
<NET-INVESTMENT-INCOME> 752
<REALIZED-GAINS-CURRENT> (757)
<APPREC-INCREASE-CURRENT> (3481)
<NET-CHANGE-FROM-OPS> (3486)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (177)
<ACCUMULATED-NII-PRIOR> 45
<ACCUMULATED-GAINS-PRIOR> 5
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 317
<AVERAGE-NET-ASSETS> 16581
<PER-SHARE-NAV-BEGIN> 11.96
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> (2.91)
<PER-SHARE-DIVIDEND> (.42)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.09
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTUIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 087
<NAME> CORE EQUITY PORTFOLIO-CLASS X
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 9485
<INVESTMENTS-AT-VALUE> 10875
<RECEIVABLES> 60
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10951
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77
<TOTAL-LIABILITIES> 77
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10207
<SHARES-COMMON-STOCK> 1053
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (724)
<ACCUM-APPREC-OR-DEPREC> 1390
<NET-ASSETS> 10874
<DIVIDEND-INCOME> 50
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> (30)
<NET-INVESTMENT-INCOME> 26
<REALIZED-GAINS-CURRENT> (724)
<APPREC-INCREASE-CURRENT> 1390
<NET-CHANGE-FROM-OPS> 692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (69)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1046
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 10771
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (208)
<AVERAGE-NET-ASSETS> 6436
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001004658
<NAME> PHOENIX DUFF & PHELPS INSTITUTUIONAL MUTUAL FUNDS
<SERIES>
<NUMBER> 088
<NAME> CORE EQUITY PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 9485
<INVESTMENTS-AT-VALUE> 10875
<RECEIVABLES> 60
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10951
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77
<TOTAL-LIABILITIES> 77
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10207
<SHARES-COMMON-STOCK> 10
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (724)
<ACCUM-APPREC-OR-DEPREC> 1390
<NET-ASSETS> 10874
<DIVIDEND-INCOME> 50
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> (30)
<NET-INVESTMENT-INCOME> 26
<REALIZED-GAINS-CURRENT> (724)
<APPREC-INCREASE-CURRENT> 1390
<NET-CHANGE-FROM-OPS> 692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 103
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (208)
<AVERAGE-NET-ASSETS> 6436
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .25
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountant's report on internal control.
- --------------------------------------------------------------
Exhibit A:
To the Shareholders and Trustees of Phoenix Duff &
Phelps Institutional Mutual Funds
In planning and performing our audit of the
financial statements of the Phoenix Duff & Phelps
Institutional Mutual Funds (the "Funds") for the
year ended December 31, 1998, we considered their
internal control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing
our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Funds is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that
are fairly presented in conformity with generally
accepted accounting principles. Those control
activities include the safeguarding of assets
against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not be
detected. Also, projection of any evaluation of
internal control to future periods is subject to
the risk that it may become inadequate because of
changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material weakness
is a condition in which the design or operation of
one or more of the internal control components
does not reduce to a relatively low level the risk
that misstatements caused by error or fraud in
amounts that would be material in relation to the
financial statements being audited may occur and
not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving internal control and its operations,
including control activities for safeguarding
securities, that we consider to be material
weaknesses as defined above as of December 31,
1998.
This report is intended solely for the information
and use of management and the Trustees of the
Funds and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP