<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 915217
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 DUFF & PHELPS MUTUAL FUNDS
001 B000000 811-8164
001 C000000 3036232577
002 A000000 370 17TH STREET, SUITE 2700
002 B000000 DENVER
002 C000000 CO
002 D010000 80202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
077 A000000 Y
080 A00AA00 FEDERAL INSURANCE COMPANY
080 C00AA00 1700
081 A00AA00 Y
081 B00AA00 2
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 2.2
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 12.5
062 J000100 0.0
062 K000100 0.0
062 L000100 14.5
062 M000100 20.8
062 N000100 8.9
062 O000100 0.0
062 P000100 40.5
<PAGE> PAGE 2
062 Q000100 0.6
062 R000100 0.0
071 A000100 246328
071 B000100 170786
071 C000100 89712
071 D000100 190
072 A000100 12
074 N000100 137358
074 T000100 136380
075 A000100 0
075 B000100 122519
SIGNATURE MARK A. POUGNET
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915217
<NAME> DUFF & PHELPS ENHANCED RESERVES FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 134,385,292
<INVESTMENTS-AT-VALUE> 135,533,181
<RECEIVABLES> 1,653,447
<ASSETS-OTHER> 169,689
<OTHER-ITEMS-ASSETS> 1,621
<TOTAL-ASSETS> 137,357,938
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 977,705
<TOTAL-LIABILITIES> 977,705
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,937,709
<SHARES-COMMON-STOCK> 13,529,224
<SHARES-COMMON-PRIOR> 8,506,341
<ACCUMULATED-NII-CURRENT> 532
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 294,103
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,147,889
<NET-ASSETS> 136,380,233
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,693,000
<OTHER-INCOME> 0
<EXPENSES-NET> (427,459)
<NET-INVESTMENT-INCOME> 7,265,541
<REALIZED-GAINS-CURRENT> 586,169
<APPREC-INCREASE-CURRENT> 1,409,431
<NET-CHANGE-FROM-OPS> 9,261,141
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,264,990)
<DISTRIBUTIONS-OF-GAINS> (216,607)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,673,071
<NUMBER-OF-SHARES-REDEEMED> (30,358,450)
<SHARES-REINVESTED> 708,262
<NET-CHANGE-IN-ASSETS> 51,819,618
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (75,459)
<OVERDISTRIB-NII-PRIOR> (19)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183,854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 511,192
<AVERAGE-NET-ASSETS> 122,519,454
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
