July 22, 1994
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for
FINANCIAL INSTITUTIONS SERIES TRUST
File No. 2-78646
Dear Sirs:
In accordance with the provisions of Rule 24f-2
under the Investment Company Act of 1940,
Financial Institutions Series Trust (the "Trust")
hereby files its Rule 24f-2 Notice (the "Notice").
1. The Notice is being filed for the fiscal year
of the Trust ended May 31, 1994
(the "Fiscal Year").
2. No shares of beneficial interest of the Trust
which had been registered under the Securities
Act of 1933 (the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold at the
beginning of the Fiscal Year.
3. 706,469,341 shares of beneficial interest were
registered under the Securities Act during the
Fiscal Year other than pursuant to Rule 24f-2.
4. 553,322,448 shares of beneficial interest were
sold during the Fiscal Year.*
5. No shares of beneficial interest were sold
during the Fiscal Year in reliance upon
registration pursuant to Rule 24f-2.
_______________
*The Aggregate sale price for all shares of
beneficial interest sold during the Fiscal Year
was $553,322,448.
<PAGE>
Please direct any questions relating to this
filing to Robert Harris at Merrill Lynch Asset
Management, P.O. Box 9011, Princeton, N.J. 08543-
9011, (609) 282-2024, or to Laurin Blumenthal
Kleiman At Brown & Wood, One World Trade Center,
New York, New York 10048, (212) 839-8525.
Very truly yours,
FINANCIAL INSTITUTIONS SERIES TRUST
By /s/ Robert Harris
- - - - - - - - - - -
Robert Harris
Secretary
