FINANCIAL INSTITUTIONS SERIES TRUST
NSAR-B, 1999-07-27
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<PAGE>      PAGE  1
000 B000000 05/31/99
000 C000000 0000353281
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 FINANCIAL INSTITUTIONS SERIES TRUST
001 B000000 811-3189
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 SUMMIT CASH RESERVES FUND
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
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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 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001    745186
022 D000001      3944
022 A000002 GOLDMAN, SACHS & CO.
<PAGE>      PAGE  2
022 B000002 13-5108880
022 C000002    191231
022 D000002      2999
022 A000003 CHASE SECURITIES INC.
022 B000003 13-3112953
022 C000003    173919
022 D000003      5521
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004    163023
022 D000004      1980
022 A000005 LANSTON (AUBREY G.) & CO. INC.
022 B000005 13-5552129
022 C000005    155560
022 D000005         0
022 A000006 LEHMAN BROTHERS COMMERCIAL PAPER
022 C000006    147522
022 D000006         0
022 A000007 PAINEWEBBER INCORPORATED
022 B000007 13-2638166
022 C000007    121735
022 D000007         0
022 A000008 DEUTSCHE BANK SECURITIES INC.
022 B000008 13-2730828
022 C000008     90706
022 D000008         0
022 A000009 MORGAN (J.P.) SECURITIES INC.
022 B000009 13-3224016
022 C000009     72654
022 D000009         0
022 A000010 BZW SECURITIES INC.
022 C000010     60227
022 D000010         0
023 C000000    2224801
023 D000000      21787
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026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
077 A000000 Y
077 B000000 Y
077 P000000 Y
078  000000 N
008 A000101 FUND ASSET MANAGEMENT, L.P.
008 B000101 A
<PAGE>      PAGE  3
008 C000101 801-12485
008 D010101 PRINCETON
008 D020101 NJ
008 D030101 08543
008 D040101 9011
010 A000101 FUND ASSET MANAGEMENT, L.P.
010 B000101 801-12485
010 C010101 PRINCETON
010 C020101 NJ
010 C030101 08543
010 C040101 9011
011 A000101 PRINCETON FUNDS DISTRIBUTOR, INC.
011 B000101 8-14663
011 C010101 PRINCETON
011 C020101 NJ
011 C030101 08543
011 C040101 9011
012 A000101 FINANCIAL DATA SERVICES, INC.
012 B000101 84-01339
012 C010101 JACKSONVILLE
012 C020101 FL
012 C030101 32246
012 C040101 6484
013 A000101 DELOITTE & TOUCHE LLP
013 B010101 PRINCETON
013 B020101 NJ
013 B030101 08540
014 A000101 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000101 8-7221
015 A000101 THE BANK OF NEW YORK
015 B000101 C
015 C010101 NEW YORK
015 C020101 NY
015 C030101 10286
015 E010101 X
015 A000102 BANKERS TRUST COMPANY
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10006
015 E010102 X
015 A000103 THE CHASE MANHATTAN BANK
015 B000103 S
015 C010103 NEW YORK
015 C020103 NY
015 C030103 10017
015 E010103 X
015 A000104 CUSTODIAL TRUST CO.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
<PAGE>      PAGE  4
015 C030104 10167
015 E010104 X
015 A000105 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000105 S
015 C010105 NEW YORK
015 C020105 NY
015 C030105 10260
015 E010105 X
018  000100 Y
019 A000100 Y
019 B000100  218
019 C000100 MERRILLLYN
024  000100 Y
025 A000101 PAINE WEBBER INC.
025 C000101 D
025 D000101    7469
025 A000102 GOLDMAN SACHS GROUP, INC.
025 C000102 D
025 D000102    4986
025 A000103 LEHMAN BROTHERS HOLDINGS INC.
025 C000103 D
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028 F040100     49983
<PAGE>      PAGE  5
028 G010100    526985
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029  000100 N
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030 C000100  0.00
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<PAGE>      PAGE  6
048 K010100        0
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049  000100 N
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062 G000100   8.5
062 H000100   0.0
062 I000100  72.5
062 J000100   0.0
062 K000100   0.0
062 L000100  12.1
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062 N000100   0.0
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<PAGE>      PAGE  7
063 B000100  0.0
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070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
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 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
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070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100         0
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071 C000100         0
071 D000100    0
072 A000100 12
072 B000100     5315
072 C000100        0
<PAGE>      PAGE  8
072 D000100        0
072 E000100        0
072 F000100      523
072 G000100       65
072 H000100        0
072 I000100       53
072 J000100       18
072 K000100        0
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072 M000100        6
072 N000100       82
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072 P000100        0
072 Q000100        0
072 R000100       11
072 S000100        9
072 T000100      585
072 U000100        0
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072 W000100       46
072 X000100     1417
072 Y000100      472
072 Z000100     4370
072AA000100        3
072BB000100        3
072CC010100        0
072CC020100       36
072DD010100     1259
072DD020100     3112
072EE000100        0
073 A010100   0.0556
073 A020100   0.0260
073 B000100   0.0000
073 C000100   0.0000
074 A000100        0
074 B000100        7
074 C000100   225621
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
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074 I000100        0
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<PAGE>      PAGE  9
074 R010100        0
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074 S000100        0
074 T000100   223330
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074 U020100   166844
074 V010100     0.00
074 V020100     0.00
074 W000100   0.0000
074 X000100     7225
074 Y000100        0
075 A000100   147708
075 B000100        0
076  000100     0.00
080 A000100 ICI MUTUAL INSURANCE CO.
080 C000100     2500
081 A000100 Y
081 B000100 141
082 A000100 N
082 B000100        0
083 A000100 N
083 B000100        0
084 A000100 N
084 B000100        0
085 A000100 Y
085 B000100 N
SIGNATURE   DONALD C. BURKE
TITLE       TREASURER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000353281
<NAME> FINANCIAL INSTITUTIONS SERIES TRUST
<SERIES>
   <NUMBER> 011
   <NAME> SUMMIT CASH RESERVES FUND

<S>                             <C>
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<FISCAL-YEAR-END>                          MAY-31-1999
<PERIOD-START>                             JUN-01-1998
<PERIOD-END>                               MAY-31-1999
<INVESTMENTS-AT-COST>                        225664194
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000353281
<NAME> FINANCIAL INSTITUTIONS SERIES TRUST
<SERIES>
   <NUMBER> 012
   <NAME> SUMMIT CASH RESERVES FUND

<S>                             <C>
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<PERIOD-START>                             JUN-01-1998
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