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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 21
062 Q000400 0.0
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE WILLIAM M. BREEN
TITLE SR. VICE PRESIDENT
[ARTICLE] 6
[CIK] 0000814079
[NAME] MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
[SERIES]
[NUMBER] 1
[NAME] MERRILL LYNCH TREASURY FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 599374923
[INVESTMENTS-AT-VALUE] 599386660
[RECEIVABLES] 1579246
[ASSETS-OTHER] 519513
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 601485419
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 71360
[TOTAL-LIABILITIES] 71360
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 601402322
[SHARES-COMMON-STOCK] 601402322
[SHARES-COMMON-PRIOR] 514133661
[ACCUMULATED-NII-CURRENT] 0
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[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11737
[NET-ASSETS] 601414059
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[NET-INVESTMENT-INCOME] 13220199
[REALIZED-GAINS-CURRENT] 146281
[APPREC-INCREASE-CURRENT] 21916
[NET-CHANGE-FROM-OPS] 13388396
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 13366480
[DISTRIBUTIONS-OF-GAINS] 160037
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1408192981
[NUMBER-OF-SHARES-REDEEMED] 1333962963
[SHARES-REINVESTED] 13038643
[NET-CHANGE-IN-ASSETS] 87268661
[ACCUMULATED-NII-PRIOR] 0
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[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 933463
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1127506
[AVERAGE-NET-ASSETS] 530516150
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .025
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[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .027
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000814079
[NAME] MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
[SERIES]
[NUMBER] 2
[NAME] MERRILL LYNCH INSTITUTIONAL FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 7686188057
[INVESTMENTS-AT-VALUE] 7685102249
[RECEIVABLES] 32200355
[ASSETS-OTHER] 10794529
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 7728097133
[PAYABLE-FOR-SECURITIES] 56748625
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 38949938
[TOTAL-LIABILITIES] 95698563
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 7633484378
[SHARES-COMMON-STOCK] 7633484378
[SHARES-COMMON-PRIOR] 7621162182
[ACCUMULATED-NII-CURRENT] 0
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[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (1085808)
[NET-ASSETS] 7632398570
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 201240822
[OTHER-INCOME] 0
[EXPENSES-NET] 9056106
[NET-INVESTMENT-INCOME] 192184716
[REALIZED-GAINS-CURRENT] 792446
<APREC-INCREASE-CURRENT> 4950498
[NET-CHANGE-FROM-OPS] 197927660
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 192977162
[DISTRIBUTIONS-OF-GAINS] 1454930
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 32626855983
[NUMBER-OF-SHARES-REDEEMED] 32779930151
[SHARES-REINVESTED] 165396364
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[ACCUMULATED-NII-PRIOR] 0
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[PER-SHARE-NAV-BEGIN] 1.00
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[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .24
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000814079
[NAME] MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
[SERIES]
[NUMBER] 3
[NAME] MERRILL LYNCH GOVERNMENT FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 1759349751
[INVESTMENTS-AT-VALUE] 1759620572
[RECEIVABLES] 4789501
[ASSETS-OTHER] 31622470
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1796032543
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 512810
[TOTAL-LIABILITIES] 512810
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[SHARES-COMMON-PRIOR] 1643816378
[ACCUMULATED-NII-CURRENT] 0
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[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 270821
[NET-ASSETS] 1795519733
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[INTEREST-INCOME] 46352387
[OTHER-INCOME] 0
[EXPENSES-NET] 2331217
[NET-INVESTMENT-INCOME] 44021170
[REALIZED-GAINS-CURRENT] 102977
[APPREC-INCREASE-CURRENT] 462539
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[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 44124147
[DISTRIBUTIONS-OF-GAINS] 143413
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5923215395
[NUMBER-OF-SHARES-REDEEMED] 5813860082
[SHARES-REINVESTED] 42077221
[NET-CHANGE-IN-ASSETS] 151432534
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2762807
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3382381
[AVERAGE-NET-ASSETS] 1697689310
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .026
[PER-SHARE-GAIN-APPREC] 565516
[PER-SHARE-DIVIDEND] .026
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[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000814079
[NAME] MERRILL LYNCH FUNDS FOR INSTITUTION SERIES
[SERIES]
[NUMBER] 4
[NAME] MERRILL LYNCH INSTITUTIONAL TAX-EXEMPT FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 786554830
[INVESTMENTS-AT-VALUE] 786554830
[RECEIVABLES] 4489884
[ASSETS-OTHER] 1123216
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 792167930
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1483450
[TOTAL-LIABILITIES] 1483450
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 790804155
[SHARES-COMMON-STOCK] 790804155
[SHARES-COMMON-PRIOR] 667324370
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (119675)
[NET-ASSETS] 790684480
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 12818414
[OTHER-INCOME] 0
[EXPENSES-NET] 990558
[NET-INVESTMENT-INCOME] 11827856
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 11827856
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 11827856
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2507330026
[NUMBER-OF-SHARES-REDEEMED] 2395071072
[SHARES-REINVESTED] 11220831
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
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[GROSS-ADVISORY-FEES] 1580920
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[GROSS-EXPENSE] 1868847
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[PER-SHARE-NII] .017
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[PER-SHARE-DIVIDEND] .017
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[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .28
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
