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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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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] 12-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] APR-30-1997
[INVESTMENTS-AT-COST] 604190368
[INVESTMENTS-AT-VALUE] 604244042
[RECEIVABLES] 6834954
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[EQUALIZATION] 0
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[DISTRIBUTIONS-OF-GAINS] 249614
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3277418270
[NUMBER-OF-SHARES-REDEEMED] 3207207792
[SHARES-REINVESTED] 27446045
[NET-CHANGE-IN-ASSETS] 97656523
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</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] 12-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] APR-30-1997
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[INVESTMENTS-AT-VALUE] 6199021333
[RECEIVABLES] 22916889
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[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 6227928005
[PAYABLE-FOR-SECURITIES] 25987364
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[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (3430088)
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[EXPENSES-NET] 18116709
[NET-INVESTMENT-INCOME] 380650526
[REALIZED-GAINS-CURRENT] 874595
<APREC-INCREASE-CURRENT> 2606218
[NET-CHANGE-FROM-OPS] 384131339
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 381525121
[DISTRIBUTIONS-OF-GAINS] 1879626
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 67124483921
[NUMBER-OF-SHARES-REDEEMED] 68867606220
[SHARES-REINVESTED] 323268144
[NET-CHANGE-IN-ASSETS] (1419854155)
[ACCUMULATED-NII-PRIOR] 0
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[PER-SHARE-NAV-END] 1.00
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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] 12-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] APR-30-1997
[INVESTMENTS-AT-COST] 2005937523
[INVESTMENTS-AT-VALUE] 2005518655
[RECEIVABLES] 8857367
[ASSETS-OTHER] 3713603
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 2018089625
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 690678
[TOTAL-LIABILITIES] 690678
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2017817815
[SHARES-COMMON-STOCK] 2017817815
[SHARES-COMMON-PRIOR] 1643816378
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (418868)
[NET-ASSETS] 2017398947
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 102019279
[OTHER-INCOME] 0
[EXPENSES-NET] 4784010
[NET-INVESTMENT-INCOME] 97235269
[REALIZED-GAINS-CURRENT] 199811
[APPREC-INCREASE-CURRENT] (227150)
[NET-CHANGE-FROM-OPS] 97207930
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 97435080
[DISTRIBUTIONS-OF-GAINS] 301356
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[NUMBER-OF-SHARES-SOLD] 13658666165
[NUMBER-OF-SHARES-REDEEMED] 13376732157
[SHARES-REINVESTED] 92067429
[NET-CHANGE-IN-ASSETS] 374001437
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6007440
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[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .052
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[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .26
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[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] 12-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] MAY-1-1996
[PERIOD-END] APR-30-1997
[INVESTMENTS-AT-COST] 998272459
[INVESTMENTS-AT-VALUE] 998282459
[RECEIVABLES] 8832391
[ASSETS-OTHER] 1798833
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1008903683
[PAYABLE-FOR-SECURITIES] 5013782
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 234415
[TOTAL-LIABILITIES] 5248197
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1003777618
[SHARES-COMMON-STOCK] 1003777618
[SHARES-COMMON-PRIOR] 667324370
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (122132)
[NET-ASSETS] 1003655486
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 30216695
[OTHER-INCOME] 0
[EXPENSES-NET] 2247163
[NET-INVESTMENT-INCOME] 27969532
<REALIZED-LOSS-CURRENT> (2657)
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 27966875
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 27969332
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 5129231992
[NUMBER-OF-SHARES-REDEEMED] 4819426973
[SHARES-REINVESTED] 26648229
[NET-CHANGE-IN-ASSETS] 336453248
[ACCUMULATED-NII-PRIOR] 0
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[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3731200
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4320052
[AVERAGE-NET-ASSETS] 829155753
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .03
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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] 5
[NAME] MERRILL LYNCH PREMIER INSTITUTIONAL FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 3-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] JAN-27-1996
[PERIOD-END] APR-30-1997
[INVESTMENTS-AT-COST] 2830141518
[INVESTMENTS-AT-VALUE] 2829204704
[RECEIVABLES] 6718859
[ASSETS-OTHER] 3656656
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 2839580219
[PAYABLE-FOR-SECURITIES] 14992710
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1391254
[TOTAL-LIABILITIES] 16383964
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2824133069
[SHARES-COMMON-STOCK] 2824133069
[SHARES-COMMON-PRIOR] 100000
[ACCUMULATED-NII-CURRENT] 0
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[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (936814)
[NET-ASSETS] 2823196255
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 38920898
[OTHER-INCOME] 0
[EXPENSES-NET] 1212388
[NET-INVESTMENT-INCOME] 37708510
[REALIZED-GAINS-CURRENT] 248533
[APPREC-INCREASE-CURRENT] (936814)
[NET-CHANGE-FROM-OPS] 37020229
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 37957043
[DISTRIBUTIONS-OF-GAINS] 256145
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12237737259
[NUMBER-OF-SHARES-REDEEMED] 9445822751
[SHARES-REINVESTED] 32118561
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[ACCUMULATED-NII-PRIOR] 0
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[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .014
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[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .17
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
