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<PAGE> PAGE 13
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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] 6-MOS
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-START] MAY-1-1997
[PERIOD-END] OCT-31-1997
[INVESTMENTS-AT-COST] 543592061
[INVESTMENTS-AT-VALUE] 543592919
[RECEIVABLES] 161538
[ASSETS-OTHER] 15978477
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 559732934
[PAYABLE-FOR-SECURITIES] 14827833
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 245860
[TOTAL-LIABILITIES] 15073693
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 544658384
[SHARES-COMMON-STOCK] 544658384
[SHARES-COMMON-PRIOR] 611790184
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 857
[NET-ASSETS] 544659241
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 16687777
[OTHER-INCOME] 0
[EXPENSES-NET] 836716
[NET-INVESTMENT-INCOME] 15851061
[REALIZED-GAINS-CURRENT] 203272
<DEPREC-DECREASE-CURRENT> (52817)
[NET-CHANGE-FROM-OPS] 16001516
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 16054333
[DISTRIBUTIONS-OF-GAINS] 228507
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1905304420
[NUMBER-OF-SHARES-REDEEMED] 1987558556
[SHARES-REINVESTED] 15122336
[NET-CHANGE-IN-ASSETS] (67131800)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1091840
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1299283
[AVERAGE-NET-ASSETS] 624142917
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .026
[PER-SHARE-GAIN-APPREC] .000
[PER-SHARE-DIVIDEND] .026
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[RETURNS-OF-CAPITAL] 0
[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-30-1998
[PERIOD-START] MAY-1-1997
[PERIOD-END] OCT-31-1997
[INVESTMENTS-AT-COST] 6307041978
[INVESTMENTS-AT-VALUE] 6308170662
[RECEIVABLES] 40240189
[ASSETS-OTHER] 36813843
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 6385224694
[PAYABLE-FOR-SECURITIES] 49965000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4311630
[TOTAL-LIABILITIES] 54276630
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 6329819380
[SHARES-COMMON-STOCK] 6329819380
[SHARES-COMMON-PRIOR] 6201308027
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1128684
[NET-ASSETS] 6330948064
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 181857330
[OTHER-INCOME] 0
[EXPENSES-NET] 8371734
[NET-INVESTMENT-INCOME] 173485596
[REALIZED-GAINS-CURRENT] 136098
<APREC-INCREASE-CURRENT> 4558772
[NET-CHANGE-FROM-OPS] 178180466
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 173621695
[DISTRIBUTIONS-OF-GAINS] 343575
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 21315719322
[NUMBER-OF-SHARES-REDEEMED] 21339695729
[SHARES-REINVESTED] 152487760
[NET-CHANGE-IN-ASSETS] 128511353
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10633559
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 12577897
[AVERAGE-NET-ASSETS] 6374998256
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .027
[PER-SHARE-GAIN-APPREC] .000
[PER-SHARE-DIVIDEND] .027
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .26
[AVG-DEBT-OUTSTANDING] 0
[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-30-1998
[PERIOD-START] MAY-1-1997
[PERIOD-END] OCT-31-1997
[INVESTMENTS-AT-COST] 1853917426
[INVESTMENTS-AT-VALUE] 1853980350
[RECEIVABLES] 6118359
[ASSETS-OTHER] 11231428
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1871330137
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 887240
[TOTAL-LIABILITIES] 887240
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1870379973
[SHARES-COMMON-STOCK] 1870379973
[SHARES-COMMON-PRIOR] 2017817815
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 62924
[NET-ASSETS] 1870442897
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 53605863
[OTHER-INCOME] 0
[EXPENSES-NET] 2501292
[NET-INVESTMENT-INCOME] 51104571
[REALIZED-GAINS-CURRENT] 76851
[APPREC-INCREASE-CURRENT] 481793
[NET-CHANGE-FROM-OPS] 51663215
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 51181422
[DISTRIBUTIONS-OF-GAINS] 99720
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4882853810
[NUMBER-OF-SHARES-REDEEMED] 5079287203
[SHARES-REINVESTED] 48995550
[NET-CHANGE-IN-ASSETS] (147437843)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3069145
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3654569
[AVERAGE-NET-ASSETS] 1900249724
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .027
[PER-SHARE-GAIN-APPREC] .000
[PER-SHARE-DIVIDEND] .027
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .26
[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-30-1998
[PERIOD-START] MAY-1-1997
[PERIOD-END] OCT-31-1997
[INVESTMENTS-AT-COST] 1443778433
[INVESTMENTS-AT-VALUE] 1443778433
[RECEIVABLES] 9412230
[ASSETS-OTHER] 3040636
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 1456231299
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 528169
[TOTAL-LIABILITIES] 528169
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1455820191
[SHARES-COMMON-STOCK] 1455820191
[SHARES-COMMON-PRIOR] 1003777618
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (117061)
[NET-ASSETS] 1455703130
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 26160205
[OTHER-INCOME] 0
[EXPENSES-NET] 1766920
[NET-INVESTMENT-INCOME] 24393285
<REALIZED-LOSS-CURRENT> 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 24393285
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 24388214
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 4135802784
[NUMBER-OF-SHARES-REDEEMED] 3706875958
[SHARES-REINVESTED] 23115747
[NET-CHANGE-IN-ASSETS] 452042573
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3055953
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3464595
[AVERAGE-NET-ASSETS] 1347205269
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .018
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .018
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .26
[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] 6-MOS
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-START] MAY-1-1997
[PERIOD-END] OCT-31-1997
[INVESTMENTS-AT-COST] 6370284018
[INVESTMENTS-AT-VALUE] 6371588547
[RECEIVABLES] 28401414
[ASSETS-OTHER] 13949141
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 6413939102
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4944384
[TOTAL-LIABILITIES] 4944384
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 6407690189
[SHARES-COMMON-STOCK] 6407690189
[SHARES-COMMON-PRIOR] 2824133069
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1304529
[NET-ASSETS] 6408994718
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 125253998
[OTHER-INCOME] 0
[EXPENSES-NET] 3948760
[NET-INVESTMENT-INCOME] 121305238
[REALIZED-GAINS-CURRENT] 292064
[APPREC-INCREASE-CURRENT] 2241343
[NET-CHANGE-FROM-OPS] 123838645
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 121597302
[DISTRIBUTIONS-OF-GAINS] 381973
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 36227336215
[NUMBER-OF-SHARES-REDEEMED] 32741400152
[SHARES-REINVESTED] 97621057
[NET-CHANGE-IN-ASSETS] 3583557120
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3290698
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3948760
[AVERAGE-NET-ASSETS] 4351828909
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .028
[PER-SHARE-GAIN-APPREC] .000
[PER-SHARE-DIVIDEND] .028
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .18
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
