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074 V020300 0.00
074 W000300 0.9999
074 X000300 3889
074 Y000300 0
075 A000300 1980642
075 B000300 0
076 000300 0.00
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 558502
028 A020400 4251
028 A030400 0
028 A040400 440490
028 B010400 1170769
028 B020400 4829
028 B030400 0
028 B040400 1040329
028 C010400 1162211
028 C020400 5159
028 C030400 0
028 C040400 944459
028 D010400 641598
028 D020400 3771
028 D030400 0
028 D040400 929025
028 E010400 688790
028 E020400 4506
028 E030400 0
028 E040400 621096
028 F010400 1064334
028 F020400 5338
028 F030400 0
028 F040400 989908
028 G010400 5286204
028 G020400 27854
028 G030400 0
<PAGE> PAGE 21
028 G040400 4965307
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 1025
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 1500000
048 A020400 0.450
048 B010400 500000
048 B020400 0.425
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 2000000
048 K020400 0.400
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 25000
062 A000400 Y
062 B000400 0.0
<PAGE> PAGE 22
062 C000400 0.0
062 D000400 0.0
062 E000400 100.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 42
063 B000400 0.0
064 A000400 Y
064 B000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
<PAGE> PAGE 23
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 57941
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 6882
072 G000400 0
072 H000400 0
072 I000400 181
072 J000400 146
072 K000400 0
072 L000400 12
072 M000400 14
072 N000400 295
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 16
072 S000400 14
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 10
072 X000400 7570
072 Y000400 3810
072 Z000400 54181
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 54173
072DD020400 0
072EE000400 0
073 A010400 0.0400
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1265
074 B000400 0
074 C000400 1779124
074 D000400 0
074 E000400 0
<PAGE> PAGE 24
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 11480
074 K000400 0
074 L000400 13014
074 M000400 2
074 N000400 1804885
074 O000400 0
074 P000400 307
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 136
074 S000400 0
074 T000400 1804442
074 U010400 1804571
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 0.9999
074 X000400 2586
074 Y000400 0
075 A000400 1535730
075 B000400 0
076 000400 0.00
024 000500 Y
025 A000501 GOLDMAN SACHS
025 B000501 13-5108880
025 C000501 D
025 D000501 330012
025 A000502 LEHMAN BROTHERS
025 B000502 13-2518466
025 C000502 D
025 D000502 234380
025 A000503 FUJI SECURITIES INC.
025 B000503 36-2880742
025 C000503 D
025 D000503 100000
025 A000504 NORMURA SECURITIES INTERNATIONAL INC
025 B000504 13-2642206
025 C000504 D
025 D000504 75000
025 A000505 MORGAN (J.P.) SECURUTIES INC
025 B000505 13-3224016
025 C000505 D
025 D000505 219884
025 A000506 CHASE SECURITIES INC
025 B000506 13-3112953
<PAGE> PAGE 25
025 C000506 D
025 D000506 23000
025 D000507 0
025 D000508 0
028 A010500 5137205
028 A020500 23826
028 A030500 0
028 A040500 5301204
028 B010500 7917365
028 B020500 22438
028 B030500 0
028 B040500 9239216
028 C010500 8864585
028 C020500 22890
028 C030500 0
028 C040500 7174046
028 D010500 6517931
028 D020500 23188
028 D030500 0
028 D040500 6841991
028 E010500 8012293
028 E020500 24860
028 E030500 0
028 E040500 8620458
028 F010500 8207422
028 F020500 24296
028 F030500 0
028 F040500 7383601
028 G010500 44656801
028 G020500 141498
028 G030500 0
028 G040500 44560516
028 H000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.150
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
<PAGE> PAGE 26
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 10000000
062 A000500 Y
062 B000500 0.1
062 C000500 13.7
062 D000500 5.0
062 E000500 0.0
062 F000500 20.2
062 G000500 0.4
062 H000500 0.0
062 I000500 21.7
062 J000500 0.0
062 K000500 0.0
062 L000500 38.9
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 73
063 B000500 0.0
064 A000500 N
064 B000500 N
070 A010500 Y
<PAGE> PAGE 27
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 307744
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 8074
072 G000500 0
072 H000500 0
072 I000500 54
072 J000500 295
072 K000500 0
072 L000500 40
<PAGE> PAGE 28
072 M000500 49
072 N000500 987
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 43
072 S000500 19
072 T000500 0
072 U000500 43
072 V000500 0
072 W000500 24
072 X000500 9628
072 Y000500 0
072 Z000500 298116
072AA000500 703
072BB000500 145
072CC010500 0
072CC020500 13
072DD010500 298674
072DD020500 0
072EE000500 0
073 A010500 0.0550
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 4539
074 B000500 332900
074 C000500 6357171
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 5000
074 K000500 0
074 L000500 49709
074 M000500 556
074 N000500 6749875
074 O000500 100003
074 P000500 820
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 4529
074 S000500 0
074 T000500 6644523
074 U010500 6645473
074 U020500 0
074 V010500 1.00
<PAGE> PAGE 29
074 V020500 0.00
074 W000500 0.9998
074 X000500 408
074 Y000500 0
075 A000500 5382504
075 B000500 0
076 000500 0.00
SIGNATURE
TITLE
Exhibit to Item 77B
Deloitte &
Touche LLP
- ------------- -----------------------------------------------------------
[LOGO] 125 Summer Street Telephone: (617) 261-8000
Boston, Massachusetts 02110-1617 Facsimile: (617) 261-8111
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of
Merrill Lynch Funds for Institutions Series:
In planning and performing our audits of the financial statements of Merrill
Lynch Funds for Institutions Series (consisting of Merrill Lynch Premier
Institutional Fund, Merrill Lynch Institutional Fund, Merrill Lynch Government
Fund, Merrill Lynch Treasury Fund, and Merrill Lynch Institutional Tax-Exempt
Fund) (the "Funds") for the year ended April 30, 1998 (on which we have issued
our report dated May 28, 1998), we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the Funds' internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Funds' internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Funds' internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of April 30, 1998.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
May 28, 1998
- ---------------
Deloitte Touche
Tohmatsu
International
- ---------------
Exhibit to Item 77P
MERRILL LYNCH TREASURY FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------ ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
01/21/98 GSI P U.S. Treasury Strip 11.00MM SALOMON BROTHERS, INC. 5.1130 USTS 5/15/98 ST NR
01/22/98 due 05/15/98 AUBREY G LANSTON & CO INC. 5.1130 USTS 5/15/98 ST NR
@ 5.1640% NR
01/21/98 GSI S U.S. Treasury Bill 10.00MM AUBREY G LANSTON & CO INC. 5.0000 USTE 2/5/98 TB NR
01/23/98 due 02/05/98 DEUTSCHE MORGAN GRENFELL 4.9900 USTE 2/5/98 TB NR
@ 4.9900% NR
01/22/98 GSI P U.S. Treasury Strip 10.00MM DEUTSCHE MORGAN GRENFELL 5.1260 USTS 5/15/98 ST NR
01/23/98 due 05/15/98 AUBREY G LANSTON & CO INC. 5.1170 USTS 5/15/98 ST NR
@ 5.1260% NR
</TABLE>
10
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH INSTITUTIONAL
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
11/14/97 MMI P American Honda Finance Co 30.00MM LEHMAN BROS. INC./LCPI 5.7000 American Honda Finance Co CP FT
11/14/97 due 02/10/98 JP MORG. SEC/MORG. GUAR TR 5.7100 Toshiba American, Inc. CP FT
@ 5.7200% FT
01/05/98 MMI P Countrywide Home Loans Inc 100.00MM GOLDMAN SACHS & COMPANY 5.5800 Countrywide Home Loans Inc CP FT
01/05/98 due 02/27/98 LEHMAN BROS. INC./LCPI 5.5700 Countrywide Home Loans Inc CP FT
@ 5.6000% FT
01/06/98 MMI P Lexington Parker Capital 26.50MM GOLDMAN SACHS & COMPANY 5.5300 Lexington Parker Capital CP FT
01/06/98 due 03/02/98 JP MORG. SEC/MORG. GUAR TR 5.5300 Lexington Parker Capital CP FT
@ 5.5800% FT
01/08/98 MMI P Bank of America NT & SA CD 25.00MM GOLDMAN SACES & COMPANY 5.6200 Bank of America NT & SA CD FT
01/12/98 cpn 5.6000 due 01/12/99 LEHMAN BROS. INC./LCPI 5.6300 Bank of America NT & SA CD FT
dtd 01/12/980 5.6500% FT
01/15/98 MMI P National City Bank-(KT) VD 25.00MM CREDIT SUISSE FIRST BOSTON 5.5040 National City Bank - (KT) VD FT
01/20/98 cpn 5.4830 due 01/20/99 GOLDMAN SACES & COMPANY 5.4830 Huntington National VD FT
dtd 01/20/980 5.5350% FT
01/26/98 GSI P Student Loan Mrktng. Assn. 40.00MM GOLDMAN SACHS & COMPANY 5.5990 Student Loan Mrktng. Assn. AF NR
02/02/98 cpn 5.6340 due 02/02/99 CREDIT SUISSE FIRST BOSTON 5.6290 Student Loan Mrktng. Assn. AF NR
dtd 02/02/980 5.6590% NR
01/27/98 MMI P Diageo Capital PLC CP 70.00MM LEHMAN BROS. INC./LCPI 5.4600 Diageo Capital PLC CP FT
01/28/98 due 03/27/98 JP MDRG. SEC/MORG. GUAR TR 5.4600 Diageo Capital PLC CP FT
@ 5.4800% FT
</TABLE>
20
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH INSTITUTIONAL
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
02/06/98 MMI P Canadian Imper. Bk of Comm YD 50.00MM CREDIT SUISSE FIRST BOSTON 5.6000 Deutsche Bank A.G. YD FT
02/10/98 cpn 5.5500 due 02/10/99 BZW SECUR. INC/BARCLAYS BK 5.5900 Canadian Imper. Bk of Comm YD FT
dtd 02/10/980 5.6000% FT
02/18/98 MMI S American Honda Finance Co. CP 25.60MM CREDIT SUISSE FIRST BOSTON 5.6000 American Honda Finance Co. CP FT
02/18/98 due 02/23/98 LEHMAN BROS. INC./LCPI 5.6200 American Honda Finance Co. CP FT
@ 5.5800% FT
02/18/98 MMI P American Honda Finance Co. CP 39.00MM CREDIT SUISSE FIRST BOSTON 5.4900 American Honda Finance Co. CP FT
02/18/98 due 05/21/98 LEHMAN BROS. INC./LCPI 5.4600 American Honda Finance Co. CP FT
@ 5.5200% FT
02/18/98 MMI S American Honda Finance Co. CP 40.00MM CREDIT SUISSE FIRST BOSTON 5.6000 Amercian Honda Finance Co. CP FT
02/18/98 due 02/25/98 LEHMAN BROS. INC./LCPI 5.6200 American Honda Finance Co. CP FT
@ 5.5800% FT
02/18/98 MMI P American Honda Finance Co. CP 11.00MM CREDIT SUISSE FIRST BOSTON 5.4900 American Honda Finance Co. CP FT
02/18/98 due 05/11/98 LEHMAN BROS. INC./LCPI 5.4600 American Honda Finance Co. CP FT
@ 5.5200% FT
02/25/98 MMI S Lexington Parker Cap. Co. CP 26.50MM MORGAN STANLEY & CO, INC. 5.5600 Lexington Parker Cap. Co. CP FT
02/25/98 due 03/02/98 CREDIT SUISSE FIRST BOSTON 5.5600 Lexington Parker Cap. Co. CP FT
@ 5.5600% FT
02/25/98 MMI P Lexington Parker Cap. Co. CP 26.50MM MORGAN STANLEY & CO, INC. 5.5000 Lexington Parker Cap. Co. CP FT
02/26/98 due 05/29/98 CREDIT SUISSE FIRST BOSTON 5.5200 Lexington Parker Cap. Co. CP FT
@ 5.5200% FT
03/17/98 MMI P Lexington Parker Cap. Co. CP 49.60MM CREDIT SUISSE FIRST BOSTON 5.5200 Lexington Parker Cap. Co. CP FT
03/17/98 due 06/09/98 MORGAN STANLEY & CO, INC. 5.5200 Lexington Parker Cap. Co. CP FT
@ 5.5400% FT
03/17/98 MMI P Fleet National Bank N.A. VD 50.00MM GOLDMAN SACHS & COMPANY 5.6160 Fleet National Bank N.A. VD FT
03/19/98 cpn 5.5650 due 03/19/99 LEHMAN BROS. INC./LCPI 5.6110 Fleet National Bank N.A. VD FT
dtd 03/19/980 5.6200% FT
04/02/98 MMI P Lexington Parker Cap. Co. CP 50.00MM CREDIT SUISSE FIRST BOSTON 5.5400 Lexington Parker Cap. Co. CP FT
04/02/98 due 06/05/98 MORGAN STANLEY & CO, INC. 5.5400 Lexington Parker Cap. Co. CP FT
@ 5.5600% FT
04/14/98 MMI P Norddeutsche Landes. Gir. YD 25.00MM GOLDMAN SACES & COMPANY 5.7600 Deutsche Bank A.G.- YD FT
04/16/98 cpn 5.7200 due 04/16/99 JP MORG. SEC/MORG. GUAR TR 5.7500 Canadian Imper. Bk of Comm YD FT
dtd 04/16/980 5.7600% FT
</TABLE>
15
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH INSTITUTIONAL
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
04/16/98 MMI P Republic Indus. Fndg. Co. CP 49.30MM CREDIT SUISSE FIRST BOSTON 5.5300 Republic Indus. Fndg. Co. CP FT
04/16/98 due 05/29/98 CHASE SECURITIES, INC. 5.S300 Republic Indus. Fndg. Co. CP FT
@ 5.5300% FT
</TABLE>
16
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH GOVT
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
01/20/98 GSI P Federal Home Loan Mrtg. Co AF 50.00MM LEHMAN BROS. INC./LCPI 5.4750 Federal Home Loan Mrtg. Co AF NR
01/26/98 cpn 5.4250 due 01/27/98 JP MORG. SEC/MORG. GUAR TR 5.4750 Federal Home Loan Mrtg. Co AF NR
dtd 01/26/98@ 5.4960% NR
01/28/98 GSI P Student Loan Mrktng. Assn. AF 10.00MM GOLDMAN SACHS & COMPANY 5.6080 Federal Natl. Mrtg. Assn. AF NR
02/04/98 cpn 5.6830 due 02/04/00 CREDIT SUISSE FIRST BOSTON 5.6690 Student Loan Mrktng. Aasn. AF NR
dtd 02/04/98@ 5.7080% NR
</TABLE>
12
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH GOVT
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
02/11/98 GSI S Federal Home Loan Mrtg. Co DN 50.00MM JP MORG. SEC/MORG. GUAR TR 5.3850 Federal Home Loan Mrtg. Co DN YR
02/12/98 due 04/24/98 HSBC SECURITIES, INC. 5.3900 Federal Home Loan Mrtg. Co DN YR
@ 5.3700% NR
03/20/98 GSI P Federal Natl. Mrtg. Assn. AC 20.00MM GOLDMAN SACHS & COMPANY 5.5860 Federal Natl. Mrtg. Assn. AC NR
03/26/98 cpn 5.5200 due 03/26/99 DONALDSON, LUFKIN & JEN 5.5970 Federal Natl. Mrtg. Assn. AC NR
dtd 03/26/98@ 5.6020% NR
</TABLE>
9
<PAGE>
Exhibit to Item 77P
ML PREMIER INSTITUTIONAL FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
11/13/97 MMI P Altas Funding Corporation CP 49.50MM LEHMAN BROS. INC./LCPI 5.8000 Atlas Funding Corporation CP FT
11/17/97 due 12/15/97 GOLDMAN SACHS & COMPANY 5.8000 Atlas Funding Corporation CP FT
@ 5.8000% FT
11/14/97 MMI P American Honda Finance Co CP 30.00MM LEHMAN BROS. INC./LCPI 5.7000 American Honda Finance Co CP FT
11/14/97 due 02/10/98 JP MORG. SEC/MORG. GUAR TR 5.7100 Toshiba America, Inc. CP FT
@ 5.7200% FT
01/06/98 MMI P Lexington Parker Capital CP 69.30MM GOLDMAN SACHS & COMPANY 5.5300 Lexington Parker Capital CP FT
01/06/98 due 03/02/98 JP MORG. SEC/MORG. GUAR TR 5.5300 Lexington Parker Capital CP FT
@ 5.5800% FT
01/08/98 MMI P Bank of America NT & SA CD 25.00MM GOLDMAN SACHS & COMPANY 5.6200 Bank of America NT & SA CD FT
01/12/98 cpn 5.6000 due 01/12/99 LEHMAN BROS. INC./LCPI 5.6300 Bank of America NT & SA CD FT
dtd 01/12/98e 5.6500% FT
01/13/98 GSI S Federal Home Loan Bank DN 50.00MM CREDIT SUISSE FIRST BOSTON 5.l900 Federal Home Loan Bank DN NR
01/14/98 due 07/10/98 GOLDMAN SACES & COMPANY 5.2000 Federal Natl. Mrtg. Assn. DN NR
@ 5.1700% NR
01/15/98 MMI P American Honda Finance Co. MV 25.00MM CREDIT SUISSE FIRST BOSTON 5.4120 American Honda Finance Co. MV FT
01/20/98 cpn 5.8220 due 04/06/98 GOLDMAN SACHS & COMPANY 5.4120 American Honda Finance Co. MV FT
dtd 0l/0S/98Q 5.6220% FT
01/15/98 MMI P National City Bank - (KT) VD 25.00MM CREDIT SUISSE FIRST BOSTON 5.5040 National City Bank - (KT) VD FT
01/20/98 cpn 5.4830 due 01/20/99 GOLDMAN SACHS & COMPANY 5.4830 Huntington National VD FT
dtd 01/20/98Q 5.5350% FT
01/20/98 MMI P Allomon Funding Corp. CP 19.90MM LEHMAN BROS. INC./LCPI 5.4500 Allomon Funding Corp. CP FT
01/20/98 due 04/13/98 SALOMON BROTHERS. INC. 5.4500 Allomon Funding Corp. CP FT
@ 5.4500% FT
01/20/98 GSI P U.S. Treasury Note 10.00MM LEHMAN BROS. INC./LCPI 5.3740 USTN 12/31/97 5.625 TN NR
01/21/98 cpn 5.6250 due 12/31/99 JP MORG. SEC/MORG. GUAR TR 5.3740 USTN 12/31/97 5.625 TN NR
dtd 12/31/970 5.3740% NR
01/26/98 GSI P Student Loan Mrktng. Assn. AF 60.00MM GOLDMAN SACHS & COMPANY 5.5990 Student Loan Mrktng. Assn. AF NR
02/02/98 cpn 5.6340 due 02/02/00 CREDIT SUISSE FIRST BOSTON 5.6290 Student Loan Mrktng. Assn. AF NR
dtd 02/02/980 5.6590% NR
01/27/98 MMI P Diageo Capital PLC CP 70.00MM LEHMAN BROS. INC./LCPI 5.4600 Diageo Capital PLC CP FT
01/28/98 due 03/27/98 JP MORG. SEC/MORG. GUAR TR 5.4600 Diageo Capital PLC CP FT
@ 5.4800% FT
</TABLE>
17
<PAGE>
Exhibit to Item 77P
ML PREMIER INSTITUTIONAL FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
01/28/98 GSI P Student Loan Mrktng. Assn. AF 76.00MM GOLDMAN SACHS & COMPANY 5.6080 Federal Natl. Mrtg. Assn. AF NR
02/04/98 cpn 5.6830 due 02/04/00 CREDIT SUISSE FIRST BOSTON 5.6690 Student Loan Mrktng. Assn. AF NR
dtd 02/04/98@ 5.7080% NR
</TABLE>
18
<PAGE>
Exhibit to Item 77P
ML PREMIER INSTITUTIONAL FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
02/05/98 MMI P Societe Generale, NY YD 25.00MM CREDIT SUISSE FIRST BOSTON 5.5900 Societe Generale, NY YD FT
02/09/98 cpn 5.5500 due 02/09/99 GOLDMAN SACHS & COMPANY 5.5900 Societe Generale, NY YD FT
dtd 02/09/980 5.6000% FT
02/06/98 MMI P Societe Generale, NY YD 25.00MM CREDIT SUISSE FIRST BOSTON 5.6000 Deutsche Bank A.G. YD FT
02/10/98 cpn 5.5800 due 02/10/99 BZW SECUR. INC/BARCLAYS BK 5.5900 Canadian Imper. Bk of Comm VD FT
dtd 02/10/980 5.6100% FT
02/25/98 MMI S Lexington Parker Cap. Co. CP 69.30MM CREDIT SUISSE FIRST BOSTON 5.5600 Lexington Parker Cap. Co. CP FT
02/25/98 due 03/02/98 MORGAN STANLEY & CO, INC. 5.5600 Lexington Parker Cap. Co. CP FT
@ 5.5600% FT
02/25/98 MMI P Lexington Parker Cap. Co. CP 69.30MM MORGAN STANLEY & CO, INC. 5.5000 Lexingotn Parker Cap. Co. CP FT
02/26/98 due 05/29/98 CREDIT SUISSE FIRST BOSTON 5.5000 Lexington Parker Cap. Co. CP FT
@ 5.5200% FT
02/26/98 MMI S Diageo Capital PLC CP 70.00MM GOLDMAN SACHS & COMPANY 5.5700 Diageo Capital PLC CP FT
02/26/98 due 03/27/98 LEHMAN BROS. INC./LCPI 5.6000 Diageo Capital PLC CP FT
@ 5.5500% FT
02/27/98 MMI P Banner Receivables Corp. CP 36.10MM JP MORG. SEC/MORG. GUAR TR 5.7500 Banner Receivables Corp. CP FT
02/27/98 due 05/01/98 MORGAN STANLEY & CO, INC. 5.8000 Banner Receivables Corp. CP FT
@ 5.8300% FT
03/16/98 MMI P Bankers Trust Company VD 75.00MM CREDIT SUISSE FIRST BOSTON 5.6040 Bankers Trust Company VD FT
03/18/98 cpn 5.5730 due 03/18/99 GOLDMAN SACHS & COMPANY 5.6090 Bankers Trust Company VD FT
dtd 03/18/980 5.6140% FT
03/18/98 MMI P Student Loan Mrktng Assoc. AF 30.00MM GOLDMAN SACHS & COMPANY 5.5870 Student Loan Mrktng Assoc. AF NR
03/19/98 cpn 5.3380 due 08/02/99 LEHMAN BROS. INC./LCPI 5.5770 Student Loan Mrktng Assoc. AF NR
dtd 08/02/940 5.5920% NR
03/25/98 MMI P Deutsche Bank A.G. YD 50.00MM CREDIT SUISSE FIRST BOSTON 5.7200 Deutsche Bank A.G. YD FT
03/26/98 cpn 5.6700 due 03/26/99 DEUTSCHE MORGAN GRENFELL 5.7000 Deutsche Bank A.G. YD FT
dtd 03/26/980 5.7200% FT
04/02/98 MMI P Lexington Parker Cap. Co. CP 76.30MM CREDIT SUISSE FIRST BOSTON 5.5400 Lexington Parker Cap. Co. CP FT
04/02/98 due 06/05/98 MORGAN STANLEY & CO, INC. 5.5400 Lexington Parker Cap. Co. CP FT
@ 5.5600% FT
04/02/98 MMI P Lexington Parker Cap. Co. CP 80.50MM MORGAN STANLEY & CO, INC. 5.5500 Park Ave Receivables CP FT
04/02/98 due 05/12/98 CREDIT SUISSE FIRST BOSTON 5.5400 Lexington Parker Cap. Co. CP FT
@ 5.5600% FT
</TABLE>
11
<PAGE>
Exhibit to Item 77P
ML PREMIER INSTITUTIONAL FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security
- -------- ---- --- ------------------- ------- ---------------------- ------ ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
04/03/98 MMI P Bankers Trust Company CD 25.00MM JP MORG. SEC/MORG. GUAR YR 5.6500 Bankers Trust Company CD FT
04/06/98 cpn 5.6800 due 04/06/99 GOLDMAN SACHS & COMPANY 5.6400 Bankers Trust Company CD FT
dtd 04/06/980 5.6600% FT
</TABLE>
12
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814079
<NAME> MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
<SERIES>
<NUMBER> 1
<NAME> MERILL LYNCH TREASURY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 743874141
<INVESTMENTS-AT-VALUE> 744813967
<RECEIVABLES> 14452318
<ASSETS-OTHER> 347126
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 759613411
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 416553
<TOTAL-LIABILITIES> 416553
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 758257032
<SHARES-COMMON-STOCK> 758257032
<SHARES-COMMON-PRIOR> 611790184
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 939826
<NET-ASSETS> 759196858
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35145485
<OTHER-INCOME> 0
<EXPENSES-NET> 1703082
<NET-INVESTMENT-INCOME> 33442403
<REALIZED-GAINS-CURRENT> 384816
<APPREC-INCREASE-CURRENT> 886152
<NET-CHANGE-FROM-OPS> 34713371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 33827219
<DISTRIBUTIONS-OF-GAINS> 465733
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4496611001
<NUMBER-OF-SHARES-REDEEMED> 4381758509
<SHARES-REINVESTED> 31614356
<NET-CHANGE-IN-ASSETS> 146466848
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2294733
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2677351
<AVERAGE-NET-ASSETS> 660231801
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .051
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .051
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .026
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814079
<NAME> MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
<SERIES>
<NUMBER> 2
<NAME> MERRILL LYNCH INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 7311072749
<INVESTMENTS-AT-VALUE> 7309802890
<RECEIVABLES> 61766446
<ASSETS-OTHER> 5192885
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7376762221
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4337274
<TOTAL-LIABILITIES> 4337274
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7373694806
<SHARES-COMMON-STOCK> 7373694806
<SHARES-COMMON-PRIOR> 6201308027
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1269859)
<NET-ASSETS> 7372424947
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 374545277
<OTHER-INCOME> 0
<EXPENSES-NET> 16501786
<NET-INVESTMENT-INCOME> 358043491
<REALIZED-GAINS-CURRENT> 235380
<APPREC-INCREASE-CURRENT> 2160230
<NET-CHANGE-FROM-OPS> 360439101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 358278871
<DISTRIBUTIONS-OF-GAINS> 467608
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42976137621
<NUMBER-OF-SHARES-REDEEMED> 42118189627
<SHARES-REINVESTED> 314438784
<NET-CHANGE-IN-ASSETS> 1172386778
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21807793
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25120800
<AVERAGE-NET-ASSETS> 6594389628
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .054
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .054
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814079
<NAME> MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
<SERIES>
<NUMBER> 3
<NAME> MERRILL LYNCH GOVERNMENT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-1-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 2,096,211,463
<INVESTMENTS-AT-VALUE> 2,096,009,566
<RECEIVABLES> 6,613,612
<ASSETS-OTHER> 12,936,329
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,115,559,507
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 967,078
<TOTAL-LIABILITIES> 967,078
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,114,794,326
<SHARES-COMMON-STOCK> 2,114,794,326
<SHARES-COMMON-PRIOR> 2,017,817,815
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (201,897)
<NET-ASSETS> 2,114,592,429
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 110,719,788
<OTHER-INCOME> 0
<EXPENSES-NET> 4,986,047
<NET-INVESTMENT-INCOME> 105,733,741
<REALIZED-GAINS-CURRENT> 113,052
<APPREC-INCREASE-CURRENT> 216,971
<NET-CHANGE-FROM-OPS> 106,063,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 105,846,793
<DISTRIBUTIONS-OF-GAINS> 196,857
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,216,903,849
<NUMBER-OF-SHARES-REDEEMED> 11,220,047,484
<SHARES-REINVESTED> 100,120,146
<NET-CHANGE-IN-ASSETS> 96,976,511
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,330,489
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,355,251
<AVERAGE-NET-ASSETS> 1,980,642,358
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .053
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .053
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814079
<NAME> MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
<SERIES>
<NUMBER> 4
<NAME> MERRILL LYNCH INSTITUTIONAL TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-1-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 1,779,123,910
<INVESTMENTS-AT-VALUE> 1,779,123,910
<RECEIVABLES> 24,493,795
<ASSETS-OTHER> 1,266,766
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,804,884,471
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 442,862
<TOTAL-LIABILITIES> 442,862
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,804,571,031
<SHARES-COMMON-STOCK> 1,804,571,031
<SHARES-COMMON-PRIOR> 1,003,777,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (129,422)
<NET-ASSETS> 1,804,441,609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 57,940,736
<OTHER-INCOME> 0
<EXPENSES-NET> 3,759,532
<NET-INVESTMENT-INCOME> 54,181,204
<REALIZED-GAINS-CURRENT> (15,572)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 54,165,632
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 54,172,922
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,422,006,794
<NUMBER-OF-SHARES-REDEEMED> 8,672,182,936
<SHARES-REINVESTED> 50,969,555
<NET-CHANGE-IN-ASSETS> 800,793,413
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,881,461
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,569,533
<AVERAGE-NET-ASSETS> 1,535,729,692
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814079
<NAME> MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
<SERIES>
<NUMBER> 5
<NAME> MERRILL LYNCH PREMIER INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> JAN-27-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 6,691,020,817
<INVESTMENTS-AT-VALUE> 6,690,070,829
<RECEIVABLES> 54,709,450
<ASSETS-OTHER> 5,094,944
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,749,875,223
<PAYABLE-FOR-SECURITIES> 100,003,356
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,349,234
<TOTAL-LIABILITIES> 105,352,590
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,645,472,621
<SHARES-COMMON-STOCK> 6,645,472,621
<SHARES-COMMON-PRIOR> 2,824,133,069
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (949,988)
<NET-ASSETS> 6,644,522,633
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 307,743,412
<OTHER-INCOME> 0
<EXPENSES-NET> 9,627,769
<NET-INVESTMENT-INCOME> 298,115,643
<REALIZED-GAINS-CURRENT> 558,082
<APPREC-INCREASE-CURRENT> (13,174)
<NET-CHANGE-FROM-OPS> 298,660,551
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 298,673,725
<DISTRIBUTIONS-OF-GAINS> 702,935
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80,884,136,647
<NUMBER-OF-SHARES-REDEEMED> 77,301,915,817
<SHARES-REINVESTED> 239,118,722
<NET-CHANGE-IN-ASSETS> 3,821,339,552
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,073,755
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,627,769
<AVERAGE-NET-ASSETS> 5,382,503,694
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .055
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .055
<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>
