Merrill Lynch Premier Institutional Fund
Merrill Lynch Institutional Fund
Merrill Lynch Government Fund
Merrill Lynch Treasury Fund
Merrill Lynch Institutional Tax-Exempt Fund
of
Merrill Lynch Funds for Institutions Series
Supplement dated April 20, 1998 to
Prospectus and Statement of Additional Information
dated
July 29, 1997
Effective April 20, 1998 the Merrill Lynch Premier Institutional Fund (the
"Premier Fund"), the Merrill Lynch Institutional Fund (the "Institutional
Fund"), the Merrill Lynch Government Fund (the "Government Fund"), the
Merrill Lynch Treasury Fund (the "Treasury Fund"), and the Merrill Lynch
Institutional Tax-Exempt Fund of Merrill Lynch Funds for Institutions Series
will not accept purchase and redemption orders on days (or any portion of
any day) on which either the New York Stock Exchange or the Federal Reserve
Bank of Boston is not open for business. On any day that the Public
Securities Association (the "PSA") recommends that the securities markets
close early, the Treasury Fund and the Government Fund will cease accepting
purchase and redemption orders at the time the PSA recommends that the
securities markets close. In addition, the Premier Fund and the
Institutional Fund reserves the right to cease accepting purchase and
redemption orders one hour after the PSA recommended closing time.
===============================================================================
Effective April 20, 1998 all references in pages A-3 to A-10 of the
Prospectus and in pages A-8 to A-11 of the Statement of Additional
Information, in the sections titled "Purchase of Shares," "Redemptions,"
"Dividends," and "Net Asset Value," to the times of day for the
determination of net asset value per share for purchases and redemptions and
for purposes of determining shareholders of record for the declaration of
dividends of the Premier Fund and the Institutional Fund shall be 5:00 p.m.
(Boston time). Accordingly, the Institutional Fund and the Premier Fund will
accept orders for the purchase and redemption of shares until 5:00 p.m.
Shares purchased before 5:00 p.m. will begin earning dividends on the day of
purchase.
NI32438.1
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