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<PAGE> PAGE 3
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<PAGE> PAGE 10
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<PAGE> PAGE 13
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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
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
<PAGE> PAGE 21
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 65
063 B000400 0.0
064 A000400 Y
064 B000400 N
070 A010400 N
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 N
070 J020400 N
070 K010400 Y
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
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 6
<PAGE> PAGE 22
072 B000400 37835
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 4885
072 G000400 0
072 H000400 0
072 I000400 85
072 J000400 79
072 K000400 0
072 L000400 9
072 M000400 8
072 N000400 323
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 9
072 S000400 5
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 8
072 X000400 5411
072 Y000400 2663
072 Z000400 35087
072AA000400 127
072BB000400 9
072CC010400 0
072CC020400 0
072DD010400 35110
072DD020400 0
072EE000400 0
073 A010400 0.0200
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1428
074 B000400 0
074 C000400 2381401
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 4392
074 K000400 0
074 L000400 15988
074 M000400 16
074 N000400 2403225
074 O000400 0
<PAGE> PAGE 23
074 P000400 405
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 365
074 S000400 0
074 T000400 2402455
074 U010400 2402478
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 0.9999
074 X000400 2993
074 Y000400 0
075 A000400 2204078
075 B000400 0
076 000400 0.00
024 000500 Y
025 A000501 DEUTSCHE BANK SECURITIES INC.
025 B000501 13-2730828
025 C000501 D
025 D000501 414674
025 A000502 GOLDMAN, SACHS & CO.
025 B000502 13-5108880
025 C000502 D
025 D000502 374861
025 A000503 FIRST UNION BROKERAGE SERVICES, INC.
025 B000503 56-1252143
025 C000503 D
025 D000503 368937
025 A000504 LANSTON (AUBREY G.) & CO., INC.
025 B000504 13-5552129
025 C000504 D
025 D000504 250000
025 A000505 MORGAN (J.P.) SECURITIES, INC.
025 B000505 13-3224016
025 C000505 D
025 D000505 250000
025 A000506 CHASE SECURITIES INC.
025 B000506 13-3112953
025 C000506 D
025 D000506 200000
025 A000507 SUNTRUST BANK
025 B000507 58-2109565
025 C000507 D
025 D000507 172470
025 A000508 BEAR, STEARNS & CO., INC.
025 B000508 13-3299429
025 C000508 D
025 D000508 123328
<PAGE> PAGE 24
025 A000509 MORGAN STANLEY, DEAN WITTER & CO.
025 B000509 13-2655998
025 C000509 D
025 D000509 122814
025 A000510 SALOMON, SMITH BARNEY INC.
025 B000510 11-2418191
025 C000510 D
025 D000510 48924
025 D000511 0
025 D000512 0
025 D000513 0
025 D000514 0
025 D000515 0
025 D000516 0
028 A010500 10880342
028 A020500 38504
028 A030500 0
028 A040500 10946635
028 B010500 9772751
028 B020500 33912
028 B030500 0
028 B040500 11043107
028 C010500 7895432
028 C020500 34775
028 C030500 0
028 C040500 8055605
028 D010500 9167696
028 D020500 36750
028 D030500 0
028 D040500 8881590
028 E010500 8764622
028 E020500 36079
028 E030500 0
028 E040500 8900711
028 F010500 10167814
028 F020500 40838
028 F030500 0
028 F040500 8866535
028 G010500 56648657
028 G020500 220858
028 G030500 0
028 G040500 56694183
028 H000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
<PAGE> PAGE 25
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
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 4.6
062 C000500 11.1
062 D000500 2.3
062 E000500 0.0
062 F000500 10.1
062 G000500 1.9
062 H000500 0.0
062 I000500 36.2
062 J000500 6.2
062 K000500 0.0
062 L000500 27.6
062 M000500 0.0
<PAGE> PAGE 26
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 64
063 B000500 0.0
064 A000500 N
064 B000500 N
070 A010500 Y
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 Y
070 J020500 Y
070 K010500 Y
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 6
072 B000500 265706
<PAGE> PAGE 27
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 7715
072 G000500 0
072 H000500 0
072 I000500 87
072 J000500 266
072 K000500 0
072 L000500 25
072 M000500 48
072 N000500 971
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 48
072 S000500 24
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 42
072 X000500 9226
072 Y000500 0
072 Z000500 256480
072AA000500 231
072BB000500 226
072CC010500 0
072CC020500 6469
072DD010500 256484
072DD020500 0
072EE000500 0
073 A010500 0.0250
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 49719
074 B000500 250000
074 C000500 10437826
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 65728
074 M000500 325
074 N000500 10803598
074 O000500 0
074 P000500 1352
<PAGE> PAGE 28
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 5500
074 S000500 0
074 T000500 10796746
074 U010500 10805201
074 U020500 0
074 V010500 1.00
074 V020500 0.00
074 W000500 0.9992
074 X000500 774
074 Y000500 0
075 A000500 10202716
075 B000500 0
076 000500 0.00
024 000600 Y
025 A000601 LEHMAN BROTHERS INC.
025 B000601 13-2518466
025 C000601 D
025 D000601 20000
025 A000602 GOLDMAN, SACHS & CO.
025 B000602 13-5108880
025 C000602 D
025 D000602 15000
025 A000603 CHASE SECURITIES, INC.
025 B000603 13-3112953
025 C000603 D
025 D000603 15000
025 A000604 SALOMON, SMITH BARNEY INC.
025 B000604 11-2418191
025 C000604 D
025 D000604 14735
025 A000605 DEUTSCHE BANK SECURITIES INC.
025 B000605 13-2730828
025 C000605 D
025 D000605 10000
025 A000606 FIRST UNION BROKERAGE SERVICES, INC.
025 B000606 56-1252143
025 C000606 D
025 D000606 5000
025 A000607 BEAR, STEARNS & CO., INC.
025 B000607 13-3299429
025 C000607 D
025 D000607 3913
025 D000608 0
028 A010600 312225
028 A020600 1725
028 A030600 0
028 A040600 310748
<PAGE> PAGE 29
028 B010600 297261
028 B020600 1350
028 B030600 0
028 B040600 406515
028 C010600 369631
028 C020600 1427
028 C030600 0
028 C040600 350851
028 D010600 225018
028 D020600 1417
028 D030600 0
028 D040600 202799
028 E010600 216498
028 E020600 1577
028 E030600 0
028 E040600 210473
028 F010600 206085
028 F020600 1694
028 F030600 0
028 F040600 241348
028 G010600 1626718
028 G020600 9190
028 G030600 0
028 G040600 1722734
028 H000600 0
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.200
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
<PAGE> PAGE 30
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000000
062 A000600 Y
062 B000600 0.6
062 C000600 5.7
062 D000600 5.7
062 E000600 0.0
062 F000600 13.4
062 G000600 0.4
062 H000600 0.0
062 I000600 38.6
062 J000600 9.2
062 K000600 0.0
062 L000600 26.4
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 39
063 B000600 0.0
064 A000600 N
064 B000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
<PAGE> PAGE 31
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 6
072 B000600 10363
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 399
072 G000600 0
072 H000600 0
072 I000600 7
072 J000600 38
072 K000600 0
072 L000600 2
072 M000600 3
072 N000600 33
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 4
072 S000600 7
072 T000600 0
<PAGE> PAGE 32
072 U000600 0
072 V000600 0
072 W000600 7
072 X000600 500
072 Y000600 0
072 Z000600 9863
072AA000600 4
072BB000600 4
072CC010600 0
072CC020600 148
072DD010600 9715
072DD020600 0
072EE000600 0
073 A010600 0.0250
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 86
074 B000600 20000
074 C000600 330013
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 648
074 M000600 88
074 N000600 350835
074 O000600 0
074 P000600 69
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 76
074 S000600 0
074 T000600 350690
074 U010600 350842
074 U020600 0
074 V010600 1.00
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074 W000600 0.9995
074 X000600 226
074 Y000600 0
075 A000600 395680
075 B000600 0
076 000600 0.00
<PAGE> PAGE 33
SIGNATURE
TITLE
Exhibit to Item 77C
(as filed with the SEC on August 10, 1999)
MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
One Financial Center
Boston, MA 02111
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
October 20, 1999
TO THE SHAREHOLDERS OF MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES:
Notice is hereby given that a Special Meeting of Shareholders (the
"Meeting") of Merrill Lynch Funds For Institutions Series (the "Trust") will be
held at the offices of Merrill Lynch, One Financial Center, Boston, MA 02111 on
October 20, 1999 at 11:45 a.m. for the following purposes:
(1) To consider and act upon a proposal to amend the Declaration of
Trust of the Trust to allow the Trustees to make future amendments to the
Declaration of Trust without shareholder authorization provided that the
amendment does not materially adversely affect the rights of any
shareholder; and
(2) To transact such other business as may properly come before the
Meeting or any adjournment thereof.
The Board of Trustees has fixed the close of business on July 30, 1999 as
the record date for the determination of shareholders entitled to notice of and
to vote at the Meeting or any adjournment thereof.
A complete list of the shareholders of the Trust entitled to vote at the
Meeting will be available and open to the examination of any shareholder of the
Trust for any purpose germane to the Meeting during ordinary business hours from
and after October 6, 1999, at One Financial Center, Boston, MA 02111.
Shareholders are cordially invited to attend the Meeting. Shareholders who do
not expect to attend the Meeting in person are requested to complete, date and
sign the enclosed form of proxy and return it promptly in the envelope provided
for this purpose. The enclosed proxy is being solicited on behalf of the Board
of Trustees of the Trust.
By Order of the Board of Trustees
PHILLIP GILLESPIE
Secretary
Boston, MA 02111
Dated: August 18, 1999
<PAGE>
Exhibit to Item 77C
(as filed with the SEC on August 10, 1999)
PROXY STATEMENT
-------------------------------
MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
ONE FINANCIAL CENTER
BOSTON, MA 02111
-------------------------------
SPECIAL MEETING OF SHAREHOLDERS
OCTOBER 20, 1999
INTRODUCTION
This Proxy Statement is furnished in connection with the solicitation of
proxies on behalf of the Board of Trustees (the "Board") of Merrill Lynch Funds
For Institutions Series (the "Trust"), to be voted at the Special Meeting of
Shareholders of the Trust (the "Meeting") to be held at the offices of Merrill
Lynch. One Financial Center, Boston, MA 02111, on October 20, 1999 at 11:45
a.m. The approximate mailing date of this Proxy Statement is August 18, 1999.
All properly executed proxies received prior to the Meeting will be voted
at the Meeting in accordance with the instructions marked thereon or otherwise
as provided therein. The special meeting of shareholders is being called to
consider and act upon a proposal (the "Proposal") to amend the Declaration of
Trust of the Trust to allow the Trustees to make future amendments to the
Declaration of Trust without shareholder authorization provided that the
amendment does not materially adversely affect the rights of any shareholder.
Unless instructions to the contrary are marked, proxies will be voted 'FOR' the
Proposal to amend the Declaration of Trust. Any proxy may be revoked at any time
prior to the exercise thereof by giving written notice to the Secretary of the
Fund.
The Board has fixed the close of business on July 30, 1999 (the "Record
Date") for the determination of shareholders entitled to notice of and to vote
at the Meetings and at any adjournment thereof. Shareholders on the Record Date
will be entitled to one vote for each share held and fractional votes for
fractional shares held, with no shares having cumulative voting rights. As of
July 30, 1999, the Trust had outstanding 22,946,828,359.92 shares of beneficial
interest in the Trust, par value $.10 per share for the Merrill Lynch
Institutional Tax-Exempt Fund, with 2,133,413,104.88 shares, and par value $.01
per share for the other Funds, consisting of 9,214,837,915.25 shares of the
Merrill Lynch Premier Institutional Fund, 8,024,851,969.21 shares of the Merrill
Lynch Institutional Fund, 2,412,963,518.05 shares of the Merrill Lynch
Government Fund, 809,003,744.28 shares of the Merrill Lynch Treasury Fund, and
351,758,108.25 shares of the Merrill Lynch Rated Institutional Fund. To the
knowledge of the Trust, as of July 30, 1999, no entities owned beneficially more
than five percent of the outstanding shares of any Fund of the Trust at such
date other than: National Association of Attorneys Fees, 750 1st Street, NE,
Suite 110, Washington, DC 20002-4257, owning 140,829,608.72 shares of beneficial
interest of Merrill Lynch Government Fund representing 5.84% of the Fund,
Merrill Lynch Trust Company, Trustee FBO Chrysler Hourly Employees Deferred Pay
Plan, P.O. Box 30532, New Brunswick, NJ 08989-0532, owning 492,231,691.96 shares
of beneficial interest of Merrill Lynch Premier Institutional Fund representing
5.35% of the Fund, Amerus Group Company, 699 Walnut Street, Suite 1700, Des
Moines, IA 50309-3945, owning 31,382,400.78 shares of beneficial interest of
Merrill Lynch Rated Institutional Fund representing 8.92% of the Fund, First
Union Real Estate Investments, 55 Public Square #1900, Cleveland, OH 44113-1937,
owning 43,132,417.38 shares of beneficial interest of the Merrill Lynch Treasury
Fund representing 5.34% of the Fund, Korth Family Trust, 57 Crest Road,
Piedmont, CA 94611-3303, owning 95,502,639.80 shares of beneficial interest of
Merrill Lynch Treasury Fund representing 11.83% of the Fund.
1
<PAGE>
Exhibit to Item 77C
(as filed with the SEC on August 10, 1999)
Annual Report Delivery
The Fund will furnish, without charge, a copy of its annual report for the
fiscal year ended April 30, 1999 to any shareholder upon request. Such requests
should be directed in writing to State Street Bank and Trust Company, P.O. Box
8118, Boston, Massachusetts 02266-8118 or by telephone to 1-800-225-5150 or
1-800-972-5555.
AMENDMENT TO THE DECLARATION OF TRUST OF THE TRUST
The proposed Amendment to the Declaration of Trust of the Trust would
permit the Trustees to further amend the Declaration of Trust without
shareholder approval if the amendment does not materially adversely affect the
rights of any shareholder. There are situations where changes in the mutual fund
industry, the operations of the Trust, the laws and regulations governing the
Trust, or other changes in circumstances make it necessary or desirable to amend
the Declaration of Trust. Allowing the Trustees to amend the Declaration of
Trust would give the officers and Trustees the ability to respond more
effectively to such situations without burdening the shareholders with the
substantial costs of a special shareholder meeting. For example, such an
amendment might permit the Trust to attract new shareholders or retain existing
shareholders. As an example, one or more shareholders or potential shareholders
may wish to use the Trust for long-term investment purposes and request that the
Trust provide assurance that it will remain in existence and registered as an
investment company with the Securities and Exchange Commission for an extended
period of time. Since providing this assurance would not adversely affect the
other shareholders of the Fund, the proposed amendment to the Declaration of
Trust would permit the Trustees to amend the Declaration of Trust in a manner
that provides this assurance, and thereby avoid the cost of holding a special
shareholders' meeting for this purpose. The proposed amendment would revise the
last sentence of Section 11.3 of the Declaration of Trust as follows (added
language underscored):
The Trustees may also amend this Declaration without the vote or consent
of Shareholders (i) if they deem it necessary to conform this Declaration
to the requirements of applicable federal laws or regulations or the
requirements of the regulated investment company provisions of the
Internal Revenue Code, but the Trustees shall not be liable for failing to
do so, or (ii) if they determine that the amendment will not materially
adversely affect the rights of shareholders hereunder.
Approval of this Proposal requires the affirmative vote of the holders of
a majority of the shares of the Trust entitled to vote at the Meeting. The
Amendment to the Declaration of Trust would become effective upon adoption by
the shareholders. If it is not approved by the Trust's shareholders, the
Trustees will take such action as they deem necessary or appropriate in the best
interests of the Trust's shareholders, subject to legal, requirements.
ADDITIONAL INFORMATION
The expenses of preparation, printing and mailing by the Trust of the
proxy materials in connection with the matter to be considered at the meeting
will be borne by the Merrill Lynch Asset Management, L.P. ("MLAM"), the Trust's
adviser. MLAM will reimburse banks, brokers and others for their reasonable
expenses in forwarding proxy solicitation material to the beneficial owners of
the shares of the Trust. MLAM also may hire proxy solicitors at its expense.
In order to obtain the necessary vote at the Meeting, supplementary
solicitation may be made by mail, telephone, telegraph or personal interview by
officers of the Trust.
2
<PAGE>
Exhibit to Item 77C
(as filed with the SEC on August 10, 1999)
All shares represented by properly executed proxies, unless such proxies
have previously been revoked, will be voted at the Meeting in accordance with
the directions on the proxies; if no direction is indicated, the shares will be
voted "FOR" the amendment to the Declaration of Trust of the Trust.
Broker-dealer firms, including Merrill Lynch, holding Trust shares in
"street name" for the benefit of their customers and clients will request the
instructions of such customers and clients on how to vote their shares on the
Proposal before the Meeting. The Trust understands that, under the rules of the
New York Stock Exchange, such broker-dealer firms may not, without instructions
from their customers and clients, grant authority to the proxies designated to
vote on the Proposal. The Fund will include shares held of record by
broker-dealers as to which such authority has been granted in its tabulation of
the total number of votes present for purposes of determining whether the
necessary quorum of shareholders exists. Proxies which are returned but which
are marked 'abstain' or on which a broker-dealer has declined to vote on any
proposal ('broker non-votes') will be counted as present for the purposes of a
quorum. Merrill Lynch has advised the Trust that it intends to exercise
discretion over shares held in its name for which no instructions have been
received by voting such shares on the Proposal in the same proportion as it has
voted shares for which it has received instructions. However, abstentions and
broker non-votes will be included in the determination of the number of shares
present at the Meeting and will have the same effect as a vote against the
Proposal.
The Declaration of Trust establishing the Trust, dated May 7, 1987, a copy
of which, together with all amendments thereto (the "Declaration"), is on file
in the office of the Secretary of the Commonwealth of Massachusetts, provides
that the name "Merrill Lynch Funds For Institutions Series" refers to the
Trustees under the Declaration collectively as Trustees, but not as individuals
or personally; and no Trustee, shareholder, officer, employee or agent of the
Series may be held to any personal liability, nor may resort be had to their
private property for the satisfaction of any obligation or claim or otherwise in
connection with the affairs of said Series but the Trust Property only shall be
liable.
Address of Investment Adviser and Distributor
The principal office of the Trust's Investment Adviser and Distributor is
located at P.O. Box 9011, Princeton, New Jersey 08543-9011.
Meetings of Shareholders
The Fund's Declaration of Trust does not require that the Trust hold an
annual meeting of shareholders. The Trust will be required, however, to call
special meetings of shareholders in accordance with the requirements of the
Investment Company Act of 1940 to seek approval of new management and advisory
arrangements or of a change in the fundamental policies, objectives or
restrictions of the Trust. The Trust also would be required to hold a special
shareholders' meeting to elect new Trustees at such time as less than a majority
of the Trustees holding office have been elected by shareholders. The
Declaration of Trust of the Trust provides for the calling of shareholders'
meetings at the request of 10% of the outstanding shares or by a majority of the
Trustees.
By Order of the Board
PHILLIP GILLESPIE
Secretary
Dated: August 18, 1999
3
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH TREASURY FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/19/1999 GSI P U.S. Treasury Bill 20.00MM MORGAN STANLEY & CO, INC. 4.5350 USTB 9/9/99 NR
05/20/1999 due 09/09/1999 DONALDSON, LUFKIN & JEN 4.5300 USTB 9/9/99 NR
@ 4.5350 % NR
05/25/1999 GSI S U.S. Treasury Bill 5.80MM JP MORG. SEC/MORG. GUAR TR 4.2250 USTB 7/1/99 NR
05/27/1999 due 07/01/1999 DONALDSON, LUFKIN & JEN 4.2300 USTB 7/1/99 NR
@ 4.2200 % NR
05/25/1999 GSI S U.S. Treasury Bill 5.30MM JP MORG. SEC/MORG. GUAR TR 4.3000 USTB 6/3/99 NR
05/27/1999 due 06/03/1999 DONALDSON, LUFKIN & JEN 4.3000 USTB 6/3/99 NR
@ 4.2900 % NR
05/25/1999 GSI S U.S. Treasury Bill 4.10MM AUBREY G LANSTON & CO INC. 4.3750 USTB 7/29/99 NR
05/27/1999 due 07/29/1999 DONALDSON, LUFKIN & JEN 4.3800 USTB 7/29/99 NR
@ 4.3750 % NR
05/25/1999 GSI P U.S. Treasury Bill 16.00MM DONALDSON, LUFKIN & JEN 4.4950 USTB 8/26/99 NR
05/27/1999 due 08/26/1999 DEUTSCHE BANK SECUR. INC. 4.4900 USTB 8/26/99 NR
@ 4.4950 % NR
08/21/1999 GSI P U.S. Treasury Bill 20.00MM DONALDSON, LUFKIN & JEN 4.6000 USTB 09/23/99 NR
06/24/1999 due 09/23/1999 HSBC SECURITIES, INC. 4.6000 USTB 09/23/99 NR
@ 4.6050 % NR
</TABLE>
7
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH TREASURY FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/06/1999 GSI S U.S. Treasury Bill 15.00MM AUBREY 0 LANSTON & CO INC. 4.3800 USTB 09/02/99 NR
08/06/1999 due 09/02/1999 JP MORG. SEC/MORG. GUAR TR 4.4000 USTB 09/02/99 NR
@ 4.3700 % NR
08/06/1999 GSI S U.S. Treasury Bill 15.00MM AUBREY G LANSTON & CO INC. 4.5300 USTB 09/09/99 NR
08/06/1999 due 09/09/1999 DEUTSCHE BANK SECUR. INC. 4.5300 USTB 09/09/99 NR
@ 4.5100 % NR
08/31/1999 GSI P U.S. Treasury Bill 50.00MM JP MORG. SEC/MORG. GUAR TR 4.8350 USTB 12/02/99 NR
09/02/1999 due 12/02/1999 DEUTSCHE BANK SECUR. INC. 4.8350 USTB 12/02/99 NR
@ 4.8350 % NR
08/31/1999 GSI S U.S. Treasury Note 50.00MM JP MORG. SEC/MORG. GUAR TR 4.7210 USTN 6.000 10/15/1992 NR
09/02/1999 cpn 8.0000 due 10/15/1999 DEUTSCHE BANK SECUR. INC. 4.7210 USTN 6.000 10/15/1992 NR
dtd 10/15/1992 @ 4.6880 % NR
09/03/1999 GSI S U.S. Treasury Bill 71.70MM SG COWEN SECURITIES 5.0300 USTB 09/09/99 NR
09/07/1999 due 09/09/1999 DEUTSCHE BANK SECUR. INC. 5.0500 USTB 09/09/99 NR
@ 5.0000 % NR
09/03/1999 GSI P U.S. Treasury Bill 71.80MM SG COWEN SECURITIES 5.1650 USTB 09/15/99 NR
09/07/1999 due 09/15/1999 DEUTSCHE BANK SECUR. INC. 5.1700 USTB 09/15/99 NR
@ 5.1700 % NR
09/14/1999 GSI S U.S. Treasury Bill 4.00MM SG COWEN SECURITIES 4.1300 USTB 10/07/99 NR
09/14/1999 due 10/07/1999 MORGAN STANLEY & CO. INC. 4.1100 USTB 10/07/99 NR
@ 4.1000 % NR
09/14/1999 GSI S U.S. Treasury Bill 10.00MM MORGAN STANLEY & CO. INC. 4.6100 USTB 12/02/99 NR
09/14/1999 due 12/02/1999 DEUTSCHE BANK SECUR. INC. 4.6200 USTB 12/02/99 NR
@ 4.6100 % NR
10/21/1999 GSI P U.S. Treasury Bill 1.40MM JP MORG. SEC/MORG. GUAR TR 4.5000 USTB 10/28/99 NR
10/21/1999 due 10/28/1999 SG COWEN SECURITIES 4.5100 USTB 10/28/99 NR
@ 4.5000 % NR
10/28/1999 GSI S U.S. Treasury Bill 13.60MM DEUTSCHE BANK SECUR. INC. 4.5500 USTB 11/04/99 NR
10/29/1999 due 11/04/1999 SG COWEN SECURITIES 4.6000 USTB 11/04/99 NR
@ 4.5000 % NR
10/28/1999 GSI P U.S. Treasury Bill 13.70MM DEUTSCHE BANK SECUR. INC. 4.9800 USTB 01/27/2000 NR
10/29/1999 due 01/27/2000 SG COWEN SECURITIES 4.9800 USTB 01/27/2000 NR
@ 4.9800 % NR
</TABLE>
7
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH INSTITUTIONAL
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/18/1999 MMI P Commerzbank AG YD 50.00MM SALOMON SMITH BARNEY INC. 5.3400 Commerzbank AG YD FT
05/20/1999 cpn 5.2900 due 05/22/2000 CHASE SECURITIES, INC. 5.3400 Commerzbank AG YD FT
dtd 05/20/1999 @ 5.3500 % FT
05/19/1999 MMI P Tulip Funding Corp. CP 60.40MM GOLDMAN SACHS & COMPANY 4.8500 Tulip Funding Corp. CP FT
05/19/1999 due 06/23/1999 LEHMAN BROS. INC./LCPI 4.8500 Old Line Funding CP FT
@ 4.8500 % FT
05/19/1999 MMI P Bayerische HYPO-UND VY 84.00MM SALOMON SMITH BARNEY INC. 4.8850 Hypovereins Bank W FT
05/20/1999 cpn 4.8120 due 05/15/2000 CHASE SECURITIES, INC. 4.8850 Hypovereins Bank VY FT
dtd 05/13/1999 @ 4.8850 % FT
06/16/1999 MMI S Sigma Finance Inc. CP 18.00MM JP MORG. SEC/MORG. GUAR TR 4.8200 Sigma Finance Inc. CP FT
06/16/1999 due 06/23/1999 LEHMAN BROS. INC./LCPI 4.8100 Sigma Finance Inc. CP FT
@ 4.8100 % FT
06/16/1999 MMI S Sigma Finance Inc. CP 50.00MM JP MORG. SEC/MORG. GUAR TR 4.8200 Sigma Finance Inc. CP FT
06/16/1999 due 06/21/1999 LEHMAN BROS. INC./LCPI 4.8100 Sigma Finance Inc. CP FT
@ 4.8100 % FT
06/16/1999 MMI P Sigma Finance Inc. CP 68.00MM JP MORG. SEC/MORG. GUAR TR 5.1000 Sigma Finance Inc. CP FT
06/16/1999 due 09/03/1999 LEHMAN BROS. INC./LCPI 5.1200 Sigma Finance Inc. CP FT
@ 5.1200 % FT
07/08/1999 GSI P Federal Home Loan Mrtg. Co AF 25.00MM GOLDMAN SACHS & COMPANY 5.2480 Federal Home Loan Mrtg. Co AF NR
07/14/1999 cpn 5.2330 due 07/14/2000 CREDIT SUISSE FIRST BOSTON 5.2530 Federal Home Loan Mrtg. Co AF NR
dtd 07/14/1999 @ 5.2840 % NR
</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 Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/02/1999 MMI P Commerzbank AG YD 25.00MM CHASE SECURITIES, INC. 5.9600 Commerzbank AG YD FT
08/04/1999 cpn 5.9100 due 08/04/2000 SALOMON SMITH BARNEY INC. 5.9600 Commerzbank AG YD FT
dtd 08/04/1999 @ 5.9600 % FT
08/12/1999 MMI P Amsterdam Funding Co. CP 25.00MM GOLDMAN SACHS & COMPANY 5.7400 Tulip Funding Co. CP FT
08/12/1999 due 02/01/2000 LEHMAN BROS. INC./LCPI 5.7400 Amsterdam Funding Co. CP FT
@ 5.7800 % FT
08/27/1999 MMI P Finova Capital Corp. CP 25.00MM LEHMAN BROS. INC./LCPI 5.8500 Finova Capital Corp. CP FT
08/27/1999 due 02/18/2000 GOLDMAN SACHS & COMPANY 5.8600 Finova Capital Corp. CP FT
@ 5.8500 % FT
08/30/1999 MMI P Edison Asset Securit. LLC CP 40.80MM GOLDMAN SACHS & COMPANY 5.7000 CSW Credit, Inc. CP FT
08/30/1999 due 02129/2000 LEHMAN BROS. INC./LCPI 5.6900 Vodafone Airtouch CP FT
@ 5.7500 % FT
09/08/1999 MMI P Edison Asset Securit. LLC CP 50.00MM CREDIT SUISSE FIRST BOSTON 5.7300 Santander Finance CP FT
09/08/1999 due 03/08/2000 GOLDMAN SACHS & COMPANY 5.6000 BP America Inc. CP FT
@ 5.7500 % FT
09/15/1999 MMI P Edison Asset Securit. LLC CP 50.00MM GOLDMAN SACHS & COMPANY 5.7900 Edison Asset Securit. LLC CP FT
09/15/1999 due 03/16/2000 PAINEWEBBER INC. 5.7900 Edison Asset Seurit. LLC CP FT
@ 5.7900 % FT
09/16/1999 MMI P Norbanken N. America Inc. CP 50.00MM CREDIT SUISSE FIRST BOSTON 5.3500 Norbanken N. America Inc. CP FT
09/18/1999 due 12/27/1999 JP MORO. SEC/MORG. GUAR TR 5.3500 KFW International Finance CP FT
@ 5.3500 % FT
10/05/1999 MMI P Credit Com. De Belgique YD 25.00MM GOLDMAN SACHS & COMPANY 6.1900 Societe Generale YD FT
10/06/1999 cpn 5.9800 due 10/02/2000 CREDIT SUISSE FIRST BOSTON 6.2000 Bank of Nova Scotia YD FT
dtd 10/01/1999 @ 8.2300 % FT
10/06/1999 MMI P Apreco, Inc. CP 20.00MM GOLDMAN SACHS & COMPANY 5.4000 Apreco, Inc. CP FT
10/06/1999 due 11/22/1999 SALOMON SMITH BARNEY INC. 5.4000 Apreco, Inc. CP FT
@ 5.4000 % FT
10/07/1999 MMI P Credit Comm. De Belgique YD 30.00MM DEUTSCHE BANK SECUR. INC. 6.2100 Deutsche Bank A.G. YD FT
10/0711999 cpn 5.9800 due 10/02/2000 CHASE SECURITIES, INC. 6.2500 First USA Bank N.A. YD FT
dtd 10/01/1999 @ 6.2500 % FT
10/08/1999 MMI P Finova Capital Corp. CP 50.00MM CHASE SECURITIES, INC. 5.4300 Finova Capital Corp. CP FT
10/08/1999 due 12/13/1999 LEHMAN BROS. INC./LCPI 5.4300 Finova Capital Corp. CP FT
@ 5.4300 % FT
10/26/1999 GSI P Tulip Funding Corp. CP 28.40MM LEHMAN BROS. INC./LCPI 6.0000 Corporate Receivable CP FT
10/28/1999 due 02/15/2000 GOLDMAN SACHS & COMPANY 6.0600 Finova Capital Corp. CP FT
@ 6.0600 % FT
</TABLE>
15
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH GOVT
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/06/1999 GSI P Federal Home Loan Bank AF 50.00MM MORGAN STANLEY & CO. INC. 4.8500 Federal Home Loan Bank AF NR
05/12/1999 cpn 4.7750 due 05/12/2000 GOLDMAN SACHS & COMPANY 4.7800 Federal Home Loan Bank AF NR
dtd 05/12/1999 @ 4.8620 % NR
05/24/1999 GSI P Federal Home Loan Mrtg. Co DN 70.00MM CREDIT SUISSE FIRST BOSTON 4.7950 Federal Home Loan Mrtg. Co DN NR
05/24/1999 due 08/19/1999 GOLDMAN SACHS & COMPANY 4.7900 Federal Home Loan Mrtg. Co DN NR
@ 4.8000 % NR
07/01/1999 GSI P Federal Home Loan Bank AF 75.00MM GOLDMAN SACHS & COMPANY 5.1520 Federal Home Loan Bank AF NR
07/14/1999 cpn 5.1930 due 07/14/2000 CREDIT SUISSE FIRST BOSTON 5.1820 Federal Home Loan Bank AF NR
dtd 07/14/1999 @ 5.2450 % NR
07/08/1999 GSI P Federal Home Loan Mrtg. Co AF 75.00MM GOLDMAN SACHS & COMPANY 5.2480 Federal Home Loan Mrtg. Co AF NR
07/14/1999 cpn 5.2330 due 07/14/2000 CREDIT SUISSE FIRST BOSTON 5.2530 Federal Home Loan Mrtg. Co AF NR
dtd 07/14/1999 @ 5.2840 % NR
07/21/1999 GSI P Federal Natl. Mrtg. Assn. AF 75.00MM MORGAN STANLEY & CO. INC. 5.0660 Federal Natl. Mrtg. Assn. AF NR
08/02/1999 cpn 4.9970 due 08/02/2000 CREDIT SUISSE FIRST BOSTON 5.0600 Federal Natl. Mrtg. Assn. AF NR
dtd 08/02/1999 @ 5.0780 % NR
</TABLE>
9
<PAGE>
Exhibit to Item 77P
MERRILL LYNCH GOVT
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/30/1999 GSI P Federal Nat Mrtg. Assn. DN 35.00MM BANKAMERICA SECURITIES INC. 5.4700 Federal Natl. Mrtg. Assn. DN NR
08/31/1999 due 02/25/20O0 HSBC SECURITIES, INC. 5.4800 Federal Home Loan Mrtg. DN MR
@ 5.5000 % NR
</TABLE>
8
<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 Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/19/1999 MMI P Bayerische HYPO-UND AG VY 50.00MM SALOMON SMITH BARNEY INC. 4.8850 Hypovereins Bank VY FT
05/20/1999 cpn 4.8120 due 05/15/2000 CHASE SECURITIES, INC. 4.8850 Hypovereins Bank VY FT
dtd 05/13/1999 @ 4.8850 % FT
06/21/1999 MMI P General Motors Accept Co. MV 56.50MM CREDIT SUISSE FIRST BOSTON 4.9680 General Motors Accept. Co. MV FT
06/22/1999 cpn 4.9800 due 07/20/2000 GOLDMAN SACHS & COMPANY 4.9680 General Motors Accept. Co. MV FT
dtd 07/20/1998 @ 5.0050 % FT
07/06/1999 MMI P Thames Asset Glb. Secur. CP 69.00MM LEHMAN BROS. INC./LCPI 5.1700 Thames Asset Glb. Secur. CP FT
07/06/1999 due 10/06/1999 GOLDMAN SACHS & COMPANY 5.1500 Thames Asset Glb. Secur. CP FT
@ 5.1900 % FT
07/08/1999 GSI P Federal Home Loan Mrtg. Co AF 25.00MM GOLDMAN SACHS & COMPANY 5.2480 Federal Home Loan Mrtg. Co AF NR
07/14/1999 cpn 5.2330 due 07/14/2000 CREDIT SUISSE FIRST BOSTON 5.2530 Federal Home Loan Mrtg. Co AF NR
dtd 07/14/1999 @ 5.2840 % NR
</TABLE>
12
<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 Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/02/1999 MMI P Commerzbank AG YD 25.00MM CHASE SECURITIES, INC. 5.9600 Commerzbank AG YD FT
08/04/1999 cpn 5.9100 due 08/04/2000 SALOMON SMITH BARNEY INC. 5.9600 Commerzbank AG YD FT
dtd 08/04/1999 @ 5.9800 % FT
08/12/1999 MMI P Tulip Funding Corp. CP 12.30MM GOLDMAN SACHS & COMPANY 5.7400 Tulip Funding Corp. CP FT
08/12/1999 due 02/14/2000 LEHMAN BROS. INC./LCPI 5.7400 Amsterdam Funding CP FT
@ 5.7800 % FT
08/12/1999 MMI P Amsterdam Funding Co. CP 25.00MM GOLDMAN SACHS & COMPANY 5.7400 Tulip Funding Co. CP FT
08/12/1999 due 02/01/2000 LEHMAN BROS. INC /LCPI 5.7400 Amsterdam Funding Co. CP FT
@ 5.7800 % FT
08/13/1999 MMI P Amsterdam Funding Corp. CP 25.00MM LEHMAN BROS. INC./LCPI 5.7700 Amsterdam Funding Corp. CP FT
08/13/1999 due 02/04/2000 GOLDMAN SACHS & COMPANY 5.7500 Tulip Funding Corp. CP FT
@ 5.7800 % FT
08/27/1999 MMI P Finova Capital Corp. CP 45.00MM LEHMAN BROS. INC./LCPI 5.8500 Finova Capital Corp. CP FT
08/27/1999 due 02/18/2000 GOLDMAN SACHS & COMPANY 5.8500 Finova Capital Corp. CP FT
@ 5.8500 % FT
09/08/1999 MMI P Edison Asset Securit. LLC CP 48.00MM CREDIT SUISSE FIRST BOSTON 5.7300 Santander Finance CP FT
09/08/1999 due 03/09/2000 GOLDMAN SACHS & COMPANY 5.6000 BP America Inc. CP FT
@ 5.7500 % FT
09/14/1999 MMI P Edison Asset Securit. LLC CP 19.00MM GOLDMAN SACHS & COMPANY 5.6000 BP America Inc. CP FT
09/14/1999 due 03/10/2000 LEHMAN BROS. INC./LCPI 5.7800 Beta Finance Inc. CP FT
@ 5.7800 % FT
09/15/1999 MMI P Edison Asset Securit. LLC CP 100.00MM GOLDMAN SACHS & COMPANY 5.7900 Edison Asset Securit. LLC CP FT
09/15/1999 due 09/16/2000 PAINEWEBBER INC. 5.7900 Edison Asset Securit. LLC CP FT
@ 5.7900 % FT
09/16/1999 MMI P Nordbanken N. America Inc. CP 50.00MM CREDIT SUISSE FIRST BOSTON 5.3500 Nordbanken N. America Inc. CP FT
09/16/1999 due 12/27/1999 MORG. SEC/MORG. GUAR TR 5.3500 KWF International Finance CP FT
@ 5.3500 % FT
09/16/1999 MMI P Apreco, Inc. CP 25.00MM LEHMAN BROS. INC./LCPI 5.4000 Apreco, Inc. CP FT
09/16/1999 due 12/15/1999 GOLDMAN SACHS & COMPANY 5.4000 Apreco, Inc. CP FT
@ 5.4000 % FT
09/16/1999 MMI P Unifunding Inc. CP 50.00MM CREDIT SUISSE FIRST BOSTON 5.3500 Norbanken NA CP FT
09/17/1999 due 12/23/1999 JP MORG. SEC/MORG. GUAR TR 5.3500 KFW Intl. Finance CP FT
@ 5.3500 % FT
09/22/1999 MMI P Interperu Funding Limited CP 30.00MM CREDIT SUISSE FIRST BOSTON 5.8300 Interperu Funding Limited CP FT
09/24/1999 due 03/22/2000 PAINEWEBBER INC. 5.8000 Edison Asset CP FT
@ 5.8300 % FT
10/05/1999 MMI P Credit Comm. De Belgique YD 25.00MM GOLDMAN SACHS & COMPANY 6.1900 Societe Generale YD FT
10/06/1999 cpn 5.9600 due 10/02/2000 CREDIT SUISSE FIRST BOSTON 6.2000 Bank of Nova Scotia YD FT
dtd 10/01/1999 @ 6.2300 % FT
</TABLE>
13
<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 Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/06/1999 MMI P Apreco, Inc. CP 55.00MM GOLDMAN SACHS & COMPANY 5.4000 Apreco, Inc. CP FT
10/06/1999 due 11/22/1999 SALOMON SMITH BARNEY INC. 5.4000 Apreco, Inc. CP FT
@ 5.4000 % FT
10/07/1999 MMI P Credit Comm. De Belgique YD 45.00MM DEUTSCHE BANK SECUR. INC. 6.2100 Deutsche Bank AG. YD FT
10/07/1999 cpn 5.9600 due 10/02/2000 CHASE SECURITIES, INC. 6.2500 First USA Bank, N>A. YD FT
dtd 10/01/1999 @ 6.2500 % FT
10/26/1999 GSI P Tulip Funding Corp. CP 12.70MM LEHMAN BROS. INC./LCPI 6.0000 Corporate Receivable CP FT
10/26/1999 due 02/15/2000 GOLDMAN SACHS & COMPANY 6.0600 Finova Capital Corp. CP FT
@ 6.0600 % FT
</TABLE>
14
<PAGE>
Exhibit to Item 77P
ML RATED INSTITUTIONAL FUND
TRADING VOLUME
<TABLE>
<CAPTION>
Trade Sub
Settle Code P/S Security Amount Competitive Broker Prices Security Rating
- ------ ---- --- -------- ------ ------------------ ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/29/1999 MMI P Toyota Motor Credit Corp. CP 15.80MM GOLDMAN SACHS & COMPANY 5.2800 Lucent Technologies CP FT
10/29/1999 due 11/01/1999 JP MORG. SEC/MORG. GUAR TR 5.3000 Heinz (H.J.) Company CP FT
@ 5.3000 % FT
</TABLE>
10
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814079
<NAME> MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
<SERIES>
<NUMBER> 1
<NAME> MERRILL LYNCH TREASURY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 631,155,901
<INVESTMENTS-AT-VALUE> 631,383,016
<RECEIVABLES> 5,309,941
<ASSETS-OTHER> 874,807
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 637,567,764
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,099,736
<TOTAL-LIABILITIES> 3,099,736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 634,240,913
<SHARES-COMMON-STOCK> 634,240,913
<SHARES-COMMON-PRIOR> 680,384,704
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 227,115
<NET-ASSETS> 634,468,028
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,590,736
<OTHER-INCOME> 0
<EXPENSES-NET> 880,613
<NET-INVESTMENT-INCOME> 15,710,123
<REALIZED-GAINS-CURRENT> 107,768
<APPREC-INCREASE-CURRENT> 271,331
<NET-CHANGE-FROM-OPS> 16,089,223
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,817,892
<DISTRIBUTIONS-OF-GAINS> 388,246
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 846,222,959
<NUMBER-OF-SHARES-REDEEMED> 907,801,883
<SHARES-REINVESTED> 15,435,134
<NET-CHANGE-IN-ASSETS> (46,143,790)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,215,732
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,392,801
<AVERAGE-NET-ASSETS> 697,808,106
<PER-SHARE-NAV-BEGIN> 1
<PER-SHARE-NII> 0.023
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.023
<PER-SHARE-DISTRIBUTIONS> 0
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<NAME> MERRILL LYNCH INSTITUTIONAL TAX-EXEMPT FUND
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