BFM INSTITUTIONAL TRUST INC
NSAR-B, 1996-05-30
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<PAGE>      PAGE  1
000 B000000 03/31/96
000 C000000 0000882298
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE BFM INSTITUTIONAL TRUST, INC.
001 B000000 811-6513
001 C000000 2127545560
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C010200  2
007 C010300  3
007 C020300 THE MULTI-SECTOR MORTGAGE SECURITIES PORT III
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 BLACKROCK FINANCIAL MANAGEMENT INC.
008 B00AA01 A
008 C00AA01 801-32183
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
010 A00AA01 PFPC INC.
010 B00AA01 85-1196
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19809
011 A00AA01 BFM ADVISORY, L.P.
011 B00AA01 8-41923
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10154
012 A00AA01 PFPC INC.
<PAGE>      PAGE  2
012 B00AA01 85-1196
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013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 NEW YORK
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013 B03AA01 10281
013 B04AA01 1431
015 A00AA01 PNC BANK, NA
015 B00AA01 C
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022 C000003     26855
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022 A000004 GOLDMAN SACHS
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022 C000004     19278
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022 A000005 AUBREY LANSTON
<PAGE>      PAGE  3
022 B000005 13-5552129
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022 A000006 DONALDSON, LUFKIN & JENRETTE
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080 A00AA00 VIGILANT INSURANCE COMPANY (CHUBB)
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  11
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SIGNATURE   WENDY MCGEE                                  
TITLE       LEGAL ASSISTANT     
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000882298
<NAME> THE BFM INSTITUTIONAL TRUST, INC.
<SERIES>
   <NUMBER> 03
   <NAME> THE MULTI-SECTOR MORTGAGE SECURITIES PORTFOLIO III
       
<S>                             <C>
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</TABLE>


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