[ARTICLE] 6
[CIK] 0000862501
[NAME] INSTITUTIONAL FUNDS
[SERIES]
   [NUMBER] 2
   [NAME] INSTITUTIONAL EMERGING MARKET DEBT FUND
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          FEB-28-1999
[PERIOD-END]                               FEB-28-1999
[INVESTMENTS-AT-COST]                       27,520,516
[INVESTMENTS-AT-VALUE]                      27,341,767
[RECEIVABLES]                                4,118,263
[ASSETS-OTHER]                                  51,647
[OTHER-ITEMS-ASSETS]                            33,633
[TOTAL-ASSETS]                              31,545,310
[PAYABLE-FOR-SECURITIES]                       898,486
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      123,466
[TOTAL-LIABILITIES]                          1,021,952
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    40,146,446
[SHARES-COMMON-STOCK]                        6,162,939
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                    3,107,909
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                    (10,018,738)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                      (178,749)
[NET-ASSETS]                                30,523,358
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            3,279,137
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 171,228
[NET-INVESTMENT-INCOME]                      3,107,909
[REALIZED-GAINS-CURRENT]                    (9,546,894)
[APPREC-INCREASE-CURRENT]                     (630,939)
[NET-CHANGE-FROM-OPS]                       (7,069,924)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                      572,322
[DISTRIBUTIONS-OF-GAINS]                       380,672
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      5,392,844
[NUMBER-OF-SHARES-REDEEMED]                  1,783,891
[SHARES-REINVESTED]                            530,921
[NET-CHANGE-IN-ASSETS]                               0
[ACCUMULATED-NII-PRIOR]                         63,023
[ACCUMULATED-GAINS-PRIOR]                     (471,443)
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          159,813
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                341,423
[AVERAGE-NET-ASSETS]                        22,956,216
[PER-SHARE-NAV-BEGIN]                            07.21
[PER-SHARE-NII]                                  00.62
[PER-SHARE-GAIN-APPREC]                         (02.29)
[PER-SHARE-DIVIDEND]                             01.67
[PER-SHARE-DISTRIBUTIONS]                        00.59
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              04.95
[EXPENSE-RATIO]                                  01.50
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>