[ARTICLE] 6
[CIK] 0000862501
[NAME] INSTITUTIONAL FUNDS
[SERIES]
   [NUMBER] 1
   [NAME] INSTITUTIONAL HIGH YIELD
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          FEB-28-1999
[PERIOD-END]                               FEB-28-1999
[INVESTMENTS-AT-COST]                       37,155,660
[INVESTMENTS-AT-VALUE]                      35,654,147
[RECEIVABLES]                                1,711,480
[ASSETS-OTHER]                                     847
[OTHER-ITEMS-ASSETS]                            28,219
[TOTAL-ASSETS]                              37,394,693
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                       28,100
[TOTAL-LIABILITIES]                             28,100
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    39,201,616
[SHARES-COMMON-STOCK]                        4,346,436
[SHARES-COMMON-PRIOR]                        2,343,699
[ACCUMULATED-NII-CURRENT]                    2,225,924
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                       (745,282)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    (1,501,513)
[NET-ASSETS]                                37,366,593
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            2,365,083
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 139,159
[NET-INVESTMENT-INCOME]                      2,225,924
[REALIZED-GAINS-CURRENT]                      (745,282)
[APPREC-INCREASE-CURRENT]                   (1,609,615)
[NET-CHANGE-FROM-OPS]                         (128,973)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    1,949,062
[DISTRIBUTIONS-OF-GAINS]                       111,156
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      4,118,675
[NUMBER-OF-SHARES-REDEEMED]                  2,359,589
[SHARES-REINVESTED]                            243,651
[NET-CHANGE-IN-ASSETS]                        (128,973)
[ACCUMULATED-NII-PRIOR]                        134,973
[ACCUMULATED-GAINS-PRIOR]                      111,156
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          126,508
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                350,653
[AVERAGE-NET-ASSETS]                        25,411,003
[PER-SHARE-NAV-BEGIN]                             9.67
[PER-SHARE-NII]                                   1.04
[PER-SHARE-GAIN-APPREC]                          (1.05)
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                         1.06
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              08.60
[EXPENSE-RATIO]                                  01.39
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>