<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE JAMES FREISEN
TITLE CONTROLLER
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<NAME> U.S. GOVERNMENT INSTITUTIONAL FUND
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<NAME> PRIMARY INSTITUTIONAL FUND
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<PERIOD-START> JUN-01-1998
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<INVESTMENTS-AT-COST> 304,932,656
<INVESTMENTS-AT-VALUE> 304,932,656
<RECEIVABLES> 626,465
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 17,211
<TOTAL-LIABILITIES> 13,017,211
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 292,545,173
<SHARES-COMMON-STOCK> 292,545,173
<SHARES-COMMON-PRIOR> 186,488,476
<ACCUMULATED-NII-CURRENT> 0
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<NET-ASSETS> 292,545,173
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 994,496
<NET-INVESTMENT-INCOME> 8,723,962
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,723,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,723,962
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,544,713,374
<NUMBER-OF-SHARES-REDEEMED> 1,447,380,639
<SHARES-REINVESTED> 8,723,962
<NET-CHANGE-IN-ASSETS> 106,056,697
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 994,496
<AVERAGE-NET-ASSETS> 223,514,232
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.047
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.047)
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.44
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> U.S. TREASURY INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> OCT-21-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 15,649,183
<INVESTMENTS-AT-VALUE> 15,649,183
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<OTHER-ITEMS-LIABILITIES> 344
<TOTAL-LIABILITIES> 344
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,724,094
<SHARES-COMMON-STOCK> 15,724,094
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 15,724,094
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 319,321
<OTHER-INCOME> 0
<EXPENSES-NET> 17,915
<NET-INVESTMENT-INCOME> 301,406
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<APPREC-INCREASE-CURRENT> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 48,349,768
<NUMBER-OF-SHARES-REDEEMED> 32,927,080
<SHARES-REINVESTED> 301,406
<NET-CHANGE-IN-ASSETS> 15,724,094
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> INTERSTATE TAX-EXEMPT INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 34,099,870
<INVESTMENTS-AT-VALUE> 34,099,870
<RECEIVABLES> 108,560
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,915,157
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<TOTAL-LIABILITIES> 1,866
<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 567,078
<OTHER-INCOME> 0
<EXPENSES-NET> 94,308
<NET-INVESTMENT-INCOME> 472,770
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 472,770
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 472,770
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 81,714,432
<SHARES-REINVESTED> 472,770
<NET-CHANGE-IN-ASSETS> 20,882,355
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.028
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<PER-SHARE-DIVIDEND> (0.028)
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</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of Reserve Institutional Trust:
In planning and performing our audit of the financial statements and financial
highlights of Reserve Institutional Trust (the "Trust") for the year ended May
31, 1999, we considered its internal control, including control over
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
enitity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of the inherent limitations in internal controls, errors or fraud may
occur and may not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation to
the financial statements and financial highlights being audited may not occur
and not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including internal controls over safeguarding of securities,
that we consider to be material weaknesses defined above as of May 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
July , 1999
