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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 6
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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 14
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SIGNATURE JOHN R. ELDER
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795808
<NAME> CITIFUNDS INTERMEDIATE INCOME PORTFOLIO
<SERIES>
<NUMBER>002
<NAME>CITIFUNDS FIXED INCOME TRUST
<S> <C>
<PERIOD-TYPE> 10 Mos
<FISCAL-YEAR-END> Oct-30-1998
<PERIOD-END> Oct-30-1998
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<INVESTMENTS-AT-VALUE> 79,809,528
<RECEIVABLES> 2,683,155
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</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of CitiFunds Fixed Income Trust:
In planning and performing our audit of the financial statements
of CitiFunds Intermediate Income Portfolio (the "Fund") (a
separate series of CitiFunds Fixed Income Trust) for the ten
months ended October 31, 1998 (on which we have issued our report
dated December 14, 1998), we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance
on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments 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 entity's
objective of preparing financial statements 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 inherent limitations in any internal control, errors
or fraud may occur and 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 the Fund's 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 one
or more of the internal control components 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
being audited may 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 the
Fund's internal control and its operation, including controls for
safeguarding securities that we consider to be material
weaknesses as defined above as of October 31, 1998.
This report is intended solely for the information and use of
management, the Board of Trustees of the Fund, and the Securities
and Exchange Commission.
14-Dec-98