<PAGE> PAGE 1
000 B000000 02/28/99
000 C000000 0000862501
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000 J000000 A
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001 C000000 2127831301
002 A000000 7 WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
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007 C020300 SALOMON BROTHERS INSTL EMERGING MKT DEBT FUND
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007 C010500 5
007 C010600 6
007 C010700 7
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008 A00AA01 SALOMON BROTHERS ASSET MANAGEMENT INC
008 B00AA01 A
008 C00AA01 801-32046
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10048
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP
012 B00AA01 84-01761
012 C01AA01 BOSTON
012 C02AA01 MA
<PAGE> PAGE 2
012 C03AA01 02205
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 SALOMON BROTHERS INC
014 B00AA01 8-26920
014 A00AA02 SMITH BARNEY INC
014 B00AA02 8-8177
014 A00AA03 ROBINSON-HUMPHREY CO, LLC
014 B00AA03 8-27190
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 SALOMONFDS
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<PAGE> PAGE 3
022 B000007 13-5315200
022 C000007 4007
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<PAGE> PAGE 4
041 00AA00 N
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<PAGE> PAGE 5
086 F020000 0
015 A000101 INVESTORS BANK & TRUST COMPANY
015 B000101 C
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015 A000103 BANK OF BOSTON
015 B000103 S
015 C010103 BOSTON
015 C020103 MA
015 C030103 02110
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015 A000104 CHASE MANHATTAN BANK
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015 A000105 STATE BANK OF INDIA
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015 A000106 STANDARD CHARTERED BANK
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<PAGE> PAGE 6
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<PAGE> PAGE 7
055 A000100 N
055 B000100 N
056 000100 Y
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064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
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070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
<PAGE> PAGE 8
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 44512
071 B000100 24307
071 C000100 23830
071 D000100 1
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<PAGE> PAGE 9
072AA000100 0
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015 A000301 INVESTORS BANK & TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02116
015 E010301 X
015 A000302 CITIBANK
<PAGE> PAGE 10
015 B000302 S
015 C010302 NEW YORK
015 C020302 NY
015 C030302 10043
015 E040302 X
015 A000303 BANK OF BOSTON
015 B000303 S
015 C010303 BOSTON
015 C020303 MA
015 C030303 02110
015 E040303 X
015 A000304 CHASE MANHATTAN
015 B000304 S
015 C010304 NEW YORK
015 C020304 NY
015 C030304 10043
015 E040304 X
015 A000305 STATE BANK OF INDIA
015 B000305 S
015 C010305 BOMBAY
015 D010305 INDIA
015 E040305 X
015 A000306 STANDARD CHARTERED BANK
015 B000306 S
015 C010306 LONDON
015 D010306 UNITED KINGDOM
015 E040306 X
015 A000307 BANCOMER S.A.
015 B000307 S
015 C010307 MEXICO CITY
015 D010307 MEXICO
015 E040307 X
015 A000308 CITITRUST COLOMBIA S.A.
015 B000308 S
015 C010308 BOGATA
015 D010308 COLOMBIA
015 E040308 X
015 A000309 STANDARD BANK OF SOUTH AFRICA
015 B000309 S
015 C010309 JOHANNESBURG
015 D010309 SOUTH AFRICA
015 E040309 X
028 A010300 1300
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<PAGE> PAGE 11
028 C020300 0
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045 000300 Y
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049 000300 N
050 000300 N
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052 000300 N
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<PAGE> PAGE 12
053 B000300 Y
053 C000300 N
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 1000000
062 A000300 Y
062 B000300 0.0
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064 A000300 N
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065 000300 N
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070 F020300 N
<PAGE> PAGE 13
070 G010300 Y
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070 H020300 N
070 I010300 N
070 I020300 N
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070 J020300 Y
070 K010300 Y
070 K020300 N
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070 L020300 N
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070 Q020300 N
070 R010300 N
070 R020300 N
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071 C000300 22622
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<PAGE> PAGE 14
072 X000300 341
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SIGNATURE ANTHONY PACE
TITLE ASSISTANT CONTROLLER
[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>
[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>
Report of Independent Accountants
To the Shareholders and Board of Directors of
Salomon Brothers Institutional Series Funds Inc
In planning and performing our audit of the financial
statements of Salomon Brothers High Yield Bond Fund and Salomon
Brothers Emerging Markets Debt Fund (constituting Salomon
Brothers Institutional Series Funds Inc, hereafter referred to
as the "Fund") for the year ended February 28, 1999, 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, not to provide assurance on 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 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 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 misstatements caused by
error 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 internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
February 28, 1999.
This report is intended solely for the information and use of
management and the Board of Directors of the Fund and the
Securities and Exchange Commission.
April 20, 1999
To the Shareholders and Board of Directors of
Salomon Brothers Institutional Series Funds Inc
(2)
