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028 A010400 190471
028 A020400 0
028 A030400 0
028 A040400 319747
028 B010400 113217
028 B020400 0
028 B030400 0
028 B040400 157700
028 C010400 482877
028 C020400 0
028 C030400 0
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<PAGE> PAGE 21
028 D010400 74262
028 D020400 0
028 D030400 0
028 D040400 81668
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028 E030400 0
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028 F010400 276995
028 F020400 0
028 F030400 0
028 F040400 172844
028 G010400 1235993
028 G020400 0
028 G030400 0
028 G040400 1426451
028 H000400 0
029 000400 N
030 A000400 0
030 B000400 0.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 N
035 000400 0
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
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042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
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042 H000400 0
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045 000400 Y
046 000400 N
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<PAGE> PAGE 22
048 C010400 0
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048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 Y
053 A000400 Y
053 B000400 Y
053 C000400 N
054 A000400 Y
054 B000400 Y
054 C000400 Y
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000000
062 A000400 Y
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<PAGE> PAGE 23
062 C000400 0.0
062 D000400 8.1
062 E000400 0.0
062 F000400 0.0
062 G000400 14.3
062 H000400 0.0
062 I000400 46.8
062 J000400 19.7
062 K000400 0.0
062 L000400 15.5
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 29
063 B000400 0.0
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
<PAGE> PAGE 24
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 11
072 B000400 11894
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 312
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 102
072 K000400 0
072 L000400 24
072 M000400 5
072 N000400 77
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 25
072 S000400 12
072 T000400 104
072 U000400 0
072 V000400 0
072 W000400 47
072 X000400 708
072 Y000400 181
072 Z000400 11367
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 11367
072DD020400 0
072EE000400 0
073 A010400 0.0474
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<PAGE> PAGE 25
074 A000400 1
074 B000400 20000
074 C000400 236302
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 301
074 M000400 0
074 N000400 256604
074 O000400 10000
074 P000400 12
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1072
074 S000400 0
074 T000400 245520
074 U010400 245520
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 1.0000
074 X000400 740
074 Y000400 0
075 A000400 240248
075 B000400 0
076 000400 0.00
080 A000400 CHUBB GROUP OF INSURANCE CO.
080 C000400 11275
081 A000400 Y
081 B000400 48
082 A000400 Y
082 B000400 50
083 A000400 N
083 B000400 0
084 A000400 N
084 B000400 0
085 A000400 N
085 B000400 N
SIGNATURE JOHN R.ELDER
TITLE TREASURER
<TABLE> <S> <C>
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<NUMBER>001
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<PERIOD-END> AUG-31-1998
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<TABLE> <S> <C>
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<PERIOD-TYPE> 12-MOS
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<PERIOD-END> Aug-31-1998
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<GROSS-EXPENSE> 1,798,875
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<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
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<PER-SHARE-NAV-END> 1.00
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889512
<NAME> CITIFUNDS INSTITUTIONAL TAX FREE RESERVES
<SERIES>
<NUMBER>003
<NAME>CITIFUNDS INSTITUTIONAL TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 207,725,160
<INVESTMENTS-AT-VALUE> 207,725,160
<RECEIVABLES> 0
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 207,725,160
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<TOTAL-LIABILITIES> 413,985
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,307,926
<SHARES-COMMON-STOCK> 207,307,926
<SHARES-COMMON-PRIOR> 60,047,641
<ACCUMULATED-NII-CURRENT> 0
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<DIVIDEND-INCOME> 0
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<DISTRIBUTIONS-OF-INCOME> (3,544,863)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 426,509,070
<NUMBER-OF-SHARES-REDEEMED> (280,741,925)
<SHARES-REINVESTED> 1,493,140
<NET-CHANGE-IN-ASSETS> 147,263,534
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,742)
<OVERDISTRIB-NII-PRIOR> (507)
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 859,638
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<TABLE> <S> <C>
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<CIK> 0000889512
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<NUMBER>004
<NAME>CITIFUNDS INSTITUTIONAL TRUST
<S> <C>
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<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 256,302,060
<INVESTMENTS-AT-VALUE> 256,302,060
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<TOTAL-ASSETS> 256,603,662
<PAYABLE-FOR-SECURITIES> 10,000,000
<SENIOR-LONG-TERM-DEBT> 0
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<SHARES-COMMON-STOCK> 245,519,510
<SHARES-COMMON-PRIOR> 0
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 11,367,206
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,513,814,384
<NUMBER-OF-SHARES-REDEEMED> (2,268,294,874)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 245,519,510
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 707,610
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.25
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</TABLE>
6-Oct-98
To the Shareholders and Board of Trustees of
CitiFunds Institutional Liquid Reserves
In planning and performing our audit of the financial statements of
CitiFunds Institutional Liquid Reserves (the "Fund"), a series of
CitiFunds Institutional Trust for the year ended August 31, 1998, we
considered its internal control, including controls for safeguarding
investments, 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 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 Fund'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
investments, that we consider to be material weaknesses as defined above
as of August 31, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of the Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of CitiFunds Institutional Trust: In
planning and performing our audits of the financial statements of
CitiFunds Institutional U.S. Treasury Reserves, CitiFunds Institutional
Tax Free Reserves and CitiFunds Institutional Cash Reserves (the "Funds")
(each a separate series of CitiFunds Institutional Trust) for the year
ended August 31, 1998 (on which we have issued our reports dated October
6, 1998), we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinions on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the Funds' internal control.
The management of the Funds 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 Funds' 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 Funds' internal control and its operation,
including controls for safeguarding securities that we consider to be
material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management,
the Board of Trustees of the Funds, and the Securities and Exchange
Commission.
Deloitte & Touche LLP
Boston, Massachusetts
6-Oct-98
