<PAGE> PAGE 1
000 B000000 08/31/99
000 C000000 0000889512
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 CITIFUNDS INSTITUTIONAL TRUST
001 B000000 811-6740
001 C000000 6174231679
002 A000000 21 MILK STREET, 5TH FLOOR
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 CITIFUNDS INSTITUTIONAL LIQUID RESERVES
007 C030100 N
007 C010200 2
007 C020200 CITIFUNDS INSTITUTIONAL U.S.TREASURY RESERVES
007 C030200 N
007 C010300 3
007 C020300 CITIFUNDS INSTITUTIONAL TAX FREE RESERVES
007 C030300 N
007 C010400 4
007 C020400 CITIFUNDS INSTITUTIONAL CASH RESERVES
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
<PAGE> PAGE 2
022 A000001 CASH RESERVES PORTFOLIO
022 B000001 04-3082569
022 C000001 47581662
022 D000001 42086667
022 A000002 US TREASURY RESERVES PORTFOLIO
022 B000002 04-3110866
022 C000002 3426725
022 D000002 3190341
022 A000003 TAX FREE RESERVES PORTFOLIO
022 B000003 04-3109139
022 C000003 3367197
022 D000003 3456720
022 A000004 STATE STREET BANK & TRUST COMPANY
022 B000004 04-1867445
022 C000004 1719942
022 D000004 0
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 1168861
022 D000005 114168
022 A000006 FIRST UNION
022 B000006 56-1529080
022 C000006 946712
022 D000006 0
022 A000007 WESTDEUTSCHE LANDESBANK
022 B000007 N\A
022 C000007 847765
022 D000007 0
022 A000008 BANQUE NATIONALE DE PARIS
022 B000008 N\A
022 C000008 724016
022 D000008 0
022 A000009 J.P. MORGAN SECURITIES INC.
022 B000009 13-3224016
022 C000009 476735
022 D000009 73028
022 A000010 DRESDNER BANK
022 B000010 22-2094140
022 C000010 373506
022 D000010 0
023 C000000 63149816
023 D000000 49095094
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 3
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 CITIBANK, N.A.
008 B000101 A
008 C000101 801-000000
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10043
010 A000101 CFBDS, INC.
010 B000101 8-15648
010 C010101 BOSTON
010 C020101 MA
010 C030101 02109
011 A000101 CFBDS, INC.
011 B000101 8-15648
011 C010101 BOSTON
011 C020101 MA
011 C030101 02109
018 000100 Y
019 A000100 Y
019 B000100 50
019 C000100 CITIFUNDS.
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 6328824
028 A020100 15998
028 A030100 0
028 A040100 6304192
028 B010100 6344188
028 B020100 15769
028 B030100 0
028 B040100 6208005
028 C010100 4990093
028 C020100 15390
028 C030100 0
028 C040100 5277350
028 D010100 6424712
028 D020100 16087
028 D030100 0
<PAGE> PAGE 4
028 D040100 5499413
028 E010100 6431085
028 E020100 21131
028 E030100 0
028 E040100 6575481
028 F010100 6671999
028 F020100 19331
028 F030100 0
028 F040100 6172108
028 G010100 37190901
028 G020100 103706
028 G030100 0
028 G040100 36036549
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 88
063 B000100 0.0
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 243082
072 C000100 0
072 D000100 0
<PAGE> PAGE 5
072 E000100 0
072 F000100 0
072 G000100 16283
072 H000100 0
072 I000100 4652
072 J000100 16
072 K000100 0
072 L000100 12
072 M000100 50
072 N000100 809
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 16
072 S000100 21
072 T000100 4652
072 U000100 0
072 V000100 0
072 W000100 4728
072 X000100 31239
072 Y000100 22301
072 Z000100 234144
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 234144
072DD020100 0
072EE000100 0
073 A010100 0.0504
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 5800899
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 5800899
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
<PAGE> PAGE 6
074 R020100 0
074 R030100 0
074 R040100 6300
074 S000100 0
074 T000100 5794599
074 U010100 5794599
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 1125
074 Y000100 0
075 A000100 4652396
075 B000100 0
076 000100 0.00
080 A000100 CHUBB GROUP OF INSURANCE CO.
080 C000100 11750
081 A000100 Y
081 B000100 48
082 A000100 Y
082 B000100 50
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 N
085 B000100 N
010 A000201 CFBDS, INC.
010 B000201 8-15648
010 C010201 BOSTON
010 C020201 MA
010 C030201 02109
011 A000201 CFBDS, INC.
011 B000201 8-15648
011 C010201 BOSTON
011 C020201 MA
011 C030201 02109
013 A000201 DELOITTE & TOUCHE LLP
013 B010201 BOSTON
013 B020201 MA
013 B030201 02116
024 000200 N
028 A010200 64738
028 A020200 692
028 A030200 0
028 A040200 41499
028 B010200 99996
028 B020200 793
028 B030200 0
028 B040200 93452
028 C010200 109156
<PAGE> PAGE 7
028 C020200 623
028 C030200 0
028 C040200 124621
028 D010200 112336
028 D020200 782
028 D030200 0
028 D040200 67333
028 E010200 225152
028 E020200 902
028 E030200 0
028 E040200 99740
028 F010200 326947
028 F020200 1864
028 F030200 0
028 F040200 116302
028 G010200 938325
028 G020200 5656
028 G030200 0
028 G040200 542947
028 H000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 54
063 B000200 0.0
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 13662
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 0
072 G000200 1027
<PAGE> PAGE 8
072 H000200 0
072 I000200 294
072 J000200 16
072 K000200 0
072 L000200 14
072 M000200 7
072 N000200 75
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 14
072 T000200 294
072 U000200 0
072 V000200 0
072 W000200 326
072 X000200 2079
072 Y000200 1345
072 Z000200 12928
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 12928
072DD020200 0
072EE000200 0
073 A010200 0.0440
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 605627
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 0
074 N000200 605627
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 263
<PAGE> PAGE 9
074 S000200 0
074 T000200 605364
074 U010200 605364
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 207
074 Y000200 0
075 A000200 293562
075 B000200 0
076 000200 0.00
080 A000200 CHUBB GROUP OF INSURANCE CO.
080 C000200 11750
081 A000200 Y
081 B000200 48
082 A000200 Y
082 B000200 50
083 A000200 N
083 B000200 0
084 A000200 N
084 B000200 0
085 A000200 N
085 B000200 N
011 A000301 CFBDS, INC.
011 B000301 8-15648
011 C010301 BOSTON
011 C020301 MA
011 C030301 02109
013 A000301 DELOITTE & TOUCHE LLP
013 B010301 BOSTON
013 B020301 MA
013 B030301 02116
028 A010300 91164
028 A020300 197
028 A030300 0
028 A040300 70180
028 B010300 53942
028 B020300 180
028 B030300 0
028 B040300 117232
028 C010300 78178
028 C020300 150
028 C030300 0
028 C040300 92995
028 D010300 87052
028 D020300 121
028 D030300 0
028 D040300 95688
028 E010300 98085
028 E020300 107
<PAGE> PAGE 10
028 E030300 0
028 E040300 89306
028 F010300 56715
028 F020300 111
028 F030300 0
028 F040300 57292
028 G010300 465136
028 G020300 866
028 G030300 0
028 G040300 522693
028 H000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 43
063 B000300 0.0
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 6963
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 0
072 G000300 746
072 H000300 0
072 I000300 213
072 J000300 17
072 K000300 0
072 L000300 13
072 M000300 8
072 N000300 0
072 O000300 0
072 P000300 0
<PAGE> PAGE 11
072 Q000300 0
072 R000300 11
072 S000300 21
072 T000300 213
072 U000300 0
072 V000300 0
072 W000300 333
072 X000300 1575
072 Y000300 1043
072 Z000300 6431
072AA000300 5
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 6431
072DD020300 0
072EE000300 0
073 A010300 0.0303
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 166081
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 166081
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 355
074 S000300 0
074 T000300 165726
074 U010300 165717
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 42
074 Y000300 0
<PAGE> PAGE 12
075 A000300 213019
075 B000300 0
076 000300 0.00
080 A000300 CHUBB GROUP OF INSURANCE CO.
080 C000300 11750
081 A000300 Y
081 B000300 48
082 A000300 Y
082 B000300 50
083 A000300 N
083 B000300 0
084 A000300 N
084 B000300 0
085 A000300 N
085 B000300 N
011 A000401 CFBDS, INC.
011 B000401 8-15648
011 C010401 BOSTON
011 C020401 MA
011 C030401 02109
013 A000401 DELOITTE & TOUCHE LLP
013 B010401 BOSTON
013 B020401 MA
013 B030401 02116
028 A010400 194648
028 A020400 0
028 A030400 0
028 A040400 368792
028 B010400 85981
028 B020400 0
028 B030400 0
028 B040400 103609
028 C010400 266097
028 C020400 1
028 C030400 0
028 C040400 198949
028 D010400 111629
028 D020400 0
028 D030400 0
028 D040400 102228
028 E010400 98621
028 E020400 0
028 E030400 0
028 E040400 145178
028 F010400 394246
028 F020400 0
028 F030400 0
028 F040400 264469
028 G010400 1151222
028 G020400 1
028 G030400 0
<PAGE> PAGE 13
028 G040400 1183225
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 159
044 000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 15.8
062 H000400 0.0
062 I000400 69.1
062 J000400 10.2
062 K000400 0.0
062 L000400 15.1
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 32
063 B000400 0.0
064 A000400 N
064 B000400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 15064
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 0
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 113
072 K000400 0
072 L000400 21
072 M000400 6
<PAGE> PAGE 14
072 N000400 32
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 32
072 S000400 30
072 T000400 288
072 U000400 0
072 V000400 0
072 W000400 623
072 X000400 1145
072 Y000400 422
072 Z000400 14341
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 14341
072DD020400 0
072EE000400 0
073 A010400 0.0493
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 404696
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 927
074 M000400 0
074 N000400 405623
074 O000400 15000
074 P000400 10
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1674
074 S000400 0
074 T000400 388939
074 U010400 388939
074 U020400 0
074 V010400 1.00
074 V020400 0.00
<PAGE> PAGE 15
074 W000400 1.0000
074 X000400 1440
074 Y000400 0
075 A000400 288348
075 B000400 0
076 000400 0.00
080 A000400 CHUBB GROUP OF INSURANCE CO.
080 C000400 11750
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889512
<NAME> CITIFUNDS INSTITUTIONAL LIQUID RESERVES
<SERIES>
<NUMBER>001
<NAME>CITIFUNDS INSTITUTIONAL TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 5,800,898,945
<INVESTMENTS-AT-VALUE> 5,800,898,945
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,800,898,945
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,299,509
<TOTAL-LIABILITIES> 6,299,509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,794,599,436
<SHARES-COMMON-STOCK> 5,794,599,436
<SHARES-COMMON-PRIOR> 3,380,500,726
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 5,794,599,436
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 243,082,353
<OTHER-INCOME> 0
<EXPENSES-NET> 8,938,573
<NET-INVESTMENT-INCOME> 234,143,780
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 234,143,780
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (234,143,780)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,269,922,643
<NUMBER-OF-SHARES-REDEEMED> (62,038,204,029)
<SHARES-REINVESTED> 182,380,096
<NET-CHANGE-IN-ASSETS> 2,414,098,710
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 31,239,766
<AVERAGE-NET-ASSETS> 4,652,396,298
<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> 0.19
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000747576
<NAME> CITIFUNDS U.S. TREASURY RESERVES
<SERIES>
<NUMBER>002
<NAME>CITIFUNDS TRUST III
<S> <C>
<PERIOD-TYPE> 12 Months
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 345,066,191
<INVESTMENTS-AT-VALUE> 345,066,191
<RECEIVABLES> 19,814
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 345,086,005
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 343,495,592
<SHARES-COMMON-STOCK> 343,495,592
<SHARES-COMMON-PRIOR> 319,930,492
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 343,495,592
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,217,275
<OTHER-INCOME> 0
<EXPENSES-NET> 2,286,160
<NET-INVESTMENT-INCOME> 12,931,115
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,931,115
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,931,115)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 914,468,035
<NUMBER-OF-SHARES-REDEEMED> (896,627,173)
<SHARES-REINVESTED> 5,724,238
<NET-CHANGE-IN-ASSETS> 23,565,100
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,736,668
<AVERAGE-NET-ASSETS> 326,631,134
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 166,081,221
<INVESTMENTS-AT-VALUE> 166,081,221
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166,081,221
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 355,703
<TOTAL-LIABILITIES> 355,703
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,717,088
<SHARES-COMMON-STOCK> 165,717,088
<SHARES-COMMON-PRIOR> 207,307,926
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,430
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 165,725,518
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,962,627
<OTHER-INCOME> 0
<EXPENSES-NET> 531,998
<NET-INVESTMENT-INCOME> 6,430,629
<REALIZED-GAINS-CURRENT> 5,181
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,435,810
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,430,629)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 849,251,536
<NUMBER-OF-SHARES-REDEEMED> (892,666,594)
<SHARES-REINVESTED> 1,824,220
<NET-CHANGE-IN-ASSETS> (41,585,657)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,249
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,574,914
<AVERAGE-NET-ASSETS> 213,018,963
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889512
<NAME> CITIFUNDS INSTITUTIONAL CASH RESERVES
<SERIES>
<NUMBER>004
<NAME>CITIFUNDS INSTITUTIONAL TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 404,695,929
<INVESTMENTS-AT-VALUE> 404,695,929
<RECEIVABLES> 926,773
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 484
<TOTAL-ASSETS> 405,623,186
<PAYABLE-FOR-SECURITIES> 15,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,684,505
<TOTAL-LIABILITIES> 16,684,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 388,938,681
<SHARES-COMMON-STOCK> 388,938,681
<SHARES-COMMON-PRIOR> 245,519,510
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 388,938,681
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,063,789
<OTHER-INCOME> 0
<EXPENSES-NET> 722,561
<NET-INVESTMENT-INCOME> 14,341,228
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,341,228
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,341,228)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,452,254,402
<NUMBER-OF-SHARES-REDEEMED> (2,308,836,048)
<SHARES-REINVESTED> 817
<NET-CHANGE-IN-ASSETS> 143,419,171
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 576,270
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,144,738
<AVERAGE-NET-ASSETS> 288,348,296
<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
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
October 6, 1999
To the Shareholders and Board of Trustees of the CitiFunds Cash
Reserves
In planning and performing our audit of the financial statements
of the CitiFunds Cash Reserves (the Fund) for the year ended
August 31, 1999, we considered its internal control, including
control activities 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, 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 investments, that we consider to be material
weaknesses as defined above as of August 31, 1999.
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 and is not intended to be and
should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
October 6, 1999
To the Shareholders and Board of Trustees of the CitiFunds
Premium Liquid Reserves
In planning and performing our audit of the financial statements
of the CitiFunds Premium Liquid Reserves (the "Fund") for the
year ended August 31, 1999, we considered its internal control,
including control activities 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, 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 investments, that we consider to be material
weaknesses as defined above as of August 31, 1999.
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 and is not intended to be and
should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
October 6, 1999
To the Shareholders and Board of Trustees of the CitiFunds
Institutional Liquid Reserves
In planning and performing our audit of the financial statements
of the CitiFunds Institutional Liquid Reserves (the "Fund") for
the year ended August 31, 1999, we considered its internal
control, including control activities 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, 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 investments, that we consider to be material
weaknesses as defined above as of August 31, 1999.
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 and is not intended to be and
should not be used by anyone other than these specified parties.
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, 1999 (on which we have issued our reports dated
October 4, 1999), 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,
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that the
internal control may become inadequate because of changes in
conditions or that the degree of compliance with policies or
procedures 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 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 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, 1999.
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 and is not intended to be and
should not be used by anyone other than these specified parties.
Deloitte & Touche LLP
Boston, Massachusetts
October 4, 1999