Report 
 
      
Registrant:   Citifunds Institutional Trust — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  2/28/03

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      889512
SEC File #:   811-06740

Telephone #:  800-451-2010
 
 2.
Address:      125 Broad Street
              New York, NY  10004
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  5
The number of separate Funds/Series (portfolios) reported here:  5...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 
↓Information Common to All 
↓
Series 4:     Citi Institutional Cash Reserves [ renamed
              Western Asset Institutional Cash Reserves ] — S#8906
↓
Series 5:     Citi Institutional Enhanced Income Fund — S#8907
↓
Series 1:     Citi Institutional Liquid Reserves [ now
              Western Asset Institutional Liquid Reserves ] — S#8908
↓
Series 3:     Citi Institutional Tax Free Reserves [ now
              Western Asset Select Tax Free Reserves ] — S#8909
↓
Series 2:     Citi Institutional U.S.Treasury Reserves [ now
              Western Asset Institutional U.S. Treasury Reserves ] — S#8910
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77Q1: Other Disclosure?  Yes

EX-99.77Q3: Other Info?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All Series
↑List of 5 Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Cash Reserves Portfolio
IRS #:        04-3082569
Registrant’s purchases ($000s):  30,825,367
Registrant’s sales ($000s):  34,334,890
 
22.2
Entity:       U.S. Treasury Portfolio
IRS #:        04-3110866
Registrant’s purchases ($000s):  2,465,558
Registrant’s sales ($000s):  2,239,416
 
22.3
Entity:       Tax Free Reserves Portfolio
IRS #:        04-3109139
Registrant’s purchases ($000s):  1,816,607
Registrant’s sales ($000s):  1,606,640
 
22.4
Entity:       Institutional Reserves Portfolio
IRS #:        06-1621080
Registrant’s purchases ($000s):  3,974,078
Registrant’s sales ($000s):  3,290,905
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  39,081,610
   Aggregate sales ($000s):  41,471,851
 
 Series 1
↑Information Common to All Funds/Series  ↑List of 5 Funds/Series 
 
 7.
Name:         Citi Institutional Liquid Reserves [ now
              Western Asset Institutional Liquid Reserves ] — S#8908

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 1: 
Investment Adviser 
 
 8.1
Name:         Citi Fund Management Inc.
Role:         Adviser
SEC File #:   801-60004
Location:     Stamford, CT
 
 S 1: 
Independent Public Accountant 
 
13.1
Name:         Pricewaterhousecoopers LLP
Location:     New York, NY
 
 S 1: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S 1: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 1: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6
 
 S 1: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 27,994,115
Net assets of common shareholders ................................
 27,980,597
 
75.
Daily average net assets during the period ($000s):  32,202,411
 
 Series 2
↑Information Common to All Funds/Series  ↑List of 5 Funds/Series 
 
 7.
Name:         Citi Institutional U.S.Treasury Reserves [ now
              Western Asset Institutional U.S. Treasury Reserves ] — S#8910

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 2: 
Custodian 
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 S 2: 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  225

The Identification Code of the family for Form N-SAR Filings:  CAMFUNDSNY
 
 S 2: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S 2: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 2: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6
 
 S 2: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 1,064,008
Net assets of common shareholders ................................
 1,063,385
 
75.
Daily average net assets during the period ($000s):  955,226
 
 Series 3
↑Information Common to All Funds/Series  ↑List of 5 Funds/Series 
 
 7.
Name:         Citi Institutional Tax Free Reserves [ now
              Western Asset Select Tax Free Reserves ] — S#8909

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 3: 
Custodian 
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 S 3: 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  225

The Identification Code of the family for Form N-SAR Filings:  CAMFUNDSNY
 
 S 3: 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S 3: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 3: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6

Expense reimbursements ($000s):   680

Net investment income ($000s):    5,776

Realized capital gains ($000s):   29
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  5,776

Total capital gains distributions for which the record date passed
during the period ($000s):  119
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0061

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 3: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 1,129,612
Net assets of common shareholders ................................
 1,128,637
 
75.
Daily average net assets during the period ($000s):  969,821
 
 Series 4
↑Information Common to All Funds/Series  ↑List of 5 Funds/Series 
 
 7.
Name:         Citi Institutional Cash Reserves [ renamed
              Western Asset Institutional Cash Reserves ] — S#8906

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 4: 
Principal Underwriter 
 
11.1
Name:         Citigroup Global Markets Inc.
SEC File #:   008-08177
Location:     New York, NY
 
 S 4: 
Independent Public Accountant 
 
13.1
Name:         KPMG LLP
Location:     New York, NY
 
 S 4: 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.1%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
 S 4: 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
 S 4: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 4: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6
 
 S 4: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Total assets .....................................................
 1,920,496
Net assets of common shareholders ................................
 1,843,456
 
75.
Daily average net assets during the period ($000s):  1,520,342
 
 S 4: 
Fidelity Bond in Effect at Fiscal Year End 
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 5
↑Information Common to All Funds/Series  ↑List of 5 Funds/Series 
 
 7.
Name:         Citi Institutional Enhanced Income Fund — S#8907

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 5: 
Investment Adviser 
 
 8.1
Name:         Citi Fund Management Inc.
Role:         Adviser
SEC File #:   801-60004
Location:     Stamford, CT
 
 S 5: 
Administrator 
 
10.1
Name:         Citi Fund Management Inc.
SEC File #:   801-60004
Location:     Stamford, CT
 
 S 5: 
Principal Underwriter 
 
11.1
Name:         Citigroup Global Markets Inc.
SEC File #:   008-08177
Location:     New York, NY
 
 S 5: 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Citicorp Trust Bank, FSB.
SEC File #:   084-06027
Location:     New York, NY
 
12.2
Name:         PFPC Global Fund Services
SEC File #:   084-01761
Location:     Providence, RI
 
 S 5: 
Independent Public Accountant 
 
13.1
Name:         KPMG LLP
Location:     New York, NY
 
 S 5: 
Affiliated Broker/Dealer 
 
14.1
Name:         Citigroup Global Markets Inc.
SEC File #:   008-08177
 
 S 5: 
Custodian 
 
15.1
Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 S 5: 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  225

The Identification Code of the family for Form N-SAR Filings:  CAMFUNDSNY
 
 S 5: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 5: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 5: 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 –
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  0
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
 S 5: 
Advisory Fee 
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  Yes
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  Yes
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  Yes
 
 S 5: 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 5: 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
 S 5: 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           No        –
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      No        –
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           No        –
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    No        –
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            No        –
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            No        –
Borrowing of money?                                      No        –
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S 5: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 5: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  0

Income  ($000s)
Net interest income ..............................................
 –
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 –
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 –
Custodian fees ...................................................
 –
Postage ..........................................................
 –
Printing expenses ................................................
 –
Directors’ fees ..................................................
 –
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 –
Legal fees .......................................................
 –
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 –
Total expenses ...................................................
 –

Expense reimbursements ($000s):   0

Net investment income ($000s):    0

Realized capital gains ($000s):   0
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 5: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 –
All other assets .................................................
 –
Total assets .....................................................
 –

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 –
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 –

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 –

Number of shares outstanding (000s):   0

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  0

Total value of assets in segregated accounts ($000s):  0
 
 S 5: 
Fidelity Bond in Effect at Fiscal Year End 
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Frances Guggino      
Name:   Frances Guggino
Title:  Controller