-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V+c6qToi7xEBsjuMV6FQfFOOOXBLbZmfbj0rtG/jl5Xl9AnC5nJh3ndPOhif1aYh nNFVvChOVWFgWrWUm0Gwtg== 0000930413-08-002796.txt : 20080502 0000930413-08-002796.hdr.sgml : 20080502 20080502145031 ACCESSION NUMBER: 0000930413-08-002796 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20080229 FILED AS OF DATE: 20080502 DATE AS OF CHANGE: 20080502 EFFECTIVENESS DATE: 20080502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS INSTITUTIONAL TRUST CENTRAL INDEX KEY: 0000889512 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06740 FILM NUMBER: 08798405 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 125 BROAD STREET, 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 800-625-4554 MAIL ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 125 BROAD STREET, 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: CITIFUNDS INSTITUTIONAL TRUST DATE OF NAME CHANGE: 19981030 0000889512 S000008907 Citi Institutional Enhanced Income Fund C000024233 Class Y C000024234 Class I CHEIX N-CSRS 1 c52954-ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06740

Legg Mason Partners Institutional Trust
(Exact name of registrant as specified in charter)

55 Water Street, New York, NY 10041
(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
300 First Stamford Place, 4th Floor
Stamford, CT 06902
(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 451-2010

Date of fiscal year end :

August 31

Date of reporting period:  

February 29, 2008





 

 

ITEM 1.

REPORT TO STOCKHOLDERS.


 

 

 

The Semi-Annual Report to Stockholders is filed herewith.

   


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(LEGG MASON LOGO)

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT / FEBRUARY 29, 2008

 

 

 

 

 

 

 

 

 


Citi
SM

 

 

 

 

Institutional Enhanced
Income Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Managed by WESTERN ASSET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

 

 

 

 

 

Fund objective

 

 

 

 

 

To provide its shareholders with a higher level of income than a money market fund and greater principal safety and stability than a portfolio investing in intermediate- and long-term fixed-income securities.




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What’s inside

 

 

 

 

 

 

 

 

 

Letter from the chairman

I

 

 

 

Portfolio at a glance — Institutional Enhanced Portfolio

1

 

 

 

Fund expenses

2

 

 

 

CitiSM Institutional Enhanced Income Fund

 

 

 

 

Statement of assets and liabilities

4

 

 

 

Statement of operations

5

 

 

 

Statements of changes in net assets

6

 

 

 

Financial highlights

7

 

 

 

Notes to financial statements

8

 

 

 

Board approval of management and subadvisory agreements

15

 

 

 

Institutional Enhanced Portfolio

 

 

 

 

Schedule of investments

19

 

 

 

Statement of assets and liabilities

22

 

 

 

Statement of operations

23

 

 

 

Statements of changes in net assets

24

 

 

 

Financial highlights

25

 

 

 

Notes to financial statements

26

 

 

 

Board approval of management and subadvisory agreements

32

 

 

 

 

 

 

 

 

 

 

 

 

 

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and Western Asset Management Company (“Western Asset”) is the Fund’s subadviser. LMPFA and Western Asset are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

 

 

 

 

 

 

 

 

 

“Citi” is a service mark of Citigroup, licensed for use by Legg Mason as the name of funds. Legg Mason and its affiliates, as well as the Fund’s investment manager, are not affiliated with Citigroup. Investments in the Fund referenced herein are not bank deposits or obligations of Citibank.

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

 

 

 

 

 

Letter from the chairman

 

 

 

 

 

 







R. Jay Gerken, CFA
Chairman, President and Chief Executive Officer

(PHOTO OF R. JAY GERKEN)

 

 

 

 

 

 

Dear Shareholder,

While the U.S. economy continued to expand during the six-month reporting period ended February 29, 2008, it weakened significantly as the reporting period progressed. Third quarter 2007 U.S. gross domestic product (“GDP”)i growth was 4.9%, its strongest showing in four years. However, continued weakness in the housing market and an ongoing credit crunch took their toll on the economy during the last three months of 2007. During this period, GDP growth was 0.6%. Recently, there have been additional signs of an economic slowdown, leading some to believe that the U.S. may be headed for a recession. The U.S. Department of Labor said that non-farm payroll employment fell 22,000 in January 2008, the first monthly decline in more than four years. This was followed up with 63,000 jobs lost in February—the largest decline in five years. Elsewhere, the National Association of Realtors reported that existing home sales fell for the sixth consecutive month in January 2008 and the median home price was down nearly 5% versus January 2007.

Ongoing issues related to the housing and subprime mortgage markets and an abrupt tightening in the credit markets prompted the Federal Reserve Board (“Fed”)ii to take several actions during the reporting period. The Fed initially responded by lowering the discount rate—the rate the Fed uses for loans it makes directly to banks—from 6.25% to 5.75% in mid-August 2007. Then, at its meeting on September 18, 2007, the Fed reduced the discount rate to 5.25% and the federal funds rateiii from 5.25% to 4.75%. This marked the first reduction in the federal funds rate since June 2003. The Fed again lowered rates in October and December 2007, bringing the federal funds rate to 4.25% at the end of 2007. In January 2008, the Fed continued to aggressively ease monetary policy in an attempt to ward off a recession. In a surprise move, the Fed cut the federal funds rate on January 22, 2008 by 0.75% to 3.50%. The Fed again lowered the federal funds rate during its meeting on January 30, 2008, bringing it to 3.00%. In March 2008, after the reporting period ended, the Fed cut the federal funds rate an additional 0.75% to 2.25%, its lowest level since December 2004. In its statement accompanying the March rate cut, the Fed stated: “Recent information indicates that the outlook for economic activity has weakened further. . . .

 

 

 

 

 

 

CitiSM Institutional Enhanced Income Fund | I



 

 

 

 

 

 

 

 

 

 

 

 

 

Letter from the chairman continued

 

 

 

 

 

Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.”

During the six-month reporting period, both short- and long-term Treasury yields experienced periods of volatility. This was due, in part, to mixed economic and inflation data, the fallout from the subprime mortgage market and shifting expectations regarding the Fed’s monetary policy. Within the bond market, investors were initially focused on the subprime segment of the mortgage-backed market. These concerns broadened, however, to include a wide range of financial institutions and markets. As a result, other fixed-income instruments also experienced increased price volatility. This turmoil triggered several “flights to quality,” causing Treasury yields to move sharply lower (and their prices higher), while riskier segments of the market saw their yields move higher (and their prices lower).

 

 

 

 

 

Overall, during the six months ended February 29, 2008, two-year Treasury yields fell from 4.15% to 1.65%. Over the same time frame, 10-year Treasury yields fell from 4.54% to 3.53%. Short-term yields fell sharply in concert with the Fed’s rate cuts while longer-term yields fell less dramatically due to inflationary concerns, resulting in a steepening of the U.S. yield curveiv during the reporting period.

 

 


Performance Review

 

 

 

 

 

For the six months ended February 29, 2008, Class I shares of CitiSM Institutional Enhanced Income Fund returned -2.04%. The Fund’s unmanaged benchmark, the Merrill Lynch 6-Month U.S. Treasury Bill Indexv, returned 2.92% over the same time frame. The Lipper Ultra-Short Obligations Funds Category Average1 returned 0.64% for the same period.

 

 

 

 

 

The Fund invests in securities through an underlying mutual fund, Institutional Enhanced Portfolio.

 


 

 

 

 

 

1

Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended February 29, 2008, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 77 funds in the Fund’s Lipper category.

 




II | CitiSM Institutional Enhanced Income Fund


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE SNAPSHOT as of February 29, 2008 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

6 MONTHS

 

 





 

 

 

Institutional Enhanced Income Fund — Class I Shares

 

-2.04%

 

 

 

Merrill Lynch 6-Month U.S. Treasury Bill Index

 

2.92%

 

 

 

Lipper Ultra-Short Obligations Funds Category Average1

 

0.64%

 

 

 

 

 

 

 

 

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value, investment returns and yields will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost.

 

 

 

 

 

 

 

 

Fund returns assume the reinvestment of all distributions, including returns of capital, if any, at net asset value and the deduction of all Fund expenses. Returns have not been adjusted to reflect the deduction of taxes that a shareholder would pay on Fund distributions.

 

 

 


Performance figures reflect expense reimbursements and/or fee waivers, without which the performance would have been lower.

 

 

 


The 30-Day SEC Yield for the period ended February 29, 2008 for Class I shares was 4.06%. Current expense reimbursements and/or fee waivers are voluntary and may be reduced or terminated at any time. Absent current expense reimbursements and/or fee waivers, the 30-Day SEC Yield for Class I shares would have been 3.05%. The 30-Day SEC Yield is the average annualized net investment income per share for the 30-day period indicated and is subject to change.

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ANUAL OPERATING EXPENSES (unaudited)

 

 

 


As of the Fund’s most current prospectus dated December 7, 2007, the gross total operating expenses for Class I shares were 2.02%.

 

 

 

 

 

 

 

 

As a result of an expense limitation, the ratio of expenses, other than interest, brokerage, taxes and extraordinary expenses, to average net assets will not exceed 0.05%. This expense limitation may be reduced or terminated at any time.

 

 

 

 

 

 

 

 

Information about your fund

 

 

 

 

 

 

 

 

As you may be aware, several issues in the mutual fund industry have come under the scrutiny of federal and state regulators. Affiliates of the Fund’s manager have, in recent years, received requests for information from various government regulators regarding market timing, late trading, fees, and other mutual fund issues in connection with various investigations. The regulators appear to be examining, among other things, the Fund’s response to market timing and shareholder exchange activity, including compliance with prospectus disclosure related to these subjects. The Fund is not in a position to predict the outcome of these requests and investigations.

 

 

 

 

 

 

 

 

Important information with regard to recent regulatory developments that may affect the Fund is contained in the Notes to Financial Statements included in this report.

 

 

 

 

 

 

 

1

Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended February 29, 2008, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 77 funds in the Fund’s Lipper category.

 

CitiSM Institutional Enhanced Income Fund | III


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Letter from the chairman continued

 

 

 

 

 

 

 

As always, thank you for your confidence in our stewardship of your assets. We look forward to helping you meet your financial goals.

 

 

 

 

 

 

 

Sincerely,

 

 

 

-s- R. Jay Gerken

 

 

 

 

 

 

 

R. Jay Gerken, CFA

 

 

 

Chairman, President and Chief Executive Officer

 

 

 

 

 

 

 

March 28, 2008

 

 

 

 

 

 

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.

 

 

 

 

 

 

RISKS: As interest rates rise, bond prices fall, reducing the value of the Fund’s share price. Investments in securities (such as those issued by Structured Investment Vehicles, or SIVs) which are collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value of these investments resulting in a lack of correlation between their credit ratings and values. Please see the Fund’s prospectus for more information on these and other risks.

 

 

 

 

 

 

All index performance reflects no deduction for fees, expenses or taxes. Please note an investor cannot invest directly in an index.

 

 

 

 

 

 

i

Gross domestic product (“GDP”) is the market value of all final goods and services produced within a country in a given period of time.

 

 

 

 

 

 

ii

The Federal Reserve Board (“Fed”) is responsible for the formulation of policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.

 

 

 

 

 

 

iii

The federal funds rate is the rate charged by one depository institution on an overnight sale of immediately available funds (balances at the Federal Reserve) to another depository institution; the rate may vary from depository institution to depository institution and from day to day.

 

 

 

 

 

 

iv

The yield curve is the graphical depiction of the relationship between the yield on bonds of the same credit quality but different maturities.

 

 

 

 

 

 

v

The Merrill Lynch 6-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities with maturities of six months, which are guaranteed as to the timely payment of interest and principal by the U.S. government.

 

IV | CitiSM Institutional Enhanced Income Fund


Portfolio at a glance (unaudited)
Institutional Enhanced Portfolio

The Fund invests all of its investable asset in Institutional Enhanced Portfolio, the investment breakdown of which is shown below.

 

     INVESTMENT BREAKDOWN (%) As a percent of total investments — February 29, 2008

(BAR CHART)

CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report | 1


Fund expenses (unaudited)

Example

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on September 1, 2007 and held for the six months ended February 29, 2008.

Actual expenses

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

 

     BASED ON ACTUAL TOTAL RETURN1


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACTUAL
TOTAL
RETURN2

 

 

 

BEGINNING
ACCOUNT
VALUE

 

ENDING
ACCOUNT
VALUE

 

 

ANNUALIZED
EXPENSE
RATIO

 

 

EXPENSES
PAID DURING
THE PERIOD3

 


























CitiSM Institutional Enhanced
Income Fund - Class I

 

 

(2.04

) %

 

 

 

$

1,000.00

 

 

$

979.60

 

 

 

0.05

%

 

 

$

0.25

 

 


 

 

 

 

1

For the six months ended February 29, 2008.

 

 

2

Assumes reinvestment of all distributions, including returns of capital, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

 

 

3

Expenses (net of fee waivers and/or expense reimbursements) are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 366.

2 | CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report


Hypothetical example for comparison purposes

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

     BASED ON HYPOTHETICAL TOTAL RETURN1


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HYPOTHETICAL
ANNUALIZED
TOTAL RETURN

 

 

BEGINNING
ACCOUNT
VALUE

 

 

ENDING
ACCOUNT
VALUE

 

 

ANNUALIZED
EXPENSE
RATIO

 

 

EXPENSES
PAID DURING
THE PERIOD2

 



























CitiSM Institutional Enhanced
Income Fund - Class I

 

 

5.00

%

 

 

$

1,000.00

 

 

 

$

1,024.61

 

 

 

 

0.05

%

 

 

$

0.25

 

 


 

 

1

For the six months ended February 29, 2008.

 

 

2

Expenses (net of fee waivers and/or expense reimbursements) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 366.

CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report | 3


Statement of assets and liabilities (unaudited)
February 29, 2008

 

 

 

 

 

         

ASSETS:

 

 

 

 

Investment in Institutional Enhanced Portfolio, at value

 

$

32,383,812

 

Receivable from administrator

 

 

14,554

 

Prepaid expenses

 

 

9,356

 

         

Total Assets

 

 

32,407,722

 

         

LIABILITIES:

 

 

 

 

Trustees’ fees payable

 

 

1,182

 

Distributions payable

 

 

263

 

Accrued expenses

 

 

65,347

 

         

Total Liabilities

 

 

66,792

 

         

TOTAL NET ASSETS

 

$

32,340,930

 

         

NET ASSETS:

 

 

 

 

Par value (Note 3)

 

$

170

 

Paid-in capital in excess of par value

 

 

33,556,791

 

Undistributed net investment income

 

 

84

 

Accumulated net realized loss on investments

 

 

(292,795

)

Net unrealized depreciation on investments

 

 

(923,320

)

         

TOTAL NET ASSETS

 

$

32,340,930

 

         

Shares Outstanding

 

 

17,025,560

 

Net Asset Value

 

$

1.90

 

See Notes to Financial Statements.

4 | CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report


Statement of operations (unaudited)
For the Six Months Ended February 29, 2008

 

 

 

 

 

         

INVESTMENT INCOME:

 

 

 

 

Income from Institutional Enhanced Portfolio

 

$

484,259

 

Allocated net expenses from Institutional Enhanced Portfolio

 

 

(4,938

)

         

Total Investment Income

 

 

479,321

 

         

EXPENSES:

 

 

 

 

Shareholder reports

 

 

23,116

 

Audit and tax

 

 

9,992

 

Distribution fees (Note 2)

 

 

9,749

 

Legal fees

 

 

7,920

 

Registration fees

 

 

7,195

 

Transfer agent fees

 

 

5,617

 

Investment management fee (Note 2)

 

 

4,875

 

Trustees’ fees (Note 2)

 

 

228

 

Miscellaneous expenses

 

 

14,143

 

         

Total Expenses

 

 

82,835

 

Less: Fee waivers and/or expense reimbursements (Note 2)

 

 

(82,835

)

         

NET INVESTMENT INCOME

 

 

479,321

 

         

REALIZED AND UNREALIZED LOSS ON INVESTMENTS FROM

 

 

 

 

INSTITUTIONAL ENHANCED PORTFOLIO:

 

 

 

 

Net Realized Loss

 

 

(6,321

)

         

Change in Net Unrealized Appreciation/Depreciation

 

 

(1,012,373

)

         

NET LOSS ON INVESTMENTS FROM INSTITUTIONAL ENHANCED PORTFOLIO

 

 

(1,018,694

)

         

DECREASE IN NET ASSETS FROM OPERATIONS

 

$

(539,373

)

         

See Notes to Financial Statements.

CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report | 5


Statements of changes in net assets

 

 

 

 

 

 

 

 

FOR THE SIX MONTHS ENDED FEBRUARY 29, 2008 (unaudited)
AND THE YEAR ENDED AUGUST 31, 2007

 

2008

 

2007†

 

               

OPERATIONS:

 

 

 

 

 

 

 

Net investment income

 

$

479,321

 

$

294,325

 

Net realized loss

 

 

(6,321

)

 

(2,699

)

Change in net unrealized appreciation/depreciation

 

 

(1,012,373

)

 

(3,111

)









Increase (Decrease) in Net Assets From Operations

 

 

(539,373

)

 

288,515

 

               

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

 

 

 

 

 

 

 

Net investment income

 

 

(479,237

)

 

(296,634

)









Decrease in Net Assets From Distributions to Shareholders

 

 

(479,237

)

 

(296,634

)

               

FUND SHARE TRANSACTIONS (NOTE 3):

 

 

 

 

 

 

 

Net proceeds from sale of shares

 

 

31,871,599

 

 

1,011,346

 

Reinvestment of distributions

 

 

492,570

 

 

243,456

 

Cost of shares repurchased

 

 

 

 

(33,177,791

)









Increase (Decrease) in Net Assets From Fund Share Transactions

 

 

32,364,169

 

 

(31,922,989

)









INCREASE (DECREASE) IN NET ASSETS

 

 

31,345,559

 

 

(31,931,108

)

               

NET ASSETS:

 

 

 

 

 

 

 

Beginning of period

 

 

995,371

 

 

32,926,479

 

End of period*

 

$

32,340,930

 

$

995,371

 









* Includes undistributed net investment income of:

 

$

84

 

 

 










 

 

On January 19, 2007, the entire Fund was redeemed and on August 23, 2007, the Fund recommenced operations.

See Notes to Financial Statements.

6 | CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report


Financial highlights

 

FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH YEAR ENDED AUGUST 31, UNLESS OTHERWISE NOTED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20081,3

 

20072,3

 

20073,4

 

2006

 

20055

 

                                 

NET ASSET VALUE, BEGINNING OF PERIOD

 

$

1.99

 

$

2.00

 

$

1.99

 

$

2.00

 

$

2.00

 

INCOME (LOSS) FROM OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.05

 

 

0.00

6

 

0.04

 

 

0.09

 

 

0.05

 

Net realized and unrealized loss

 

 

(0.09

)

 

(0.01

)

 

(0.07

)

 

(0.01

)

 

(0.00

)6


















Total income (loss) from operations

 

 

(0.04

)

 

(0.01

)

 

(0.03

)

 

0.08

 

 

0.05

 

                                 

LESS DISTRIBUTIONS FROM:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.05

)

 

(0.00

)6

 

(0.04

)

 

(0.09

)

 

(0.05

)

Net realized gains

 

 

 

 

 

 

(0.00

)6

 

(0.00

)6

 

(0.00

)6


















Total distributions

 

 

(0.05

)

 

(0.00

)6

 

(0.04

)

 

(0.09

)

 

(0.05

)

                                 

NET ASSET VALUE, END OF PERIOD

 

$

1.90

 

$

1.99

 

$

1.92

 

$

1.99

 

$

2.00

 


















Total return7

 

 

(2.04

)%

 

(0.37

)%

 

(1.44

)%

 

4.07

%

 

2.65

%


















NET ASSETS, END OF PERIOD (000s)

 

$

32,341

 

$

995

 

$

0

 

$

32,926

 

$

72,478

 

                                 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross expenses8

 

 

1.06

%9

 

131.14

%9

 

2.07

%9,10

 

0.72

%

 

0.58

%9

Net expenses8,11,12

 

 

0.05

9

 

0.05

9

 

0.09

9,10

 

0.05

 

 

0.05

9

Net investment income

 

 

4.92

9

 

5.75

9

 

5.32

9

 

4.34

 

 

2.86

9


 

 

1

For the six months ended February 29, 2008 (unaudited).

2

For the period August 23, 2007 (recommencement of operations) to August 31, 2007.

3

Per share amounts have been calculated using the average shares method.

4

For the period September 1, 2006 to January 19, 2007.

5

For the period September 23, 2004 (inception date) to August 31, 2005.

6

Amount represents less than $0.01 per share.

7

Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

8

Includes the Fund’s share of Institutional Enhanced Portfolio’s allocated expenses.

9

Annualized.

10

Included in the expense ratios are certain non-recurring restructuring (and reorganization, if applicable) fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 2.02% and 0.05%, respectively.

11

Reflects fee waivers and/or expense reimbursements.

12

As a result of a voluntary expense limitation, the ratio of expenses, other than interest, brokerage, taxes and extraordinary expenses, to average net assets will not exceed 0.05%.

See Notes to Financial Statements.

CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report | 7


Notes to financial statements (unaudited)

1. Organization and significant accounting policies

CitiSM Institutional Enhanced Income Fund (the “Fund”) is a separate diversified series of Legg Mason Partners Institutional Trust (the “Trust”), a Maryland business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund invests all of its investable assets in Institutional Enhanced Portfolio (the “Portfolio”), a series of Master Portfolio Trust, a management investment company that has the same investment objectives of the Fund.

The financial statements of the Portfolio, including the schedule of investments, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

(a) Investment valuation. The Fund records its investment in the Portfolio at value. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest (43.4% at February 29, 2008) in the net assets of the Portfolio. Valuation of securities held by the Portfolio is discussed in Note 1(a) of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

(b) Investment income. The Fund earns income, net of Portfolio expenses, daily based on its investment in the Portfolio.

(c) Credit and market risk. Investments in securities (such as those issued by Structured Investment Vehicles, or SIVs) which are collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value of these investments resulting in a lack of correlation between their credit ratings and values.

(d) Expenses. The Fund bears all costs of its operations other than expenses specifically assumed by the manager. Expenses incurred by the Trust with respect to any two or more funds in the series are allocated in proportion to the average net assets of each fund, except when allocations of direct expenses to each fund can otherwise be made fairly. Expenses directly attributable to a fund

8 | CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report


are charged to that fund. The Fund’s share of the Portfolio’s expenses is charged against and reduces the amount of the Fund’s investment in the Portfolio.

(e) Method of allocation. All the net investment income and net realized gain (loss) of the Portfolio are allocated pro rata, based on respective ownership interests, among the Fund and other investors in the Portfolio, if any, at the time of such determination.

(f) Distributions to shareholders. Distributions from net investment income on the shares of the Fund are declared as of 4:00 p.m. Eastern Standard Time, each business day to shareholders of record, and are paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(g) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute substantially all of its taxable income and net realized gains, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that as of February 29, 2008, no provision for income tax would be required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

(h) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s and the Portfolio’s investment manager and Western Asset Management Company (“Western Asset”) is the Fund’s and the Portfolio’s subadviser. LMPFA and Western Asset are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

Under the investment management agreements, the Fund and the Portfolio pay an investment management fee, calculated daily and paid monthly, at an annual rate of 0.05% and 0.10%, respectively, of the Fund’s and the Portfolio’s average daily net assets.

LMPFA provides administrative and certain oversight services to the Fund. LMPFA has delegated to the subadviser the day-to-day portfolio management of

CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report | 9


Notes to financial statements (unaudited) continued

the Fund. For its services, LMPFA pays Western Asset 70% of the net management fee it receives from the Fund.

During the six months ended February 29, 2008, the Fund had a voluntary expense limitation in place of 0.05% of the Fund’s average daily net assets.

During the six months ended February 29, 2008, LMPFA waived a portion of its fee in the amount of $4,875. In addition, during the six months ended February 29, 2008, the Fund was reimbursed for expenses in the amount of $68,211.

Effective January 1, 2008, the manager is permitted to recapture amounts that it has previously voluntarily waived and/or reimbursed to the Fund during the same fiscal year if the Fund’s total annual operating expenses have fallen to a level below the expense cap shown in the fee table of the Fund’s prospectus. In no case will the manager recapture any amount that would result, on any particular Fund business day, in the Fund’s total annual operating expenses exceeding the expense cap.

Effective December 1, 2007, Legg Mason Investor Services, LLC (“LMIS”), a wholly owned broker-dealer subsidiary of Legg Mason, serves as the Fund’s sole and exlusive distributor. Prior to December 1, 2007, Citigroup Global Markets Inc. (“CGM”) and LMIS served as co-distributors of the Fund.

The Fund has adopted a Rule 12b-1 distribution and service plan and under that plan the Fund pays a service fee calculated at an annual rate not to exceed 0.10% and 0.25% of the average daily net assets of the Fund attributable to Class I and Class Y, respectively. Distribution and service fees are accrued daily and paid monthly. As of February 29, 2008, the Fund had not issued any Class Y shares. For the six months ended February 29, 2008 the distribution fees paid amounted to $9,749, all of which was voluntarily waived.

On July 10, 2006, a retirement plan applicable to the Fund was amended by the Board then overseeing the Fund (the “Previous Board”) to provide for the payment of certain benefits (in lieu of any other retirement payments under any previous plans) to Trustees who had not elected to retire as of April 2007. Trustees electing to receive benefits under the amended plan waived all rights to receive payments to which they were previously entitled under the plan. All of the Trustees comprising the Previous Board (and who had not elected to retire as of April 2007) elected to receive benefits under the amended plan. Each fund overseen by the Previous Board (including the Fund) paid its pro rata share (based upon asset size) of such benefits to the Trustees comprising the Previous Board. Legg Mason or its affiliates agreed to reimburse the funds an amount equal to 50% of these benefits. The Fund’s allocable share of benefits under this amendment at February 29, 2008 was $182. Generally, benefits under the retirement plan are paid in quarterly installments unless the Trustee elected to receive them in a lump sum at net present value. Two former Trustees are currently receiving payments under the retirement plan.

10 | CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report


Certain officers and one Trustee of the Trust are employees of Legg Mason or its affiliates and do not receive compensation from the Trust.

3. Shares of beneficial interest

The Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest with a par value of $0.00001 per share. Transactions in shares of beneficial interest for Class I were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIX MONTHS ENDED
FEBRUARY 29, 2008

 

YEAR ENDED
AUGUST 31, 2007

 







Shares sold

 

 

 

16,271,540

 

 

 

 

500,254

 

 

Shares issued on reinvestment

 

 

 

254,020

 

 

 

 

121,730

 

 

Shares repurchased

 

 

 

 

 

 

 

(16,639,470

)

 













Net increase (decrease)

 

 

 

16,525,560

 

 

 

 

(16,017,486

)

 













4. Capital loss carryforward

On August 31, 2007, the Fund had a net capital loss carryforward of approximately $286,474, which expires on August 31, 2015. This amount will be available to offset any future taxable gains.

5. Legal matters

Beginning in June 2004, class action lawsuits alleging violations of the federal securities laws were filed against CGM, a former distributor of the Fund, and other affiliated funds (collectively, the “Funds”) and a number of its then affiliates, including Smith Barney Fund Management, LLC (“SBFM”) and Salomon Brothers Asset Management Inc. (“SBAM”), which were then investment adviser or manager to certain of the Funds (the “Managers”), substantially all of the mutual funds then managed by the Managers (the “Defendant Funds”), and Board members of the Defendant Funds (collectively, the “Defendants”). The complaints alleged, among other things, that CGM created various undisclosed incentives for its brokers to sell Smith Barney and Salomon Brothers funds. In addition, according to the complaints, the Managers caused the Defendant Funds to pay excessive brokerage commissions to CGM for steering clients towards proprietary funds. The complaints also alleged that the Defendants breached their fiduciary duty to the Defendant Funds by improperly charging Rule 12b-1 fees and by drawing on fund assets to make undisclosed payments of soft dollars and excessive brokerage commissions. The complaints also alleged that the Defendant Funds failed to adequately disclose certain of the allegedly wrongful conduct. The complaints sought injunctive relief and compensatory and punitive damages, rescission of the Defendant Funds’ contracts with the Managers, recovery of all fees paid to the Managers pursuant to such contracts and an award of attorneys’ fees and litigation expenses.

On December 15, 2004, a consolidated amended complaint (the “Complaint”) was filed alleging substantially similar causes of action. On May 27, 2005, all of

CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report | 11


Notes to financial statements (unaudited) continued

the Defendants filed motions to dismiss the Complaint. On July 26, 2006, the court issued a decision and order (1) finding that plaintiffs lacked standing to sue on behalf of the shareholders of the Funds in which none of the plaintiffs had invested and dismissing those Funds from the case (although stating that they could be brought back into the case if standing as to them could be established), and (2) other than one stayed claim, dismissing all of the causes of action against the remaining Defendants, with prejudice, except for the cause of action under Section 36(b) of the 1940 Act, which the court granted plaintiffs leave to repeal as a derivative claim.

On October 16, 2006, plaintiffs filed their Second Consolidated Amended Complaint (“Second Amended Complaint”) which alleges derivative claims on behalf of nine funds identified in the Second Amended Complaint, under Section 36(b) of the 1940 Act, against Citigroup Asset Management (“CAM”), SBAM and SBFM as investment advisers to the identified funds, as well as CGM as a distributor for the identified funds (collectively, the “Second Amended Complaint Defendants”). The Fund was not identified in the Second Amended Complaint. The Second Amended Complaint alleges no claims against any of the funds or any of their Board Members. Under Section 36(b), the Second Amended Complaint alleges similar facts and seeks similar relief against the Second Amended Complaint Defendants as the Complaint.

On December 3, 2007, the court granted the Defendants’ motion to dismiss, with prejudice. On January 2, 2008, the plaintiffs filed a notice of appeal to the Second Circuit Court of Appeals.

Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed in the future.

* * *

Beginning in August 2005, five class action lawsuits alleging violations of federal securities laws and state law were filed against CGM and SBFM, (collectively, the “Defendants”) based on the May 31, 2005 settlement order issued against the Defendants by the Securities and Exchange Commission (“SEC”) as previously described. The complaints seek injunctive relief and compensatory and punitive damages, removal of SBFM as the investment manager for the Smith Barney family of funds, rescission of the funds’ management and other contracts with SBFM, recovery of all fees paid to SBFM pursuant to such contracts, and an award of attorneys’ fees and litigation expenses. The five sections were subsequently consolidated, and a consolidated complaint was filed.

On September 26, 2007, the United States District Court for the Southern District of New York issued an order dismissing the consolidated complaint, and judgment was later entered. An appeal has been filed and is pending before the U.S. Court of Appeals for the Second Circuit.

12 | CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report


6. Other matters

On or about May 30, 2006, John Halebian, a purported shareholder of Citi New York Tax Free Reserves, a series of Legg Mason Partners Money Market Trust, formerly a series of CitiFunds Trust III (the “Subject Trust”), filed a complaint in the United States District Court for the Southern District of New York against the independent trustees of the Subject Trust (Elliott J. Berv, Donald M. Carlton, A. Benton Cocanougher, Mark T. Finn, Stephen Randolph Gross, Diana R. Harrington, Susan B. Kerley, Alan G. Merten and R. Richardson Pettit).

The Subject Trust is also named in the complaint as a nominal defendant. The complaint alleges both derivative claims on behalf of the Subject Trust and class claims on behalf of a putative class of shareholders of the Subject Trust in connection with the 2005 sale of Citigroup’s asset management business to Legg Mason and the related approval of new investment advisory agreements by the trustees and shareholders. In the derivative claim, the plaintiff alleges, among other things, that the independent trustees breached their fiduciary duty to the Subject Trust and its shareholders by failing to negotiate lower fees or seek competing bids from other qualified investment advisers in connection with Citigroup’s sale to Legg Mason. In the claims brought on behalf of the putative class of shareholders, the plaintiff alleges that the independent trustees violated the proxy solicitation requirements of the 1940 Act, and breached their fiduciary duty to shareholders, by virtue of the voting procedures, including “echo voting,” used to obtain approval of the new investment advisory agreements and statements made in a proxy statement regarding those voting procedures. The plaintiff alleges that the proxy statement was misleading because it failed to disclose that the voting procedures violated the 1940 Act. The relief sought includes an award of damages, rescission of the advisory agreement, and an award of costs and attorney fees.

In advance of filing the complaint, Mr. Halebian’s lawyers made written demand for relief on the Board of the Subject Trust, and the Board’s independent trustees formed a demand review committee to investigate the matters raised in the demand, and subsequently in the complaint, and recommend a course of action to the Board. The committee, after a thorough review, determined that the independent trustees did not breach their fiduciary duties as alleged by Mr. Halebian, and that the action demanded by Mr. Halebian would not be in the best interests of the Subject Trust. The Board of the Subject Trust (the trustee who is an “interested person” of the Subject Trust, within the meaning of the 1940 Act, having recused himself from the matter), after receiving and considering the committee’s report and based upon the findings of the committee, subsequently also determined and, adopting the recommendation of the committee, directed counsel to move to dismiss Mr. Halebian’s complaint. A motion to dismiss was filed on October 23, 2006. Opposition papers were filed on or about December 7, 2006. The complaint was dismissed on July 31, 2007. Mr. Halebian has filed an appeal in the U.S. Court of Appeals for the Second Circuit. The appeal is pending.

CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report | 13


Notes to financial statements (unaudited) continued

7. Recent accounting pronouncements

On September 20, 2006, the Financial Accounting Standard Board (“FASB”) released Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management has determined that there is no material impact to the Portfolio’s valuation policies as a result of adopting FAS 157. The Portfolio will implement the disclosure requirements beginning with its November 30, 2008 Form N-Q.

In March 2008, FASB issued the Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Fund’s financial statements and related disclosures.

14 | CitiSM Institutional Enhanced Income Fund 2008 Semi-Annual Report


Board approval of management and
subadvisory agreements (unaudited)

At a meeting of the Board of Trustees of Legg Mason Partners Institutional Trust (the “Trust”) held on November 12-13, 2007, the Board, including the Board members who are not considered to be “interested persons” of the Trust (the “Independent Board Members”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Legg Mason Partners Fund Advisor, LLC (the “Manager”) with respect to the Citi Institutional Enhanced Income Fund, a series of the Trust (the “Fund”), and the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and Western Asset Management Company (the “Subadviser”), an affiliate of the Manager, with respect to the Fund.

Background

The Board received information in advance of the meeting from the Manager to assist it in its consideration of the Management Agreement and the Sub-Advisory Agreement and was given the opportunity to ask questions and request additional information from management. The Board received and considered a variety of information about the Manager, the Subadviser and the Fund’s distributor (and any distributors affiliated with the Fund during the past two years), as well as the management, sub-advisory and distribution arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The Board noted that the Fund is a “feeder fund” in a “master-feeder” structure, whereby, as a feeder fund, the Fund has the same investment objective and policies as the master fund, Institutional Enhanced Portfolio (the “Master Fund”), a series of Master Portfolio Trust, and the Fund invests substantially all of its assets in the Master Fund. The presentation made to the Board encompassed the Fund and all funds for which the Board has responsibility. In addition, the Board received certain information regarding the following other feeder fund in the Master Fund (the “Feeder Fund”), for which the Board does not have responsibility: Citi Institutional Enhanced Income Fund, Ltd. The discussion below covers both the advisory and the administrative functions being rendered by the Manager, both of which functions are encompassed by the Management Agreement, as well as the advisory functions rendered by the Subadviser pursuant to the Sub-Advisory Agreement.

Board approval of management agreement and sub-advisory agreement

The Independent Board Members were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Board Members received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Management Agreement and the Sub-Advisory Agreement. The Independent Board Members also discussed the proposed continuation of the Management Agreement and the Sub-Advisory Agreement in private sessions with their independent legal counsel at which no representatives of the Manager were

CitiSM Institutional Enhanced Income Fund | 15


Board approval of management and
subadvisory agreements (unaudited) continued

present. In approving the Management Agreement and Sub-Advisory Agreement, the Board, including the Independent Board Members, considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreement, and each Board Member attributed different weight to the various factors.

Nature, extent and quality of the services under the management agreement and sub-advisory agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Subadviser under the Management Agreement and the Sub-Advisory Agreement, respectively, during the past two years. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and the Subadviser took into account the Board’s knowledge and familiarity gained as Board members of funds in the Legg Mason Partners fund complex, including the scope and quality of the investment management and other capabilities of the Manager and the Subadviser, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Subadviser had expanded over time as a result of regulatory and other developments, including maintaining and monitoring their own and the Fund’s expanded compliance programs. The Board reviewed information received from the Manager and the Subadviser regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

The Board reviewed the qualifications, backgrounds and responsibilities of the Fund’s senior personnel and the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered the degree to which the Manager implemented organizational changes to improve investment results and the services provided to the Legg Mason Partners fund complex. The Board also considered, based on its knowledge of the Manager and its affiliates, the financial resources available to Legg Mason, Inc., the parent organization of the Manager and the Subadviser.

The Board considered the division of responsibilities between the Manager and the Subadviser and the oversight provided by the Manager. The Board also considered the Manager’s and the Subadviser’s brokerage policies and practices. In addition, management also reported to the Board on, among other things, its business plans, organizational changes and portfolio manager compensation plan.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided) under the Management Agreement and the Sub-Advisory Agreement were satisfactory.

16 | CitiSM Institutional Enhanced Income Fund


Fund performance

The Board noted that the Fund had a limited performance history. In considering the performance of the Fund, the Board received and considered performance information for the Feeder Fund. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Feeder Fund’s performance against its benchmark.

In its review, the Board compared the Feeder Fund’s performance information for the 1-year and 3-year periods ended September 30, 2007, to an unmanaged index, and that comparison showed, among other things, that the Feeder Fund’s returns for the 1-year and 3-year periods ended September 30, 2007 were slightly below the unmanaged index. The Board took into account management’s discussion of the Fund’s performance.

Based on its review, which included careful consideration of all of the factors noted above, the Board concluded that the Fund’s performance was satisfactory.

Management fees and expense ratios

The Board reviewed and considered the contractual management fee (the “Contractual Management Fee”) payable by the Fund to the Manager in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Subadviser. The Board noted that the Fund’s expense information reflected both management fees and total expenses payable by the Fund as well as management fees and total expenses payable by the Master Fund. In addition, the Board noted that the compensation paid to the Subadviser is paid directly by the Manager, not the Fund, and, accordingly, that the retention of the Subadviser does not increase the fees or expenses otherwise incurred by the Fund’s shareholders.

Additionally, the Board reviewed information regarding fees charged by the Manager to other U.S. clients investing primarily in an asset class similar to that of the Fund, including, where applicable, separate accounts.

The Manager reviewed with the Board the differences in scope of services provided to the Fund and to these other clients, noting that the Fund is provided with administrative services, office facilities, Fund officers (including the Fund’s chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences required to manage these different types of accounts. The Board also considered and discussed information about the Subadviser’s fees, including the amount of the management fees retained by the Manager after payment of the subadvisory fee. The Board also received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

CitiSM Institutional Enhanced Income Fund | 17


Board approval of management and
subadvisory agreements (unaudited) continued

Management also discussed with the Board the Fund’s distribution arrangements and the distribution arrangements of the Feeder Fund. The Board was provided with information concerning revenues received by and certain expenses incurred by distributors affiliated with the Fund during the past two years and how the amounts received by the distributors were paid during that period.

Taking all of the above into consideration, the Board determined that the management fee and the subadvisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreement.

Manager profitability

The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason Partners fund complex as a whole. In addition, the Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data, as well as a report from an outside consultant that had reviewed the methodologies. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund and the type of fund.

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale as the Fund’s assets grow. The Board considered the effect of the Fund’s growth and size on its performance and fees, noting that if the Fund’s assets increase over time, certain expenses, such as fees for Board members, auditors and legal fees, become a smaller percentage of overall assets.

The Board determined that the management fee structure for the Fund was reasonable.

Other benefits to the manager and the subadviser

The Board considered other benefits received by the Manager, the Subadviser and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders.

In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Subadviser to the Fund, the Board considered that the ancillary benefits that the Manager and its affiliates received were reasonable.

* * *

In light of all of the foregoing, the Board determined that the continuation of each of the Management Agreement and Sub-Advisory Agreement would be in the best interests of the Fund’s shareholders and approved the continuation of such agreements for another year.

18 | CitiSM Institutional Enhanced Income Fund


Schedule of investments (unaudited)
February 29, 2008

 

 

 

 

 

 

 

INSTITUTIONAL ENHANCED PORTFOLIO

 

FACE
AMOUNT

 

SECURITY

 

VALUE

             

ASSET-BACKED SECURITIES — 19.8%

 

 

 

             

 

 

 

Home Equity — 19.2%

 

 

 

$

498,243

 

American Home Mortgage Investment Trust, 3.285% due 3/25/08(a)

 

$

497,560

 

1,069,518

 

Ameriquest Mortgage Securities Inc., 3.395% due 3/25/08(a)

 

 

1,023,627

 

69,768

 

Argent Securities Inc., 3.195% due 3/25/08(a)

 

 

69,555

 

1,270,762

 

Bayview Financial Asset Trust, 3.585% due 3/25/08(a),(b)

 

 

1,124,370

 

1,875,446

 

Chase Funding Mortgage Loan Asset-Backed Certificates, 3.425%
due 3/25/08(a)

 

 

1,835,727

 

108,282

 

Countrywide Asset-Backed Certificates, 3.315% due 3/25/08(a)

 

 

108,132

 

1,641,261

 

FBR Securitization Trust, 3.365% due 3/28/08(a)

 

 

1,626,534

 

1,055,701

 

GMAC Mortgage Corp. Loan Trust, 3.345% due 3/25/08(a)

 

 

850,700

 

1,000,581

 

Indymac Home Equity Loan Asset-Backed Trust, 3.305% due 3/25/08(a)

 

 

682,458

 

397,740

 

Novastar Home Equity Loan, 3.440% due 3/25/08(a)

 

 

377,564

 

 

 

RAAC:

 

 

 

 

985,083

 

3.385% due 3/25/08(a),(b)

 

 

889,403

 

1,351,296

 

3.405% due 3/25/08(a),(b)

 

 

1,223,011

 

 

 

SACO I Trust:

 

 

 

 

1,631,440

 

3.265% due 3/25/08(a)

 

 

656,240

 

1,822,687

 

3.285% due 3/25/08(a)

 

 

1,048,437

 

78,343

 

Specialty Underwriting & Residential Finance, 3.485% due 3/25/08(a)

 

 

74,680

 

495,360

 

Structured Asset Investment Loan Trust, 3.635% due 3/25/08(a)

 

 

482,016

 

720,694

 

Truman Capital Mortgage Loan Trust, 3.565% due 3/25/08(a),(b)

 

 

576,555

 

1,229,995

 

Wachovia Asset Securitization Inc., 3.565% due 3/25/08(a)

 

 

1,161,288








 

 

 

Total Home Equity

 

 

14,307,857








 

 

 

Automobiles — 0.6%

 

 

 

 

97,791

 

Drivetime Auto Owner Trust, 5.422% due 4/15/08(b)

 

 

97,608

 

400,000

 

Hertz Vehicle Financing LLC, 3.335% due 3/25/08(a),(b)

 

 

372,050








 

 

 

Total Automobiles

 

 

469,658








 

 

 

TOTAL ASSET-BACKED SECURITIES (COST — $17,806,342)

 

 

14,777,515

             

COLLATERALIZED MORTGAGE OBLIGATIONS — 19.6%

 

 

 

             

 

2,168,127

 

American Home Mortgage Assets, 3.345% due 3/25/08(a)

 

 

1,832,948

 

610,021

 

Banc of America Mortgage Securities, 5.750% due 3/25/08

 

 

616,655

 

 

 

Countrywide Alternative Loan Trust:

 

 

 

 

1,624,097

 

3.344% due 3/20/08(a)

 

 

1,417,612

 

587,255

 

5.832% due 3/20/08(a)

 

 

499,488

 

69,103

 

3.435% due 3/25/08(a)

 

 

66,545

 

855,064

 

IMPAC CMB Trust, 3.775% due 3/25/08(a)

 

 

807,522

 

 

 

Indymac Index Mortgage Loan Trust:

 

 

 

 

1,091,369

 

3.395% due 3/25/08(a)

 

 

985,726

 

853,124

 

3.475% due 3/25/08(a)

 

 

739,204

 

580,088

 

3.565% due 3/25/08(a)

 

 

515,246

 

745,034

 

Lehman XS Trust, 3.355% due 3/25/08(a)

 

 

628,678

 

 

 

Residential Accredit Loans Inc.:

 

 

 

 

39,871

 

3.205% due 3/25/08(a)

 

 

39,714

 

1,177,944

 

3.475% due 3/25/08(a)

 

 

1,172,967

 

492,925

 

Residential Funding Mortgage Securities II Inc., 3.245% due 3/25/08(a)

 

 

486,399

 

976,748

 

Structured Adjustable Rate Mortgage Loan Trust, 3.335% due 3/25/08(a)

 

 

894,003

See Notes to Financial Statements.

Institutional Enhanced Portfolio 2008 Semi-Annual Report  |  19


Schedule of investments (unaudited) continued
February 29, 2008

 

 

 

 

 

 

 

INSTITUTIONAL ENHANCED PORTFOLIO

 

 

 

 

FACE
AMOUNT

 

SECURITY

 

VALUE

             

COLLATERALIZED MORTGAGE OBLIGATIONS — 19.6% continued

 

 

 

             

$

741,031

 

Structured Asset Mortgage Investments Inc., 6.894% due 3/25/08(a)

 

$

719,067

 

 

 

Thornburg Mortgage Securities Trust:

 

 

 

 

878,425

 

3.240% due 3/25/08(a)

 

 

862,297

 

672,857

 

3.245% due 3/25/08(a)

 

 

665,023

 

 

 

Washington Mutual Inc.:

 

 

 

 

557,469

 

3.395% due 3/25/08(a)

 

 

506,491

 

698,345

 

3.425% due 3/25/08(a)

 

 

638,853

 

661,112

 

WMALT Mortgage Pass-Through Certificates, 3.385% due 3/25/08(a)

 

 

572,866








 

 

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost — $16,091,199)

 

 

14,667,304








 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(COST — $33,897,541)

 

 

29,444,819

             

SHORT-TERM INVESTMENTS — 68.3%

 

 

 

             

 

 

 

Certificate of Deposit — 1.3%

 

 

 

 

1,000,000

 

PNC Bank NA, 3.464% due 2/23/09(a)

 

 

999,400

             

 

 

 

Certificates of Deposit (Yankee) — 9.0%

 

 

 

 

1,000,000

 

Canadian Imperial Bank, 3.460% due 7/7/08(a)

 

 

1,000,700

 

1,250,000

 

Deutsche Bank AG NY, 5.030% due 3/17/08

 

 

1,250,000

 

1,500,000

 

Fortis Bank NY, 3.067% due 6/30/08(a)

 

 

1,499,301

 

2,000,000

 

Natixis, 3.170% due 4/2/08(a)

 

 

1,998,670

 

1,000,000

 

Unicredito Italiano SpA NY, 3.135% due 5/6/08(a)

 

 

999,780








 

 

 

Total Certificates of Deposit (Yankee)

 

 

6,748,451








 

 

 

Commercial Paper — 15.6%

 

 

 

 

1,000,000

 

Allied Irish Banks PLC, 3.036% due 8/21/08(b),(c)

 

 

985,870

 

1,000,000

 

Archer Daniels Midland Co., 2.992% due 4/1/08(b),(c)

 

 

997,434

 

1,000,000

 

Bank of Ireland, 5.183% due 4/11/08(c)

 

 

994,249

 

1,000,000

 

Danske Corp., 4.629% due 8/4/08(b),(c)

 

 

987,200

 

1,648,000

 

Dresdner U.S Finance, 3.141% due 3/3/08(c)

 

 

1,647,712

 

1,500,000

 

ING Funding LLC, 4.692% due 4/3/08(c)

 

 

1,493,675

 

1,500,000

 

Procter & Gamble International Funding, 2.933% due 3/13/08(b),(c)

 

 

1,498,535

 

3,000,000

 

United Technologies Corp., 3.051% due 3/3/08(b),(c)

 

 

2,999,492








 

 

 

Total Commercial Paper

 

 

11,604,167








 

 

 

Corporate Bonds & Notes — 19.0%

 

 

 

 

1,000,000

 

ANZ National International Ltd., 4.231% due 3/10/08(a),(b)

 

 

999,382

 

650,000

 

Berkshire Hathaway Finance Corp., 4.743% due 4/11/08(a),(b)

 

 

649,849

 

1,300,000

 

IBM International Group Capital LLC, 3.646% due 7/29/08(a)

 

 

1,303,675

 

1,000,000

 

Lehman Brothers Holdings Inc., Notes, 3.500% due 8/7/08

 

 

992,816

 

775,000

 

Morgan Stanley, 3.151% due 11/21/08(a)

 

 

769,393

 

1,000,000

 

Royal Bank of Scotland PLC, 3.740% due 3/4/09(a),(b)

 

 

1,000,000

 

5,000,000

 

Steers CLN, 4.860% due 6/29/08(a),(b)

 

 

5,000,000

 

1,500,000

 

Toyota Motor Credit Corp., 3.201% due 10/6/08(a)

 

 

1,499,359

 

2,000,000

 

Wal-Mart Stores Inc., 4.891% due 3/16/08(a)

 

 

2,001,070








 

 

 

Total Corporate Bonds & Notes

 

 

14,215,544








See Notes to Financial Statements.

20  |  Institutional Enhanced Portfolio 2008 Semi-Annual Report


 

 

 

 

 

 

 

INSTITUTIONAL ENHANCED PORTFOLIO

 

 

 

 

FACE
AMOUNT

 

SECURITY

 

VALUE

             

 

 

 

U.S. Government Agencies — 23.4%

 

 

 

$

2,500,000 

 

Federal Farm Credit Bank (FFCB), 3.120% due 6/5/08(a)

 

$

2,500,000 

 

 

 

Federal Home Loan Bank (FHLB):

 

 

 

 

2,500,000 

 

3.080% due 1/30/09(a)

 

 

2,500,720 

 

2,500,000

 

3.054% due 8/27/09(a)

 

 

2,496,952 

 

 

 

Federal National Mortgage Association (FNMA):

 

 

 

 

2,500,000

 

3.230% due 3/3/08(a)

 

 

2,500,000 

 

2,500,000

 

3.060% due 1/23/09(a)

 

 

2,498,115 

 

5,000,000

 

Discount Notes, 3.906% due 7/9/08(c)

 

 

4,958,845 








 

 

 

Total U.S. Government Agencies

 

 

17,454,632 








 

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost — $50,985,524)

 

 

51,022,194 








 

 

 

TOTAL INVESTMENTS — 107.7% (Cost — $84,883,065#)

 

 

80,467,013 

 

 

 

Liabilities in Excess of Other Assets — (7.7)%

 

 

(5,760,755)








 

 

 

TOTAL NET ASSETS — 100.0%

 

$

74,706,258 









 

 

(a)

Variable rate security. Interest rate disclosed is that which is in effect at February 29, 2008.

 

 

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted.

 

 

(c)

Rate shown represents yield-to-maturity.

 

 

#

Aggregate cost for federal income tax purposes is substantially the same.

See Notes to Financial Statements.

Institutional Enhanced Portfolio 2008 Semi-Annual Report  |  21


Statement of assets and liabilities (unaudited)

Institutional Enhanced Portfolio
February 29, 2008

 

 

 

 

 

         

ASSETS:

 

 

 

 

Investments, at value (Cost — $84,883,065)

 

$

80,467,013

 

Cash

 

 

4,320

 

Receivable for securities sold

 

 

19,824,472

 

Interest receivable

 

 

253,489

 

Receivable from investment manager

 

 

4,621

 

Prepaid expenses

 

 

2,769

 






Total Assets

 

 

100,556,684

 

         

LIABILITIES:

 

 

 

 

Payable for securities purchased

 

 

25,819,528

 

Trustees’ fees payable

 

 

1,644

 

Accrued expenses

 

 

29,254

 






Total Liabilities

 

 

25,850,426

 






TOTAL NET ASSETS

 

$

74,706,258

 

         

REPRESENTED BY:

 

 

 

 

Paid-in capital

 

$

74,706,258

 






See Notes to Financial Statements.

22  |  Institutional Enhanced Portfolio 2008 Semi-Annual Report


Statement of operations (unaudited)

Institutional Enhanced Portfolio
For the Six Months Ended February 29, 2008

 

 

 

 

 

         

INVESTMENT INCOME:

 

 

 

 

Interest

 

$

1,772,294

 

         

EXPENSES:

 

 

 

 

Investment management fee (Note 2)

 

 

34,703

 

Legal fees

 

 

13,659

 

Audit and tax

 

 

13,383

 

Insurance

 

 

3,522

 

Custody fees

 

 

1,246

 

Trustees’ fees

 

 

534

 

Miscellaneous expenses

 

 

4,534

 






Total Expenses

 

 

71,581

 

Less: Fee waivers and/or expense reimbursements (Note 2)

 

 

(54,203

)

Fees paid indirectly (Note 1)

 

 

(28

)






Net Expenses

 

 

17,350

 






NET INVESTMENT INCOME

 

 

1,754,944

 

         

REALIZED AND UNREALIZED LOSS ON INVESTMENTS (NOTES 1 AND 3):

 

 

 

 

Net Realized Loss From Investment Transactions

 

 

(19,447

)

Change in Net Unrealized Appreciation/Depreciation From Investments

 

 

(3,203,348

)






NET LOSS ON INVESTMENTS

 

 

(3,222,795

)






DECREASE IN NET ASSETS FROM OPERATIONS

 

$

(1,467,851

)






See Notes to Financial Statements.

Institutional Enhanced Portfolio 2008 Semi-Annual Report  |  23


Statements of changes in net assets

Institutional Enhanced Portfolio

 

 

 

 

 

 

 

 

FOR THE SIX MONTHS ENDED FEBRUARY 29, 2008 (unaudited)

 

 

 

 

 

 

 

AND THE YEAR ENDED AUGUST 31, 2007

 

 

2008

 

 

2007

 

               

OPERATIONS:

 

 

 

 

 

 

 

Net investment income

 

$

1,754,944

 

$

14,592,603

 

Net realized loss

 

 

(19,447

)

 

(342,082

)

Change in net unrealized appreciation/depreciation

 

 

(3,203,348

)

 

(1,139,935

)









Increase (Decrease) in Net Assets From Operations

 

 

(1,467,851

)

 

13,110,586

 

               

CAPITAL TRANSACTIONS:

 

 

 

 

 

 

 

Proceeds from contributions

 

 

32,403,075

 

 

830,033,032

 

Value of withdrawals

 

 

(9,021,707

)

 

(995,732,586

)









Increase (Decrease) in Net Assets From Capital Transactions

 

 

23,381,368

 

 

(165,699,554

)









INCREASE (DECREASE) IN NET ASSETS

 

 

21,913,517

 

 

(152,588,968

)

               

NET ASSETS:

 

 

 

 

 

 

 

Beginning of period

 

 

52,792,741

 

 

205,381,709

 









End of period

 

$

74,706,258

 

$

52,792,741

 









See Notes to Financial Statements.

24  |  Institutional Enhanced Portfolio 2008 Semi-Annual Report


 

Financial highlights

 

Institutional Enhanced Portfolio


    FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH YEAR ENDED AUGUST 31, UNLESS OTHERWISE NOTED:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20081

 

2007

 

2006

 

2005

 

2004

 

20032

 

                                       

NET ASSETS, END
OF PERIOD (000s)

 

$

74,706

 

$

52,793

 

$

205,382

 

$

570,047

 

$

3,996

 

$

12,928

 

                                       

Total return3

 

 

(1.63

)%

 

3.47

%

 

4.07

%

 

2.76

%

 

1.32

%

 

0.69

%

                                       

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross expenses

 

 

0.21

%4

 

0.13

%5

 

0.14

%

 

0.17

%

 

1.15

%

 

1.03

%4

Net expenses6,7

 

 

0.05

4,8

 

0.05

5,8

 

0.05

8

 

0.05

8

 

0.10

 

 

0.10

4

Net investment income

 

 

5.06

4

 

5.42

 

 

4.30

 

 

3.23

 

 

1.18

 

 

1.28

4

                                       

PORTFOLIO TURNOVER RATE

 

 

5

%

 

201

%

 

208

%

 

124

%

 

56

%

 

228

%

                                       

 

 

1

For the six months ended February 29, 2008 (unaudited).

 

 

2

For the period March 11, 2003 (inception date) to August 31, 2003.

 

 

3

Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

 

 

4

Annualized.

 

 

5

Included in the expense ratios are certain non-recurring restructuring (and reorganization, if applicable) fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 0.13% and 0.05%, respectively.

 

 

6

Reflects fee waivers and/or expense reimbursements.

 

 

7

There was no impact to the expense ratio as a result of fees paid indirectly.

 

 

8

As a result of a voluntary expense limitation, the ratio of expenses, other than interest, brokerage, taxes and extraordinary expenses, to average net assets of shares will not exceed 0.05%.

See Notes to Financial Statements.

Institutional Enhanced Portfolio 2008 Semi-Annual Report | 25


Notes to financial statements (unaudited)

1. Organization and significant accounting policies

Institutional Enhanced Portfolio (the “Portfolio”) is a separate diversified series of Master Portfolio Trust (the “Trust”). The Trust, a Maryland business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Trustees to issue beneficial interests in the Portfolio. At February 29, 2008, all investors in the Portfolio were funds advised or administered by the manager of the fund and/or its affiliates.

The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

(a) Investment valuation. Short-term obligation instruments with less than 60 days remaining to maturity when acquired by the Portfolio are valued at amortized cost, which the Trustees have determined in good faith constitutes fair value. Debt securities are valued on the basis of valuations furnished by a pricing service which utilizes both dealer-supplied valuations and electronic data processing techniques.

(b) Interest income and expenses. Interest income consists of interest accrued and discount earned (including both original issue and market discount adjusted for amortization of premium) on the investments of the Portfolio. Expenses of the Portfolio are accrued daily. The Portfolio bears all costs of its operations other than expenses specifically assumed by the Manager.

(c) Income taxes. The Portfolio is classified as a partnership for Federal income tax purposes. As such, each investor in the Portfolio is treated as owner of its proportionate share of the net assets, income, expenses and realized gains and losses of the Portfolio. Therefore, no federal income tax provision is required. It is intended that the Portfolio’s assets will be managed so an investor in the Portfolio can satisfy the requirements of the subchapter M of the Internal Revenue Code.

(d) Fees paid indirectly. The Portfolio’s custody fees are reduced according to a fee arrangement, which provides for a reduction based on the level of cash deposited with the custodian by the Portfolio. The amount is shown as a reduction of expenses on the Statement of Operations.

(e) Other. Purchases, maturities and sales of money market instruments are accounted for on the date of the transaction. Realized gains and losses are calculated on the identified cost basis.

26 | Institutional Enhanced Portfolio 2008 Semi-Annual Report


(f) Credit and market risk. Investments in securities (such as those issued by Structured Investment Vehicles, or SIVs) which are collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value of these investments resulting in a lack of correlation between their credit ratings and values.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Portfolio’s investment manager and Western Asset Management Company (“Western Asset”) is the Portfolio’s subadviser. LMPFA and Western Asset are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

Under the investment management agreement, the Portfolio pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.10% of the Portfolio’s average daily net assets.

LMPFA provides administrative and certain oversight services to the Portfolio. LMPFA delegates to the subadviser the day-to-day portfolio management of the Portfolio. For its services, LMPFA pays Western Asset 70% of the net management fee it receives from the Portfolio.

During the six months ended February 29, 2008, the Portfolio had a voluntary expense limitation in place of 0.05% of the Portfolio’s average daily net assets.

During the six months ended February 29, 2008, LMPFA waived a portion of its fee in the amount of $28,811. In addition, during the six months ended February 29, 2008, the Portfolio was reimbursed for expenses in the amount of $25,392.

Effective January 1, 2008, the manager is permitted to recapture amounts that it has previously voluntarily waived and/or reimbursed to the Fund during the same fiscal year if the Fund’s total annual operating expenses have fallen to a level below the expense cap. In no case will the manager recapture any amount that would result, on any particular Fund business day, in the Fund’s total annual operating expenses exceeding the expense cap.

On July 10, 2006, a retirement plan applicable to the Portfolio was amended by the Board then overseeing the Portfolio (the “Previous Board”) to provide for the payment of certain benefits (in lieu of any other retirement payments under any previous plans) to Trustees who had not elected to retire as of April 2007. Trustees electing to receive benefits under the amended plan waived all rights to receive payments to which they were previously entitled under the plan. All of the

Institutional Enhanced Portfolio 2008 Semi-Annual Report | 27


Notes to financial statements (unaudited) continued

Trustees comprising the Previous Board (and who had not elected to retire as of April 2007) elected to receive benefits under the amended plan. Each fund overseen by the Previous Board (including the Portfolio) paid its pro rata share (based upon asset size) of such benefits to the Trustees comprising the Previous Board. Legg Mason or its affiliates agreed to reimburse the funds an amount equal to 50% of these benefits. The Portfolio’s allocable share of benefits under this amendment at February 29, 2008 was $811. Generally, benefits under the retirement plan are paid in quarterly installments unless the Trustee elected to receive them in a lump sum at net present value. Two former Trustees are currently receiving payments under the retirement plan.

Certain officers and one Trustee of the Trust are employees of Legg Mason or its affiliates and do not receive compensation from the Trust.

3. Investments

At February 29, 2008, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

 

 

 

 

         

Gross unrealized appreciation

 

$

51,496

 

Gross unrealized depreciation

 

 

(4,467,548

)

         

Net unrealized depreciation

 

$

(4,416,052

)

         

4. Legal matters

Beginning in June 2004, class action lawsuits alleging violations of the federal securities laws were filed against CGM, a former distributor of the Fund, and other affiliated funds (collectively, the “Funds”) and a number of its then affiliates, including Smith Barney Fund Management, LLC (“SBFM”) and Salomon Brothers Asset Management Inc. (“SBAM”), which were then investment adviser or manager to certain of the Funds (the “Managers”), substantially all of the mutual funds then managed by the Managers (the “Defendant Funds”), and Board members of the Defendant Funds (collectively, the “Defendants”). The complaints alleged, among other things, that CGM created various undisclosed incentives for its brokers to sell Smith Barney and Salomon Brothers funds. In addition, according to the complaints, the Managers caused the Defendant Funds to pay excessive brokerage commissions to CGM for steering clients towards proprietary funds. The complaints also alleged that the Defendants breached their fiduciary duty to the Defendant Funds by improperly charging Rule 12b-1 fees and by drawing on fund assets to make undisclosed payments of soft dollars and excessive brokerage commissions. The complaints also alleged that the Defendant Funds failed to adequately disclose certain of the allegedly wrongful conduct. The complaints sought injunctive relief and compensatory and punitive damages, rescission of the Defendant Funds’ contracts with the Managers, recovery of all fees paid to the Managers pursuant to such contracts and an award of attorneys’ fees and litigation expenses.

28 | Institutional Enhanced Portfolio 2008 Semi-Annual Report


On December 15, 2004, a consolidated amended complaint (the “Complaint”) was filed alleging substantially similar causes of action. On May 27, 2005, all of the Defendants filed motions to dismiss the Complaint. On July 26, 2006, the court issued a decision and order (1) finding that plaintiffs lacked standing to sue on behalf of the shareholders of the Funds in which none of the plaintiffs had invested and dismissing those Funds from the case (although stating that they could be brought back into the case if standing as to them could be established), and (2) other than one stayed claim, dismissing all of the causes of action against the remaining Defendants, with prejudice, except for the cause of action under Section 36(b) of the 1940 Act, which the court granted plaintiffs leave to repeal as a derivative claim.

On October 16, 2006, plaintiffs filed their Second Consolidated Amended Complaint (“Second Amended Complaint”) which alleges derivative claims on behalf of nine funds identified in the Second Amended Complaint, under Section 36(b) of the 1940 Act, against Citigroup Asset Management (“CAM”), SBAM and SBFM as investment advisers to the identified funds, as well as CGM as a distributor for the identified funds (collectively, the “Second Amended Complaint Defendants”). The Fund was not identified in the Second Amended Complaint. The Second Amended Complaint alleges no claims against any of the funds or any of their Board Members. Under Section 36(b), the Second Amended Complaint alleges similar facts and seeks similar relief against the Second Amended Complaint Defendants as the Complaint.

On December 3, 2007, the court granted the Defendants’ motion to dismiss, with prejudice. On January 2, 2008, the plaintiffs filed a notice of appeal to the Second Circuit Court of Appeals.

Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed in the future.

* * *

Beginning in August 2005, five class action lawsuits alleging violations of federal securities laws and state law were filed against CGM and SBFM, (collectively, the “Defendants”) based on the May 31, 2005 settlement order issued against the Defendants by the Securities and Exchange Commission (“SEC”) as previously described. The complaints seek injunctive relief and compensatory and punitive damages, removal of SBFM as the investment manager for the Smith Barney family of funds, rescission of the funds’ management and other contracts with SBFM, recovery of all fees paid to SBFM pursuant to such contracts, and an award of attorneys’ fees and litigation expenses. The five sections were subsequently consolidated, and a consolidated complaint was filed.

On September 26, 2007, the United States District Court for the Southern District of New York issued an order dismissing the consolidated complaint, and judgment was later entered. An appeal has been filed and is pending before the U.S. Court of Appeals for the Second Circuit.

Institutional Enhanced Portfolio 2008 Semi-Annual Report  |  29


Notes to financial statements (unaudited) continued

5. Other matters

On or about May 30, 2006, John Halebian, a purported shareholder of CitiSM New York Tax Free Reserves, a series of Legg Mason Partners Money Market Trust, formerly a series of CitiFunds Trust III (the “Subject Trust”), filed a complaint in the United States District Court for the Southern District of New York against the independent trustees of the Subject Trust (Elliott J. Berv, Donald M. Carlton, A. Benton Cocanougher, Mark T. Finn, Stephen Randolph Gross, Diana R. Harrington, Susan B. Kerley, Alan G. Merten and R. Richardson Pettit).

The Subject Trust is also named in the complaint as a nominal defendant. The complaint alleges both derivative claims on behalf of the Subject Trust and class claims on behalf of a putative class of shareholders of the Subject Trust in connection with the 2005 sale of Citigroup’s asset management business to Legg Mason and the related approval of new investment advisory agreements by the trustees and shareholders. In the derivative claim, the plaintiff alleges, among other things, that the independent trustees breached their fiduciary duty to the Subject Trust and its shareholders by failing to negotiate lower fees or seek competing bids from other qualified investment advisers in connection with Citigroup’s sale to Legg Mason. In the claims brought on behalf of the putative class of shareholders, the plaintiff alleges that the independent trustees violated the proxy solicitation requirements of the 1940 Act, and breached their fiduciary duty to shareholders, by virtue of the voting procedures, including “echo voting,” used to obtain approval of the new investment advisory agreements and statements made in a proxy statement regarding those voting procedures. The plaintiff alleges that the proxy statement was misleading because it failed to disclose that the voting procedures violated the 1940 Act. The relief sought includes an award of damages, rescission of the advisory agreement, and an award of costs and attorney fees.

In advance of filing the complaint, Mr. Halebian’s lawyers made written demand for relief on the Board of the Subject Trust, and the Board’s independent trustees formed a demand review committee to investigate the matters raised in the demand, and subsequently in the complaint, and recommend a course of action to the Board. The committee, after a thorough review, determined that the independent trustees did not breach their fiduciary duties as alleged by Mr. Halebian, and that the action demanded by Mr. Halebian would not be in the best interests of the Subject Trust. The Board of the Subject Trust (the trustee who is an “interested person” of the Subject Trust, within the meaning of the 1940 Act, having recused himself from the matter), after receiving and considering the committee’s report and based upon the findings of the committee, subsequently also determined and, adopting the recommendation of the committee, directed counsel to move to dismiss Mr. Halebian’s complaint. A motion to dismiss was filed on October 23, 2006. Opposition papers were filed on or about December 7, 2006. The complaint was dismissed on July 31, 2007. Mr. Halebian has filed an appeal in the U.S. Court of Appeals for the Second Circuit. The appeal is pending.

30  |  Institutional Enhanced Portfolio 2008 Semi-Annual Report


6. Recent accounting pronouncements

On September 20, 2006, the Financial Accounting Standard Board (“FASB”) released Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management has determined that there is no material impact to the Portfolio’s valuation policies as a result of adopting FAS 157. The Portfolio will implement the disclosure requirements beginning with its November 30, 2008 Form N-Q.

In March 2008, FASB issued the Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Portfolio’s financial statements and related disclosures.

Institutional Enhanced Portfolio 2008 Semi-Annual Report  |  31


Board approval of management and
subadvisory agreements
(unaudited)

At a meeting of the Board of Trustees of Master Portfolio Trust (the “Trust”) held on November 12-13, 2007, the Board, including the Board members who are not considered to be “interested persons” of the Trust (the “Independent Board Members”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Legg Mason Partners Fund Advisor, LLC (the “Manager”) with respect to the Institutional Enhanced Portfolio, a series of the Trust (the “Fund”), and the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and Western Asset Management Company (the “Subadviser”), an affiliate of the Manager, with respect to the Fund.

Background

The Board received information in advance of the meeting from the Manager to assist it in its consideration of the Management Agreement and the Sub-Advisory Agreement and was given the opportunity to ask questions and request additional information from management. The Board received and considered a variety of information about the Manager, the Subadviser and the Fund’s placement agent, as well as the management, sub-advisory and placement agency and distribution arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The Board noted that the Fund is a “master fund” in a “master-feeder” structure, whereby each “feeder fund” has the same investment objective and policies as the Fund and invests substantially all of its assets in the Fund. The presentation made to the Board encompassed the Fund and all funds for which the Board has responsibility. The Board also considered information relating to the following feeder fund (the “Feeder Fund”), for which the Board does not have responsibility: Citi Institutional Enhanced Income Fund, Ltd. The discussion below covers both the advisory and the administrative functions being rendered by the Manager, both of which functions are encompassed by the Management Agreement, as well as the advisory functions rendered by the Subadviser pursuant to the Sub-Advisory Agreement.

Board approval of management agreement and sub-advisory agreement

The Independent Board Members were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Board Members received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Management Agreement and the Sub-Advisory Agreement. The Independent Board Members also discussed the proposed continuation of the Management Agreement and the Sub-Advisory Agreement in private sessions with their independent legal counsel at which no representatives of the Manager were present. In approving the Management Agreement and Sub-Advisory Agreement, the Board, including the Independent Board Members,

32  |  Institutional Enhanced Portfolio


considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreement, and each Board Member attributed different weight to the various factors.

Nature, extent and quality of the services under the management agreement and sub-advisory agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Subadviser under the Management Agreement and the Sub-Advisory Agreement, respectively, during the past two years. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and the Subadviser took into account the Board’s knowledge and familiarity gained as Board members of funds in the Legg Mason Partners fund complex, including the scope and quality of the investment management and other capabilities of the Manager and the Subadviser, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Subadviser had expanded over time as a result of regulatory and other developments, including maintaining and monitoring their own and the Fund’s expanded compliance programs. The Board reviewed information received from the Manager and the Subadviser regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

The Board reviewed the qualifications, backgrounds and responsibilities of the Fund’s senior personnel and the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered the degree to which the Manager implemented organizational changes to improve investment results and the services provided to the Legg Mason Partners fund complex. The Board also considered, based on its knowledge of the Manager and its affiliates, the financial resources available to Legg Mason, Inc., the parent organization of the Manager and the Subadviser.

The Board considered the division of responsibilities between the Manager and the Subadviser and the oversight provided by the Manager. The Board also considered the Manager’s and the Subadviser’s brokerage policies and practices. In addition, management also reported to the Board on, among other things, its business plans, organizational changes and portfolio manager compensation plan.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided) under the Management Agreement and the Sub-Advisory Agreement were satisfactory.

Institutional Enhanced Portfolio  |  33


Board approval of management and
subadvisory agreements (unaudited) continued

Fund performance

The Board noted that the Fund had a limited performance history. In considering the performance of the Fund, the Board received and considered performance information for the Feeder Fund. The Board noted that the Feeder Fund’s performance was the same as the performance of the Fund (except for the effect of fees at the Feeder Fund level), and therefore relevant to the Board’s conclusions regarding the Fund’s performance. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Feeder Fund’s performance against its benchmark.

In its review, the Board compared the Feeder Fund’s performance information for the 1-year and 3-year periods ended September 30, 2007, to an unmanaged index, and that comparison showed, among other things, that the Feeder Fund’s returns for the 1-year and 3-year periods ended September 30, 2007 were slightly below the unmanaged index.

Based on its review, which included careful consideration of all of the factors noted above, the Board concluded that the Fund’s performance was satisfactory.

Management fees and expense ratios

The Board reviewed and considered the contractual management fee (the “Contractual Management Fee”) payable by the Fund to the Manager in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Subadviser. The Board also reviewed and considered that fee waiver and/or expense reimbursement arrangements currently are in place for the Fund and considered the actual fee rate (after taking waivers and reimbursements into account) and that the Manager has agreed to continue its fee waivers and reimbursements until further notice. In addition, the Board noted that the compensation paid to the Subadviser is paid directly by the Manager, not the Fund, and, accordingly, that the retention of the Subadviser does not increase the fees or expenses otherwise incurred by the Fund’s shareholders.

Additionally, the Board noted that each feeder fund’s expense information reflected both management fees and total expenses payable by the feeder fund as well as management fees and total expenses payable by the Fund, and therefore was relevant to the Board’s conclusions regarding the Fund’s expenses. The Board also reviewed information regarding fees charged by the Manager to other U.S. clients investing primarily in an asset class similar to that of the Fund, including, where applicable, separate accounts.

The Manager reviewed with the Board the differences in scope of services provided to the Fund and to these other clients, noting that the Fund is provided with administrative services, office facilities, Fund officers (including the Fund’s chief executive, chief financial and chief compliance officers), and that the

34  |  Institutional Enhanced Portfolio


Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences required to manage these different types of accounts. The Board also considered and discussed information about the Subadviser’s fees, including the amount of the management fees retained by the Manager after payment of the subadvisory fee. The Board also received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

Management also discussed with the Board the Fund’s placement agency arrangements and the distribution arrangements of the Fund’s feeder funds. The Board was provided with information concerning revenues received by and certain expenses incurred by distributors affiliated with the Fund during the past two years and how the amounts received by the distributors were paid during that period.

The Board consider the Fund’s Contractual Management Fee and its actual management fees, including fee waivers and reimbursements. The Board also considered the expenses of the Feeder Fund and Citi Institutional Enhanced Income Fund, a series of Legg Mason Partners Institutional Trust and another feeder fund in the Fund, and recognized that investors only invest indirectly in the Fund through a feeder fund.

Taking all of the above into consideration, the Board determined that the management fee and the subadvisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreement.

Manager profitability

The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason Partners fund complex as a whole. In addition, the Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data, as well as a report from an outside consultant that had reviewed the methodologies. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund and the type of fund.

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale as the Fund’s assets grow. The Board also considered the effect of the Fund’s growth and size on its performance and fees, noting that as the Fund’s assets increase over time, certain expenses, such as

Institutional Enhanced Portfolio | 35


Board approval of management and
subadvisory agreements
(unaudited) continued

fees for Board members, auditors and legal fees, become a smaller percentage of overall assets.

The Board determined that the management fee structure for the Fund was reasonable.

Other benefits to the manager and the subadviser

The Board considered other benefits received by the Manager, the Subadviser and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders.

In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Subadviser to the Fund, the Board considered that the ancillary benefits that the Manager and its affiliates received were reasonable.

* * *

In light of all of the foregoing, the Board determined that the continuation of each of the Management Agreement and Sub-Advisory Agreement would be in the best interests of the Fund’s shareholders and approved the continuation of such agreements for another year.

36 | Institutional Enhanced Portfolio


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


CitiSM Institutional Enhanced Income Fund

 

 

 

 


Trustees

Elliott J. Berv
A. Benton Cocanougher
Jane F. Dasher
Mark T. Finn
R. Jay Gerken, CFA
   Chairman
Rainer Greeven
Stephen R. Gross
Richard E. Hanson, Jr.
Diana R. Harrington
Susan M. Heilbron
Susan B. Kerley
Alan G. Merten
R. Richardson Pettit

Investment manager
(of Institutional Enhanced
Portfolio)


Legg Mason Partners Fund
Advisor, LLC

Subadviser

Western Asset Management
Company

 


Distributor

Legg Mason Investor Services, LLC

Transfer agents

Boston Financial Data Services, Inc.
2 Heritage Drive
North Quincy, Massachusetts 02171

PFPC Inc.
4400 Computer Drive
Westborough, Massachusetts 01581


Custodian

State Street Bank and Trust
Company

Independent registered
public accounting firm

KPMG LLP
345 Park Avenue
New York, New York 10154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

CitiSM Institutional Enhanced Income Fund

 

 

 

 

 

The Fund is a separate investment Fund of Legg Mason Partners Institutional Trust, a Maryland business trust.

 

 

 

 

 

CITISM INSTITUTIONAL ENHANCED INCOME FUND
55 Water Street
New York, New York 10041

 

 

 

 

 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. To obtain information on Form N-Q from the Fund, shareholders can call 1-800-451-2010.

 

 

 

 

 

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ending June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling 1-800-451-2010.

 

 

 

 

 

This report is submitted for the general information of the shareholders of CitiSM Institutional Enhanced Income Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

 

 

 

 

 

This report must be preceded or accompanied by a free prospectus. Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

 

 

 

 

 

 

 

 

www.leggmason.com/individualinvestors

© 2008 Legg Mason Investor Services, LLC
Member FINRA, SIPC

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 


BUILT TO WINSM

 

(LEGG MASON LOGO)

 

 

 

 

 

 

 

 

At Legg Mason, we’ve assembled a collection of experienced investment management firms and empowered each of them with the tools, the resources and, most importantly, the independence to pursue the strategies they know best.

 

 

 

 

 

 

 

 

 

 

•     Each was purposefully chosen for their commitment to investment excellence.

 

 

 

 

 

 

 

 

 

 

 

•     Each is focused on specific investment styles and asset classes.

 

 

 

 

 

 

 

 

 

 

 

•     Each exhibits thought leadership in their chosen area of focus.

 

 

 

 

 

 

 

 

 

 

 

Together, we’ve built a powerful portfolio of solutions for financial advisors and their clients. And it has made us a world leader in money management.*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*     Ranked ninth-largest investment manager in 2007, based on 12/31/06 assets under management, according to Pensions & Investment, May 2007.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       www.leggmason.com/individualinvestors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       © 2008 Legg Mason Investor Services, LLC Member FINRA, SIPC
       FDXX010865 4/08          SR08-550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOT PART OF THE SEMI-ANNUAL REPORT

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

ITEM 2.

CODE OF ETHICS.

 

 

 

Not applicable.

 

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

 

 

 

Not applicable.

 

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

 

 

Not applicable.

 

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

 

 

Not applicable.

 

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

 

 

 

Included herein under Item 1.

 

 

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

 

 

Not applicable.

 

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

 

 

Not applicable.

 

 

ITEM 9.

PURCHASES OF INCOME SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

 

 

Not applicable.

 

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

 

 

Not applicable.

 

 

ITEM 11.

CONTROLS AND PROCEDURES.


 

 

 

 

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

 

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are likely to materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

 

 

 

ITEM 12.

EXHIBITS.

 

 

 

(a) (1) Not applicable.

 

Exhibit 99.CODE ETH

 

 

 

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

 

Exhibit 99.CERT

 

 

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

 

Exhibit 99.906CERT



SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Legg Mason Partners Institutional Trust

 

 

By:

/s/ R. Jay Gerken                 

 

(R. Jay Gerken)

 

Chief Executive Officer of

 

Legg Mason Partners Institutional Trust

Date: May 02, 2008

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/ R. Jay Gerken                 

 

(R. Jay Gerken)

 

Chief Executive Officer of

 

Legg Mason Partners Institutional Trust

Date: May 02, 2008

 

 

By:

/s/ Frances M. Guggino     

 

(Frances M. Guggino)

 

Chief Financial Officer of

 

Legg Mason Partners Institutional Trust

Date: May 02, 2008


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CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

CERTIFICATIONS

I, R. Jay Gerken, certify that:

 

 

 

1.

I have reviewed this report on Form N-CSR of Legg Mason Partners Institutional Trust – Citi Institutional Enhanced Income Fund;

 

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

 

 

4.

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

 

 

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

 

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

 

 

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

 

 

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

 

5.

The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

 

 

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


 

 

 

 

 

Date:

May 02, 2008

 

/s/ R. Jay Gerken

 

 

 

 


 

 

 

 

R. Jay Gerken

 

 

 

 

Chief Executive Officer

 



I, Frances M. Guggino, certify that:

 

 

 

1.

I have reviewed this report on Form N-CSR of Legg Mason Partners Institutional Trust – Citi Institutional Enhanced Income Fund;

 

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

 

3.

Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

 

 

4.

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

 

 

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

 

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

 

 

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

 

 

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

 

5.

The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

 

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

 

 

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


 

 

 

 

 

Date:

May 02, 2008

 

/s/ Frances M. Guggino

 

 

 

 


 

 

 

 

Frances M. Guggino

 

 

 

 

Chief Financial Officer

 



EX-99.906CERT 8 c52954_ex99-906cert.htm

 

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

CERTIFICATION

R. Jay Gerken, Chief Executive Officer, and Frances M. Guggino, Chief Financial Officer of Legg Mason Partners Institutional Trust – Citi Institutional Enhanced Income Fund (the “Registrant”), each certify to the best of his knowledge that:

          1. The Registrant’s periodic report on Form N-CSR for the period ended February 29, 2008 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

          2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

 

 

Chief Executive Officer

Chief Financial Officer

Legg Mason Partners

Legg Mason Partners

Institutional Trust –

Institutional Trust –

Citi Institutional Enhanced Income Fund

Citi Institutional Enhanced Income Fund

 

 

/s/ R. Jay Gerken

/s/ Frances M. Guggino


 


 

R. Jay Gerken

Frances M. Guggino

Date: May 02, 2008

Date: May 02, 2008

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.


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