<PAGE>
TRUSTEES AND OFFICERS
Philip W. Coolidge*, President
H. B. Alvord
C. Oscar Morong, Jr.
E. Kirby Warren
SECRETARY
Thomas M. Lenz*
TREASURER
John R. Elder*
*Affiliated Person of Administrator and Distributor
- --------------------------------------------------------------------------------
INVESTMENT ADVISER
(OF TAX FREE RESERVES PORTFOLIO)
Citibank, N.A.
153 East 53rd Street, New York, NY 10043
ADMINISTRATOR AND DISTRIBUTOR
The Landmark Funds Broker-Dealer Services, Inc.
6 St. James Avenue, Boston, MA 02116
(617) 423-1679
TRANSFER AGENT AND CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street, Boston, MA 02110
AUDITORS
Deloitte & Touche LLP
125 Summer Street, Boston, MA 02110
LEGAL COUNSEL
Bingham, Dana & Gould
150 Federal Street, Boston, MA 02110
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING AGENTS
(See Inside Cover)
This report is prepared for the information of shareholders. It is authorized
for distribution to prospective investors only when preceded or accompanied by
an effective prospectus.
TFR/S/96 Printed on Recycled Paper [Recycled Logo]
LANDMARK\SM/ FUNDS
Advised by Citibank, N.A.
[Logo]
LANDMARK
TAX FREE RESERVES
SEMI-ANNUAL
REPORT
February 29, 1996
<PAGE>
A LETTER TO OUR SHAREHOLDERS
Dear Shareholder:
Consistent with the economic environment during the first half of the
Fund's fiscal year, the six-month period ended February 29, 1996 was
characterized by modest economic growth, low inflation and declining interest
rates. While this combination of economic influences was a recipe for
above-average gains in stocks and bonds, shareholders of tax-free money market
funds saw yields decline along with interest rates. Yet, tax-exempt money market
funds remained an excellent investment vehicle for earning competitive,
federally tax-exempt returns on assets available for short-term investments.
The Landmark Funds' investment adviser, Citibank, N.A., managed Tax Free
Reserves Portfolio in a manner consistent with the objective stated in the
Fund's prospectus: providing high levels of current income exempt from federal
income taxes, preservation of capital and liquidity. The Fund seeks to offer an
attractive yield by investing in a high-quality portfolio of short-term
municipal obligations issued by a variety of states, U.S. territories,
municipalities and their agencies.
This Semi-Annual Report reviews the Fund's investment activities and
performance over the past six months, and provides a summary of Citibank's
perspective on the financial markets and outlook for the foreseeable future. On
behalf of the Board of Trustees of the Landmark Funds, I want to thank our
shareholders for their participation and support. We look forward to serving you
in the months and years ahead.
/s/Philip W. Coolidge
Philip W. Coolidge
President
March 20, 1996
<PAGE>
TABLE OF CONTENTS
1 Letter to Shareholders
- --------------------------------------------------------------------------------
2 Market Environment
Fund Snapshot
- --------------------------------------------------------------------------------
3 Fund Quotes
The Portfolio Manager Responds
Strategy and Outlook
- --------------------------------------------------------------------------------
4 Fund Data
7-Day Yield Comparisons
LANDMARK TAX FREE RESERVES
- --------------------------------------------------------------------------------
5 Statement of Assets and Liabilities
Statement of Operations
- --------------------------------------------------------------------------------
6 Statement of Changes in Net Assets
Financial Highlights
- --------------------------------------------------------------------------------
7 Notes to Financial Statements
- --------------------------------------------------------------------------------
TAX FREE RESERVES PORTFOLIO
- --------------------------------------------------------------------------------
9 Portfolio of Investments
- --------------------------------------------------------------------------------
15 Statement of Assets and Liabilities
- --------------------------------------------------------------------------------
16 Statement of Operations
- --------------------------------------------------------------------------------
17 Statement of Changes in Net Assets
Financial Highlights
- --------------------------------------------------------------------------------
18 Notes to Financial Statements
- --------------------------------------------------------------------------------
Remember that Mutual Fund Shares:
o Are not bank deposits or FDIC insured
o Are not obligations of or guaranteed by Citibank or Citicorp Investment
Services
o Are subject to investment risks, including possible loss of the
principal amount invested.
<PAGE>
MARKET ENVIRONMENT
By September 1995, when the reporting period began, fixed-income yields
were declining in response to slower U.S. economic growth and a short-term
interest-rate cut enacted by the Federal Reserve in July. When the rate of
economic growth moderated further during the Fall, investors became convinced
that the Federal Reserve would need to lower interest rates again to reduce the
potential for a recession. Indeed, interest-rate cuts in December 1995 and
January 1996 helped drive yields lower still.
At the same time, the states and municipalities issuing short-term
municipal paper were enjoying the benefits of relative financial strength. In
many cases, strong inflows of tax revenues and spending reductions alleviated,
and in some cases eliminated, their need to borrow in the financial markets. As
a result, many states and municipalities reduced their issuance of short-term
municipal bonds, causing a lack of supply in the marketplace. Yet, demand for
short-term municipals remained high as investors sought tax relief for their
investment income. This supply/demand imbalance put more downward pressure on
tax-free money market yields, causing interest rates to decline further.
FUND SNAPSHOT
COMMENCEMENT OF OPERATIONS
August 31, 1984
NET ASSETS AS OF 2/29/96
$401.0 million
FUND OBJECTIVE
Provide high levels of current income which is exempt from Federal income
taxes,* preservation of capital and liquidity.
DIVIDENDS
Declared daily, paid monthly
CAPITAL GAINS
Distributed annually, if any
BENCHMARKS
o IBC/Donoghue Tax Free Funds Average
INVESTMENT ADVISER
TAX FREE RESERVES PORTFOLIO
Citibank, N.A.
*A portion of the income may be subject to the Federal Alternative Minimum Tax
(AMT). Consult your personal tax advisor.
FUND QUOTES FROM THE PORTFOLIO MANAGER
"States are benefiting from economic strength and positive cash flows, so they
have less need to borrow."
"One of our strategies was to lengthen the average maturity of the portfolio and
lock in higher yields."
"Despite some recent evidence of renewed economic strength, we expect the
economy to grow only modestly for the remainder of 1996."
THE PORTFOLIO MANAGER RESPONDS
The greatest challenge facing the Portfolio in this market environment was
finding high-quality investments with higher-than-average yields. Fortunately,
because of Citibank's analytical skills and strong presence in municipal bond
markets throughout the United States, we were able to find attractive
investments. For example, rather than simply settle for the yields provided by
tax-exempt notes, we found higher yielding alternatives in high-coupon,
pre-refunded bonds--those for which funds have been safely set aside in
anticipation of redemption on the first available call date.
In addition, we strove to lengthen the average maturity of the Portfolio
during the period. By purchasing longer-dated investments, we were able to
maintain incrementally higher yields for a longer period even as interest rates
declined.
Finally, we maintained the Portfolio's high credit quality throughout the
period. Because of perceived problems in Japan's banking system, we avoided
investments backed by certain Japanese letters of credit. Fortunately, we were
able to find an adequate supply of investments backed by letters of credit from
financially strong banks in the U.S. and Europe. At the end of the period, 100%
of the Portfolio was comprised of securities rated AA or its equivalent and
above.
STRATEGY AND OUTLOOK
Stronger than expected economic data released in March--after the close of
the reporting period--raised concerns in the fixed-income markets that the
Federal Reserve may not reduce short-term interest rates again in the near
future. Because the likelihood of lower interest rates had already been
incorporated into bond prices, the market reacted negatively when the news was
released.
We believe, however, that the economic strength underlying the data will
not persist. Instead, we expect the U.S. economy to grow only modestly in 1996,
keeping both inflation and interest rates at relatively low levels. These
factors should help create an environment in which short-term municipal bond
yields continue to decline modestly. In addition, we foresee little change in
the supply-and-demand situation in a slow-growth environment; the issuance of
short-term paper should continue to be restrained.
Our strategy looking forward is to maintain a less aggressive maturity
stance in our money market portfolios until it becomes clearer that economic
growth will not accelerate to inflationary levels. Subsequently, we will
actively manage the Portfolio through changes in average maturity in order to
maximize yields. In addition, we will continue to search the markets for
high-quality securities that help us generate competitive levels of tax-free
income and preserve capital for our shareholders.
FUND DATA All Periods Ended February 29, 1996 (unaudited)
TOTAL RETURNS
----------------------------------
SIX ONE FIVE TEN
MONTHS+ YEAR YEARS* YEARS*
------ ----- ----- ------
Landmark Tax Free Reserves.................... 1.57% 3.30% 2.83% 3.86%
Lipper Tax Exempt Money Market Funds Average.. 1.57% 3.19% 3.01% 3.95%
* Average Annual Total Return
+ Not Annualized
7-DAY YIELDS
- ----------
Annualized Current 2.81%
Effective 2.85%
The Annualized Current 7-Day Yield reflects the amount of income generated by
the investment during that seven day period and assumes that the income is
generated each week over a 365 day period. The yield is shown as a percentage of
the investment.
The Effective 7-Day Yield is calculated similarly, but when annualized, the
income earned by the investment during that seven day period is assumed to be
reinvested.
The effective yield is slightly higher than the current yield because of the
compounding effect of this assumed reinvestment.
7-DAY YIELD COMPARISONS
As the graph illustrates, Landmark Tax Free Reserves generally provided a
comparable annualized seven-day yield with similar Money Market Funds, as
published in IBC/Donoghue's Money Fund Report over the one year period.
<PAGE>
COMPARISON OF 7-DAY YIELDS FOR LANDMARK TAX FREE RESERVES
VS. IBC/DONOGHUE TAX FREE FUNDS AVERAGE
Landmark IBC/Donoghue
Tax Free Tax Free
Reserves Funds Average
3/7/95 3.34% 3.32%
3/14/95 3.21% 3.17%
3/21/95 3.34% 3.27%
3/28/95 3.49% 3.42%
4/4/95 3.57% 3.52%
4/11/95 3.42% 3.34%
4/18/95 3.52% 3.46%
4/25/95 3.65% 3.62%
5/2/95 3.76% 3.79%
5/9/95 3.73% 3.77%
5/16/95 3.76% 3.83%
5/23/95 3.62% 3.63%
5/30/95 3.52% 3.56%
6/6/95 3.31% 3.29%
6/13/95 2.98% 2.85%
6/20/95 3.46% 3.34%
6/27/95 3.57% 3.54%
7/4/95 3.38% 3.46%
7/11/95 3.02% 2.94%
7/18/95 2.89% 2.79%
7/25/95 3.20% 3.16%
8/1/95 3.25% 3.25%
8/8/95 3.10% 3.12%
8/15/95 3.21% 3.23%
8/22/95 3.22% 3.23%
8/29/95 3.15% 3.18%
9/5/95 3.13% 3.14%
9/12/95 3.04% 3.02%
9/19/95 3.20% 3.22%
9/26/95 3.33% 3.37%
10/3/95 3.39% 3.51%
10/10/95 3.10% 3.16%
10/17/95 3.11% 3.11%
10/24/95 3.19% 3.20%
10/31/95 3.25% 3.28%
11/7/95 3.19% 3.20%
11/14/95 3.23% 3.25%
11/21/95 3.26% 3.28%
11/28/95 3.23% 3.25%
12/5/95 3.17% 3.17%
12/12/95 3.03% 3.05%
12/19/95 3.36% 3.41%
12/26/95 3.64% 3.67%
1/2/96 3.73% 3.88%
1/9/96 3.02% 3.10%
1/16/96 2.82% 2.86%
1/23/96 2.73% 2.77%
1/30/96 2.85% 2.86%
2/6/96 2.83% 2.81%
2/13/96 2.81% 2.79%
2/20/96 2.83% 2.81%
2/27/96 2.83% 2.83%
Notes: The Fund seeks to maintain a stable $1.00 per share price, although there
is no assurance that this will be so on a continuing basis. Fund shares are not
insured or guaranteed by the U.S. Government. Yields and total returns will
fluctuate and past performance is no guarantee of future results. Total return
figures include reinvestment of dividends. Returns and yields reflect certain
voluntary fee waivers. If the waivers were not in place, the Fund's returns
would have been lower.
<PAGE>
Landmark Tax Free Reserves
STATEMENT OF ASSETS AND LIABILITIES February 29, 1996 (unaudited)
ASSETS:
Investment in Tax Free Reserves Portfolio, at value (Note 1)...... $401,844,935
------------
LIABILITIES:
Dividends payable................................................. 703,028
Payable to affiliate--Shareholder Servicing Agents' fee (Note 3B). 80,065
Accrued expenses and other liabilities............................ 53,025
------------
Total liabilities............................................. 836,118
------------
NET ASSETS for 401,015,051 shares of beneficial
interest outstanding............................................ $401,008,817
============
NET ASSETS CONSIST OF:
Paid-in capital................................................... $401,015,051
Accumulated net realized loss on investments...................... (6,234)
------------
Total......................................................... $401,008,817
============
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE... $1.00
=====
Landmark Tax Free Reserves
STATEMENT OF OPERATIONS
For the Six Months Ended February 29, 1996 (unaudited)
INVESTMENT INCOME (Note 1A):
Income from Tax Free Reserves Portfolio............... $7,242,486
Allocated expenses from Tax Free Reserves Portfolio... (576,067)
----------
Net investment income from Tax Free Reserves
Portfolio....................................... $6,666,419
EXPENSES:
Administrative fees (Note 3A)......................... $ 479,231
Shareholder Servicing Agents' fees (Note 3B).......... 479,231
Distribution fees (Note 4)............................ 191,692
Shareholder reports................................... 11,703
Custodian fees........................................ 10,061
Auditing fees......................................... 9,550
Trustee fees.......................................... 7,863
Transfer fee.......................................... 6,000
Legal fees............................................ 5,665
Miscellaneous......................................... 14,027
----------
Total expenses.................................... 1,215,023
Less aggregate amount waived by Administrator
and Distributor (Notes 3A and 4).................... (545,036)
----------
Net expenses...................................... 669,987
----------
Net investment income............................. 5,996,432
NET REALIZED LOSS ON INVESTMENTS FROM TAX FREE
RESERVES PORTFOLIO.................................. (63)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.. $5,996,369
==========
See notes to financial statements
<PAGE>
Landmark Tax Free Reserves
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
FEBRUARY 29, 1996 YEAR ENDED
(UNAUDITED) AUGUST 31, 1995
----------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
<S> <C> <C>
Net investment income........................................ $ 5,996,432 $ 9,867,160
Net realized gain (loss) on investments...................... (63) 75,464
------------ -----------
Net increase in net assets resulting from operations..... 5,996,369 9,942,624
------------ -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income........................................ (5,996,432) (9,867,160)
------------ -----------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
AT NET ASSET VALUE OF $1.00 PER SHARE (Note 5):
Proceeds from sale of shares................................. 418,079,646 874,265,741
Net asset value of shares issued to shareholders from
reinvestment of dividends.................................. 1,407,832 2,996,576
Cost of shares repurchased................................... (410,650,729) (717,498,287)
------------ -----------
Net increase in net assets from transactions in shares
of beneficial interest................................. 8,836,749 159,764,030
------------ -----------
NET INCREASE IN NET ASSETS .................................. 8,836,686 159,839,494
NET ASSETS:
Beginning of period.......................................... 392,172,131 232,332,637
------------ ------------
End of period................................................ $401,008,817 $392,172,131
============ ============
</TABLE>
Landmark Tax Free Reserves
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED AUGUST 31
FEBRUARY 29, 1996 ------------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991
--------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period.. $1.00000 $1.00000 $1.00000 $1.00000 $1.00000 $1.00000
Net investment income................. 0.01556 0.03197 0.02002 0.02014 0.03125 0.04667
Less dividends from net investment
income.............................. (0.01556) (0.03197) (0.02002) (0.02014) (0.03125) (0.04667)
-------- -------- -------- -------- -------- --------
Net Asset Value, end of period........ $1.00000 $1.00000 $1.00000 $1.00000 $1.00000 $1.00000
======== ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $401,009 $392,172 $232,333 $227,296 $211,978 $200,002
Ratio of expenses to average net assets* 0.65%+ 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of net investment income to
average net assets.................. 3.13%+ 3.22% 1.99% 2.01% 3.10% 4.62%
Total return.......................... 1.57%++ 3.24% 2.02% 2.03% 3.17% 4.77%
Note: If agents of the Fund and agents of Tax Free Reserves Portfolio had not waived a portion of their fees
during the periods indicated, the net investment income per share and the ratios would have been as follows:
Net investment income per share....... $0.01412 $0.02929 $0.01730 $0.01723 $0.02813 $0.04364
RATIOS:
Expenses to average net assets*....... 0.94%+ 0.92% 0.92% 0.94% 0.97% 0.95%
Net investment income to
average net assets.................. 2.84%+ 2.95% 1.72% 1.72% 2.79% 4.32%
*Includes the Fund's share of Tax Free Reserves Portfolio's allocated expenses.
+Annualized
++Not Annualized
See notes to financial statements
</TABLE>
<PAGE>
Landmark Tax Free Reserves
NOTES TO FINANCIAL STATEMENTS (unaudited)
(1) SIGNIFICANT ACCOUNTING POLICIES
Landmark Tax Free Reserves (the "Fund") is organized as a Massachusetts business
trust and is registered under the Investment Company Act of 1940, as amended, as
a non-diversified, open-end, management investment company. The Fund invests all
of its investable assets in Tax Free Reserves Portfolio (the "Portfolio"), a
management investment company for which Citibank, N.A. ("Citibank") serves as
investment adviser. The Landmark Funds Broker-Dealer Services, Inc. ("LFBDS")
acts as the Fund's Administrator and Distributor. Citibank also serves as
Sub-Administrator and makes shares available to customers through various
Shareholder Servicing Agents.
The Fund seeks to achieve its investment objective of a high level of current
income which is exempt from federal income taxes, consistent with preservation
of capital and liquidity, by investing all of its investable assets in the
Portfolio, an open-end, non-diversified management investment company having the
same investment objective as the Fund. The value of such investment reflects the
Fund's proportionate interest (approximately 99.9% at February 29, 1996) in the
net assets of the Portfolio.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
The financial statements of the Portfolio, including the portfolio of
investments, are contained elsewhere in this report and should be read in
conjunction with the Fund's financial statements.
The significant accounting policies consistently followed by the Fund are in
conformity with generally accepted accounting principles and are as follows:
A. INTEREST INCOME -- The Fund earns income, net of Portfolio expenses, daily on
its investment in the Portfolio.
B. FEDERAL TAXES -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code available to regulated investment companies and to
distribute to shareholders all of its net investment income. Accordingly, no
provision for federal income or excise tax is necessary. At August 31, 1995, the
Fund, for federal income tax purposes, had a capital loss carryover of $6,171,
of which $4,677 will expire on August 31, 1999 and $1,494 will expire on August
31, 2002. Such capital loss carryovers will reduce the Fund's taxable income
arising from future net realized gain on investment transactions, if any, to the
extent permitted by the Internal Revenue Code, and thus will reduce the amount
of distributions to shareholders which would otherwise be necessary to relieve
the Fund of any liability for federal income tax. Dividends paid by the Fund
from net interest received on tax-exempt money market instruments are not
includable by shareholders as gross income for federal income tax purposes
because the Fund intends to meet certain requirements of the Internal Revenue
Code applicable to regulated investment companies which will enable the Fund to
pay exempt-interest dividends. The portion of such interest, if any, earned on
private activity bonds issued after August 7, 1986, may be considered a tax
preference item to shareholders.
C. EXPENSES -- The Fund bears all costs of its operations other than expenses
specifically assumed by Citibank and LFBDS.
D. OTHER -- All the net investment income of the Portfolio is allocated pro
rata, based on respective ownership interests, among the Fund and any other
investors in the Portfolio at the time of such determination.
(2) DIVIDENDS
The net income of the Fund is determined once daily, as of 12:00 noon, New York
City time, and all of the net income of the Fund so determined is declared as a
dividend to shareholders of record at the time of such determination. Dividends
are distributed in the form of additional shares of the Fund or, at the election
of the shareholder, in cash (subject to the policies of the shareholder's
Shareholder Servicing Agent) on or prior to the last business day of the month.
(3) ADMINISTRATIVE SERVICES PLAN
The Fund has adopted an Administrative Services Plan which provides that the
Fund may obtain the services of an Administrator, one or more Shareholder
Servicing Agents, and other Servicing Agents, and may enter into agreements
providing for the payment of fees for such services. Under the Fund's
Administrative Services Plan, the aggregate of the fee paid to the Administrator
from the Fund, the fees paid to the Shareholder Servicing Agents from the Fund
under such plan and the Basic Distribution Fee paid from the Fund to the
Distributor under the Distribution Plan may not exceed 0.60% of the Fund's
average daily net assets on an annualized basis for the Fund's then-current
fiscal year.
A. ADMINISTRATIVE FEES -- Under the terms of an Administrative Services
Agreement, LFBDS is entitled to an administrative fee, as compensation for
overall administrative services and general office facilities, which is computed
at the annual rate of 0.25% of the Fund's average daily net assets.
Administrative fees amounted to $479,231, of which $353,344 was voluntarily
waived for the six months ended February 29, 1996. Citibank acts as
Sub-Administrator and performs such duties and receives such compensation from
LFBDS as from time to time is agreed to by LFBDS and Citibank. The Fund pays no
compensation directly to any Trustee or any officer who is affiliated with the
Administrator, all of whom receive remuneration for their services to the Fund
from the Administrator or its affiliates. Certain of the officers and a Trustee
of the Fund are officers and a director of the Administrator or its affiliates.
B. SHAREHOLDER SERVICING AGENT FEES -- The Fund has entered into shareholder
servicing agreements with each Shareholder Servicing Agent pursuant to which
that Shareholder Servicing Agent acts as an agent for its customers and provides
other related services. For their services, each Shareholder Servicing Agent
receives a fee from the Fund, but may be paid periodically, which may not
exceed, on an annualized basis, an amount equal to 0.25% of the average daily
net assets of the Fund represented by shares owned during the period for which
payment is being made by investors for whom such Shareholder Servicing Agent
maintains a servicing relationship. Shareholder Servicing Agent fees amounted to
$479,231, for the six months ended February 29, 1996.
(4) DISTRIBUTION FEE
The Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the
Investment Company Act of 1940, as amended, in which the Fund reimburses the
Distributor for expenses incurred or anticipated in connection with the sale of
shares of the Fund, at an annual rate not to exceed 0.10% of the Fund's average
daily net assets. The Distributor may also receive an additional fee from the
Fund not to exceed 0.10% of the Fund's average daily net assets in anticipation
of, or as reimbursement for, advertising expenses incurred by the Distributor in
connection with the sale of shares of the Fund. No payments of such additional
fees have been made to date. Distribution fees amounted to $191,692, all of
which was voluntarily waived for the six months ended February 29, 1996.
(5) SHARE OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional Shares of Beneficial Interest (without par value).
(6) INVESTMENT TRANSACTIONS
Increases and decreases in the Fund's investment in the Portfolio aggregated
$235,665,352 and $234,708,924, respectively, for the six months ended February
29, 1996.
(7) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost of the Fund's investment in the Portfolio at February 29, 1996, for
federal income tax purposes, amounted to $401,844,935.
<PAGE>
Tax Free Reserves Portfolio
PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited)
PRINCIPAL
AMOUNT
ISSUER (000'S OMITTED) VALUE
- --------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--7.0%
Chesterfield County Virginia lndustrial
Development, 3.40% due 5/14/96 $ 3,000 $ 3,000,000
Cornell, Michigan Economic
Development Corp.,
3.15% due 4/9/96............ 2,500 2,500,000
Houston, Texas Airport, AMT,
3.15% due 4/9/96............ 4,000 4,000,000
Lower Colorado River Authority,
Series B, 3.20% due 5/8/96.. 3,000 3,000,000
Mesa, Arizona Municipal Development
Corp., 3.20% due 4/9/96..... 1,500 1,500,000
Peninsula Ports, Virginia
3.20% due 4/8/96............ 1,000 1,000,000
Pinellas County, Florida Educational
Facilities, 3.10% due 6/6/96 3,000 3,000,000
Port Anacortes, Washington Industrial
Development Authority,
3.15% due 3/7/96............ 2,000 2,000,000
Texas Finance Authority,
3.38% due 3/6/96............ 3,000 3,000,000
Texas Public Finance Authority,
3.20% due 5/8/96............ 5,000 5,000,000
------------
28,000,000
------------
GENERAL OBLIGATION BONDS AND NOTES--9.7%
Albuquerque, New Mexico,
5.00% due 7/1/96............ 3,375 3,393,796
Anne Arundel County, Maryland,
5.80% due 3/1/97............ 1,150 1,178,886
Austin, Texas,
7.75% due 9/1/96............ 1,340 1,365,830
Chicago, Illinois,
5.00% due 1/1/97............ 4,310 4,369,788
DeKalb County, Georgia,
7.30% due 1/1/97............ 1,000 1,053,427
Florida State Board of Education
Capital Outlay,
6.40% due 6/1/96............ 3,000 3,019,474
Georgia State,
7.70% due 4/1/96............ 2,000 2,006,531
Iowa School Corps.,
4.75% due 6/28/96........... 4,500 4,512,670
Michigan State,
4.00% due 9/30/96........... 6,000 6,034,386
Milwaukee Wisconsin,
4.75% due 6/15/96........... 1,835 1,840,156
Minnesota State,
6.50% due 8/1/96............ 1,000 1,011,457
Missouri State,
7.05% due 8/1/96............ 2,600 2,687,838
Missouri State,
7.50% due 8/1/96............ 1,000 1,034,741
North Slope Borough, Arkansas,
6.25% due 6/30/96........... 1,150 1,161,104
North Slope Borough, Arkansas,
6.60% due 6/30/96........... 1,000 1,010,801
Salt Lake City, Utah School District,
4.40% due 3/1/97............ 2,090 2,113,040
Tennessee State,
5.00% due 3/1/97............ 1,065 1,082,687
------------
38,876,612
------------
ANNUAL AND SEMI-ANNUAL TENDER REVENUE BONDS AND NOTES (PUTS)--29.6%
Arkansas State Financial Authority
Single Family Mortgage Revenue,
3.80% due 3/1/96............ 3,000 3,000,000
Arkansas State Financial Authority
Single Family Mortgage Revenue,
AMT, 3.90% due 3/1/96....... 2,240 2,240,000
Arkansas State Financial Authority
Single Family Mortgage Revenue,
AMT, 3.90% due 8/1/96....... 3,200 3,200,000
Atlanta, Georgia
Urban Resource Finance Authority,
3.75% due 5/1/96............ 6,000 6,000,000
Chicago, Illinois
Single Family Mortgage Revenue,
AMT, 3.30% due 10/15/96..... 5,000 5,000,000
Clackmas County, Oregon Hospital
Facilities Authority,
3.70% due 4/1/96............ 4,400 4,400,000
Council Bluffs, Indiana Revenue,
4.00% due 4/1/96............ 3,975 3,975,000
Dallas, Texas,
6.70% due 5/1/96............ 3,000 3,014,188
Florida State, Sunshine Skyway Revenue,
7.25% due 6/1/96............ 500 514,185
Harrisonburg, Virginia Multi-Family
Housing Revenue,
3.50% due 2/1/97............ 2,000 2,000,000
Hawaii State Department of Budget and
Finance, 3.75% due 3/1/96... 3,710 3,710,000
Illinois Housing Development
Authority, 3.45% due 9/3/96. 4,100 4,100,000
Indiana State Single Family Housing,
AMT, 4.00% due 7/1/96....... 2,500 2,500,000
Indianapolis, Indiana Local Public
Bond Bank, 5.00% due 2/1/97 1,000 1,017,375
Iowa, Single Family Authority Revenue,
3.20% due 2/27/97........... 2,905 2,905,000
Iowa Municipalities Workers,
4.10% due 7/1/96............ 3,000 3,000,000
Jackson County, Mississippi,
3.90% due 8/1/96............ 1,900 1,900,000
Los Angeles, California
Certificates of Participation,
3.70% due 2/1/97............ 2,550 2,564,162
Lower Neches Valley, Texas
Pollution Control Revenue,
3.10% due 8/15/96........... 2,900 2,900,000
Marion County, Tennessee
Industrial Environmental, AMT,
3.50% due 8/1/96............ 6,000 6,000,000
Massachusetts Bay Transportation
Authority, 7.00% due 3/1/97. 2,160 2,237,639
Massachusetts State College Building,
7.25% due 5/1/96............ 1,850 1,896,017
Milwaukee, Wisconsin Metropolitan
Sewer District, 9.00% due 5/1/96 6,000 6,050,817
Missouri State Housing Development,
AMT, 4.20% due 11/1/96...... 2,000 2,000,000
Montgomery County, Maryland
Housing Opportunities,
3.90% due 11/14/96.......... 4,500 4,500,000
New Jersey State,
7.00% due 4/1/96............ 1,500 1,503,625
New Mexico Mortgage Finance
Authority, AMT,
3.85% due 8/28/96........... 3,500 3,500,000
New Mexico Mortgage Finance Authority,
AMT, 3.25% due 2/28/97...... 4,000 4,000,000
Oklahoma State Industrial Authority
Revenue, 3.44% due 8/15/96.. 2,085 2,085,000
Oklahoma State Water Reserve Board,
3.80% due 3/1/96............ 4,000 4,000,000
Oklahoma State Water Reserve Board,
3.95% due 3/1/96............ 4,700 4,700,000
Pennsylvania Intergovernmental Corp,
5.20% due 6/15/96........... 1,750 1,756,892
Pennsylvania State Higher Education
Revenue, 3.25% due 8/26/96.. 3,000 3,000,000
Pennsylvania State Turnpike Common
Revenue, 4.25% due 12/1/96.. 1,760 1,772,225
Peoria Moline And Freeport Illinios,
AMT, 4.00% due 5/15/96...... 3,930 3,930,000
Texas State,
AMT, 3.85% due 7/17/96...... 1,000 1,000,000
Texas State,
AMT, 3.90% due 11/6/96...... 1,000 1,000,000
Travis County, Texas,
10.35% due 3/1/96........... 1,000 1,000,000
University of Minnesota,
3.25% due 8/1/96............ 1,725 1,725,000
Virginia State Public School Authority,
7.50% due 1/1/97............ 1,000 1,034,736
Washington State Housing Finance
Commission, AMT,
4.10% due 6/1/96............ 615 615,044
Washington Suburban Sanitation
District, 4.25% due 6/1/96.. 1,750 1,752,685
------------
118,999,590
------------
REVENUE, TAX, BOND AND TAX REVENUE ANTICIPATION NOTES--6.9%
California State,
5.75% due 4/25/96........... 10,310 10,342,102
Colorado State General Fund Revenue,
4.50% due 6/27/96........... 5,250 5,263,049
Houston, Texas,
4.50% due 6/27/96........... 3,000 3,005,752
Pennsylvania State,
4.50% due 6/28/96........... 1,800 1,806,754
Texas State,
4.75% due 8/30/96........... 7,500 7,536,511
------------
27,954,168
------------
VARIABLE RATE DEMAND NOTES*--45.9%
Alabama Housing Finance Authority
Single Family, due 4/1/17... 5,000 5,000,000
Alaska State Housing Finance Authority,
due 6/1/26.................. 1,500 1,500,000
Arkansas Hospital Finance Authority,
due 11/1/10................. 3,000 3,000,000
Baltimore County, Maryland,
due 7/1/16.................. 2,000 2,000,000
Baltimore, Maryland, Port Facilities
Authority, due 10/14/11..... 1,000 1,000,000
Beaufort County, North Carolina,
Pollution Control Revenue,
due 12/1/00................. 1,000 1,000,000
Bexar County Texas Health Facilities
Development, due 7/11/11.... 1,000 1,000,000
Boulder County, Colorado
Industrial Development Revenue,
due 12/1/04................. 2,730 2,730,000
Brazos River Harbor, Texas,
due 12/1/19................. 1,100 1,100,000
Brazos, Texas, Harbor Industrial
Development Authority,
due 12/1/13................. 2,900 2,900,000
Burke County, Georgia Pollution
Control Authority, due 7/1/24 2,200 2,200,000
Calcasieu Parish, Louisiana Industrial
Income, AMT, due 3/1/25..... 1,000 1,000,000
California Health Facilities Financing
Revenue, due 7/1/13......... 1,400 1,400,000
California Pollution Control Recovery,
AMT, due 9/1/20............. 1,000 1,000,000
California Statewide Community
Development, due 11/1/15.... 1,430 1,430,000
Cherokee County, South Carolina
Industrial Revenue, AMT,
due 8/1/19.................. 200 200,000
Clinton Township, Michigan Economic
Development Corp., due 5/1/13 500 500,000
Colorado Health Facilities Authority
Revenue, due 5/15/20........ 200 200,000
Columbia, Missouri Water and Electric
Revenue, due 8/15/99........ 500 500,000
Connecticut State Pollution Developmental
Authority, due 9/1/28....... 600 600,000
Dade County, Florida Spa Revenue,
due 8/1/15.................. 7,000 7,000,000
District of Columbia,
due 10/1/15................. 500 500,000
Fayetteville, Arkansas Industrial
Development, AMT due 12/1/04 1,100 1,100,000
Florida Housing Finance Authority,
due 12/1/08................. 600 600,000
Forsyth County, Georgia Development
Authority Industrial, due 1/1/07 2,000 2,000,000
Fort Wayne, Indiana Economic
Development Revenue, due 12/1/03 1,000 1,000,000
Grand Rapids, Michigan Water Supply
Systems, due 1/1/20......... 400 400,000
Grapevine, Texas Industrial Development
Corp., due 3/1/10........... 600 600,000
Gulf Coast, Texas Industrial Development
Authority, AMT, due 5/1/25.. 300 300,000
Gwinett County, Georgia Industrial
Development Revenue,
AMT, due 6/1/05............. 1,500 1,500,000
Illinois Educational Facilities Authority,
due 9/1/25.................. 1,000 1,000,000
Iowa Finance Small Business
Development Revenue,
due 11/1/15................. 3,000 3,000,000
Jackson, Mississippi Industrial
Development Revenue,
due 12/1/15................. 1,825 1,825,000
Jackson County, Mississippi Pollution
Control Revenue, due 6/1/23. 3,700 3,700,000
Jefferson Parish, Louisiana Hospital
District 2, due 12/1/15..... 2,700 2,700,000
Kansas City, Kansas Industrial Revenue,
due 8/1/15.................. 200 200,000
Kansas City, Missouri Hospital Facilities
Revenue, due 4/15/15........ 400 400,000
Kentucky Finance Development
Authority Revenue, due 12/1/15 2,000 2,000,000
Kentucky League of Cities Revenue,
due 3/1/97.................. 1,500 1,500,000
Kern County, California Certificates of
Participation, due 8/1/06... 800 800,000
Kokomo, Indiana Economic Development
Revenue, AMT, due 9/1/30.... 2,940 2,940,000
Lincoln County, Wyoming Pollution
Control, due 8/1/15......... 600 600,000
Louisa County, Virginia Industrial
Development Authority,
due 1/1/20.................. 5,000 5,000,000
Louisiana State Offshore Terminal,
due 9/1/06.................. 700 700,000
Lynchburg, Virginia Industrial
Development Authority,
due 12/1/25................. 3,400 3,400,000
Maine Health & Higher Educational
Facilities, due 7/1/25...... 7,000 7,000,000
Manatee County, Florida Housing Finance
Authority, AMT, due 4/15/96. 6,335 6,335,000
Maricopa County, Arizona Hospital
Facilities Authority, due 12/1/08 1,100 1,100,000
Marion County, West Virginia Solid Waste
Disposal, AMT, due 10/1/17.. 2,900 2,900,000
Marion County, West Virginia Solid
Waste Disposal, due 10/1/17. 1,500 1,500,000
Mecklenburg, North Carolina Pollution
Control Authority, due 12/1/04 1,000 1,000,000
Medford, Oregon Hospital Facilities
Authority, due 5/1/21....... 3,500 3,500,000
Missouri State Health and Educational
Facilities Authority, due 12/1/19 1,300 1,300,000
Missouri Higher Education Student
Loan, AMT, due 6/1/17....... 5,100 5,100,000
Nash County, North Carolina Industrial
Facilities and Pollution Control
Revenue, due 12/1/14........ 1,000 1,000,000
New Hanover County, North Carolina,
due 3/1/13.................. 2,250 2,250,000
New Hanover County, North Carolina,
due 3/1/14.................. 2,250 2,250,000
New York, New York,
due 8/1/23.................. 500 500,000
North Carolina Medical
Care Community, due 9/1/02.. 2,300 2,300,000
North Carolina
Medical Care Hospital,
due 6/1/22.................. 4,700 4,700,000
North Texas Higher Education
Student Loan, due 3/1/05.... 2,800 2,800,000
Orange County, Florida Industrial
Development Authority, due 1/1/11 1,550 1,550,000
Pennsylvania State Higher Education
Student Loan, due 7/1/18.... 2,000 2,000,000
Pennsylvania State Higher Education
Student Loan, AMT, due 12/1/24 3,100 3,100,000
Person County, North Carolina
Pollution Control Authority,
due 11/1/19................. 3,000 3,000,000
Phoenix, Arizona,
due 6/1/20.................. 2,000 2,000,000
Pima County, Arizona Multi-Family
Housing Revenue,
AMT, due 6/1/34............. 1,100 1,100,000
Port Arthur, Texas Navigation District,
due 10/1/24................. 300 300,000
Purdue University, Indiana,
due 7/1/17.................. 1,400 1,400,000
Purdue University, Indiana,
due 7/1/20.................. 2,000 2,000,000
Putnam County, West Virginia
Industrial Development Revenue,
due 10/1/11................. 600 600,000
Rhode Island State Industrial Facilities
Corp., AMT, due 6/1/05...... 5,500 5,500,000
Rhode Island State Industrial Facilities
Corp., due 11/1/05.......... 5,300 5,300,000
Savanna, Illinois Industrial Development
Revenue, due 6/1/04......... 600 600,000
South Carolina Jobs,
due 11/1/25................. 3,000 3,000,000
St Charles County, Missouri Industrial
Development Authority,
due 12/1/07................. 1,000 1,000,000
Tipton, Indiana Economic Development
Revenue, due 7/1/22......... 1,105 1,105,000
Tracy, California,
due 5/1/15.................. 300 300,000
Unita County, Wyoming, Pollution
Control Revenue, due 8/15/20 1,600 1,600,000
Unita County, Wyoming, Pollution
Control Revenue, due 12/1/22 700 700,000
University of Arkansas,
due 12/1/19................. 9,100 9,100,000
University Athletic Association Inc.
Florida, due 2/1/20......... 2,100 2,100,000
Utah State Board of Regents
Student Loan, due 11/1/25... 6,000 6,000,000
Volusia County, Florida
Health Facilities Authority,
due 9/1/20.................. 2,000 2,000,000
Washington Public Power Supply,
due 7/1/18.................. 2,295 2,295,000
Washington State Health Care
Facilities, due 10/1/05..... 1,200 1,200,000
West Feliciana Parish, Louisiana,
due 12/1/15................. 1,300 1,300,000
West Virginia State Hospital
Finance Authority,
due 12/1/25................. 2,800 2,800,000
Wisconsin State,
due 5/1/04.................. 1,000 1,000,000
------------
184,510,000
------------
TOTAL INVESTMENTS
AT AMORTIZED COST........... 99.1% 398,340,370
OTHER ASSETS, LESS LIABILITIES. 0.9 3,504,665
----- ------------
NET ASSETS..................... 100.0% $401,845,035
===== ============
AMT-Subject to Alternative Minimum Tax
*Variable rate demand notes have a demand feature under which the fund could
tender them back to the issuer on no more than 7 days' notice
See notes to financial statements
<PAGE>
Tax Free Reserves Portfolio
STATEMENT OF ASSETS AND LIABILITIES February 29, 1996 (unaudited)
ASSETS:
Investments, at amortized cost (Note 1A)...................... $398,340,370
Cash.......................................................... 68,814
Interest receivable........................................... 3,527,164
------------
Total assets.............................................. 401,936,348
------------
LIABILITIES:
Payable to affiliate--investment advisory fees (Note 2A)...... 64,145
Accrued expenses and other liabilities........................ 27,168
------------
Total liabilities......................................... 91,313
------------
NET ASSETS.................................................... $401,845,035
============
REPRESENTED BY:
Capital paid-in for beneficial interests...................... $401,845,035
============
See notes to financial statements
<PAGE>
Tax Free Reserves Portfolio
STATEMENT OF OPERATIONS
For the Six Months Ended February 29, 1996 (unaudited)
INVESTMENT INCOME (Note 1B)............................. $7,242,486
EXPENSES:
Investment Advisory fees (Note 2A)...................... $384,045
Administrative fees (Note 2B)........................... 96,011
Custodian fees.......................................... 69,893
Auditing fees........................................... 9,300
Legal fees.............................................. 6,715
Trustee fees............................................ 4,609
Miscellaneous........................................... 7,690
--------
Total Expenses...................................... 578,263
Less fees paid indirectly (Note 1D)..................... (2,196)
--------
Net expenses........................................ 576,067
----------
Net investment income............................... 6,666,419
NET REALIZED LOSS ON INVESTMENTS........................ (63)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.... $6,666,356
==========
See notes to financial statements
<PAGE>
Tax Free Reserves Portfolio
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
FEBRUARY 29, 1996 YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS FROM (UNAUDITED) AUGUST 31, 1995
----------------- ---------------
OPERATIONS:
Net investment income.......................... $ 6,666,419 $ 10,884,482
Net realized gain (loss) on investments........ (63) 75,464
------------ -------------
Increase in net assets from operations..... 6,666,356 10,959,946
------------ -------------
CAPITAL TRANSACTIONS:
Proceeds from contributions.................... 235,665,352 487,327,869
Value of withdrawals........................... (234,708,924) (337,173,146)
------------ -------------
Net increase in net assets from
capital transactions...................... 956,428 150,154,723
------------ -------------
NET INCREASE IN NET ASSETS .................... 7,622,784 161,114,669
NET ASSETS:
Beginning of period............................ 394,222,251 233,107,582
------------ ------------
End of period.................................. $401,845,035 $394,222,251
============ ============
Tax Free Reserves Portfolio
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FEBRUARY 5, 1991
SIX MONTHS ENDED YEAR ENDED AUGUST 31, (COMMENCEMENT
FEBRUARY 29, 1996 --------------------------------------- OF OPERATIONS) TO
(UNAUDITED) 1995 1994 1993 1992 AUGUST 31, 1991
---------- -------- -------- -------- -------- ---------------
RATIOS/SUPPLEMENTAL DATA:
<S> <C> <C> <C> <C> <C> <C>
Net Assets, end of period (000 omitted)... $401,845 $394,222 $233,108 $277,593 $212,502 $200,361
Ratio of expenses to average net assets... 0.30%* 0.32% 0.31% 0.31% 0.31% 0.35%*
Ratio of net investment income to average
net assets............................... 3.47%* 3.55% 2.33% 2.35% 3.43% 4.41%*
Note: If Agents of the Portfolio had not voluntarily waived a portion of their fees during the periods indicated, the
ratios would have been as follows:
RATIOS:
Expenses to average net assets............ 0.30%* 0.32% 0.32% 0.33% 0.35% 0.36%*
Net investment income to average net assets 3.47%* 3.55% 2.32% 2.32% 3.39% 4.41%*
* Annualized
See notes to financial statements
</TABLE>
<PAGE>
Tax Free Reserves Portfolio
NOTES TO FINANCIAL STATEMENTS (unaudited)
(1) SIGNIFICANT ACCOUNTING POLICIES
Tax Free Reserves Portfolio (the "Portfolio") is registered under the Investment
Company Act of 1940, as amended, as a no-load, non-diversified, open-end
management investment company which was organized as a trust under the laws of
the State of New York. The Declaration of Trust permits the Trustees to issue
beneficial interests in the Portfolio. The Landmark Funds Broker-Dealer
Services, Inc. ("LFBDS") acts as the Portfolio's Administrator. Citibank, N.A.
("Citibank") acts as the Investment Adviser.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
The significant accounting policies consistently followed by the Portfolio are
in conformity with generally accepted accounting principles and are as follows:
A. VALUATION OF INVESTMENTS -- Money market instruments are valued at amortized
cost, which the Trustees have determined in good faith constitutes fair value.
The Portfolio's use of amortized cost is subject to the Portfolio's compliance
with certain conditions as specified under Rule 2a-7 of the Investment Company
Act of 1940.
B. INTEREST INCOME -- Interest income consists of interest accrued, less the
amortization of any premium and accretion of market discount on the investments
of the Portfolio.
C. FEDERAL INCOME TAXES -- The Portfolio's policy is to comply with the
applicable provisions of the Internal Revenue Code. Accordingly, no provision
for federal income taxes is necessary.
D. FEES PAID INDIRECTLY -- The Fund's custodian bank calculates its fees based
on the Fund's average daily net assets. The fee is reduced according to a fee
arrangement, which provides for custody fees to be reduced based on a formula
developed to measure the value of cash deposited with the custodian by the Fund.
This amount is shown as a reduction of expense on the Statement of Operations.
E. OTHER -- Purchases, maturities and sales, of money market instruments are
accounted for on the date of the transaction.
(2) INVESTMENT ADVISORY FEE AND ADMINISTRATIVE FEE
A. INVESTMENT ADVISORY FEE -- The investment advisory fee paid to Citibank, as
compensation for overall investment management services, amounted to $384,045
for the six months ended February 29, 1996. The investment advisory fee is
computed at the annual rate of 0.20% of the Portfolio's average daily net
assets.
B. ADMINISTRATIVE FEE -- Under the terms of an Administrative Services
Agreement, the administrative fee payable to the Administrator, as compensation
for overall administrative services and general office facilities, is computed
at the annual rate of 0.05% of the Portfolio's average daily net assets and
amounted to $96,011 for the six months ended February 29, 1996. The Portfolio
pays no compensation directly to any Trustee or any officer who is affiliated
with the Administrator, all of whom receive remuneration for their services to
the Portfolio from the Administrator or its affiliates. Certain of the officers
and a Trustee of the Portfolio are officers and a director of the Administrator
or its affiliates.
(3) INVESTMENT TRANSACTIONS
Purchases, and maturities and sales of money market instruments, exclusive of
securities purchased subject to repurchase agreements, aggregated $625,148,747
and $629,329,225, respectively, for the six months ended February 29, 1996.
(4) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost of investment securities owned at February 29, 1996, for federal income
tax purposes, amounted to $398,340,370.
(5) LINE OF CREDIT
The Portfolio, along with other Landmark Funds, entered into an agreement with a
bank which allows the Funds collectively to borrow up to $40 million for
temporary or emergency purposes. Interest on borrowings, if any, is charged to
the specific fund executing the borrowing at the base rate of the bank. In
addition, the $15 million committed portion of the line of credit requires a
quarterly payment of a commitment fee based on the average daily unused portion
of the line of credit. For the six months ended February 29, 1996, the
commitment fee allocated to the Portfolio was $1,067. Since the line of credit
was established, there have been no borrowings.
<PAGE>
SHAREHOLDER
SERVICING AGENTS
FOR CITIBANK NEW YORK RETAIL BANKING AND
BUSINESS AND PROFESSIONAL CUSTOMERS:
Citibank, N.A.
111 Wall Street, New York, NY 10043
(212) 820-2383 or (800) 846-5300
FOR CITIGOLD CUSTOMERS:
Citigold
P.O. Box 5130, New York, NY 10126-5130 Call Your Citigold Executive or in NY or,
CT (800) 285-1701, or for all other states (800) 285-1707
FOR CITIBANK PRIVATE BANKING CLIENTS:
Citibank, N.A.
The Citibank Private Bank
153 East 53rd Street, New York, NY 10043
Call Your Citibank Private Banking Account Officer, Investment Specialist or
(212) 559-5959
FOR CITIBANK GLOBAL ASSET MANAGEMENT CLIENTS:
Citibank, N.A.
Citibank Global Asset Management
153 East 53rd Street, New York, NY 10043
(212) 559-7117
FOR CITIBANK NORTH AMERICAN INVESTOR SERVICES CLIENTS:
Citibank, N.A.
111 Wall Street, New York, NY 10043
Call Your Account Manager or (212) 657-9100
FOR CITICORP INVESTMENT SERVICES CUSTOMERS:
Citicorp Investment Services
One Court Square, Long Island City, NY 11120
Call Your Investment Consultant or (800) 846-5200,
(212) 820-2380 in New York City
[Logo]
LANDMARK
FUNDS
MONEY MARKET FUNDS:
Cash Reserves
Premium Liquid Reserves
Institutional Liquid Reserves
U.S. Treasury Reserves
Premium U.S. Treasury Reserves
Institutional U.S. Treasury Reserves
Tax Free Reserves
California Tax Free Reserves
Connecticut Tax Free Reserves
New York Tax Free Reserves
STOCK & BOND FUNDS:
U.S. Government Income Fund
Intermediate Income Fund
National Tax Free Income Fund
New York Tax Free Income Fund
Balanced Fund
Equity Fund
International Equity Fund
Small Cap Equity Fund
Emerging Asian Markets Equity Fund
