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080 A000300 CHUBB GROUP OF INSURANCE CO.
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012 A000401 DELETE
SIGNATURE JOHN R. ELDER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775613
<NAME> LANDMARK CALIFORNIA TAX FREE RESERVES
<SERIES>
<NUMBER>002
<NAME>LANDMARK MULTI STATE TAX FREE FUNDS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 150,096,234
<INVESTMENTS-AT-VALUE> 150,096,234
<RECEIVABLES> 781,475
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 86,850
<TOTAL-ASSETS> 150,964,559
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 407,724
<TOTAL-LIABILITIES> 407,724
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,565,584
<SHARES-COMMON-STOCK> 150,565,584
<SHARES-COMMON-PRIOR> 51,841,085
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,749)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 150,556,835
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,904,073
<OTHER-INCOME> 0
<EXPENSES-NET> 468,509
<NET-INVESTMENT-INCOME> 3,435,564
<REALIZED-GAINS-CURRENT> 24
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,435,588
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,435,564)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 376,454,761
<NUMBER-OF-SHARES-REDEEMED> (279,078,886)
<SHARES-REINVESTED> 1,348,624
<NET-CHANGE-IN-ASSETS> 98,724,523
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8,773)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,141,763
<AVERAGE-NET-ASSETS> 112,716
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775613
<NAME> LANDMARK CONNECTICUT TAX FREE RESERVES
<SERIES>
<NUMBER>003
<NAME>LANDMARK MULTI-STATE TAX FREE FUNDS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 115,653,853
<INVESTMENTS-AT-VALUE> 115,653,853
<RECEIVABLES> 952,751
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 265,062
<TOTAL-ASSETS> 116,871,666
<PAYABLE-FOR-SECURITIES> 500,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 346,485
<TOTAL-LIABILITIES> 846,725
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,034,101
<SHARES-COMMON-STOCK> 116,034,101
<SHARES-COMMON-PRIOR> 46,561,186
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,160)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 116,024,941
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,280,147
<OTHER-INCOME> 0
<EXPENSES-NET> 389,637
<NET-INVESTMENT-INCOME> 2,890,510
<REALIZED-GAINS-CURRENT> (4,176)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,886,334
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,890,510)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 274,274,165
<NUMBER-OF-SHARES-REDEEMED> (205,590,916)
<SHARES-REINVESTED> 789,666
<NET-CHANGE-IN-ASSETS> 69,468,739
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,984)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 187,676
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 971,527
<AVERAGE-NET-ASSETS> 93,838
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.42
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775613
<NAME> LANDMARK NEW YORK TAX FREE RESERVES
<SERIES>
<NUMBER>001
<NAME>LANDMARK MULTI-STATE TAX FREE FUNDS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 1,000,213,083
<INVESTMENTS-AT-VALUE> 1,000,213,083
<RECEIVABLES> 6,241,934
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 68,045
<TOTAL-ASSETS> 1,006,523,062
<PAYABLE-FOR-SECURITIES> 63,200,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,631,571
<TOTAL-LIABILITIES> 64,831,571
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 941,710,083
<SHARES-COMMON-STOCK> 941,715,009
<SHARES-COMMON-PRIOR> 767,134,112
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18,592)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 941,691,491
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,171,906
<OTHER-INCOME> 0
<EXPENSES-NET> 5,671,365
<NET-INVESTMENT-INCOME> 25,500,541
<REALIZED-GAINS-CURRENT> (18,487)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 25,482,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,500,541)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 982,347,236
<NUMBER-OF-SHARES-REDEEMED> (820,918,087)
<SHARES-REINVESTED> 13,151,748
<NET-CHANGE-IN-ASSETS> 174,562,410
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (105)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,745,127
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,512,809
<AVERAGE-NET-ASSETS> 872,563
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
- 2 -
To the Trustees and Shareholders of
Landmark Multi-State Tax Free Funds:
In planning and performing our audits of the financial
statements of Landmark New York Tax Free Reserves, Landmark
California Tax Free Reserves, and Landmark Connecticut Tax Free
Reserves (separate series of Landmark Multi-State Tax Free
Funds) for the year ended August 31, 1996 (on which we have
issued our reports each dated October 4, 1996), we considered
their internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinions on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control
structure.
The management of Landmark New York Tax Free Reserves, Landmark
California Tax Free Reserves, and Landmark Connecticut Tax Free
Reserves is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk
that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
August 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
October 4, 1996