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<PAGE> PAGE 2
022 A000002 FUJI BANK AND TRUST COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE JOHN R. ELDER
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SHARES-COMMON-PRIOR> 4,630,939
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<NUMBER-OF-SHARES-REDEEMED> (11,061,426)
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<NET-CHANGE-IN-ASSETS> (7,217,049)
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<ACCUMULATED-GAINS-PRIOR> (3,259,962)
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NII> 0.58
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</TABLE>
February 2, 1998
To the Board of Trustees of Landmark Fixed Income Funds and the
Shareholders of Landmark U.S. Government Income Fund
In planning and performing our audit of the financial statements
of Landmark U.S. Government Income Fund (one of the funds
constituting Landmark Fixed Income Funds, hereafter referred to
as the "Fund") for the year ended December 31, 1997, we
considered its internal control, including control activities for
safeguarding investments, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of control activities.
Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
control activities include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control components 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 internal
control, including control activities for safeguarding
investments, that we consider to be material weaknesses as
defined above as of December 31, 1997.
This report is intended solely for the information and use of
management and the Board of Trustees of the Fund and the
Securities and Exchange Commission.
To the Trustees and Shareholders of
Landmark Fixed Income Funds:
In planning and performing our audit of the financial
statements of Landmark Intermediate Income Fund (a separate
series of Landmark Fixed Income Funds) for the year ended
December 31, 1997 (on which we have issued our report dated
January 30, 1998), we considered its internal control
structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Landmark Intermediate Income Fund 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
December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Deloitte & Touche LLP
Boston, Massachusetts
1/30/1998
