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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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055 A000100 N
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<PAGE> PAGE 6
062 G000100 0.0
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070 G020100 N
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070 I020100 N
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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008 A000201 CITIBANK, N.A.
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<PAGE> PAGE 9
011 C010201 BOSTON
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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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<PAGE> PAGE 14
076 000200 0.00
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SIGNATURE JOHN R.ELDER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000850628
<NAME> PREMIUM LIQUID RESERVES
<SERIES>
<NUMBER>001
<NAME>LANDMARK PREMIUM FUNDS
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<PERIOD-TYPE> YEAR
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<PERIOD-END> AUG-31-1996
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<NET-INVESTMENT-INCOME> 18,811,761
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<NUMBER-OF-SHARES-SOLD> 1,830,509,438
<NUMBER-OF-SHARES-REDEEMED> (1,884,990,092)
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<NET-CHANGE-IN-ASSETS> (43,689,013)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000850628
<NAME> PREMIUM U.S. TREASURY RESERVES
<SERIES>
<NUMBER>002
<NAME>LANDMARK PREMIUM FUNDS
<S> <C>
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 732,943,440
<NUMBER-OF-SHARES-REDEEMED> (825,560,961)
<SHARES-REINVESTED> 10,577,058
<NET-CHANGE-IN-ASSETS> (82,040,463)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,603,099
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
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</TABLE>
To the Trustees of Landmark Balanced Fund
Page 6
February 6, 1996
H:\WPDOCS\L\LANDMARK\PREMIUML.LTR
October 9, 1996
To the Trustees of
Premium Liquid Reserves
In planning and performing our audit of the financial statements
of Premium Liquid Reserves (the "Fund"), a series of the Landmark
Premium Funds, for the year ended August 31, 1996, we considered
its internal control structure, including procedures for
safeguarding investments, in order to determine our auditing
procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements 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 appropriately 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 investments, 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.
Price Waterhouse LLP
- 2 -
To the Trustees and Shareholders of
Landmark Premium Funds:
In planning and performing our audit of the financial
statements of Premium U.S. Treasury Reserves (a separate series
of Landmark Premium Funds) for the year ended August 31, 1996
(on which we have issued our report dated October 4, 1996), 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 Premium U.S. Treasury 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
