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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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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 104,215,776
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (104,215,776)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,769,047,743
<NUMBER-OF-SHARES-REDEEMED> ###############
<SHARES-REINVESTED> 73,113,066
<NET-CHANGE-IN-ASSETS> 710,357,193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,742,327
<AVERAGE-NET-ASSETS> 1,891,395,658
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAMELANDMARK INSTITUTIONAL TREASURY RESERVES
<SERIES>
<NUM002
<NALANDMARK INSTITUTIONAL TRUST
<S> <C>
<PERIOD-TYPE> 1 YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 306,604,803
<INVESTMENTS-AT-VALUE> 306,604,803
<RECEIVABLES> 1,973
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 306,606,776
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 256,840
<TOTAL-LIABILITIES> 256,840
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 306,349,936
<SHARES-COMMON-STOCK> 306,349,936
<SHARES-COMMON-PRIOR> 213,394,652
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 306,349,936
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,675,342
<OTHER-INCOME> 0
<EXPENSES-NET> 699,405
<NET-INVESTMENT-INCOME> 13,975,937
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,975,937
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,975,937)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,020,244,321
<NUMBER-OF-SHARES-REDEEMED> (939,162,365)
<SHARES-REINVESTED> 11,873,328
<NET-CHANGE-IN-ASSETS> 92,955,284
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,912,198
<AVERAGE-NET-ASSETS> 279,285,375
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAMELANDMARK INSTITUTIONAL TAX FREE RESERVES
<SERIES>
<NUM003
<NALANDMARK INSTITUTIONAL TRUST
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 60,120,462
<INVESTMENTS-AT-VALUE> 60,120,462
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,120,462
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72,821
<TOTAL-LIABILITIES> 72,821
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,047,641
<SHARES-COMMON-STOCK> 60,047,641
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 60,047,641
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 587,461
<OTHER-INCOME> 0
<EXPENSES-NET> 39,962
<NET-INVESTMENT-INCOME> 547,499
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 547,499
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (547,499)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129,951,030
<NUMBER-OF-SHARES-REDEEMED> (70,208,596)
<SHARES-REINVESTED> 305,207
<NET-CHANGE-IN-ASSETS> 60,047,641
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 167,419
<AVERAGE-NET-ASSETS> 56,663,575
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
10/6/1997
To the Shareholders and Board of Trustees of
Landmark Institutional Liquid Reserves
In planning and performing our audit of the financial statements
of Landmark Institutional Liquid Reserves (the Fund), a series of
the Landmark Institutional Trust for the year ended August 31,
1997, we considered its internal control, including control
activities 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
internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgements 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 Fund'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 August 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.
Price Waterhouse LLP
To the Trustees and Shareholders of
Landmark Institutional Trust:
In planning and performing our audits of the financial statements
of Landmark Institutional U.S. Treasury Reserves and Landmark
Institutional Tax Free Reserves (separate series of Landmark
Institutional Trust) for the year ended August 31, 1997 (on which
we have issued our reports each dated October 6, 1997), 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 Institutional U.S. Treasury Reserves
and Landmark Institutional 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, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Deloitte & Touche LLP
6-Oct-97
