<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
INVESTMENT OUTLOOK
MARKETS RALLY AS EVIDENCE OF COOLING ECONOMY GROWS
The financial markets enjoyed a "best of all worlds" scenario last quarter as
investors became increasingly convinced that the economic soft landing
engineered by the Federal Reserve had actually arrived. Evidence mounted that
the Fed's tightening of 1994 had taken hold, and as each piece of reported data
confirmed the slowdown, bonds rallied, and stocks followed suit.
The Fed's efforts to slow economic growth-- a 300 basis point increase in the
federal funds rate over a 13 month period--was strong medicine by historical
standards, and contributed to the sharp slowdown in real GDP growth in the
first half of the year. With consumer spending creeping along at an anemic
pace, and industrial production down significantly from year-end levels, the
debate in the markets during the second quarter shifted to when the Fed would
ease, rather than whether additional tightening was needed. The Fed did take
action toward easing in early July when it cut the federal funds rate by 25
basis points.
Fixed income investors around the world enjoyed an extension to the powerful
rally which began in the first quarter. Long-term bond prices surged in
virtually every market, with the most dramatic gains posted in Japan. A number
of factors provided fuel for the fixed income rally, including economic
weakness, an improving outlook for inflation, and lower commodity prices.
Although the Fed did not act last quarter, central banks in Japan and Germany
lowered short-term rates in response to their respective economic slowdowns.
Equities generally followed the lead of the fixed income markets during the
quarter. In the U.S., stocks powered ahead as lower rates combined with good
first quarter earnings to suggest equities represented good value. European
equity markets recovered first quarter losses, although they did not enjoy the
strong rally the U.S. market experienced. The exception to the worldwide equity
rally was Japan, where the remarkably strong bond rally attracted large amounts
of institutional money away from stocks, as the financial crisis in the banking
sector increased investor concerns.
Units of The Benchmark Funds are not bank deposits or obligations of, or
guaranteed, endorsed or otherwise supported by The Northern Trust Company, its
parent company or its affiliates, and are not federally insured or guaranteed
by the U.S. Government, Federal Deposit Insurance Corporation, Federal Reserve
Board, or any other governmental agency. Investment in the portfolios involves
investment risks, including possible loss of principal.
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
INVESTMENT OUTLOOK--CONTINUED
OUTSTANDING QUARTER FOR EQUITIES; CAUTION NOW THE WATCHWORD
During the second quarter, the rally in U.S. equities was led by technology,
financial and large cap multinational growth stocks.
Small and mid-cap issues, on the other hand, were generally left behind, due
in part to their lack of dollar exposure. The weaker U.S. dollar translated to
higher earnings for larger multinational growth stocks, a benefit not enjoyed
by most smaller companies.
In Europe, equity markets responded well to both stronger bond prices and to
the German central bank's decision to lower short-term interest rates. Most
major European bourses rose 10% on average, although the U.K. market gained 7%
and France posted only a 4% return. However, the biggest news in European
equities was the sharp sell-off of cyclical issues and the consequent rally in
depressed financials, which are among the most heavily weighted stocks in most
markets outside the U.K. Growth stocks also fared well, particularly consumer-
oriented issues which had been underperforming.
The story in Asia was one of "haves" and "have nots", as all Asian markets
rallied nicely, with the exception of Japan, where the market fell 10%. Fears
of a triple dip in the economy and lingering structural problems in the
financial system kept Japan from enjoying the 6%-15% average gains posted by
the other Asian markets. Recoveries in emerging markets were also generally
strong, as the first quarter spillover effects from the Mexican crisis into
those markets abated.
Our outlook for equities in the second half of the year is mixed, in that we
anticipate a period of correction and consolidation ahead before a year-end
rally attempt. It seems to us that equities are in a "fantasyland", where
investors believe that the economy will slow and interest rates will trend
down, yet earnings will grow and surprise us on the upside. We doubt this is
possible. If the economy picks up steam in late 1995-early 1996, suggesting
that earnings next year will be positive, we think interest rates could turn
back up. On the other hand, if the downturn is severe enough to keep rates low
or even move them lower, major earnings disappointments later in the year are
likely.
In conclusion, the same forces will affect stock prices in the second half of
1995 as in the first half--the pace of economic growth and the trend in
interest rates. A pullback over the next several months could alleviate a
number of concerns, while an additional runup of 5%-10% in stocks could lead to
a risky situation. For now, caution is the watchword.
July 10, 1995
2
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
BALANCED PORTFOLIO
<C> <S> <C>
COMMON STOCKS--53.0%
BANKING--2.1%
8,200 Banc One Corp. $ 285
4,900 First USA, Inc. 231
8,000 State Street Boston Corp. 269
-------
785
BROKERAGE SERVICES--0.7%
7,200 T. Rowe Price Associates, Inc. 263
CHEMICALS AND ALLIED PRODUCTS--6.6%
10,000 Abbott Laboratories 400
6,500 Air Products and Chemicals, Inc. 345
7,200 Forest Laboratories, Inc.* 318
5,200 Loctite Corp. 259
9,000 Morton International, Inc. 286
4,200 Pfizer, Inc. 370
6,700 Procter & Gamble Co. 482
-------
2,460
COMMUNICATIONS--2.4%
10,700 Ameritech Corp. 475
9,600 Southwestern Bell Communications, Inc. 432
-------
907
COMPUTERS AND OFFICE MACHINES--2.1%
5,700 Automatic Data Processing, Inc. 355
4,100 Cisco Systems, Inc.* 179
3,000 Microsoft Corp.* 254
-------
788
ELECTRICAL SERVICES--2.7%
11,600 Duke Power Co. 484
18,000 Wisconsin Energy 518
-------
1,002
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--5.5%
5,600 ADC Telecommunications, Inc.* 174
4,150 Andrew Corp.* 202
6,700 Emerson Electric Co. 461
8,300 General Electric Co. 481
1,900 Intel Corp. 213
5,600 Linear Technology Corp. 343
5,400 Molex, Inc., Class A 189
-------
2,063
FOOD AND BEVERAGES--1.0%
19,500 Archer-Daniels-Midland Co. 361
GLASS, CLAY & STONE PRODUCTS--1.3%
19,600 Newell Co. 488
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<S> <C> <C>
HEALTH SERVICES--2.0%
12,800 Health Management Associates, Inc.* $ 351
5,800 Johnson & Johnson Co. 384
-------
735
HEAVY CONSTRUCTION--0.8%
6,000 Fluor Corp. 297
INDUSTRIAL INSTRUMENTS--1.2%
3,700 Hewlett-Packard Co. 245
3,400 Sundstrand Corp. 189
-------
434
INSURANCE SERVICES--2.1%
3,900 American International Group, Inc. 444
2,600 General Re Corp. 352
-------
796
MERCHANDISE--1.0%
4,400 Gillette Co. 371
METAL PRODUCTS--1.1%
8,900 Crown Cork & Seal Co., Inc.* 418
MORTGAGE AGENCIES--1.3%
5,200 Federal National Mortgage Association 484
PAPER PRODUCTS--1.8%
9,900 Bemis Co., Inc. 282
4,900 International Paper Co. 385
-------
667
PETROLEUM PRODUCTS--6.1%
7,300 Amoco Corp. 499
5,300 Exxon Corp. 378
4,900 Mobil Corp. 492
12,700 Repsol S.A. ADR 415
3,900 Royal Dutch Petroleum Co. ADR 494
-------
2,278
PROFESSIONAL SERVICES--2.5%
3,000 Computer Associates International, Inc. 196
3,500 Computer Sciences Corp.* 185
6,400 First Data Corp. 370
5,200 Interpublic Group of Cos., Inc. 192
-------
943
RECREATION AND LEISURE SERVICES--1.2%
7,200 Carnival Corp., Class A 167
5,000 Disney (Walt) Co. 278
-------
445
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount/
Shares Description Value
-----------------------------------------------------------------
<C> <S> <C>
BALANCED PORTFOLIO--CONTINUED
RETAIL--3.8%
14,800 Albertson's, Inc. $ 414
19,200 Staples, Inc.* 542
9,300 Walgreen Co. 448
-------
1,404
SANITARY SERVICES--1.3%
17,100 WMX Technologies, Inc. 466
TOBACCO PRODUCTS--1.3%
6,800 Philip Morris Cos., Inc. 495
TRANSPORTATION PARTS AND EQUIPMENT--1.1%
13,300 Superior Industries International, Inc. 392
-----------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $17,784) $19,742
-----------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--2.9%
FEDERAL NATIONAL MORTGAGE ASSOCIATION REMIC TRUST
Class G, Series: 1991-37
$ 250 8.150%Due 08/25/05 $ 261
Class E, Series: 1992-200
500 6.250%Due 06/25/17 492
Class B, Series: 1993-253
400 Principal OnlyDue 02/25/23 330
-----------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $1,034) $ 1,083
-----------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--18.7%
U.S. TREASURY NOTES--17.1%
$ 1,000 7.750%Due 03/31/96 $ 1,015
800 7.250%Due 08/31/96 813
600 7.250%Due 11/15/96 611
300 6.750%Due 05/31/97 305
950 5.750%Due 10/31/97 947
1,400 5.375%Due 05/31/98 1,377
1,290 6.750%Due 05/31/99 1,322
-------
6,390
U.S. TREASURY BOND--1.6%
535 7.500%Due 11/15/16 579
-----------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $6,892) $ 6,969
-----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS--14.0%
BANKING--2.8%
Interamerican Development Bank
$ 350 8.875%Due 06/01/09 $ 422
250 8.400%Due 09/01/09 292
National Westminster Bank
400 6.188%Due 11/30/49 340
-------
1,054
COMMUNICATION--0.7%
New England Telephone & Telegraph Co.
250 7.875%Due 11/15/29 279
CREDIT INSTITUTIONS--0.9%
Premier Auto Trust
350 4.750%Due 02/02/00 343
FINANCIAL--6.4%
Associates Corp., N.A.
600 7.950%Due 02/15/10 655
DLJ Mortgage Acceptance Corp.
500 7.250%Due 05/25/24 495
General Motors Acceptance Corp.
400 8.800%Due 03/01/21 455
ITT Financial Corp.
400 7.250%Due 05/15/97 405
Western Financial Grantor Trust
333 7.100%Due 01/01/00 337
-------
2,347
FOREIGN GOVERNMENT--2.1%
Ferrovie Dello State (Italy)
350 9.125%Due 07/06/09 398
Manitoba Province of Canada (Canada)
325 9.125%Due 01/15/18 391
-------
789
SANITARY SERVICES--1.1%
WMX Technologies, Inc.
400 6.220%Due 04/30/04 423
------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $5,028) $ 5,235
------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Description Value
------------------------------------------------------------------
<C> <S> <C>
FLOATING RATE BANK NOTES--3.2%
Banc One Auto Trust
$ 500 6.650%Due 05/15/97 $ 503
Bergen Bank
180 4.125%Due 09/30/95 136
Hong Kong & Shanghai Bank
140 6.750%Due 08/23/95 111
National Australia Bank
500 6.588%Due 10/13/95 425
------------------------------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $1,172) $ 1,175
------------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--7.9%
Hong Kong & Shanghai Bank, Grand Cayman
$ 2,955 6.188%Due 06/01/95 $ 2,955
------------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $2,955) $ 2,955
------------------------------------------------------------------
TOTAL INVESTMENTS
(Cost $34,865) $37,159
------------------------------------------------------------------
</TABLE>
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
*Non-income producing security.
See accompanying notes to financial statements.
5
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------
DIVERSIFIED GROWTH PORTFOLIO
<C> <S> <C>
COMMON STOCKS--97.2%
BANKING--3.8%
67,900 Banc One Corp. $ 2,360
47,500 First USA, Inc. 2,244
40,000 State Street Boston Corp. 1,345
--------
5,949
BROKERAGE SERVICES--0.6%
26,400 T. Rowe Price Associates, Inc. 964
CHEMICALS AND ALLIED PRODUCTS--13.0%
75,000 Abbott Laboratories 3,000
61,600 Air Products and Chemicals, Inc. 3,273
77,500 Forest Laboratories, Inc.* 3,420
40,000 Loctite Corp. 1,995
71,700 Morton International, Inc. 2,276
34,900 Pfizer, Inc. 3,076
46,600 Procter & Gamble Co. 3,349
--------
20,389
COMMUNICATIONS--5.3%
80,600 Ameritech Corp. 3,577
105,000 SBC Communications, Inc. 4,725
--------
8,302
COMPUTERS AND OFFICE MACHINES--3.2%
40,000 Automatic Data Processing, Inc. 2,490
25,000 Cisco Systems, Inc.* 1,094
18,000 Microsoft Corp. 1,524
--------
5,108
ELECTRICAL SERVICES--4.6%
75,000 Duke Power Co. 3,131
139,200 Wisconsin Energy 4,002
--------
7,133
ELECTRONICS AND OTHER ELECTRICAL EQUIP-
MENT--9.6%
47,500 ADC Telecommunications, Inc.* 1,472
35,000 Andrew Corp.* 1,706
50,000 Emerson Electric Co. 3,438
52,800 General Electric Co. 3,062
15,600 Intel Corp. 1,751
31,600 Linear Technology Corp. 1,936
45,600 Molex, Inc., Class A 1,596
--------
14,961
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
FOOD AND BEVERAGES--1.9%
165,000 Archer-Daniels-Midland Co. $ 3,052
GLASS, CLAY AND STONE PRODUCTS--2.7%
170,000 Newell Co. 4,229
GOVERNMENT AGENCIES--2.4%
40,000 Federal National Mortgage Association 3,720
HEALTH SERVICES--3.3%
70,000 Health Management Associates, Inc.* 1,916
48,000 Johnson & Johnson Co. 3,180
--------
5,096
HEAVY CONSTRUCTION--2.4%
75,000 Fluor Corp. 3,712
INDUSTRIAL INSTRUMENTS--1.8%
28,200 Sundstrand Corp. 1,565
20,000 Hewlett-Packard Co. 1,323
--------
2,888
INSURANCE SERVICES--5.0%
39,650 American International Group, Inc. 4,510
25,000 General Re Corp. 3,384
--------
7,894
MERCHANDISE--2.0%
36,400 Gillette Co. 3,071
METAL PRODUCTS--2.2%
74,000 Crown Cork & Seal Co., Inc.* 3,478
PAPER PRODUCTS--3.0%
70,000 Bemis Co., Inc. 1,995
35,000 International Paper Co. 2,752
--------
4,747
PETROLEUM PRODUCTS--11.7%
60,000 Amoco Corp. 4,103
43,200 Exxon Corp. 3,083
40,000 Mobil Corp. 4,015
95,000 Repsol S.A. ADR 3,099
31,800 Royal Dutch Petroleum Co. ADR 4,031
--------
18,331
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
PROFESSIONAL SERVICES--5.1%
24,600 Computer Associates International, Inc. $ 1,611
29,700 Computer Sciences Corp.* 1,574
54,300 First Data Corp. 3,136
43,000 Interpublic Group of Cos., Inc. 1,586
--------
7,907
RECREATION AND LEISURE SERVICES--2.3%
58,100 Carnival Corp., Class A 1,351
38,000 Disney (Walt) Co. 2,114
--------
3,465
RETAIL--5.0%
48,000 Albertson's, Inc. 1,344
118,700 Staples, Inc.* 3,353
65,900 Walgreen Co. 3,171
--------
7,868
SANITARY SERVICES--2.3%
130,000 WMX Technologies, Inc. 3,543
TOBACCO PRODUCTS--2.1%
44,200 Phillip Morris Cos., Inc. 3,221
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
-------------------------------------------------------------
<C> <S> <C>
TRANSPORTATION PARTS AND EQUIPMENT--1.9%
101,800 Superior Industries International, Inc. $ 3,003
-------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $136,609) $152,031
-------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--2.0%
Hong Kong & Shanghai Bank, Grand Cayman
$ 3,090 6.188% Due 06/01/95 $ 3,090
-------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $3,090) $ 3,090
-------------------------------------------------------------
TOTAL INVESTMENTS
(Cost $139,699) $155,121
-------------------------------------------------------------
</TABLE>
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
*Non-income producing security.
See accompanying notes to financial statements.
7
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO
COMMON STOCKS--89.9%
AGRICULTURE--0.1%
7,700 Pioneer Hi-Bred International, Inc. $ 302
APPAREL--0.1%
7,100 Liz Claiborne, Inc. 126
5,900 V F Corp. 314
--------
440
BANKING--5.4%
10,700 Ahmanson (H.F.) & Co. 242
37,163 Banc One Corp. 1,290
9,800 Bank of Boston Corp. 357
17,200 Bank of New York Co., Inc. 700
34,276 Bank America Corp. 1,790
7,100 Bankers Trust New York Corp. 447
8,900 Barnett Banks, Inc. 441
11,700 Boatmen's Bancshares, Inc. 381
16,200 Chase Manhattan Corp. 748
22,414 Chemical Banking Corp. 1,033
36,000 Citicorp 1,925
13,200 Corestates Financial Corp. 438
8,400 First Chicago Corp. 481
7,500 First Fidelity Bancorp 398
7,200 First Interstate Bancorp 604
16,100 First Union Corp. 788
5,500 Golden West Financial Corp. 269
12,200 Great Western Financial Corp. 266
22,000 Keycorp 673
13,450 Mellon Bank Corp. 574
17,300 Morgan (J.P.) & Co., Inc. 1,225
13,500 National City Corp. 409
25,268 NationsBank Corp. 1,430
14,650 NBD Bancorp, Inc. 481
28,200 Norwest Corp. 799
21,500 PNC Bank Corp. 580
11,100 Shawmut National Corp. 321
10,800 Sun Trust Banks, Inc. 625
9,000 U.S. Bancorp 221
15,600 Wachovia Corp. 590
4,700 Wells Fargo & Co. 864
--------
21,390
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------------
<C> <S> <C>
BITUMINOUS COAL AND LIGNITE SURFACE MINING--0.1%
12,000 Houston Industries, Inc. $ 517
800 Nacco Industries, Inc. 47
--------
564
BROKERAGE AND FINANCIAL SERVICES--0.8%
45,400 American Express Co. 1,616
12,900 Fleet Financial Group, Inc. 449
17,200 Merrill Lynch & Co., Inc. 807
9,700 Salomon, Inc. 397
--------
3,269
CHEMICAL AND ALLIED PRODUCTS--10.2%
73,400 Abbott Laboratories 2,935
10,200 Air Products and Chemicals, Inc. 541
5,800 Allergan, Inc. 153
7,500 Alza Corp.* 156
28,000 American Home Products Corp. 2,061
12,200 Amgen, Inc.* 884
6,400 Avon Products, Inc. 430
25,800 Baxter International, Inc. 899
46,700 Bristol-Myers Squibb Co. 3,100
4,900 Clorox Co. 292
13,300 Colgate-Palmolive Co. 1,023
25,400 Dow Chemical Co. 1,863
50,600 Du Pont (E.I.) De Nemours & Co., Inc. 3,434
7,575 Eastman Chemical Co. 454
6,200 Ecolab, Inc. 156
1,900 First Mississippi Corp. 43
3,300 FMC Corp. 212
2,400 Goodrich (B.F.) Co. 118
8,600 Grace (W.R.) & Co. 552
6,200 Great Lakes Chemical Corp. 377
10,800 Hercules, Inc. 566
10,200 International Flavors & Fragrances, Inc. 501
26,700 Lilly (Eli) & Co. 1,992
115,200 Merck & Co., Inc. 5,428
13,500 Morton International, Inc. 428
6,200 Nalco Chemical Co. 233
28,800 Pfizer, Inc. 2,537
18,900 PPG Industries, Inc. 786
12,600 Praxair, Inc. 313
62,800 Procter & Gamble Co. 4,513
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------------
<C> <S> <C>
6,200 Rohm & Haas Co. $ 364
17,000 Schering-Plough Corp. 1,338
7,800 Sherwin-Williams Co. 286
13,600 Union Carbide Corp. 397
15,900 Upjohn Co. 577
12,300 Warner-Lambert Co. 1,019
--------
40,961
COMMUNICATIONS--8.2%
45,200 AirTouch Communications, Inc.* 1,231
17,200 Alltel Corp. 423
143,600 American Telephone & Telegraph Corp. 7,287
50,500 Ameritech Corp. 2,240
39,900 Bell Atlantic Corp. 2,224
45,400 Bellsouth Corp. 2,787
14,100 Capital Cities/ABC, Inc. 1,361
5,650 CBS, Inc. 379
21,900 Comcast Corp. 383
88,100 GTE Corp. 2,940
7,000 Mallinckrodt, Inc. 255
62,200 MCI Communications Corp. 1,260
38,600 Nynex Corp. 1,612
38,800 Pacific Telesis Group 1,038
8,900 Providian Corp. 324
54,900 Southwestern Bell Corp. 2,471
31,900 Sprint Corp. 1,069
41,700 U.S. West, Inc. 1,720
32,700 Viacom, Inc., Class B* 1,525
--------
32,529
COMPUTERS AND OFFICE MACHINES--3.9%
10,700 Amdahl Corp.* 139
11,100 Apple Computer, Inc. 461
13,100 Automatic Data Processing, Inc. 816
5,700 Cabletron Systems* 305
4,100 Ceridian Corp.* 132
24,600 Cisco Systems, Inc.* 1,076
23,900 Compaq Computer Corp.* 935
2,300 Cray Research, Inc.* 53
3,400 Data General Corp.* 27
13,400 Digital Equipment Corp.* 598
4,100 Intergraph Corp.* 55
53,700 International Business Machines Corp. 5,008
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------------
<C> <S> <C>
53,200 Microsoft Corp.* $ 4,504
14,300 Pitney Bowes, Inc. 529
13,100 Silicon Graphics* 509
10,600 Tandem Computers, Inc.* 141
6,700 Tandy Corp. 313
15,700 Unisys Corp.* 167
--------
15,768
CONSTRUCTION--0.2%
5,200 Dover Corp. 341
16,700 Dresser Industries, Inc. 382
--------
723
CREDIT INSTITUTIONS--0.6%
4,800 Beneficial Corp. 214
10,500 CUC International* 386
15,572 Dean Witter Discover & Co. 742
8,800 Household International, Inc. 435
13,600 MBNA Corp. 459
--------
2,236
ELECTRICAL SERVICES--3.4%
16,900 American Electric Power Co. 579
13,500 Baltimore Gas and Electric Co. 351
14,300 Carolina Power & Light Co. 427
17,400 Central and South West Corp. 448
14,210 Cinergy Corp. 378
21,500 Consolidated Edison Co. of New York, Inc. 642
13,300 Detroit Edison Co. 401
15,700 Dominion Resources, Inc. 583
18,800 Duke Power Co. 785
20,800 Entergy Corp. 515
17,100 FPL Group, Inc. 671
10,600 General Public Utilities Corp. 318
13,200 Niagara Mohawk Power Corp. 195
6,100 Northern States Power Co. 289
14,000 Ohio Edison Co. 306
39,600 Pacific Gas & Electric Co. 1,148
26,000 Pacificorp 514
20,300 Peco Energy Co. 571
22,400 Public Service Enterprise Group, Inc. 666
41,000 SCE Corp. 712
59,800 Southern Co. 1,323
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO--CONTINUED
ELECTRICAL SERVICES--Continued
20,700 Texas Utilities Co. $ 748
19,600 Unicom Corp. 534
9,300 Union Electric Co. 352
1,100 Zurn Industries, Inc. 22
--------
13,478
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--
6.7%
9,900 Advanced Micro Devices, Inc.* 326
19,200 AMP, Inc. 818
3,525 Andrew Corp.* 172
10,700 Cooper Industries, Inc. 396
10,400 DSC Communications Corp.* 385
20,400 Emerson Electric Co. 1,403
156,500 General Electric Co. 9,077
3,600 Harris Corp. 191
37,900 Intel Corp. 4,254
9,800 ITT Corp. 1,096
2,400 M/A-Com, Inc.* 29
9,800 Maytag Corp. 159
18,800 Micron Technology, Inc. 839
53,700 Motorola, Inc. 3,215
11,400 National Semiconductor Corp.* 285
4,500 National Service Industries, Inc. 130
23,200 Northern Telecom Ltd. 890
4,000 Raychem Corp. 146
7,000 Scientific-Atlanta, Inc. 130
57,900 Tele-Communications, Inc.* 1,223
8,500 Texas Instruments, Inc. 983
1,800 Thomas & Betts Corp. 121
6,900 Whirlpool Corp. 394
4,200 Zenith Electronics Corp.* 33
--------
26,695
FOOD AND BEVERAGES--7.1%
23,700 Anheuser-Busch Cos., Inc. 1,401
47,253 Archer-Daniels-Midland Co. 874
6,300 Brown-Forman, Inc. 210
7,100 Bruno's Inc. 82
22,800 Campbell Soup Co. 1,120
117,700 Coca Cola Co. 7,283
22,650 ConAgra, Inc. 756
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
3,500 Coors (Adolph) Co. $ 60
13,400 CPC International, Inc. 814
14,400 General Mills, Inc. 747
22,300 Heinz (H.J.) Co. 1,009
7,900 Hershey Foods Corp. 408
20,400 Kellogg Co. 1,369
2,200 Luby's Cafeterias, Inc. 45
63,900 McDonalds Corp. 2,419
72,500 Pepsico, Inc. 3,553
12,200 Quaker Oats Co. 426
9,200 Ralston Purina Group 462
43,800 Sara Lee Corp. 1,221
34,100 Seagram Co. Ltd. 1,023
14,600 Unilever N.V. ADR 1,858
18,400 UST, Inc. 550
9,700 Whitman Corp. 176
10,700 Wrigley (WM) Jr. Co. 484
--------
28,350
FURNITURE AND FIXTURES--0.1%
1,325 Bassett Furniture Industries, Inc. 36
14,600 Masco Corp. 423
--------
459
GENERAL BUILDING CONTRACTORS--0.2%
2,600 Centex Corp. 75
11,800 Honeywell, Inc. 468
3,000 Kaufman & Broad Home Corp. 42
3,000 Morrison-Knudsen, Inc. 17
2,500 Pulte Corp. 69
--------
671
GLASS, CLAY AND STONE PRODUCTS--0.3%
20,900 Corning, Inc. 669
14,400 Newell Co. 385
--------
1,054
HEALTH SERVICES--1.6%
7,800 Beverly Enterprises, Inc.* 89
40,397 Columbia/HCA Healthcare Corp. 1,651
4,000 Community Psychiatric Centers* 50
58,800 Johnson & Johnson Co. 3,985
5,750 Manor Care, Inc. 168
18,300 National Medical Enterprises, Inc. 304
4,300 St. Jude Medical, Inc. 195
--------
6,442
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
HEAVY CONSTRUCTION--0.2%
7,600 Fluor Corp. $ 376
3,300 Foster Wheeler Corp. 109
10,400 Halliburton Co. 406
--------
891
INDUSTRIAL INSTRUMENTS--2.6%
4,800 Bard (C.R.), Inc. 142
5,400 Bausch & Lomb, Inc. 219
6,100 Becton Dickinson & Co. 351
10,600 Biomet, Inc.* 158
13,700 Boston Scientific Corp.* 394
31,100 Eastman Kodak Co. 1,878
46,600 Hewlett-Packard Co. 3,082
3,700 Johnson Controls, Inc. 212
7,700 Loral Corp. 369
10,600 Medtronic, Inc. 798
2,100 Millipore Corp. 138
3,800 Perkin-Elmer Corp. 132
4,200 Polaroid Corp. 155
11,300 Raytheon Co. 876
2,800 Tektronix, Inc. 129
5,200 United States Surgical Corp. 107
9,700 Xerox Corp. 1,100
--------
10,240
INSURANCE SERVICES--3.2%
10,300 Aetna Life & Casualty Co. 614
4,000 Alexander & Alexander Services, Inc. 102
18,600 American General Corp. 642
28,950 American International Group, Inc. 3,293
8,000 Chubb Corp. 659
6,600 Cigna Corp. 493
7,500 General Re Corp. 1,015
4,450 Jefferson-Pilot Corp. 235
8,700 Lincoln National Corp. 394
5,400 Loews Corp. 642
6,700 Marsh & McLennan Cos., Inc. 534
5,800 Safeco Corp. 341
7,700 St. Paul Companies, Inc. 392
6,550 Torchmark Corp. 261
6,400 Transamerica Corp. 382
29,358 Travelers Corp. 1,240
14,600 U.S. Healthcare, Inc. 454
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------
<C> <S> <C>
15,800 United Healthcare Corp. $ 589
6,600 UNUM Corp. 282
8,700 USF & G Corp. 150
2,100 USLIFE Corp. 85
--------
12,799
JEWELRY AND PRECIOUS METALS--0.0%
4,200 Jostens, Inc. 85
LEATHER PRODUCTS--0.0%
1,600 Brown Group, Inc. 35
4,500 Stride Rite Corp. 51
--------
86
LUMBER AND WOOD PRODUCTS--0.1%
10,300 Louisiana-Pacific Corp. 229
MACHINERY--1.4%
7,700 Applied Materials* 593
12,900 Baker Hughes, Inc. 290
7,800 Black & Decker Corp. 257
2,600 Briggs & Stratton Corp. 92
8,700 Brunswick Corp. 160
18,300 Caterpillar, Inc. 1,103
3,100 Cincinnati Milacron, Inc. 84
3,800 Cummins Engine Co. 173
7,900 Deere & Co. 683
4,300 General Signal Corp. 159
3,100 Giddings & Lewis, Inc. 54
4,200 Harnischfeger Industries, Inc. 146
9,700 Ingersoll-Rand Co. 361
1,800 Outboard Marine Corp. 36
1,200 SPX Corp. 16
17,300 Tenneco, Inc. 830
2,800 Timken Co. 118
6,800 Tyco Laboratories, Inc. 368
3,900 Varity Corp.* 168
--------
5,691
MANUFACTURING--GENERAL--0.1%
2,500 Alberto-Culver Co., Class B 80
MERCHANDISE--0.6%
5,000 Alco Standard Corp. 358
20,300 Gillette Co. 1,712
3,900 Snap-On, Inc. 139
4,100 Stanley Works 164
--------
2,373
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO--CONTINUED
METAL MINING--0.6%
32,000 American Barrick Resources Corp. $ 808
8,450 Cyprus/Amax Minerals Co. 224
10,300 Echo Bay Mines Ltd. 92
12,600 Homestake Mining Co. 213
10,700 Inco Ltd. 268
7,839 Newmont Mining Corp. 327
21,800 Placer Dome, Inc. 551
11,980 Santa Fe Pacific Gold Corp. 149
--------
2,632
METAL PRODUCTS--0.2%
2,700 Ball Corp. 90
2,800 Crane Co. 96
8,200 Crown Cork & Seal Co., Inc.* 386
4,900 McDermott International, Inc. 129
4,500 Parker-Hannifin Corp. 257
--------
958
MORTGAGE AGENCIES--0.9%
16,500 Federal Home Loan Mortgage Corp. 1,124
25,000 Federal National Mortgage Association 2,325
--------
3,449
NATURAL GAS TRANSMISSION-0.8%
9,600 Coastal Corp. 301
4,600 Columbia Gas System, Inc.* 138
8,500 Consolidated Natural Gas Co. 339
1,900 Eastern Enterprises 57
23,200 Enron Corp. 847
6,100 Enserch Corp. 106
4,800 Nicor, Inc. 128
11,200 Noram Energy Corp. 74
2,400 Oneok, Inc. 46
7,500 Pacific Enterprises * 189
13,600 Panhandle Eastern Corp. 342
3,200 Peoples Energy Corp. 86
8,000 Sonat, Inc. 263
9,300 Williams Company, Inc. 316
--------
3,232
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<S> <C> <C>
OIL AND GAS--0.8%
11,600 Burlington Resources, Inc. $ 481
2,300 Helmerich & Payne, Inc. 69
3,100 Louisiana Land & Exploration Co. 120
28,600 Occidental Petroleum Corp. 658
9,100 Oryx Energy Co. 131
7,700 Rowan Companies, Inc.* 58
8,200 Santa Fe Energy Resources, Inc. 80
22,200 Schlumberger (Ltd.) ADR 1,443
4,800 Western Atlas, Inc.* 217
--------
3,257
PAPER PRODUCTS--2.2%
4,900 Avery Dennison Corp. 202
4,700 Bemis Co., Inc. 134
4,300 Boise Cascade Corp. 142
8,500 Champion International Corp. 394
3,900 Federal Paper Board Co., Inc. 127
8,300 Georgia-Pacific Corp. 645
11,400 International Paper Co. 896
7,500 James River Corp. 203
14,800 Kimberly-Clark Corp. 888
5,300 Mead Corp. 286
38,500 Minnesota Mining & Manufacturing Co. 2,305
13,800 Scott Paper Co. 599
8,304 Stone Container Corp.* 145
5,100 Temple Inland, Inc. 221
6,400 Union Camp Corp. 332
6,200 Westvaco Corp. 265
18,800 Weyerhaeuser Co. 825
--------
8,609
PERSONAL SERVICES--0.4%
9,600 Block (H.& R.), Inc. 347
4,400 Hilton Hotels Corp. 295
11,400 Marriott International Corp. 386
9,400 Promus Companies, Inc.* 394
8,550 Service Corp. International 245
--------
1,667
PETROLEUM PRODUCTS--7.6%
8,500 Amerada Hess Corp. 431
45,500 Amoco Corp. 3,111
5,600 Ashland Oil, Inc. 208
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
<C> <S> <C>
14,700 Atlantic Richfield Co. $ 1,707
59,600 Chevron Corp. 2,928
113,700 Exxon Corp. 8,115
4,700 Kerr-McGee Corp. 262
36,200 Mobil Corp. 3,634
4,200 Pennzoil Co. 207
23,900 Phillips Petroleum Co. 866
49,100 Royal Dutch Petroleum Co. ADR 6,223
9,800 Sun Co., Inc. 309
23,800 Texaco, Inc. 1,630
22,300 Unocal Corp. 661
--------
30,292
PRINTING AND PUBLISHING--1.3%
6,800 American Greetings Corp. 192
7,600 Deluxe Corp. 242
13,900 Donnelley (R.R.) & Sons Co. 506
9,000 Dow Jones & Co., Inc. 329
12,700 Gannett Co., Inc. 679
2,800 Harland (John H.) Co. 66
4,900 Knight-Ridder, Inc. 271
4,500 McGraw-Hill, Inc. 332
2,500 Meredith Corp. 66
9,100 Moore Corp. Ltd. 199
9,100 New York Times Co. 206
34,700 Time Warner, Inc. 1,374
10,300 Times Mirror Co. 240
6,100 Tribune Co. 363
--------
5,065
PROFESSIONAL SERVICES--1.3%
4,300 Autodesk, Inc. 159
14,600 Computer Associates International, Inc. 955
5,000 Computer Sciences Corp.* 264
11,000 First Data Corp. 634
7,000 Interpublic Group of Cos., Inc. 258
4,400 Lotus Development Corp.* 134
33,500 Novell, Inc.* 647
39,300 Oracle Systems Corp.* 1,365
7,200 Ryder System, Inc. 183
5,300 Safety-Kleen Corp. 90
2,100 Shared Medical Systems Corp. 70
8,700 Sun Microsystems, Inc.* 390
--------
5,149
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------
<C> <S> <C>
RECREATION AND LEISURE SERVICES--1.0%
4,300 Bally Entertainment Corp.* $ 45
47,600 Disney (Walt) Co. 2,647
6,600 Harcourt General, Inc. 278
8,050 Hasbro, Inc. 284
3,400 King World Productions, Inc.* 141
20,416 Mattel, Inc. 510
1,000 Skyline Corp. 18
--------
3,923
RESEARCH AND CONSULTING SERVICES--0.2%
15,500 Dun & Bradstreet Corp. 821
5,000 EG&G, Inc. 91
4,500 Ogden Corp. 99
--------
1,011
RETAIL--4.8%
23,200 Albertson's, Inc. 649
13,600 American Stores Co. 354
9,400 Charming Shoppes, Inc. 41
8,800 Circuit City Stores, Inc. 242
14,400 Darden Restaurants* 158
6,600 Dayton-Hudson Corp. 467
10,300 Dillard Department Stores, Inc. 296
13,300 Gap, Inc. 457
5,400 Giant Food, Inc. 155
3,500 Great Atlantic & Pacific Tea Co., Inc. 87
41,500 Home Depot, Inc. 1,727
41,800 K-Mart Corp. 532
10,700 Kroger Co.* 278
32,700 Limited (The), Inc. 727
1,900 Long Drug Stores Corp. 67
14,600 Lowe's Cos., Inc. 397
22,700 May Department Stores Co. 890
9,700 Melville Corp. 385
3,400 Mercantile Stores Co., Inc. 159
7,500 Nordstrom, Inc. 310
21,300 Penney (J.C.) Co., Inc. 1,003
5,600 Pep Boys-Manny Moe & Jack 156
17,803 Price/Costco, Inc.* 250
7,700 Rite Aid Corp. 183
4,900 Ryan's Family Steak Houses, Inc.* 34
35,500 Sears, Roebuck & Co. 2,000
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO--CONTINUED
RETAIL--Continued
3,800 Shoney's, Inc.* $ 41
6,600 TJX Companies, Inc. 88
25,400 Toys "R" Us, Inc.* 640
210,400 Wal-Mart Stores, Inc. 5,259
11,300 Walgreen Co. 543
9,300 Wendy's International, Inc. 159
6,800 Winn-Dixie Stores, Inc. 389
12,100 Woolworth Corp. 186
--------
19,309
RUBBER AND PLASTICS--0.7%
3,400 Armstrong World Industries, Inc. 175
7,700 Cooper Tire & Rubber Co. 186
13,900 Goodyear Tire & Rubber Co. 586
10,600 Monsanto Co. 882
5,700 Premark International, Inc. 283
7,400 Reebok International Ltd. 248
14,700 Rubbermaid, Inc. 468
--------
2,828
SANITARY SERVICES--0.5%
18,100 Browning-Ferris Industries, Inc. 644
25,400 Laidlaw, Inc. 235
44,300 WMX Technologies, Inc. 1,206
--------
2,085
SERVICE INDUSTRY MACHINERY--0.2%
10,666 Pall Corp. 234
2,600 Trinova Corp. 88
32,600 Westinghouse Electric Corp. 472
--------
794
STEEL PRODUCTS--1.1%
20,600 Alcan Aluminum Ltd.. 609
16,400 Aluminum Co. of America 762
9,600 Armco, Inc.* 61
3,900 Asarco, Inc. 113
10,000 Bethlehem Steel Corp.* 148
8,725 Engelhard Corp. 362
4,100 Inland Steel Industries, Inc. 115
8,000 Nucor Corp. 381
4,000 Owens Corning Fiberglass Corp.* 145
6,500 Phelps Dodge Corp. 357
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
5,700 Reynolds Metals Co. $ 281
26,300 USX-Marathon Group 522
7,000 USX-U.S. Steel Group 223
8,275 Worthington Industries, Inc. 173
--------
4,252
TEXTILES--0.1%
6,900 Fruit of the Loom, Inc. 183
3,700 Russell Corp. 107
1,600 Spring Industries, Inc. 63
--------
353
TOBACCO PRODUCTS--1.6%
17,500 American Brands, Inc. 706
78,000 Philip Morris Cos., Inc. 5,683
--------
6,389
TRANSPORTATION PARTS AND EQUIPMENT--4.3%
25,900 Allied Signal, Inc. 1,045
31,200 Boeing Co. 1,837
32,500 Chrysler Corp. 1,417
9,000 Dana Corp. 253
7,100 Eaton Corp. 433
5,400 Echlin, Inc. 193
4,200 Fleetwood Enterprises, Inc. 86
93,800 Ford Motor Co. 2,743
5,800 General Dynamics Corp. 254
69,000 General Motors Corp. 3,311
10,400 Illinois Tool Works, Inc. 516
20,954 Lockheed Corp. 1,246
10,900 McDonnell Douglas Corp. 787
6,920 Navistar International Corp.* 106
4,500 Northrop Grumman Corp. 235
3,560 PACCAR, Inc. 170
19,900 Rockwell International Corp. 907
5,100 Teledyne, Inc. 123
8,100 Textron, Inc. 492
5,900 TRW, Inc. 464
11,300 United Technologies Corp. 856
--------
17,474
TRANSPORTATION SERVICES--1.5%
6,900 AMR Corp.* 471
8,200 Burlington Northern, Inc. 501
7,200 Conrail, Inc. 389
4,000 Consolidated Freightways, Inc. 95
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
---------------------------------------------------------------
<C> <S> <C>
9,600 CSX Corp. $ 732
4,600 Delta Air Lines, Inc. 300
8,500 Dial Corp. 208
5,100 Federal Express Corp.* 305
12,300 Norfolk Southern Corp. 843
3,800 Pittston Co. 92
3,600 Roadway Services, Inc. 168
13,800 Santa Fe Pacific Corp. 338
13,100 Southwest Airlines Co. 290
5,500 USAir Group* 49
18,900 Union Pacific Corp. 1,047
2,600 Yellow Corp. 49
--------
5,877
WHOLESALE--0.6%
3,400 Fleming Cos., Inc. 88
11,250 Genuine Parts Co. 442
4,600 Grainger (W.W.), Inc. 276
3,100 Handleman Co. 36
6,600 Nike, Inc. 521
2,700 Potlatch Corp. 116
4,600 Sigma-Aldrich, Corp. 202
6,500 Super Valu Stores, Inc. 184
16,700 Sysco Corp. 453
--------
2,318
---------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $307,055) $358,728
---------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--0.4%
U.S. Treasury Bills #
$ 1,605 5.688% Due 06/22/95 $ 1,588
100 5.759% Due 09/21/95 98
---------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $1,686) $ 1,686
---------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--9.3%
Hong Kong & Shanghai Bank, Grand Cayman
$ 36,910 6.188% Due 06/01/95 $ 36,910
---------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $36,910) $ 36,910
---------------------------------------------------------------
TOTAL INVESTMENTS
(Cost $345,651) $397,324
---------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
OPEN FUTURES CONTRACTS:
<CAPTION>
Number of Contract Unrealized
Type Contracts Amount Position Expiration Gain
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P 500 146 $38,935 Long 6/16/95 $719
-------------------------------------------------------------------------------------
</TABLE>
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
*Non-income producing security.
#Security pledged to cover margin requirements for open futures contracts.
See accompanying notes to financial statements.
15
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
FOCUSED GROWTH PORTFOLIO
COMMON STOCKS--98.0%
BANKING--1.9%
30,000 First USA, Inc. $ 1,417
CHEMICALS AND ALLIED PRODUCTS--20.2%
65,000 Abbott Laboratories 2,600
40,000 Air Products and Chemicals, Inc. 2,125
35,000 Forest Laboratories, Inc.* 1,544
40,000 Loctite Corp. 1,995
50,000 Morton International, Inc. 1,588
35,000 Pfizer, Inc. 3,084
35,000 Procter & Gamble Co. 2,516
-------
15,452
COMPUTERS AND OFFICE MACHINES--1.1%
10,500 Microsoft Corp.* 889
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--
17.3%
22,000 ADC Telecommunications, Inc.* 682
38,250 Andrew Corp.* 1,865
35,000 Emerson Electric Co. 2,406
45,000 General Electric Co. 2,610
10,000 Intel Corp. 1,123
26,400 Linear Technology Corp. 1,617
40,000 Molex, Inc., Class A 1,400
25,000 Polygram N.V. ADR 1,459
-------
13,162
FOOD AND BEVERAGES--2.9%
70,000 Archer-Daniels-Midland Co. 1,295
25,000 McDonalds Corp. 947
-------
2,242
HEALTH SERVICES--6.1%
80,000 Health Management Associates, Inc.* 2,190
37,000 Johnson & Johnson Co. 2,451
-------
4,641
HEAVY CONSTRUCTION--2.9%
45,000 Fluor Corp. 2,228
INDUSTRIAL INSTRUMENTS--8.9%
20,000 Hewlett-Packard Co. 1,322
35,000 Raytheon Co. 2,713
50,000 Sundstrand Corp. 2,775
-------
6,810
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------
<C> <S> <C>
INSURANCE SERVICES--5.0%
30,000 American International Group, Inc. $ 1,934
17,000 MBIA, Inc. 1,894
-------
3,828
MERCHANDISE--3.5%
32,000 Gillette Co. 2,700
METAL PRODUCTS--2.5%
40,000 Crown Cork & Seal Co., Inc.* 1,880
PAPER PRODUCTS--1.5%
40,000 Bemis Co., Inc. 1,140
PETROLEUM PRODUCTS--2.7%
63,000 Repsol S.A. ADR 2,055
PROFESSIONAL SERVICES--9.3%
32,000 Computer Associates International, Inc. 2,096
20,000 Computer Sciences Corp.* 1,060
28,000 First Data Corp. 1,617
10,000 First Financial Management Corp. 710
43,000 Interpublic Group of Cos., Inc. 1,586
-------
7,069
RECREATION AND LEISURE SERVICES--1.4%
47,000 Carnival Corp., Class A 1,093
RETAIL--7.0%
70,000 Albertson's, Inc. 1,960
32,000 Staples, Inc.* 904
50,000 Walgreen Co. 2,406
-------
5,270
RUBBER AND PLASTICS--2.2%
52,000 Rubbermaid, Inc. 1,657
TOBACCO PRODUCTS--1.6%
17,000 Philip Morris Cos., Inc. 1,239
--------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $64,493) $74,772
--------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Description Value
--------------------------------------------------------------
<C> <S> <C>
EURODOLLAR TIME DEPOSIT--1.6%
Hong Kong & Shanghai Bank, Grand Cayman
$ 1,209 6.188% Due 06/01/95 $ 1,209
--------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $1,209) $ 1,209
--------------------------------------------------------------
TOTAL INVESTMENTS
(Cost $65,702) $75,981
--------------------------------------------------------------
</TABLE>
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
*Non-income producing security.
See accompanying notes to financial statements.
17
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
<C> <S> <C>
COMMON STOCKS--89.3%
AUSTRIA--0.7%
10,000 VA Technologies A.G. $ 1,149
AUSTRALIA--2.8%
100,000 Broken Hill Proprietary Co. 1,270
1,600,000 Fosters Brewing Group Ltd. 1,417
300,000 News Corp. Ltd. 1,593
--------
4,280
CANADA--1.5%
90,000 Barrick Gold Corp. 2,273
CHINA--1.3%
60,000 Huaneng Power International, Inc. ADR 1,020
45,000 Jilin Chemical Industrial Co. ADR 956
--------
1,976
CZECH REPUBLIC--0.6%
110,000 Czechoslovakia & Slovak Investment Corp. 963
12,000 Czechoslovakia & Slovak Investment Corp. Warrants * 27
--------
990
FRANCE--7.8%
25,000 CarnaudMetalbox 1,093
3,500 Carrefour Supermarche 1,727
25,000 Cie Financiere De Paribas, Class A 1,602
40,000 ELF Aquitaine ADR 1,570
15,000 Lafarge-Coppee 1,222
9,000 Louis Vuitton-Moet Hennessy 1,707
15,000 Lyonnaise des Eaux-Dumez 1,533
30,000 Valeo S.A. 1,661
--------
12,115
GERMANY--4.8%
7,000 Bayer A.G. 1,691
5,500 Commerzbank 1,300
6,000 Mannesmann A.G. 1,757
3,000 RWE A.G. 1,014
4,500 Veba A.G. 1,711
--------
7,473
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
<C> <S> <C>
HONG KONG--5.1%
300,000 Cheung Kong Holdings Ltd. $ 1,478
550,000 Citic Pacific, Ltd. 1,429
450,000 Consolidated Electric Power Asia Ltd. 1,053
200,000 Guoco Group Ltd. 941
110,000 HSBC Holdings PLC 1,429
3,000,000 Maanshan Iron & Steel Co. 632
300,000 New World Development Co. Ltd. 935
--------
7,897
INDIA--0.4%
125,000 The India Fund, Class A 681
INDONESIA--1.1%
150,000 Astra International 269
275,000 Indah Kiat Pulp & Paper Co. 383
250,000 Inti Indorayon Utama 584
175,000 Jaya Real Property 503
--------
1,739
ITALY--4.2%
80,000 Assicurazioni Generali 1,942
40,000 Industries Natuzzi S.p.A. ADR 1,355
40,000 Luxottica Group S.p.A. ADR 1,440
700,000 Telecom Italia S.p.A. 1,836
--------
6,573
JAPAN--16.9%
50,000 Asahi Glass Co. Ltd. 620
7,000 Autobacs Seven Co. Ltd. 701
35,000 Canon Sales Co. 914
25,000 Daiichi Pharmaceutical 535
15,000 Fanuc Ltd. 650
40,000 Fujitsu Ltd. 383
75,000 Hitachi Ltd. 724
215,000 Hitachi Zosen Corp. 922
30,000 Ishiguro Homa Corp. 553
30,000 Izumi Corp. 737
10,000 Japan Associated Finance Co. 877
550 JGC Corp. 6
25,000 Jusco Ltd. 544
10,000 Kato Denki 230
10,000 Kyocera Corp. 760
40,000 MAEDA Road Construction 789
30,000 Maruichi Steel Tube Co. Ltd. 620
40,000 Mitsubishi Bank 955
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
<C> <S> <C>
150,000 Mitsubishi Chemical Corp. $ 719
150,000 Mitsubishi Heavy Industries Ltd. 1,030
300,000 Mitsui O.S.K. Lines* 890
65,000 Mitsui Trust 638
60,000 NEC Corp. 638
15,000 Nichiei Co. Ltd. 939
15,000 Nichiha Corp. 319
50,000 Nippon Paper Industries Co. Ltd. 372
150,000 Nissan Motor Co. Ltd. 969
3,000 Nissen Co. 95
125,000 Nisshin Steel Co. Ltd. 540
50,000 Nomura Securities Co. Ltd. 898
110,000 Obayashi Co. 838
8,000 Rohm Co. Ltd. 364
14,000 Sony Music Entertainment, Inc. 574
50,000 Sumitomo Electric Industries 583
90,000 Sumitomo Marine & Fire Insurance 757
180,000 Sumitomo Metal Industries 534
18,000 TDK Corp. 812
130,000 Toray Industries, Inc. 842
150,000 Toshiba Corp. 945
25,000 Uny Co. Ltd. 396
--------
26,212
MALAYSIA--4.3%
125,000 Edaran Otomobil 1,085
125,500 Genting Berhad 1,324
175,000 Kim Hin Industry Berhad 795
300,000 Land & General Holdings, Class A 943
150,000 Maylasian Banking Berhad 1,235
200,000 Resorts World Berhad 1,306
--------
6,688
NETHERLANDS--4.9%
20,000 DSM N.V. 1,699
35,000 Internationale Nederlanden Group N.V. 1,895
15,000 Royal Dutch Petroleum ADR 1,901
25,000 Wolters Kluwer N.V. 2,093
--------
7,588
NORWAY--2.4%
40,000 Norsk Hydro A.S. ADR 1,650
140,000 Saga Petroleum A.S., Class A 2,008
--------
3,658
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
PHILIPPINES--0.5%
2,200,000 Filinvest Land, Inc.* $ 742
RUSSIA--0.3%
75,000 Fleming Russia Fund 450
SINGAPORE--1.3%
230,000 Keppel Corp. Ltd. 2,096
SOUTH KOREA--0.8%
55,000 Cho Hung Bank 664
368 Daewoo Corp. 5
50,000 Hanil Bank 570
52 Samsung Electronics Co. Ltd. 8
--------
1,247
SPAIN--3.4%
45,000 Banco Santander 1,698
35,000 Empresa Electricidad 1,672
60,000 Repsol, S.A. ADR 1,958
--------
5,328
SWEDEN--1.8%
60,000 Astra AB, Series A 1,757
17,000 Stora Kopparbergs, Class A 1,066
--------
2,823
SWITZERLAND--5.4%
700 Baloise Holdings 1,499
2,200 BBC Brown Boveri A.G. 2,244
3,500 CS Holdings A.G. 1,634
300 Roche Holdings A.G.-Genussshein 1,846
1,500 Swiss Re 1,140
--------
8,363
TAIWAN--2.2%
275,950 Acer, Inc. 939
200,000 GVC Corp. 676
400,000 Nan Ya Plastics Corp. 805
200,000 United Microelectronics Corp. Ltd.* 993
100 Yung Shin Pharmeceutical 1
--------
3,414
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------------
<C> <S> <C>
INTERNATIONAL GROWTH PORTFOLIO--CONTINUED
THAILAND--2.9%
70,000 Bangkok Bank Co. Ltd. $ 766
325,000 Industrial Finance Corp. of Thailand (The) 928
25,200 Loxley Public Co. 537
11,000 Siam City Cement Co. Ltd. 705
225,000 TPI Polene Co., Ltd. 1,504
--------
4,440
UNITED KINGDOM--11.3%
100,000 Carlton Communications PLC 1,503
225,000 Enterprise Oil PLC ADR 1,483
175,000 Great Universal Stores PLC 1,706
200,000 Guinness PLC 1,520
120,000 Hanson PLC ADR 2,281
450,000 Ladbroke Group PLC 1,308
150,000 Legal & General Group PLC 1,189
240,000 Powergen PLC 1,910
600,000 Smith & Nephew PLC 1,608
250,000 Smurfit (Jefferson) Group PLC 1,430
400,000 Tomkins PLC 1,547
--------
17,485
UNITED STATES--0.6%
40,000 Carnival Corp., Class A 930
-----------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $133,445) $138,610
-----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
--------------------------------------------------------------
<C> <S> <C>
EURODOLLAR TIME DEPOSIT--10.9%
Hong Kong & Shanghai Bank, Grand Cayman
$ 16,870 6.1875% Due 6/01/95 $ 16,870
--------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $16,870) $ 16,870
--------------------------------------------------------------
TOTAL INVESTMENTS
(Cost $150,315) $155,480
--------------------------------------------------------------
</TABLE>
At May 31, 1995, the Portfolio's investments, excluding time deposits, were
diversified as follows:
<TABLE>
<CAPTION>
Industry/Sector
--------------------------
<S> <C>
Basic Industry 20.9%
Capital Goods 2.9
Consumer Goods 11.4
Energy 14.1
Financial Services 14.6
Services 11.8
Technology 6.3
Other 18.0
--------------------------
TOTAL 100.0%
--------------------------
</TABLE>
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
*Non-income producing security.
See accompanying notes to financial statements.
20
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO
<C> <S> <C>
COMMON STOCKS--99.2%
AGRICULTURE--0.5%
1,100 Alamo Group, Inc. $ 22
3,200 Barefoot, Inc. 39
1,100 DeKalb Genetics Corp. 41
2,000 Delta & Pine Ltd. Co 50
6,500 Dimon, Inc. 112
2,000 Tejon Ranch Co. 27
5,100 Universal Corp. 119
-------
410
APPAREL--0.6%
2,300 Ashworth, Inc.* 20
1,800 Bell Sports Corp.* 22
800 Cygne Designs, Inc.* 5
900 Deckers Footwear Corp.* 10
300 Donnkenny, Inc.* 6
1,400 Farah, Inc.* 10
600 Fossil, Inc.* 10
800 Garan, Inc. 14
5,000 Hartmarx Corp.* 24
3,550 Kellwood Co. 60
1,700 Nautica Enterprises, Inc.* 51
1,700 Norton McNaughton, Inc.* 24
2,600 Oshkosh B' Gosh, Inc. 41
1,700 Oxford Industries, Inc. 31
1,000 Raven Industries, Inc. 20
2,000 Starter Corp.* 17
1,600 St. John Knits, Inc. 62
1,400 Superior Surgical Mfg. Co., Inc. 17
800 Syms Corp.* 6
975 Tandy Brands Accessories, Inc.* 8
1,650 Unitog Co. 34
-------
492
BANKING--9.7%
2,500 Albank Financial Corp. 65
2,000 Amcore Financial, Inc. 35
2,300 American Federal Bank 32
1,200 American Savings Bank of Florida 25
1,100 Amerifed Financial Corp. 26
1,000 Anchor Bancorp, Inc.* 30
2,060 Associated Banc-Corp. 77
1,500 BancFirst Corp. 22
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------
<C> <S> <C>
1,650 Bancorpsouth, Inc. $ 63
700 Bank New Hampshire Corp. 18
1,068 Bank of Granite Corp. 29
800 Bankatlantic Federal Savings Bank 11
2,164 Bankers Corp. 36
900 Bankers First Corp. 24
1,600 Banknorth Group, Inc. 41
1,500 Bay View Capital Corp. 39
2,000 Bell Bancorp, Inc.* 55
1,200 Boston Bancorp 51
1,200 Brenton Banks, Inc. 22
1,050 BSB Bancorp, Inc. 31
861 BT Financial Corp. 26
1,900 California Bancshares, Inc. 37
7,680 California Federal Bank* 99
1,500 Cathay Bancorp, Inc. 19
1,000 CBT Corp. 22
2,700 CCB Financial Corp. 111
2,500 Centerbank* 36
3,100 Centura Banks, Inc. 80
3,300 Charter One Financial, Inc. 83
1,750 Chittenden Corp. 38
800 Citfed Bancorp, Inc. 21
2,000 Citizens Bancorp 59
600 Citizens Bancshares, Inc 22
2,300 Citizens Banking Corp. 63
660 City Holdings Co. 17
6,400 City National Corp.* 71
2,288 CNB Bancshares, Inc. 68
3,300 Coast Savings Financial, Inc.* 68
900 Coastal Bancorp, Inc. 14
3,500 Collective Bancorp, Inc. 78
1,700 Colonial Bancgroup, Inc. 43
800 Columbia First Bank* 46
3,000 Comdata Holdings Corp.* 38
1,675 Commerce Bancorp, Inc. 30
2,200 Commercial Federal Corp.* 64
1,400 Community First Bankshares, Inc. 22
1,000 CPB, Inc. 26
1,400 CSF Holdings, Inc.* 41
1,990 Cullen/Frost Bankers, Inc. 79
1,007 CVB Financial Corp. 13
600 Deerbank Corp. 27
13,134 Dime Bancorp, Inc.* 125
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
BANKING--CONTINUED
2,100 Downey Financial Corp. $ 38
945 F & M Bancorp. 25
2,355 F & M National Corp. 37
800 Farmers Capital Bank Corp. 27
1,546 Financial Trust Corp. 42
1,500 First Citizens Bancshares, Inc. 72
1,100 First Commercial Bancshares, Inc. 18
3,047 First Commercial Corp. 77
3,300 First Commonwealth Financial Corp. 48
1,100 First Federal Capital Corp. 17
2,000 First Federal Financial Corp. 34
1,500 First Federal Savings Bank* 33
1,957 First Financial Bancorp 65
4,200 First Financial Corp. 69
1,300 First Financial Holdings, Inc. 24
1,166 First Indiana Corp. 22
800 First Merchants Corp. 27
3,154 First Michigan Bank Corp. 77
1,800 First Midwest Bancorp, Inc. 44
2,200 First National Bancorp 45
1,200 First Palm Beach Bancorp. 23
1,463 First Republic Bancorp, Inc.* 19
600 First United Bancshares, Inc. 20
1,192 First Western Bancorp, Inc. 33
2,100 Firstbank of Illinois Co. 56
2,150 Firstbank Puerto Rico * 48
2,850 Firstfed Michigan Corp. 83
2,250 Firstier Financial, Inc. 78
3,800 Firstmerit Corp. 91
1,785 FNB Corp. 33
1,950 Fort Wayne National Corp. 55
4,345 Fulton Financial Corp. 79
1,400 GBC Bancorp 17
5,676 Glendale Federal Savings and Loan Association 78
2,700 Greater New York Savings Bank* 24
3,000 Great Financial Corp. 52
1,200 Hancock Holding Co. 36
1,260 Harleysville National Corp. 32
600 Harris Savings 10
2,500 Hawkeye Bancorp 55
1,900 Heritage Financial Services, Inc. 34
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
4,397 Home Financial Corp. $ 57
1,100 Homeland Bankshares Corp. 25
2,365 Hubco, Inc. 41
1,771 Imperial Bancorp* 34
1,280 Imperial Credit Industries, Inc.* 15
900 Intercontinental Bank 22
700 Irwin Financial Corp. 23
2,600 Jefferson Bancshares, Inc. 55
3,666 Keystone Financial, Inc. 103
2,300 Leader Financial Corp. 62
1,300 Liberty Bancorp, Inc. Oklahoma 43
1,800 Loyola Capital Corp. 53
800 Magna Bancorp, Inc. 16
5,400 Magna Group, Inc. 111
1,950 Mark Twain Bancshares 61
700 Maryland Federal Bancorp, Inc. 22
500 Merchants Bank of New York 26
3,327 Mid-Am, Inc. 48
1,533 Mid-America Bancorp 26
1,700 N.S. Bancorp, Inc. 51
900 National Bancorp of Alaska, Inc. 45
900 National City Bancshares, Inc. 36
3,050 National Commerce Bancorp 77
1,318 National Penn Bancshares, Inc. 36
1,732 NBB Bancorp, Inc. 27
1,751 New York Bancorp, Inc. 35
3,000 North Fork Bancorporation, Inc. 53
2,800 Northeast Federal Corp.* 33
1,129 Northside Savings Bank* 27
500 Old Second Bancorp, Inc. 18
1,200 Omega Financial Corp. 31
2,495 Onbancorp, Inc. 66
2,580 One Valley Bancorp of West Virginia, Inc. 79
800 Park National Corp. 37
1,700 People's Bank 26
3,300 Peoples Heritage Financial Group, Inc. 47
100 Peoples Holding Co. 4
1,500 Pikeville National Corp. 30
800 Pinnacle Banc Group, Inc. 24
4,950 Premier Bancorp, Inc.* 85
1,800 Provident Bancorp, Inc. 60
1,575 Provident Bankshares Corp. 40
1,500 Queen City Bancorp. 49
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
2,662 Republic Bancorp, Inc. $ 31
2,646 Resource Bancshares Mortgage Group, Inc.* 30
4,100 Riggs National Corp.* 38
900 River Forest Bancorp 34
2,900 Rochester Community Savings Bank* 59
5,314 Roosevelt Financial Group, Inc. 92
2,200 S & T Bancorp, Inc. 50
1,400 St. Francis Capital Corp.* 27
3,071 St. Paul Bancorp, Inc. 68
1,400 Security Capital Corp. 67
1,700 SFFed Corp. 34
6,262 Sovereign Bancorp, Inc. 53
800 Student Loan Corp. 21
600 Sumitomo Bank San Francisco 15
5,890 Summit Bancorp 121
2,175 Susquehanna Bancshares, Inc. 51
2,542 TCF Financial Corp. 118
540 Tompkins County Trust Co. 18
2,400 T.R. Financial Corp. 44
3,400 Trust Co. Jersey City, New Jersey 43
2,640 Trustco Bank Corp. 54
4,100 Trustmark Corp. 71
2,280 UMB Financial Corp. 72
7,715 Union Planters Corp. 204
2,100 United Bankshares, Inc. 56
2,500 United Carolina Bancshares Corp. 76
300 United Counties Bancorporation 45
1,600 U.S. Trust Corp. 111
3,200 UST Corp.* 40
1,200 Victoria Bankshares 31
1,050 Webster Financial Corp. 25
1,900 Wesbanco, Inc. 44
1,500 Westamerica Bancorp 53
1,737 Westcorp, Inc. 23
1,266 Western Bank 16
2,575 Whitney Holding Corp. 66
1,386 York Financial Corp. 25
2,200 Zions Bancorp 100
-------
8,100
BITUMINOUS COAL AND LIGNITE SURFACE MINING--0.2%
1,800 Addington Resources, Inc.* 23
1,500 Ashland Coal, Inc. 40
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
6,600 Kaneb Services, Inc.* $ 13
1,400 Nacco Industries, Inc. 84
-------
160
BROKERAGE AND FINANCIAL SERVICES--1.4%
2,000 Alex Brown, Inc. 80
2,700 Allied Capital Commercial Corp. 46
500 American Financial Enterprises, Inc. 11
3,500 Amresco, Inc. 27
2,600 Autofinance Group, Inc. 41
1,425 BHC Financial 21
724 BOK Financial Corp.* 16
2,000 CMAC Investment Corp. 83
4,500 Crawford & Co. Class B 77
4,700 Crimmi Mae, Inc. 38
3,050 Duff & Phelps Corp. 33
1,900 Insignia Financial Group, Class A* 47
1,800 Inter-Regional Financial Group, Inc. 48
1,100 Jefferies Group, Inc. 40
2,100 Legg Mason, Inc. 57
1,440 McDonald & Company Investments, Inc. 23
1,100 Midland Financial Group, Inc.* 19
2,350 Morgan Keegan, Inc. 42
3,400 Pencorp Financial Group, Inc. 63
3,300 Pioneer Group, Inc. 89
2,200 Piper Jaffray Companies, Inc. 32
1,492 Quick & Reilly Group, Inc. 70
2,900 Raymond James Financial, Inc. 53
1,700 Search Capital Group, Inc.* 3
2,400 SEI Corp. 46
683 Shoreline Financial Corp. 12
400 Value Line, Inc. 12
1,262 Waterhouse Investor Services, Inc. 22
200 Winthrop Resource Corp. 3
-------
1,154
CHEMICALS AND ALLIED PRODUCTS--3.5%
1,600 AER Energy Resources, Inc. 9
4,000 Alliance Pharmaceutical Corp.* 27
2,200 Alpha Beta Technology, Inc.* 14
1,800 American Pacific Corp.* 9
3,600 Amylin Pharmaceuticals, Inc.* 27
900 Aphton Corp.* 9
1,262 Biocraft Laboratories, Inc. 23
1,200 Bush Boake Allen, Inc.* 23
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
CHEMICALS AND ALLIED PRODUCTS--CONTINUED
5,200 Calgon Carbon Corp. $ 67
2,100 Cellpro, Inc.* 21
10,000 Centocor, Inc.* 136
3,200 Cephalon, Inc.* 31
1,600 Chemed Corp. 54
3,900 Circa Pharmaceuticals, Inc.* 116
2,000 Collagen Corp.* 34
1,074 Copley Pharmaceutical, Inc.* 18
2,500 Cygnus Therapeutic Systems* 20
1,700 Cytec Industries, Inc.* 63
6,500 Cytrx Corp.* 12
3,500 Dexter Corp. 83
2,200 Diagnostic Products Corp. 89
2,300 Ecogen, Inc.* 5
2,000 Epitope, Inc.* 30
3,100 First Mississippi Corp. 72
2,200 Fuller (H.B.) Co. 83
1,900 Genetic Therapy, Inc.* 23
3,900 Gensia Pharmaceuticals, Inc.* 12
1,800 Genta, Inc.* 5
1,900 Great American Management & Investment* 64
2,600 Grow Group, Inc. 57
1,500 Helene Curtis Industries, Inc. 50
3,635 ICN Pharmaceuticals, Inc.* 62
4,700 ICOS Corp.* 24
2,600 Immulogic Pharmaceutical Corp.* 19
3,300 Immune Response Corp.* 10
3,700 Immunomed Corp.* 9
3,400 Interneuron Pharmaceuticals, Inc.* 28
4,000 Isis Pharmaceuticals, Inc.* 46
1,600 Jones Medical Industries, Inc. 16
5,900 Lawter International, Inc. 79
1,400 Learonal, Inc. 28
1,250 Lesco, Inc. 21
1,581 Life Technologies, Inc. 32
3,275 Lilly Industrial, Inc. 37
2,000 LSB Industries, Inc. 12
2,100 McWorther Tech, Inc. 32
1,350 Marsam Pharmaceuticals, Inc.* 26
1,700 Matrix Pharmaceutical, Inc.* 21
2,300 Medco Research, Inc.* 31
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<S> <C> <C>
2,100 Medimmune, Inc.* $ 18
2,300 MGI Pharma, Inc.* 10
3,300 Mineral Technologies, Inc. 109
800 NCH Corp. 48
3,600 N.L. Industries, Inc.* 56
2,400 Noven Pharmaceuticals, Inc.* 20
2,600 OM Group, Inc. 65
3,300 Oncor, Inc.* 15
1,299 Penwest Ltd. 28
1,100 Petrolite Corp. 32
2,200 Pharmaceutical Marketing Services, Inc.* 18
2,500 Pharmaceutical Resources, Inc. 26
2,600 Procyte Corp.* 6
1,200 Purepac, Inc.* 12
3,200 Regeneron Pharmaceuticals, Inc.* 20
3,600 Ribi Immunochem Research, Inc.* 16
1,800 Roberts Pharmaceutical Corp.* 35
3,300 Scotts Co.* 72
3,600 Sepracor, Inc.* 43
3,300 Somatogen, Inc.* 39
1,400 Stepan Co. 26
5,500 Sterling Chemicals, Inc.* 58
700 Systemix, Inc.* 10
2,100 Techne Corp.* 28
1,671 Tetra Tech, Inc.* 38
2,700 Tetra Technologies, Inc. 32
2,700 Univax Biologics, Inc.* 14
1,800 Vertex Pharmaceuticals, Inc.* 28
2,600 Valence Technology, Inc.* 7
2,300 Vigoro Corp. 90
1,265 WD-40 Co. 54
-------
2,892
COMMUNICATIONS--3.4%
1,400 ACC Corp. 19
1,700 ACS Enterprises, Inc. 29
2,100 Ackerley Communications, Inc.* 21
800 Adelphia Communications 8
2,000 American Mobile Satellite Corp. 47
900 American Paging, Inc. 6
2,900 American Telecasting, Inc. 41
2,200 Antec Corp. 46
1,700 Applied Innovation, Inc. 69
400 Applied Digital Access, Inc. 5
1,400 Ascend Communications, Inc. 54
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------
<C> <S> <C>
1,800 Aspect Telecommunications Corp.* $ 73
1,200 Atlantic Tele-Network, Inc.* 10
1,900 Bet Holdings, Inc.* 33
3,300 Black Box Corp.* 51
2,060 Block Drug Co., Inc. 74
2,000 Broadband Tecnologies, Inc.* 50
2,100 Cable Design Technologies Corp.* 42
1,900 CAI Wireless Systems, Inc.* 20
2,100 C-TEC Corp.* 46
1,100 Cellstar Corp.* 22
1,400 Cellular Communications International, Inc.* 53
1,400 Cellular Technical Services, Inc.* 28
1,500 Centigram Communications Corp.* 20
2,100 CIDCO, Inc.* 68
3,300 Citicasters, Inc.* 78
1,975 Clear Channel Communications, Inc.* 111
2,100 Commnet Cellular, Inc.* 56
1,600 Communications Systems, Inc. 25
900 Digital Link Corp.* 22
5,400 DMX, Inc.* 12
300 Emmis Broadcasting Corp. Class A* 6
1,500 Evergreen Media Corp. Class A* 32
1,400 EZ Communications, Inc. Class A* 22
4,700 General Communications, Inc.* 19
1,600 Heartland Wireless Communications, Inc.* 37
1,900 Heritage Media Corp.* 53
2,900 International Cabletel, Inc. 93
1,500 Jacor Communications, Inc.* 20
213 Jones Intercable, Inc. Class A* 3
2,978 Jones Intercable, Inc. Class B* 42
2,100 Level One Communications, Inc.* 33
4,500 Lincoln Telecommunications Co. 70
800 Metrocall, Inc.* 14
3,133 Micom Communications Corp.* 19
350 Millicom, Inc. Rights 0
8,100 Mobile Telecommunications Technologies* 182
1,200 Nationwide Cellular Services, Inc.* 29
3,000 OneComm Corp.* 41
4,200 Orion Pictures Corp.* 28
1,900 Parigain Technologies, Inc.* 43
1,100 Peoples Choice TV Corp.* 27
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
2,650 Peoples Telephone Co., Inc.* $ 12
1,200 Pittencrieff Communications, Inc.* 6
1,800 Plantronics, Inc.* 45
600 Preferred Entertainment, Inc.* 9
4,400 President Casino's, Inc. 20
2,800 Racotek, Inc.* 16
3,600 Renaissance Communications Corp.* 122
600 Silver King Communications, Inc.* 8
2,700 Star Sight Telecast, Inc.* 14
2,700 TCA Cable TV, Inc. 69
3,400 Telular Corp.* 40
1,900 Transmedia Network, Inc. 21
3,200 True North Communications 63
3,700 United International Holdings, Inc.* 57
900 United Television, Inc.* 60
1,100 United Video Satellite Group, Inc.* 29
2,600 U.S. Long Distance Corp.* 39
3,800 Valuevision International, Inc.* 18
3,300 Wescott Communications, Inc. 50
4,500 Westwood One, Inc.* 59
-------
2,809
COMPUTERS AND OFFICE MACHINES--5.1%
3,200 Actel Corp 37
700 Active Voice Corp. 18
100 Amplicon, Inc. 2
1,700 Amtrol, Inc. 32
4,900 AST Research, Inc.* 91
3,700 Atari Corp.* 11
1,500 Atria Software, Inc. 66
5,000 Auspex Systems, Inc. 47
3,700 Autotote Corp.* 14
3,400 Avid Technology, Inc. 125
2,250 Banctec, Inc.* 35
700 Benchmark Electronics, Inc.* 15
4,800 Borland International, Inc.* 60
600 Brock Control Systems, Inc.* 5
964 Cambrex Corp.* 33
1,400 Cambridge Technology Partners, Inc.* 45
2,800 Catalytica, Inc.* 9
2,600 C-Cube Microsystems, Inc.* 66
900 Cerplex Group, Inc.* 7
375 Champion Industries, Inc. 8
3,250 Chipcom Corp.* 70
2,400 Chronimed, Inc.* 32
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
COMPUTERS AND OFFICE MACHINES--CONTINUED
4,500 Computer Network Technology Corp.* $ 46
4,100 Comverse Technology, Inc.* 61
4,275 Concord EFS, Inc. 89
5,400 Convex Computer Corp.* 21
3,900 Copytele, Inc.* 26
900 Cornerstone Imaging, Inc.* 12
600 Corvle Corp.* 13
4,400 Cray Research, Inc.* 101
1,000 Cyrk, Inc.* 9
600 Davidson & Associates, Inc.* 17
2,700 Data Broadcasting Corp.* 11
5,800 Data General Corp.* 46
700 Day Runner, Inc.* 12
1,160 DH Technology, Inc.* 28
2,800 Dialogic Corp.* 69
2,600 Digi International, Inc.* 53
750 Dimark, Inc.* 10
1,400 DSP Group, Inc.* 29
4,200 Dynatech Corp.* 76
5,100 Encore Computers Corp.* 11
1,400 Encore Wire Corp.* 20
1,900 Evans & Sutherland Computer Corp.* 26
3,400 Exabyte Corp.* 46
2,300 Filenet Corp.* 73
2,000 Frame Technology Corp.* 49
1,068 Franklin Electric Co., Inc. 33
2,200 FTP Software, Inc. * 47
1,400 General Binding Corp. 25
1,700 Global VLG Communication* 23
1,600 Hyperion Software Corp.* 59
4,500 Information Resources, Inc.* 61
7,000 Intergraph Corp.* 95
1,000 Integrated Systems, Inc.* 21
3,500 International Rectifier Corp.* 94
1,800 Interpool, Inc.* 26
1,200 Intuit * 76
1,200 Itron, Inc.* 35
400 Lasermaster Technologies, Inc.* 3
1,392 Logicon, Inc. 53
1,800 Macromedia, Inc.* 63
1,100 Mapinfo Corp.* 39
6,400 Maxtor Corp.* 35
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
1,900 Mercury Interactive Corp.* $ 42
3,100 Micropolis Corp.* 18
700 Micros Systems, Inc.* 21
900 Microtest, Inc.* 17
3,800 Miller, (Herman), Inc. 82
2,800 National Computer Systems, Inc. 53
4,000 Netmanage, Inc.* 56
2,600 Network General Corp. * 62
16,000 Noise Cancellation Technologies, Inc.* 10
1,400 Norand Corp.* 46
1,900 Nu-Kote Holding, Inc.* 53
1,600 Optical Data Systems, Inc.* 37
1,600 Parcplace Systems, Inc.* 21
2,600 PHH Corp. 109
1,500 Planar Systems, Inc.* 28
3,000 Platinum Technology, Inc.* 50
6,100 Pyxis Corp.* 147
1,652 Quixote Corp. 20
2,800 Recognition Equipment, Inc. 24
3,700 S3, Inc. 100
3,300 Santa Cruz Operation, Inc.* 31
4,800 Sequent Computer Systems, Inc.* 71
3,400 Smith Corona Corp. 5
4,000 Stac Electronics* 24
2,500 Standard Microsystems Corp.* 43
1,400 Sylvan Learning Systems, Inc.* 26
1,600 Synetic, Inc.* 38
5,200 Tech Data Corp.* 53
2,600 Tricord Systems, Inc.* 11
2,700 Tseng Laboratories, Inc. 18
1,600 Wall Data, Inc.* 28
4,900 Wang Labs, Inc.* 64
7,000 Western Digital Corp.* 123
2,100 Wonderware Corp.* 67
800 Xpedite Systems, Inc.* 16
1,000 Zebra Technologies Corp.* 45
-------
4,229
CREDIT INSTITUTIONS--0.8%
4,200 Ampal-American Israel Corp.* 25
2,400 Astoria Financial Corp. 85
2,700 CRI Liquidating REIT, Inc. 10
4,000 Finova Group, Inc. 148
1,100 First Financial Corp., Indiana 32
3,400 Foothill Group, Inc. 84
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
2,100 JSB Financial, Inc. $ 65
4,200 Lomas Financial Corp.* 6
1,050 Money (The) Store, Inc. 32
2,400 National Auto Credit, Inc.* 26
2,800 North American Mortgage Co. 62
1,900 Payco American Corp.* 14
1,900 PMC Capital, Inc. 22
500 Regional Acceptance Corp.* 8
2,700 Ryland Group, Inc. 43
1,400 World Acceptance Corp.* 43
-------
705
ELECTRICAL SERVICES--2.2%
1,400 Bangor Hydro-Electric Co. 16
2,500 Black Hills Corp. 54
3,700 California Energy Company, Inc.* 59
2,700 Central Hudson Gas & Electric Corp. 73
3,300 Central Louisiana Electric Co., Inc. 79
4,700 Central Maine Power Co. 55
2,400 Central Vermont Public Service Corp. 33
2,000 Cilcorp, Inc. 74
1,800 Commonwealth Energy Systems 71
2,900 Eastern Utilities Associates 67
1,400 Electroglas, Inc.* 72
2,500 El Paso Electric Co.* 3
2,800 Empire District Electric Co. 48
4,200 First Pacific Networks, Inc.* 9
972 Green Mountain Power Corp. 26
2,000 Interstate Power Co. 49
4,600 Iowa Illinois Gas and Electric Co. 95
4,300 LCI International, Inc.* 114
1,900 Madison Gas & Electric Co. 59
1,789 Northwestern Public Service Co. 51
2,200 Orange & Rockland Utilities, Inc. 74
2,000 Otter Tail Power Co. 63
6,500 Public Service Co. of New Mexico* 93
900 St. Joseph Light & Power Co. 26
4,500 Sierra Pacific Resources 94
2,600 Southern Indiana Gas & Electric Co. 80
2,300 TNP Enterprises, Inc. 38
31,000 Tucson Electric Power Co.* 101
2,100 United Illuminating Co. 68
2,150 Yankee Energy System, Inc. 44
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
2,600 Zurn Industries, Inc. $ 52
-------
1,840
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--
6.0%
2,400 Alliance Semiconductor 101
4,000 Altera Corp.* 312
1,650 American Superconductor Corp.* 25
5,400 Ametek, Inc. 93
2,850 Amtech Corp. 18
4,700 Applied Magnetics Corp.* 27
2,700 Augat, Inc.* 55
2,480 Baldor Electric Co. 71
4,900 Belden, Inc. 116
900 Best Power Technology, Inc.* 19
2,400 BMC Industries, Inc.* 52
3,800 Boston Technology, Inc.* 62
3,200 Brooktree Corp.* 52
3,000 Burr-Brown Corp.* 68
1,900 California Microwave, Inc.* 60
2,000 C-COR Electronics, Inc.* 51
2,200 Checkpoint Systems, Inc.* 48
400 Cherry Corp. Class A* 6
400 Cherry Corp. Class B* 6
1,000 Cincinnati Microwave, Inc.* 13
2,500 Compression Labs, Inc.* 23
1,800 Credence Systems Corp.* 62
663 CTS Corp. 21
7,400 Cypress Semiconductor Corp.* 240
1,500 Cyrix Corp.* 39
4,200 Dallas Semiconductor Corp.* 77
2,700 Digital Microwave Corp.* 33
1,500 Exar Corp.* 40
9,000 Executive Information Systems* 20
800 Exide Electronics Group, Inc.* 14
95 Ferrofluidics Corp.* 1
2,700 General Datacomm Industries, Inc.* 27
7,300 Griffon Corp.* 62
2,000 Harman International Industries, Inc.* 72
1,500 Harmon Industries, Inc. 27
1,600 Holophane Corp.* 33
1,200 Hutchinson Technologies, Inc.* 40
1,500 IEC Electronics Corp.* 10
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--CON-
TINUED
1,700 Integrated Circuit Systems, Inc.* $ 21
6,300 Interdigital Communications Corp.* 41
2,446 Intermagnetics General Corp.* 37
3,800 International Family Entertainment, Inc. 62
1,000 Inter-Tel, Inc.* 14
3,800 Intervoice, Inc.* 60
1,000 Jabil Circuit, Inc.* 7
1,364 Joslyn Corp. 35
3,300 Juno Lighting, Inc. 58
2,800 Komag, Inc.* 109
1,600 Kopin Corp.* 17
2,800 Lamson & Sessions Co.* 16
3,250 Lattice Semiconductor Corp.* 101
3,100 Lojack Corp. 28
5,300 M/A-COM, Inc.* 63
4,000 Magnetek, Inc.* 61
1,600 Megatest Corp.* 20
3,700 Methode Electronics 73
6,300 Microchip Technology, Inc.* 187
1,200 National Presto Industries, Inc. 52
2,940 Oak Industries, Inc.* 82
3,380 Octel Communications Corp.* 79
800 Opti, Inc.* 15
699 Park Electrochemical Corp. 24
2,700 Picturetel Corp.* 117
3,025 Pioneer Standard Electronics, Inc. 69
1,800 Pittway Corp. 81
2,600 Quickturn Design Systems, Inc.* 24
1,798 Recoton Corp.* 29
2,000 Rival Co. 32
3,900 Royal Appliance Manufacturing Co.* 11
1,800 Sammina Corp.* 65
15,800 Spectrum Information Technologies, Inc.* 2
1,700 Standard Motor Products, Inc. 34
900 Stanford Telecommunications, Inc.* 14
1,100 Summa Four, Inc.* 27
3,300 Symbol Technologies, Inc.* 111
3,000 Symetricon, Inc. 55
2,000 Telco Systems, Inc.* 19
1,800 Tencor Instruments* 121
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------
<C> <S> <C>
2,100 Thomas Industries, Inc. $ 34
3,600 3DO Co.* 41
1,400 Three-Five Systems, Inc.* 41
3,700 Top Source Technologies, Inc.* 22
1,600 Ultratech Stepper, Inc.* 48
2,100 Unitrode Corp.* 47
2,500 Vicor Corp.* 99
6,000 VLSI Technology, Inc.* 156
3,300 Windmere Corp. 28
2,400 Woodhead Industries, Inc. 34
2,500 Wyle Electronics 66
6,800 Zenith Electronics Corp.* 53
2,850 Zilog, Inc.* 109
-------
4,947
FOOD AND BEVERAGES--1.9%
800 Alico, Inc. 13
1,200 American Maize Products Co. 36
3,400 Applebee's International, Inc. 86
2,100 Au Bon Pain Co., Inc.* 25
1,500 Ben & Jerry's Homemade, Inc.* 21
8,600 Boston Chicken, Inc.* 200
675 Bridgford Foods Corp. 8
11,700 Bruno's, Inc. 135
5,300 Calgene, Inc.* 32
1,800 Canandaigua Wine Company, Inc.* 76
700 Celestial Seasonings, Inc.* 12
4,700 Chiquita Brands International, Inc. 62
1,000 Coca-Cola Bottling Co. Consolidated 32
400 Davco Restaurants, Inc.* 5
2,100 Dreyer's Grand Ice Cream, Inc. 67
1,800 Hometown Buffet, Inc.* 19
2,700 Hudson Foods, Inc. 37
3,200 International Dairy Queen, Inc.* 62
4,300 Interstate Bakeries Corp. 63
1,700 J & J Snack Foods Corp.* 21
2,900 Lance, Inc. 51
600 Landry's Seafood Restaurants, Inc.* 23
2,900 Lone Star Steakhouse Saloon* 91
3,900 Luby's Cafeterias, Inc. 79
2,600 Michael Foods, Inc. 32
1,100 Midwest Grain Products, Inc. 20
900 Mondavi (Robert) Corp. Class A 15
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
600 Papa Johns International, Inc.* $ 20
1,000 Pollo Tropical, Inc.* 8
1,500 Sanderson Farms, Inc. 16
2,100 Smithfield Foods, Inc.* 44
750 Thorn Apple Valley, Inc. 15
4,300 TPI Enterprises, Inc.* 19
3,920 Triarc Companies, Inc.* 61
1,200 Wholesome and Hearty Foods, Inc.* 15
2,550 WLR Foods, Inc. 36
-------
1,557
FOOD AND MANUFACTURING--0.7%
2,100 Brothers Gourmet Coffees, Inc.* 18
1,800 Cheesecake Factory, Inc.* 45
198 Farmer Bros Co. 24
5,900 Flowers Industries, Inc. Class A 102
900 Performance Food Group Co.* 17
5,700 Ralcorp Holding, Inc.* 125
159 Ralston Purina Group 8
4,800 Savannah Foods & Industries, Inc. 54
100 Seaboard Corp. 26
3,100 Smucker, JM Co. 70
1,236 Tootsie Roll Industries, Inc. 80
-------
569
FURNITURE AND FIXTURES--0.5%
2,200 Bassett Furniture Industries, Inc. 59
1,125 Bush Industries, Inc. 13
1,300 Chromcraft Revington, Inc.* 31
2,600 Ethan Allen Interiors, Inc.* 52
400 Falcon Products, Inc. 5
1,100 Flexsteel Industries, Inc. 11
2,800 Kimball International, Inc. 78
1,096 Knape & Vogt Manufacturing Co. 18
2,300 La-Z-Boy Chair Co. 60
1,433 Ladd Furniture, Inc. 20
3,200 O'Sullivan Industries Holdings, Inc.* 25
2,200 Rhodes, Inc.* 19
1,286 Shelby-Williams Industries, Inc. 13
3,100 Triangle Pacific Corp.* 50
-------
454
GENERAL BUILDING CONTRACTORS--0.8%
1,300 ABT Building Products 22
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
<C> <S> <C>
2,800 Amcol International Co. $ 39
900 Blount, Inc. 34
9,400 Catellus Development Corp.* 59
1,000 Continental Homes Holding Corp. 15
1,196 D.R. Horton, Inc.* 14
4,000 Eagle Hardware & Garden, Inc.* 29
3,300 Hovnanian Enterprises, Inc.* 20
5,000 Kaufman & Broad Home Corp. 71
2,000 M/I Shottenstein Homes, Inc.* 18
5,300 Morrison-Knudsen, Inc. 29
1,000 NCI Building Systems, Inc.* 16
3,400 NVR, Inc.* 25
3,200 Pulte Corp. 88
1,200 Schuler Homes.* 14
5,500 Standard Pacific Corp. 39
3,900 Toll Brothers, Inc.* 61
1,979 U.S. Home Corp.* 43
2,900 Webb (Del) Corp. 63
-------
699
GLASS, CLAY AND STONE PRODUCTS--0.4%
900 Ameron, Inc. 32
1,050 Donnelly Corp. 16
1,600 Florida Rock Industries, Inc. 46
2,400 Gentex Corp.* 44
1,300 Kuhlman Corp. 16
2,900 Medusa Corp. 70
1,500 Photronics, Inc.* 36
800 Puerto Rican Cement Co. 25
3,100 Southdown, Inc.* 56
-------
341
HEALTH SERVICES--4.4%
2,287 Abbey Healthcare Group, Inc.* 82
2,500 A.L. Pharma, Inc. 46
2,100 American Medical Response, Inc.* 52
1,100 Arbor Health Care Co. 21
4,300 Athena Neurosciences, Inc.* 33
600 Barr Labs, Inc. 11
3,252 Benson Eyecare Corp.* 33
7,640 Bergen Brunswig Corp. 176
1,600 Bio-Rad Labs, Inc.* 48
2,600 Careline, Inc.* 19
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
HEALTH SERVICES--CONTINUED
2,800 Cell Genesys, Inc.* $ 13
4,200 Charter Medical Corp.* 72
1,600 Coastal Physician Group, Inc.* 25
2,150 Community Health Systems, Inc.* 76
5,800 Community Psychiatric Centers* 72
6,600 Continental Medical Systems, Inc.* 62
3,300 COR Therapeutics, Inc.* 51
2,400 Cortech, Inc.* 6
1,200 Daig Corp.* 16
2,600 Emphesys Financial Group, Inc. 66
3,600 Enzo Biochem, Inc.* 35
1,100 Evergreen Healthcare, Inc.* 13
1,600 Fusion Systems Corp.* 53
2,200 Genesis Health Ventures, Inc.* 65
1,600 Grancare, Inc.* 25
3,000 Gulf South Medical Supply, Inc.* 62
3,700 Haemonetics Corp.* 67
1,500 Health Management, Inc.* 26
2,100 Health Management Systems, Inc.* 55
2,800 Healthdyne, Inc.* 13
2,220 Healthdyne Technologies, Inc.* 24
1,300 Healthwise America, Inc.* 38
4,280 Hillhaven Corp.* 122
2,500 Homedco Group, Inc.* 130
3,900 Horizon Healthcare Corp.* 71
1,800 Human Genome Sciences, Inc.* 27
2,500 Idexx Laboratories, Inc.* 113
3,100 IGEN, Inc.* 15
950 Inbrand Corp.* 15
2,300 I-STAT Corp.* 46
3,200 Kinetic Concepts, Inc. 22
600 Labone, Inc. 8
3,458 Ligand Pharmaceuticals, Inc.* 20
2,400 Linecare Holdings 64
1,900 Living Centers of America, Inc.* 59
3,600 Mariner Health Group, Inc.* 52
900 Medicus System Corp. 9
1,900 MMI Companies, Inc. 35
2,559 Molecular Biosystems, Inc.* 16
1,200 Multicare Companies, Inc.* 22
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
2,500 Nellcor, Inc.* $ 109
2,700 North American Biologicals, Inc.* 26
3,900 OIS Optical Imaging Systems, Inc.* 18
1,400 Omnicare, Inc. 67
1,600 Pacific Physician Services, Inc.* 27
2,250 Phycor, Inc.* 68
1,500 Physicians Health Services, Inc. 47
4,800 Primedex Health Systems, Inc.* 3
2,300 Quantum Health Resources, Inc.* 44
1,100 Regency Health Services, Inc.* 12
1,800 Renal Treatment Centers, Inc.* 39
2,100 Ren Corp.-USA * 29
600 RES-CARE, Inc.* 10
2,300 Resound Corp.* 18
3,000 Response Technologies, Inc.* 7
1,300 Rexall Sundown, Inc.* 11
1,300 Rotech Medical Corp.* 35
1,200 Rural/Metro Corp.* 21
1,200 Safeskin Corp.* 16
2,600 Sofamor/Danek Group, Inc.* 55
1,780 Sun Healthcare Group, Inc.* 30
4,700 Surgical Care Affiliates, Inc. 96
900 Target Therapeutics, Inc.* 33
5,700 Unilab Corp.* 29
1,100 United American Healthcare Corp.* 19
1,700 Universal Health Realty Income Trust 27
2,600 Universal Health Services, Inc.* 72
2,800 Uromed Corp.* 17
3,100 Vencor, Inc.* 98
2,600 Vical, Inc.* 21
600 Vitalink Pharmacy Services, Inc.* 10
3,150 Vivra, Inc.* 89
1,200 Vivus, Inc.* 14
2,800 Watson Pharmeceuticals, Inc.* 103
1,200 Wellcare Management Group, Inc.* 32
-------
3,654
HEAVY CONSTRUCTION--0.6%
2,100 Apogee Enterprises, Inc. 36
4,100 Enterra Corp.* 78
1,600 Granite Construction, Inc. 34
2,900 Greenfield Industries, Inc. 84
1,532 Insituform Mid-America, Inc. 22
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
2,400 Insituform Technologies, Inc.* $ 31
1,991 Kasler Holding Co.* 11
4,500 Lennar Corp. 88
2,500 Lone Star Industries, Inc.* 53
1,500 Redman Industries, Inc.* 30
800 Southern Energy Homes, Inc.* 10
1,900 Stimsonite Corp.* 24
-------
501
INDUSTRIAL INSTRUMENTS--3.1%
3,900 Acuson Corp.* 43
3,400 ADAC Laboratories 34
2,100 Advanced Technology Laboratories, Inc.* 34
1,700 Alantec Corp. 57
4,000 Allen Group, Inc. 94
4,000 American Studios, Inc. 10
5,100 Amsco International, Inc.* 64
8,400 Anacomp, Inc.* 7
1,600 Analogic Corp.* 28
5,300 Ballard Medical Products 62
2,600 Cognex Corp.* 87
2,100 Coherent, Inc.* 52
2,100 Core Industries, Inc. 22
1,700 Crosscom Corp.* 20
784 Cubic Corp. 18
2,200 Daniel Industries, Inc. 34
2,900 Datascope Corp.* 47
1,400 Dionex Corp.* 59
2,000 Electronics for Imaging, Inc.* 92
1,900 Empi, Inc.* 27
2,700 Fisher Scientific International, Inc. 88
1,100 Fluke (John) Manufacturing Co., Inc. 46
900 Fresenius USA, Inc.* 9
3,700 Genrad, Inc.* 28
4,000 Gilead Sciences, Inc.* 65
775 Hach Co. 11
1,600 Heart Technology, Inc.* 32
3,600 IMO Industries, Inc.* 29
2,700 Input/Output, Inc.* 92
2,100 Invacare Corp. 85
1,300 Maxxim Medical, Inc.* 18
2,500 Measurex Corp. 66
2,082 Mentor Corp.* 47
7,000 Mentor Graphics Corp.* 119
1,200 Mine Safety Appliances Co. 55
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
2,200 Moorco International, Inc. $ 50
900 MTS Systems Corp. 24
2,600 National Vision Association Ltd.* 11
2,300 Puritan-Bennett Corp. 84
3,000 Respironics, Inc.* 39
4,200 SCI Systems, Inc.* 87
1,600 Starrett (L.S.) Co. 37
2,200 Sunrise Medical, Inc.* 74
1,300 Tech-Sym Corp. 33
3,050 Tecnol Medical Products, Inc.* 58
5,100 Telios Pharmaceuticals, Inc.* 1
1,200 Theratech, Inc.* 14
2,800 Thermedics, Inc.* 50
2,300 Thermo Cardiosystems, Inc.* 87
3,300 Trimble Navigation Ltd.* 78
3,100 Ventritex, Inc.* 45
1,300 Vital Signs, Inc.* 20
1,596 Watkins-Johnson Co. 71
3,000 X-Rite, Inc. 57
-------
2,601
INSURANCE SERVICES--4.4%
1,800 Acceptance Insurance Companies 25
2,100 Acordia, Inc. 64
4,200 Alfa Corp. 47
1,450 Allied Group, Inc. 41
1,585 American Annuity Group, Inc. 16
2,900 American Bankers Insurance Group, Inc. 86
1,350 American Heritage Life Investment Corp. 26
2,200 American Travelers Corp.* 40
2,100 Amvestors Financial Corp. 23
1,350 Avemco Corp. 23
2,800 Baldwin & Lyons, Inc. 44
2,300 Berkley (W.R.) Corp. 85
2,100 Blanch (E.W.) Holdings, Inc. 38
2,000 Capital Guaranty Corp. 35
2,100 Capital RE Corp. 52
1,150 Capital Transamerica Corp. 19
3,200 Capitol American Financial Corp. 71
3,000 CCP Insurance, Inc. 68
4,100 Citizens Corp. 70
1,900 Citizens, Inc.* 17
4,400 Commerce Group, Inc. 79
5,100 Coventry Corp.* 105
3,200 Danielson Holding Corp.* 24
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
INSURANCE SERVICES--CONTINUED
700 Delphi Financial Group, Inc.* $ 12
1,900 Employee Benefit Plans, Inc.* 25
2,700 Enhance Financial Services Group, Inc. 48
2,200 Executive Risk, Inc. 39
2,325 Fidelity National Financial, Inc. 30
2,000 First American Financial Corp. 43
900 First United Corp. 15
1,800 Foremost Corp. of America 72
2,475 Fremont General Corp. 62
1,540 Frontier Insurance Group, Inc. 38
1,300 Fund American Enterprises Holdings, Inc.* 90
3,424 Gainsco, Inc. 35
2,000 Gallagher (Arthur J.) & Co. 70
1,400 Guaranty National Corp. 24
1,300 Harleysville Group, Inc. 31
1,200 HCC Insurance Holdings, Inc.* 29
3,000 Hilb, Rogal & Hamilton Co. 38
2,600 Home Beneficial Corp. 53
2,600 Home Holdings, Inc.* 26
1,900 Independent Insurance Group, Inc. 24
1,700 Integon Corp. 29
600 Kansas City Life Insurance Co. 28
1,900 Lawyers Title Corp. 27
2,700 Liberty Corp. 70
2,800 Life Partners Group, Inc. 53
2,300 Life Reinsurance Corp. 39
3,200 Life USA Holding, Inc.* 31
1,000 Markel Corp.* 55
1,700 Maxicare Health Plans, Inc.* 26
1,929 Mutual Assurance, Inc.* 52
2,200 NAC RE Corp. 65
2,400 National RE Corp. 74
500 National Western Life Insurance Co.* 20
900 Navigators Group, Inc.* 12
1,200 Nymagic, Inc. 20
1,890 Orion Capital Corp. 73
1,050 Poe & Brown, Inc. 25
4,900 Presidential Life Corp. 36
1,900 Protective Life Corp. 94
1,500 PXRE Corp. 32
3,000 Reinsurance Group of America, Inc. 77
8,500 Reliance Group Holdings, Inc. 54
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
852 RLI Corp. $ 22
900 SCOR U.S. Corp. 8
1,500 Seafield Capital Corp. 56
1,900 Security Connecticut Corp. 45
2,500 Selective Insurance Group, Inc. 73
2,000 Sierra Health Services, Inc.* 54
7,600 Southwestern Life Corp.* 5
900 State Auto Financial Corp. 16
1,150 Stewart Information Services Corp. 21
1,100 Transnational Real Estate Corp.* 22
1,500 Trenwick Group, Inc. 65
1,760 United Companies Financial Corp. 78
600 United Fire & Casualty Co. 16
1,500 United Insurance Companies, Inc.* 79
400 United Wisconsin Services, Inc. 8
2,000 Vesta Insurance Group, Inc. 67
1,800 Washington National Corp. 36
2,000 Zenith National Insurance Corp. 43
2,300 Zurich Reinsurance Centre Holdings, Inc.* 67
-------
3,675
JEWELRY AND PRECIOUS METALS--0.2%
5,000 Jan Bell Marketing, Inc.* 13
1,331 Lifetime Hoan Corp.* 15
2,100 MK Gold Co.* 7
1,900 Oneida Ltd. 29
1,100 Syratech Corp.* 19
2,500 Tiffany & Co. 81
-------
164
LEATHER PRODUCTS--0.3%
3,400 Brown Group, Inc. 74
4,000 Justin Industries, Inc. 41
800 K-Swiss, Inc. 10
1,600 Timberland Co.* 36
3,225 Wolverine World Wide, Inc. 66
-------
227
LUMBER AND WOOD PRODUCTS--0.3%
2,900 Oakwood Homes Corp. 73
2,300 Ply-Gem Industries, Inc. 37
2,600 Pope & Talbot, Inc. 42
2,500 TJ International, Inc. 43
1,164 Wolohan Lumber Co. 16
-------
211
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
MACHINERY--3.7%
4,200 Abex, Inc.* $ 35
1,200 Acme-Cleveland Corp. 20
3,200 Agco Corp. 121
2,000 Allied Products Corp.* 39
1,600 Astec Industries, Inc.* 18
3,100 Avondale Industries, Inc. 23
3,200 Baldwin Technology Co., Inc.* 19
2,600 Borg-Warner Security Corp.* 20
1,700 Brenco, Inc. 22
2,000 Cascade Corp. 34
3,500 CMI Corp.* 24
3,600 Donaldson Co., Inc. 91
1,800 Dovatron International, Inc.* 41
3,400 Duriron Co., Inc. 71
4,000 Figgie International Holdings, Inc.* 32
1,200 Flair Corp. 25
1,800 Fruehauf Trailer Corp.* 8
600 Gasonics International Corp.* 15
1,875 Gorman-Rupp Co. 29
3,600 Goulds Pumps, Inc. 84
1,765 Graco, Inc. 47
7,447 Harnischfeger Industries, Inc. 259
1,800 Helix Technology Corp. 68
3,150 Idex Corp.* 107
4,800 Indresco, Inc.* 65
2,000 Ionics, Inc.* 55
1,937 Jason, Inc.* 19
1,200 JLG Industries, Inc. 30
863 Katy Industries, Inc. 8
2,900 Kaydon Corp. 80
1,800 Kulicke & Soffa Industries, Inc.* 77
1,000 Lindsay Manufacturing Co.* 32
1,400 Lufkin Industries, Inc. 27
1,800 Manitowoc Co., Inc. 47
9,200 Marine Drilling Co., Inc.* 38
4,850 Mohawk Industries, Inc.* 73
2,300 Molten Metal Technology, Inc.* 50
1,700 Morningstar Group, Inc.* 13
3,100 Novellus System, Inc.* 192
2,000 Osmonics, Inc.* 35
3,400 Outboard Marine Corp. 68
2,650 Pentair, Inc. 121
999 Pilgrims Pride Corp. 8
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
1,186 Raymond Corp.* $ 25
3,200 Regal-Beloit Corp. 49
1,500 Rexel, Inc.* 13
774 Robbins & Myers, Inc. 21
2,200 Roper Industries, Inc. 71
1,000 Shaw Group, Inc.* 8
3,300 Silicon Valley Group, Inc.* 103
6,000 Smith International, Inc.* 107
2,600 Specialty Equipment Companies, Inc.* 31
2,500 SPX Corp. 33
1,200 Thermo Fibertek, Inc.* 21
1,300 Thermo Power Corp.* 18
1,165 Thermo Process Systems, Inc.* 14
2,200 Toro Co. 61
2,000 Tractor Supply Co.* 40
5,700 Varco International, Inc.* 51
7,500 Weatherford International, Inc.* 84
-------
3,040
MANUFACTURING--GENERAL--0.6%
3,100 Alberto-Culver Co., Class B 100
2,500 American Safety Razor 29
2,200 Bally Gaming International, Inc.* 20
1,060 Brady (W.H.) Co. 67
700 Duracraft Corp.* 22
4,000 First Alert, Inc.* 57
2,300 Hunt Manufacturing Co. 34
2,100 Insilico Corp.* 61
1,253 Oil-Dri Corp. of America 19
2,000 Paragon Trade Brands, Inc.* 27
1,100 Pillowtex Corp.* 11
400 Seda Specialty Packaging Corp.* 3
3,600 Tracor, Inc.* 48
2,200 U.S. Can Corp.* 43
-------
541
MERCHANDISE--GENERAL--0.3%
1,600 BIC Corp. 62
3,100 Church & Dwight Co., Inc. 65
2,700 Cross (A.T.) Co. 43
2,200 ERO, Inc.* 17
3,200 Libbey, Inc.* 62
3,900 Playtex Products, Inc.* 30
-------
279
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
METAL MINING--0.4%
1,700 Cleveland Cliffs, Inc. $ 66
3,000 Coeur D'Alene Mines Corp. 59
700 Firstmiss Gold, Inc.* 10
1,700 FMC Gold Co. 7
7,100 Hecla Mining Co.* 76
2,500 HS Resources, Inc.* 37
30,100 Sunshine Mining Co.* 64
5,500 Terra Industries, Inc. 55
-------
374
METAL PRODUCTS--0.8%
1,700 Alltrista Corp.* 37
8,400 Amax Gold, Inc. 45
2,200 Aptargroup, Inc. 67
700 Barnes Group, Inc. 30
900 Butler Manufacturing Co.* 37
2,600 Clarcor, Inc. 53
598 International Aluminum Corp. 20
3,100 Irvine Sensors Corp.* 23
3,200 Material Sciences Corp.* 63
1,500 NN Ball & Roller, Inc. 25
2,600 Nortek, Inc.* 25
1,064 SPS Technologies, Inc.* 36
740 Varlen Corp. 19
1,800 Whittaker Corp.* 40
2,300 Wolverine Tube, Inc.* 74
2,300 Wyman-Gordon Co.* 24
3,300 Zero Corp. 46
-------
664
MINING, QUARRYING OF NONMETALLIC MINER-
AL--0.1%
2,600 Dravo Corp.* 35
1,500 Pittston Co. Minerals Group 17
-------
52
MISCELLANEOUS INVESTING INSTITUTIONS--
1.8%
2,000 BRE Properties, Inc. 60
3,300 Burnham Pacific Properties, Inc. 41
600 Capital Southwest Corp. 23
2,600 Capstead Mortgage Corp. 71
3,200 Champion Enterprises, Inc.* 54
2,119 Chemical Financial Corp. 63
2,900 Coral Gables Financial 77
3,300 Cousins Properties, Inc. 57
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------------
<C> <S> <C>
6,700 CWM Mortgage Holdings, Inc. $ 78
2,700 Deposit Guaranty Corp. 99
6,000 Geotek Communications, Inc.* 47
5,200 IRT Property Co. 51
3,800 Koger Equity, Inc.* 34
3,100 LTC Properties, Inc. 40
1,050 MAF Bancorp, Inc.* 24
3,800 Merry Land & Investment Co., Inc. 80
2,400 MGI Properties 36
1,200 PEC Israel Economic Corp.* 29
1,500 Pennsylvania Real Estate Investment Trust 33
1,575 Peoples First Corp. 28
3,400 Resource Mortgage Capital, Inc. 63
8,100 Rockefeller Center Properties, Inc. 44
5,800 RPS Realty Trust 27
700 Seacor Holdings, Inc.* 16
2,000 Sizeler Property Investors, Inc. 21
4,100 Storage Equities, Inc. 65
1,700 Trans Financial Bancorp, Inc. 25
1,500 Vallicorp Holdings, Inc. 25
-------
1,311
NATURAL GAS TRANSMISSION--1.9%
2,650 Atmos Energy Corp. 51
2,300 Bay State Gas 56
1,950 Cascade Natural Gas Corp. 29
1,600 Colonial Gas Co. 32
1,800 Connecticut Energy Corp. 35
2,100 Connecticut Natural Gas Corp. 48
3,900 Eastern Enterprises 117
2,300 Energen Corp. 48
3,500 Indiana Energy, Inc. 69
3,651 K N Energy, Inc. 95
2,200 Kelley Oil and Gas Corp.* 12
2,800 Laclede Gas Co. 53
3,100 New Jersey Resources Corp. 71
1,500 North Carolina Natural Gas Corp. 33
2,400 Northwest Natural Gas Co. 71
1,600 NUI Corp. 24
4,000 Oneok, Inc. 76
4,076 Piedmont Natural Gas Co. 83
2,400 Primark Corp.* 39
1,200 Providence Energy Corp. 20
3,150 Public Service Co. of North Carolina, Inc. 47
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------------
<C> <S> <C>
2,120 South Jersey Industries, Inc. $ 42
2,380 Southeastern Michigan Gas Enterprises, Inc. 47
2,238 Southern Union Co.* 43
3,700 Southwest Gas Corp. 53
4,700 Southwestern Energy Co. 72
1,250 Tejas Gas Corp.* 67
2,200 United Cities Gas Co. 34
4,200 Washington Energy Co. 67
2,200 Wicor, Inc. 62
-------
1,596
OIL AND GAS--2.5%
4,900 American Exploration Co.* 5
1,840 Apache Corp. 53
1,200 Aquila Gas Pipeline Corp. 11
2,200 Barrett Resources Corp.* 47
5,100 Benton Oil & Gas Co.* 67
3,800 Berry Petroleum Co. 41
4,643 BJ Services Co.* 118
620 BJ Services Co.* Warrants 3
3,700 Box Energy Corp.* 33
3,100 Brown (Tom), Inc.* 45
3,700 Cabot Oil & Gas Corp. 58
3,400 Calmat Co. 68
2,200 Capsure Holdings Corp.* 31
1,400 Castle Energy Corp.* 12
3,300 Coda Energy, Inc.* 22
2,300 Cross Timbers Oil Co. 36
3,600 Destec Energy, Inc.* 43
3,300 Devon Energy Corp. 71
2,200 Energy Ventures, Inc.* 40
1,600 Forest Oil Corp.* 3
2,900 Gerrity Oil & Gas Corp.* 12
6,300 Globol Natural Resources, Inc.* 69
4,800 Helmerich & Payne, Inc. 143
699 Hondo Oil & Gas Co.* 9
2,100 KCS Energy, Inc. 39
2,900 MDU Resources Group, Inc.* 82
11,100 Mesa, Inc.* 58
10,800 Nabors Industries, Inc.* 93
10,550 Noble Drilling Corp.* 78
2,100 Nuevo Energy Co.* 45
4,200 Oceaneering International, Inc.* 41
9,900 Parker Drilling Co.* 54
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
1,600 Phoenix Resource Companies, Inc. $ 51
2,100 Plains Petroleum Co. 56
2,800 Pool Energy Services Co.* 23
1,700 Production Operators Corp. 51
8,900 Reading & Bates Corp.* 78
13,000 Rowan Companies, Inc.* 98
3,600 Snyder Oil Corp. 52
1,500 Tide West Oil, Inc.* 16
3,500 Tuboscope Vetco International Corp.* 21
2,100 USX-Delhi Group 26
1,900 Vintage Petroleum, Inc. 38
5,000 Wainoco Oil Corp.* 21
1,999 Wiser Oil Co. 27
3,960 Zapata Corp. 13
-------
2,101
ORDNANCE AND ACCESSORIES--0.1%
1,700 Alliant Techsystems, Inc.* 62
1,100 Alpine Group, Inc.* 6
1,800 Sturm Ruger & Co., Inc. 52
-------
120
OTHER SERVICES--0.2%
800 Horsehead Resource Development, Inc.* 3
1,200 Inacom Corp.* 13
1,600 McGrath Rentcorp 26
4,900 Omega Environmental, Inc.* 18
900 Quickresponse Services, Inc.* 18
600 Summit Care Corp.* 12
1,200 Sybron Chemical Industries, Inc.* 18
450 Thermo Remediation, Inc. 7
1,100 United Waste Systems, Inc.* 34
-------
149
PAPER PRODUCTS--0.8%
4,100 Chesapeake Corp. 117
1,800 Damark International, Inc.* 12
1,800 Fibreboard Corp. 34
8,400 Gaylord Container Corp. 79
2,800 Greif Bros. Corp. 68
3,000 Media General, Inc. 97
1,640 Mosinee Paper Corp. 41
1,500 Nashua Corp. 29
2,890 Paxar Corp.* 47
1,700 Republic Gypsum Co. 17
3,800 Rock-Tenn Co. 59
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
PAPER PRODUCTS--CONTINUED
1,500 Sealright Co. $ 27
2,500 Shorewood Packaging Corp.* 39
2,200 Universal Forest Products, Inc. 16
-------
682
PERSONAL SERVICES--0.6%
1,900 Angelica Corp. 49
1,900 Boomtown, Inc.* 21
1,400 Catalina Marketing Corp.* 62
2,600 CPI Corp. 47
2,100 Craig (Jenny), Inc. 16
3,650 G & K Services, Inc. 65
1,782 Marcus Corp. 51
2,800 Rio Hotel & Casino, Inc.* 40
1,233 Sholodge, Inc.* 18
3,350 Stewart Enterprises, Inc. 101
1,700 Supercuts, Inc.* 13
3,000 Unifirst Corp. 36
-------
519
PETROLEUM PRODUCTS--1.1%
2,900 Camco International, Inc.* 64
1,700 Crown Central Petroleum Corp.* 28
1,500 Dual Drilling Co.* 15
1,000 Edisto Resources Corp.* 8
1,600 Elcor Corp.* 31
1,600 Giant Industries, Inc.* 14
25,500 Global Marine, Inc.* 137
678 Holly Corp. 17
1,500 Hugoton Energy Corp.* 13
1,700 Louis Dreyfus Natural Gas Corp.* 24
3,000 Newfield Exploration, Inc.* 82
2,200 Newpark Resources, Inc.* 48
3,200 NGC Corp. 28
1,700 Quaker Chemical Corp. 27
4,900 Quaker State Corp. 67
900 Royal Gold, Inc.* 7
1,200 RPC, Inc.* 10
1,400 Seitel, Inc.* 40
3,100 Sonat Offshore Drilling, Inc. 88
1,900 Stone Energy Corp.* 27
4,400 Tatham Offshore, Inc.* 23
3,000 Tesoro Petroleum Corp.* 33
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
2,100 Texas Meridian Resources, Corp.* $ 21
4,110 United Meridian Corp.* 63
27,200 XCL Limited* 19
-------
934
PRINTING AND PUBLISHING--1.5%
1,500 American Business Information, Inc.* 35
1,700 American Business Products, Inc. 46
735 American City Business Journals, Inc. 14
3,100 Banta Corp. 104
2,500 Bowne & Co., Inc. 44
1,300 Cadmus Communications Corp. 23
4,200 Commerce Clearing House, Inc. 68
1,800 CSS Industries, Inc.* 29
1,200 Devon Group, Inc.* 32
3,500 Ennis Business Forms, Inc. 46
2,000 Express Scripts, Inc.* 63
3,300 Gibson Greetings, Inc. 35
400 Graphic Industries, Inc. 4
3,200 Harte-Hanks Communications, Inc. 78
2,800 Meredith Corp. 74
1,154 Merrill Corp. 20
2,750 Nelson (Thomas), Inc. 50
2,600 New England Business Service, Inc. 55
3,200 Playboy Enterprises, Inc.* 26
994 Plenum Publishing Corp. 32
1,025 Pulitzer Publishing Co. 44
2,700 Standard Register Co. 53
500 Steck-Vaughn Publishing Corp.* 4
7,300 Topps, Inc. 43
8,500 Valassis Communications, Inc.* 139
3,600 Western Publishing Group, Inc.* 39
1,400 Wiley (John) & Sons, Inc. 80
-------
1,280
PROFESSIONAL SERVICES--7.3%
1,460 ABM Industries 33
2,700 Actava Group, Inc.* 29
4,400 Acxiom Corp.* 86
3,125 Advo, Inc. 66
7,600 Allwaste, Inc.* 43
5,000 America On-Line, Inc.* 178
4,000 American Management Systems, Inc.* 90
3,800 American Software, Inc. 15
1,587 Analysts International Corp. 43
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
3,000 Artisoft, Inc.* $ 26
2,800 Banyan Systems, Inc.* 46
3,500 BE Aerospace, Inc.* 29
2,200 Bisys Group, Inc.* 42
2,900 Bolt Beranek & Newman, Inc.* 49
1,471 Boole & Babbage, Inc.* 45
2,900 Broderbund Software, Inc.* 131
4,300 BWIP Holding, Inc. 77
1,900 CACI International, Inc.* 20
7,500 Cadence Design System, Inc.* 223
1,000 Career Horizons, Inc.* 20
2,300 CDI Corp.* 52
1,600 Cerner Corp.* 91
900 Clinicom, Inc.* 15
1,300 Computer Language Research, Inc. 12
5,000 Computervision Corp. 28
3,800 Continuum Co., Inc.* 118
2,600 Control Data Systems, Inc. 27
2,400 Corrections Corp. of America* 84
2,200 Credit Acceptance Corp.* 45
1,500 Dial Page, Inc.* 20
1,200 ECC International Corp.* 13
1,156 Electro Rent Corp.* 25
2,600 Envorotest Systems Corp. 16
2,300 Envoy Corp.* 51
1,809 Executive Telecard Ltd.* 7
800 Fair Isaac & Co. 41
1,900 Gartner Group, Inc. Class A* 91
3,700 Gerber Scientific, Inc. 60
700 Global Industries Ltd.* 17
200 Grey Advertising, Inc. 34
600 Grow Biz International * 7
900 Gupta Corp.* 8
1,600 Healthcare Services Group, Inc.* 18
2,500 Hogan Systems, Inc. 21
1,200 ICU Medical, Inc.* 17
2,000 Infocus Systems 49
3,800 Integrated Health Services, Inc.* 127
2,000 Interim Services, Inc.* 50
2,400 Interleaf, Inc.* 15
1,400 International Imaging Materials, Inc.* 34
800 International Shipholding Corp.* 16
2,400 Intersolv, Inc.* 39
1,600 Isomedix, Inc.* 23
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
2,475 Keane, Inc.* $ 60
3,700 Kemet Corp.* 178
4,500 Kenetech Corp.* 47
2,700 Kinder Care Learning Centers, Inc.* 36
2,300 Landmark Graphics Corp.* 54
2,000 Landstar Systems, Inc.* 53
1,000 Learning Company * 30
2,800 MacNeal-Schwendler Corp. 39
2,200 Marcam Corp.* 35
3,400 MDC Corp. 21
2,900 Medaphis Corp.* 175
1,900 Medic Computer Systems, Inc.* 73
1,700 Metricom, Inc.* 28
1,150 Monro Muffler Brake, Inc.* 20
3,900 National Data Corp. 81
2,200 National Health Investors, Inc. 57
2,700 NetFRAME Systems, Inc.* 14
2,900 Network Equipment Technologies, Inc.* 70
4,000 NTN Communications, Inc.* 20
2,000 Peoplesoft, Inc.* 99
1,200 Pinkertons, Inc.* 19
4,650 Players International, Inc.* 98
1,500 Henry (Jack) & Associates, Inc. 17
1,000 Progress Software Corp.* 50
2,100 Protein Design Labs, Inc.* 49
5,800 Read Rite Corp. 131
3,500 Retix* 13
3,100 Robert Half International, Inc.* 67
6,100 Rollins Truck Leasing Corp. 64
500 Roto-Rooter, Inc. 13
3,400 Shared Medical Systems Corp. 113
3,000 Sierra On-Line, Inc.* 54
1,700 Steris Corp.* 72
2,923 Sterling Software, Inc.* 99
4,300 Stratacom, Inc.* 164
6,000 Structural Dynamics Research Corp.* 83
3,700 SunGard Data Systems, Inc.* 185
6,400 Symantec Corp.* 147
3,500 Synopsys, Inc.* 190
2,200 Syquest Technology, Inc.* 24
3,700 System Software Associates, Inc. 89
2,500 Systems & Computer Technology Corp.* 49
3,100 Telxon Corp. 55
1,250 Thermotrex Corp.* 29
</TABLE>
See accompanying notes to financial statements.
37
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
PROFESSIONAL SERVICES--CONTINUED
2,976 U.S. Robotics, Inc.* $ 248
3,700 Verifone, Inc.* 80
2,700 Viewlogic Systems, Inc.* 28
1,900 Visx Corp.* 24
1,500 Vmark Software, Inc.* 24
897 Wackenhut Corp. 15
224 Wackenhut Corp. Class B 3
2,600 Walker Interactive Systems, Inc.* 15
2,400 Xircom, Inc.* 26
1,400 Zoll Medical Corp.* 16
-------
6,105
REAL ESTATE--3.8%
3,500 American Health Properties, Inc. 75
900 AMLI Residential Properties 17
1,700 Associated Estates Realty Corp 35
2,200 Atlantic Gulf Communities Corp. 17
5,500 Avalon Properties Inc 109
1,300 Avatar Holdings, Inc.* 48
2,100 Bay Apartment Communities 38
5,300 Berkshire Realty, Inc. 52
1,700 Bradley Real Estate Trust 26
2,000 Camden Property Trust 46
2,100 Carr Realty Corp. 38
3,000 CBL & Associates Properties, Inc. 58
900 Centerpoint Properties Corp. 18
1,300 Chateau Properties, Inc. 29
1,000 Chelsea GCA Realty, Inc. 26
600 Christiana Companies, Inc.* 16
2,300 Colonial Property Trust 52
1,700 Columbus Realty Trust 31
1,700 Commercial Net Lease Realty, Inc. 22
3,900 Crown American Realty Trust 46
2,300 Developers Diversified Realty Corp. 65
2,800 Duke Realty Investments, Inc. 78
2,200 Excel Realty Trust, Inc. 43
2,100 Factory Stores America, Inc. 41
3,700 First Union Real Estate Equity & Mortgage Investments 28
800 Forest City Enterprises, Inc.* 30
1,800 Gables Residential Trust 35
3,200 General Growth Properties, Inc. 65
2,800 Glimcher Realty Trust 58
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
2,500 Haagen Alexander Properties, Inc. $ 28
2,000 Health Care REIT, Inc. 45
2,600 Healthcare Realty Trust 51
2,200 Horizon Outlet Centers, Inc. 50
2,500 Irvine Apartment Communities, Inc. 44
1,400 JDN Realty Corp. 28
2,400 JP Realty, Inc. 49
2,100 Kranzco Realty Trust 37
1,500 Macerich Co. 30
3,700 Manufactured Home Communities, Inc. 58
1,500 Mark Centers Trust 21
1,300 Maxxam, Inc.* 43
3,400 McArthur Glen Realty Corp. 49
1,200 Mid-America Apartment Communities, Inc. 30
3,100 Mills Corp. 61
2,200 National Golf Properties, Inc. 47
3,000 Oasis Residential, Inc. 66
795 Penn Virginia Corp. 25
2,500 Post Properties, Inc. 77
600 Prime Retail, Inc. 7
1,900 Real Estate Investment Trust 31
1,500 Regency Realty Corp. 26
3,200 RFS Hotel Investors, Inc. 48
1,500 ROC Communities, Inc. 33
2,500 Saul Centers, Inc. 38
4,500 Security Capital Industrial Trust 71
3,625 South West Property Trust, Inc. 45
3,500 Spieker Properties, Inc. 76
2,300 Storage USA, Inc. 65
2,800 Summit Property, Inc. 48
1,400 Sun Communities, Inc. 33
1,100 Tanger Factory Outlet Centers, Inc. 28
5,400 Taubman Centers, Inc. 52
2,400 Thornburg Mortgage Asset Corp. 33
2,800 Town & Country Trust 40
1,700 Trinet Corporate Realty Trust 47
2,400 Tucker Properties Corp. 29
7,700 United Dominion Real Estate 108
2,400 Urban Shopping Centers, Inc. 52
1,700 Walden Residential Properties, Inc. 31
4,000 Washington Real Estate Investment Trust* 64
3,100 Wellsford Residential Property Trust 67
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------------
<C> <S> <C>
3,300 Western Investment Real Estate Trust $ 40
-------
3,193
RECREATIONAL SERVICES--2.0%
5,000 Acclaim Entertainment, Inc. 85
3,500 Aldia, Inc. 19
2,100 Alpha Hospitality Corp. 6
600 AMC Entertainment, Inc. 8
2,800 American Classic Voyages Co. 26
400 American Filtrona Corp. 12
1,600 American Recreation Co. 12
600 Ameristar Casinos, Inc. 5
1,500 Anchor Gaming 27
1,517 Anthony Industries, Inc. 25
2,200 Argosy Gaming Corp. 29
1,300 Arrow International, Inc. 50
3,100 Authentic Fitness Corp.* 48
7,700 Aztar Corp.* 72
8,500 Bally Entertainment Corp.* 88
1,500 Carmike Cinemas, Inc.* 36
2,250 Casino America, Inc.* 34
200 Casino Data System* 3
3,100 Casino Magic Corp.* 18
600 Churchill Downs, Inc. 27
900 Coastcast Corp.* 10
1,900 Cobra Golf, Inc.* 51
2,800 Discovery Zone, Inc.* 26
900 Empire of Carolina, Inc.* 9
1,200 GC Companies, Inc.* 41
3,100 Grand Casinos, Inc.* 99
1,200 Harvey's Casino Resorts 25
1,300 Hollywood Casino Corp., Class A* 13
2,200 Hollywood Park, Inc.* 30
1,900 Image Entertainment, Inc.* 14
4,500 Ideon Group, Inc. 44
2,200 International Lottery & Totalizator Systems, Inc.* 4
1,900 Jackpot Enterprises, Inc. 16
967 Johnson Worldwide Associates * 21
2,500 Lady Luck Gaming Corp.* 5
300 Lottery Enterprises, Inc.* 1
1,400 Lydall, Inc.* 55
800 Mikohn Gaming Corp.* 6
5,400 Prime Hospitality Corp.* 53
1,350 Regal Cinemas, Inc.* 36
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
4,400 Savoy Pictures Entertainment, Inc.* $ 36
2,600 Scientific Games Holdings Corp.* 66
2,600 Showboat, Inc. 44
2,100 Skyline Corp. 38
2,100 SLM International, Inc.* 2
1,200 Sodak Gaming, Inc.* 17
4,000 Spelling Entertainment Group, Inc. 44
1,400 Sport Supply Group, Inc. 18
2,400 Sports & Recreation, Inc.* 28
3,300 Station Casinos, Inc.* 47
2,600 Swing-n-Slide Corp.* 11
6,100 Tyco Toys, Inc.* 41
1,800 Video Lottery Technologies, Inc.* 14
1,100 White River Corp.* 36
3,100 WMS Industries, Inc.* 57
-------
1,688
RESEARCH AND CONSULTING SERVICES--1.3%
6,400 Advance Tissue Science, Inc.* 40
1,500 Agouron Pharmaceuticals, Inc.* 31
4,300 Air & Water Technologies Corp.* 26
6,000 Applied Bioscience International, Inc.* 31
7,000 Aura Systems, Inc.* 38
6,300 Bio-Technology General Corp.* 25
2,100 Centex Telemanagement, Inc. 27
4,600 Columbia Laboratories, Inc.* 32
2,700 CRSS, Inc. 39
4,000 Cytogen Corp.* 15
3,400 Dames & Moore, Inc. 40
6,000 DNA Plant Technology Corp.* 12
1,485 Gilbert Associates, Inc. 19
1,900 GRC International, Inc.* 28
3,500 Jacobs Engineering Group, Inc.* 77
2,000 Landauer, Inc. 36
4,900 Liposome, Inc.* 47
4,100 Liposome Technology, Inc.* 31
2,300 Mercer International, Inc.* 39
3,000 Mycogen Corp.* 25
1,900 OHM Corp.* 23
1,984 Organogenesis, Inc. 25
2,100 Perseptive Biosystems, Inc.* 17
2,250 Presstek, Inc.* 131
7,300 Scios-Nova, Inc.* 26
2,200 Spacelabs Medical, Inc.* 53
1,600 Stone & Webster, Inc. 49
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
RESEARCH AND CONSULTING SERVICES--CONTINUED
2,500 Summit Technology, Inc.* $ 78
7,000 U.S. Bioscience, Inc.* 18
-------
1,078
RETAIL--5.6%
1,200 Aaron Rents, Inc. 18
770 Alexander's, Inc.* 44
6,200 Americredit Corp.* 55
2,212 Apple South, Inc. 38
3,000 Arbor Drugs, Inc. 50
2,300 Automotive Industries Holding, Inc.* 59
2,500 Baker (J.), Inc. 33
1,500 Bertucci's Holdings Corp.* 11
2,700 Big B, Inc. 37
1,500 Blair Corp. 48
6,200 Bombay Company, Inc.* 47
1,100 Bon-Ton Stores, Inc.* 11
2,000 Books-a-Million, Inc.* 28
2,200 Bradlees, Inc. 11
7,900 Broadway Stores, Inc.* 43
1,700 Brookstone, Inc.* 9
400 Buckle, Inc.* 6
4,300 Buffets, Inc.* 60
500 CDW Computer Centers, Inc.* 19
2,900 Caldor Corp.* 54
3,600 Carr Gottstein Foods Co.* 23
3,500 Carson Pirie Scott & Co.* 59
6,000 Cash America International, Inc. 47
4,500 Cato Corp. 36
7,800 Checkers Drive-In Restaurants, Inc.* 18
2,100 Chic BY H.I.S., Inc.* 23
800 Chico's Fas, Inc.* 4
2,500 CKE Restaurants, Inc. 19
4,300 Claire's Stores, Inc. 69
2,200 Cole National Corp.* 22
3,700 CompUSA, Inc.* 97
9,100 Consolidated Stores Corp.* 171
600 Crown Books Corp.* 8
1,100 Custom Chrome, Inc.* 22
368 Dart Group Corp. 33
566 Deb Shops, Inc. 2
1,283 Delchamps, Inc. 24
3,350 Designs, Inc.* 29
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
1,400 DF & R Restaurants, Inc.* $ 27
3,800 Diagnostek, Inc.* 67
700 D.I.Y. Home Warehouse, Inc.* 5
3,400 Dress Barn, Inc.* 32
4,000 Duty Free International, Inc. 41
6,200 Eckerd (Jack) Corp.* 201
3,000 Edison Brothers Stores, Inc. 39
1,800 Ezcorp, Inc.* 12
1,400 Fabri-Centers of America, Inc.* 28
4,500 Fastenal Co. 128
3,000 Fay's, Inc. 22
1,950 Fedders Corp. 11
3,900 Fedders Corp. Class B* 26
3,800 Filene's Basement Corp.* 15
7,668 Flagstar Companies, Inc.* 38
8,200 Foodmaker, Inc.* 42
1,500 Fred's, Inc. 15
1,200 Fresh Choice, Inc.* 13
2,100 Friedmans, Inc. Class A* 38
856 Frisch's Restaurants, Inc. 8
4,499 General Host Corp. 31
1,507 Genovese Drug Stores, Class A 16
2,800 Good Guys, Inc. 30
1,450 Goody's Family Clothing, Inc.* 14
1,300 Gottschalks, Inc.* 9
4,800 Gymboree Corp.* 117
1,000 Haggar Corp. 19
4,400 Hancock Fabrics, Inc. 36
9,100 Hanover Direct, Inc.* 27
2,046 Haverty Furniture Companies, Inc. 21
5,000 Hechinger Co. 38
1,877 Hills Stores Co.* 45
2,200 Hi-Lo Automotive, Inc.* 20
900 Hollywood Entertainment Corp.* 31
1,800 IHOP Corp.* 41
1,400 Ingles Markets, Inc. 13
8,000 Interco, Inc.* 49
800 Krystal Co.* 6
2,600 Lechters, Inc.* 38
5,300 Levitz Furniture, Inc.* 41
1,000 Lillian Vernon Corp. 20
4,400 Mac Frugal's Bargains Close-Outs, Inc.* 66
1,964 Mail Boxes Etc.* 18
1,500 Medicine Shoppe International, Inc. 51
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------
<C> <S> <C>
8,700 Merry-Go-Round Enterprises, Inc.* $ 8
5,300 Musicland Stores Corp.* 52
2,082 Natures Sunshine Products, Inc. 29
3,500 Neiman Marcus Group, Inc. 47
3,700 NPC Intenational, Inc.* 24
1,400 One Price Clothing Stores, Inc.* 7
1,600 Orchard Supply Hardware Store* 19
700 O'Reilly Automotive, Inc.* 18
6,900 Payless Cashways, Inc.* 50
1,900 Penn Traffic Co.* 63
4,500 Petroleum Heat & Power, Inc. 35
1,700 Piccadilly Cafeterias, Inc. 15
7,035 Pier I Imports, Inc. 56
1,400 Proffitt's, Inc.* 34
1,200 Quality Food Centers, Inc. 24
1,100 Regis Corp.* 19
4,300 Ross Stores, Inc. 46
9,500 Ryan's Family Steak Houses, Inc.* 67
2,250 Sbarro, Inc. 52
1,200 Shoe Carnival, Inc.* 8
3,700 Shopko Stores, Inc. 40
2,100 Showbiz Pizza Time, Inc.* 23
4,900 Sizzler International, Inc. 28
2,700 Smith Food & Drug Centers, Inc., 52
Class B
1,600 Sonic Corp.* 43
400 Sportmart, Inc.* 3
400 Sportmart, Inc. Class A* 2
3,000 Stanhome, Inc. 95
1,950 Stein Mart, Inc.* 23
1,920 Strawbridge & Clothier 37
1,500 Sun Television & Appliance, Inc. 12
2,800 Sunglass Hut International, Inc.* 88
4,500 Systemed, Inc.* 32
2,500 Taco Cabana, Inc.* 13
1,500 Tandycrafts, Inc.* 12
3,400 TCBY Enterprises, Inc. 17
750 The Men's Wearhouse, Inc. 19
700 Today's Man, Inc.* 9
800 Trans World Music Corp.* 3
2,200 United Retail Group, Inc.* 15
1,250 Uno Restaurant Corp.* 14
900 Urban Outfitters, Inc.* 17
2,500 Valhi, Inc. 18
1,600 Valmont Industries, Inc. 31
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
2,400 Value City Department Stores, Inc.* $ 19
3,100 Venture Stores, Inc. 31
1,800 Vicorp Restaurants, Inc.* 25
5,500 Waban, Inc.* 80
500 West Marine, Inc.* 12
2,900 Whole Foods Market, Inc.* 42
2,800 Williams Sonoma, Inc.* 51
2,000 Younkers, Inc.* 37
6,200 Zale Corp.* 72
-------
4,680
RUBBER AND PLASTICS--0.8%
1,300 ACX Technologies, Inc.* 54
1,000 AEP Industries, Inc. 24
998 Blessings Corp. 12
2,000 Carlisle Companies, Inc. 78
2,300 Carlisle Plastics, Inc. Class A* 12
3,200 Foamex International, Inc.* 24
1,800 Furon Co. 40
4,800 L.A. Gear, Inc. 14
1,100 Liqui-Box Corp. 35
2,387 Myers Industries, Inc. 37
2,400 O'Sullivan Corp. 27
1,500 Park Ohio Industries, Inc.* 17
800 Rogers Corp.* 43
3,500 Sealed Air Corp.* 156
1,600 Tredegar Industries, Inc. 38
1,200 Tuscarora, Inc. 23
1,900 West Co., Inc. 53
-------
687
SANITARY SERVICES--0.4%
1,100 Centennial Cellular Corp. 15
8,700 Chambers Development, Inc.* 52
1,700 Groundwater Technology, Inc.* 20
7,000 International Technology Corp.* 21
1,100 Kaiser Resources, Inc.* 8
4,100 Mid-American Waste Systems, Inc. 22
1,700 Quadrax Corp.* 1
10,900 Rollins Environmental Services, Inc.* 48
2,400 Sanifill, Inc.* 65
700 Sevenson Environmental Services, Inc.* 13
1,200 USA Waste Services, Inc.* 18
2,000 Western Waste Industries, Inc.* 39
-------
322
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
SERVICE INDUSTRY MACHINERY--0.4%
2,300 Applied Power, Inc. $ 59
3,150 Commercial Intertech Corp. 57
1,267 Kysor Industrial Corp. 26
1,600 Scotsman Industries, Inc. 31
1,800 Tennant Co. 49
1,780 Tokheim Corp.* 16
2,850 United States Filter Corp.* 49
1,250 Wynn's International, Inc. 29
-------
316
SOCIAL SERVICES--0.2%
900 Advantage Health Corp.* 25
747 Berlitz International, Inc.* 11
1,500 DeVry, Inc.* 59
1,500 Education Alternatives, Inc.* 17
6,200 National Education Corp.* 24
2,618 Omega Healthcare Investors, Inc. 68
-------
204
STEEL PRODUCTS--2.0%
3,000 AK Steel Holding Corp. 82
1,800 Amcast Industrial Corp. 36
13,900 Armco, Inc.* 89
3,000 Brush Wellman, Inc. 65
1,300 Carpenter Technology Corp. 84
1,200 Chaparral Steel Co. 11
600 Curtiss Wright Corp. 25
2,700 Geneva Steel Co.* 27
700 Gibraltar Steel Corp.* 9
2,900 Handy & Harman 44
2,100 Hayes Wheels International, Inc. 38
900 Huntco, Inc., Class A 17
2,100 Imco Recycling, Inc.* 38
4,000 Intermet Corp.* 34
2,900 J & L Specialty Steel, Inc. 54
1,700 Kaiser Aluminum Corp.* 20
4,100 Kennametal, Inc. 133
4,300 Lone Star Technologies, Inc.* 33
2,500 Lukens, Inc. 84
1,800 Mueller Industries, Inc.* 82
2,500 National Steel Corp., Class B* 34
556 New Jersey Steel Corp.* 7
4,200 Northwestern Steel & Wire Co.* 29
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
<C> <S> <C>
2,000 NS Group, Inc.* $ 8
1,900 Olympic Steel, Inc.* 19
3,500 Oregon Steel Mills, Inc. 56
3,350 Precision Castparts Corp. 96
2,300 Quanex Corp. 55
1,650 Roanoke Electric Steel Corp. 19
2,300 Rouge Steel Co. 53
300 Schnitzer Steel Industries, Inc. 6
1,000 Shiloh Industries, Inc.* 9
2,100 Standex International Corp. 64
1,650 Steel Technologies, Inc. 20
1,800 Texas Industries, Inc. 68
4,100 Tyler Corp.* 15
4,100 UNR Industries, Inc. 27
700 Webco Industries, Inc.* 5
4,800 Weirton Steel Corp.* 35
2,500 WHX Corp.* 27
-------
1,657
TEXTILES--0.9%
3,600 Albany International Corp. 80
4,400 Cone Mills Corp.* 56
1,500 Crown Crafts, Inc. 26
1,600 Culp, Inc. 15
3,400 Delta Woodside Industries, Inc. 28
2,100 Dixie Yarns, Inc. 14
3,100 Dyersburg Corp. 16
1,000 Fab Industries, Inc. 32
1,882 Fieldcrest Cannon, Inc.* 43
2,400 Galey & Lord, Inc.* 29
1,998 Guilford Mills, Inc. 51
3,700 Interface, Inc. 52
1,400 Johnston Industries, Inc. 13
1,400 Quaker Fabric Corp.* 13
2,500 Ruddick Corp. 52
2,000 Spring Industries, Inc. 79
1,200 Thomaston Mills, Inc. 15
5,000 Tultex Corp. 28
4,500 West Point Stevens, Inc.* 82
-------
724
TRANSPORTATION PARTS AND EQUIPMENT--2.3%
3,400 AAR Corp. 52
1,400 ABC Rail Products Corp. 37
600 Adesa Corp. 10
</TABLE>
See accompanying notes to financial statements.
42
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------
<C> <S> <C>
2,400 APS Holding Corp. $ 62
130 America West Airlines 1
4,550 Arctco, Inc. 63
1,900 Armor All Products Corp. 36
4,800 Arvin Industries, Inc. 110
4,100 Aviall, Inc. 34
2,300 Borg Warner Automotive, Inc. 19
1,675 Coachmen Industries, Inc. 23
800 Copart, Inc.* 17
1,200 Detroit Diesel Corp.* 26
1,155 Durakon Industries, Inc.* 19
1,600 Eaton Vance Corp. 53
3,200 Envirosource, Inc.* 13
1,100 Excel Industries, Inc. 15
3,900 Exide Corp. 140
4,400 Gencorp, Inc. 57
3,000 Huffy Corp. 42
2,100 Johnstown America Industries, Inc.* 24
2,700 Masland Corp. 38
7,400 Mesa Airlines, Inc.* 48
2,700 OEA, Inc. 82
2,900 Orbital Sciences Corp.* 51
1,795 Oshkosh Truck Corp. 22
2,504 Pacific Scientific Co. 44
4,600 Roadmaster, Inc.* 15
3,800 Rohr, Inc.* 47
1,800 Sequa Corp.* 54
3,400 Simpson Industries, Inc. 35
2,800 Smith (A.O.) Corp. 66
2,250 Spartan Motors, Inc. 20
2,825 Standard Products Co. 61
3,500 Stant Corp. 37
2,300 Teleflex, Inc. 95
1,200 TFC Enterprise, Inc.* 15
2,600 Thiokol Corp. 82
1,089 Thor Industries, Inc. 22
1,050 Titan Wheel International, Inc.* 23
3,300 Tower Air, Inc. 24
3,700 UNC, Inc.* 19
2,500 Wabash National Corp. 76
1,800 Walbro Corp. 36
2,900 Winnebago Industries, Inc.* 27
-------
1,892
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------
<C> <S> <C>
TRANSPORTATION SERVICES--1.9%
2,500 Air Express International Corp. $ 56
2,500 Alaska Air Group, Inc.* 42
800 Allied Holdings, Inc. 8
2,700 American Freightways, Inc.* 55
4,200 American President Co. 102
600 Amtran, Inc. 6
3,600 Arnold Industries, Inc. 63
600 Celadon Group, Inc.* 10
2,950 Comair Holdings, Inc. 83
2,600 Continental Airlines, Inc. Class B* 44
2,500 Expeditors International of Washington, Inc. 56
926 First Source Corp. 28
800 Florida East Coast Industries, Inc. 59
700 Fritz Companies, Inc. * 37
2,053 Frozen Food Express Industries, Inc. 21
2,700 Greyhound Lines, Inc.* 9
2,900 Harper Group, Inc. 53
1,516 Heartland Express, Inc.* 41
1,800 Hornbeck Offshore Services, Inc.* 28
2,400 Intertrans Corp. 45
4,300 Kirby Corp.* 60
600 Landair Services, Inc.* 8
1,500 Matlack Systems, Inc.* 15
1,900 M.S. Carriers, Inc.* 38
300 Midland Co. 14
3,700 Offshore Logistics, Inc.* 53
900 Old Dominion Freight Line, Inc.* 12
5,900 OMI Corp.* 32
1,600 Oxford Resources Corp., Class A* 25
1,200 Railtex, Inc.* 30
1,700 Skywest, Inc. 26
2,800 Swift Transportation Co., Inc. * 47
2,450 TNT Freightways Corp. 56
800 Union Switch & Signal, Inc.* 12
10,500 U.S. Air Group* 93
900 USA Truck, Inc.* 14
3,200 Wisconsin Central Transportation Corp.* 161
3,400 Yellow Corp. 65
-------
1,607
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
May 31, 1995
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
WATER SUPPLY--0.4%
1,400 Aquarion Co. $ 32
1,263 California Water Service Co. 40
1,500 Consumers Water Co. 22
1,100 E'Town Corp. 28
1,394 IWC Resources Corp. 26
1,200 Pennsylvania Enterprises, Inc. 38
2,000 Philadelphia Suburban Corp. 36
1,900 St. Mary Land & Exploration Co. 24
500 SJW Corp. 17
1,760 Southern California Water Co. 33
4,752 United Water Resources, Inc. 63
-------
359
WHOLESALE--2.5%
1,200 Arch Communications Group, Inc.* 25
800 Audiovox Corp.* 4
1,700 Bearings, Inc. 47
1,468 Bell Industries, Inc.* 28
1,800 Bindley Western Industries, Inc. 28
1,550 BMC West Corp. 23
1,200 Business Records Holding Co. 42
3,300 Caraustar Industries, Inc. 65
4,500 Casey's General Stores, Inc. 77
2,025 Castle (A. M.) & Co. 31
1,800 Cellular Communications of Puerto Rico, Inc.* 55
2,366 Commercial Metals Co. 65
2,500 Compucom Systems, Inc.* 11
1,000 Discount Auto Parts, Inc.* 27
3,200 Egghead, Inc.* 33
3,000 Ekco Group, Inc.* 18
1,253 Forschner Group, Inc.* 13
3,838 Foxmeyer Corp. 70
1,562 Getty Petroleum Corp. 18
5,700 Handleman Co. 66
700 Hughes Supply, Inc. 14
3,800 Immunex Corp.* 49
1,600 Insurance Auto Auctions, Inc.* 45
3,200 International Multifoods Corp. 68
750 Jean Philippe Fragrances, Inc.* 8
3,900 Kaman Corp. 48
2,250 Kent Electronics Corp.* 69
1,900 Lawson Products, Inc. 52
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------
<C> <S> <C>
2,800 Marshall Industries* $ 76
3,009 Maybelline, Inc. 61
4,500 Merisel, Inc.* 29
2,150 Microage, Inc.* 25
2,300 Nash-Finch Co. 37
1,100 Natures Bounty, Inc.* 7
4,900 Owens & Minor, Inc. 64
2,000 Patterson Dental Co.* 45
1,200 Rex Stores Corp.* 17
3,400 Richfood Holdings, Inc. 74
2,100 Russ Berrie & Co., Inc. 30
2,875 Rykoff-Sexton, Inc.* 52
1,762 Safeguard Scientifics, Inc.* 60
700 Safety 1st, Inc.* 13
1,900 Scholastic Corp.* 106
2,200 Sciclone Pharmaceuticals, Inc.* 14
2,500 Shaman Pharmaceuticals, Inc.* 9
2,100 Smart & Final, Inc. 35
1,204 Standard Commercial Corp. 17
1,450 Sullivan Dental Products, Inc.* 18
2,300 Super Food Services, Inc. 24
1,300 Super Rite Corp.* 21
1,700 Syncor International Corp.* 15
5,100 TBC Corp.* 57
1,100 Tejas Power Corp.* 10
2,400 Univar Corp. 29
2,300 VWR Corp. 27
-------
2,071
-------------------------------------------------
TOTAL COMMON STOCKS
(Cost $78,354) $82,616
-------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Description Value
-------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATION--0.1%
U.S. Treasury Bill #
$40 5.688% Due 06/22/95 $ 39
-------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATION
(Cost $39) $ 39
-------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--0.5%
Hong Kong & Shanghai Bank, Grand Cayman
$435 6.188% Due 06/01/95 $ 435
-------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $435) $ 435
-------------------------------------------------------------
TOTAL INVESTMENTS
(Cost $78,828) $83,090
-------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
OPEN
FUTURES
CONTRACTS:
</TABLE>
<TABLE>
<CAPTION>
Number of Contract Unrealized
Type Contracts Amount Position Expiration Gain
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RUSSELL
2000 3 $410 Long 6/16/95 $6
-------------------------------------------------------------------------------------
</TABLE>
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
*Non-income producing security.
#Security pledged to cover margin requirements for open futures contracts.
See accompanying notes to financial statements.
45
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
May 31, 1995
(All amounts in thousands, except net asset value per unit)
(Unaudited)
<TABLE>
<CAPTION>
Small
Diversified Equity Focused International Company
Balanced Growth Index Growth Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in securi-
ties, at cost $34,865 $139,699 $345,651 $65,702 $150,315 $78,828
------------------------------------------------------------------------------------------
Investments in securi-
ties, at value $37,159 $155,121 $397,324 $75,981 $155,480 $83,090
Cash -- 3 2 3 1,189 9
Receivables:
Dividends and interest 197 379 1,144 109 484 92
Foreign tax withheld -- -- -- -- 82 --
Fund units sold 11 3 356 19 72 --
Investment securities
sold 757 4,284 32 2,203 1,517 --
Variation margin on
open futures contracts -- 719 -- -- 6
Administrator 9 10 18 8 -- 11
Deferred organization
costs, net 29 34 34 52 55 34
Other assets 23 30 72 17 53 98
------------------------------------------------------------------------------------------
TOTAL ASSETS 38,185 159,864 399,701 78,392 158,932 83,340
------------------------------------------------------------------------------------------
LIABILITIES:
Payable for:
Fund units redeemed 38 47 321 757 17 --
Investment securities
purchased 831 3,217 186 1,236 3,455 --
Accrued expenses and
other liabilities:
Advisory fees 16 72 32 52 105 14
Administration fees 3 13 32 7 13 7
Custodian fees 22 15 14 16 12 29
Transfer agent fees -- 1 3 1 1 1
Other 9 26 59 7 48 22
------------------------------------------------------------------------------------------
TOTAL LIABILITIES 919 3,391 647 2,076 3,651 73
------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital 36,316 145,892 345,469 69,871 157,700 77,503
Accumulated undistrib-
uted net investment in-
come 48 913 373 221 747 155
Accumulated net real-
ized gain (loss) on
investment and futures
transactions (1,392) (5,754) 820 (4,055) (8,372) 1,341
Net unrealized appreci-
ation (depreciation)
on investments and
futures 2,294 15,422 52,392 10,279 (44) 4,268
Net unrealized gain on
translation of assets
and liabilities denom-
inated in foreign cur-
rencies -- -- -- -- 5,250 --
------------------------------------------------------------------------------------------
NET ASSETS $37,266 $156,473 $399,054 $76,316 $155,281 $83,267
------------------------------------------------------------------------------------------
Total units outstanding
(no par value),
unlimited units
authorized
Class A 3,635 14,470 32,675 6,884 15,770 7,337
Class D -- 12 2 2 2 1
------------------------------------------------------------------------------------------
Net asset value, offer-
ing and redemption
price per unit
Class A $10.25 $10.81 $12.21 $11.09 $9.85 $11.35
Class D -- $10.79 $12.20 $11.07 $9.82 $11.33
------------------------------------------------------------------------------------------
</TABLE>
46
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Six Months Ended May 31, 1995
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Small
Diversified Equity Focused International Company
Balanced Growth Index Growth Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 162 $ 1,373 $ 502 $ 480 $ 1,248 $ 664
Interest 562 103 4,386 92 397 19
-------------------------------------------------------------------------------------------
TOTAL INCOME 724 1,476 4,888 572 1,645(a) 683
-------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees
(net of voluntary waiv-
ers of $51, $190, $333,
$106, $142 and $79,
respectively) 86 419 166 283 567 79
Administration fees (net
of voluntary waivers of
$26, $88, $120, $53,
$85, and $59, respec-
tively) 17 76 166 35 71 17
Custodian fees 13 17 56 13 83 67
Transfer agent fees 2 9 19 4 8 4
Registration fees 14 15 13 14 10 11
Professional fees 1 1 1 1 1 1
Trustee fees 1 2 2 1 1 1
Amortization of deferred
organization costs 5 7 7 9 7 6
Other 18 32 37 7 3 1
-------------------------------------------------------------------------------------------
TOTAL EXPENSES 157 578 467 367 751 187
Less: Expenses reimburs-
able by administrator (52) (59) (104) (45) -- (66)
-------------------------------------------------------------------------------------------
Net expenses 105 519 363 322 751 121
-------------------------------------------------------------------------------------------
Net investment income 619 957 4,525 250 894 562
Net realized gain (loss)
on investment transac-
tions (204) (3,266) 899 343 (11,806) 1,947
Net realized gain on
futures transactions -- -- 1,675 -- -- 28
Net realized gain (loss)
on foreign currency
transactions (22) (415) -- (8) 3,422 --
Net change in unrealized
appreciation (deprecia-
tion) of investments
and futures 2,897 17,278 52,467 8,612 1,764 6,183
Net change in unrealized
gain (loss) on transla-
tion of assets and lia-
bilities denominated in
foreign
currencies (5) 364 -- (24) 3,157 --
Net change in unrealized
appreciation (deprecia-
tion) on forward for-
eign currency contracts -- -- -- -- (62) --
-------------------------------------------------------------------------------------------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS $3,285 $14,918 $59,566 $9,173 $(2,631) $8,720
-------------------------------------------------------------------------------------------
</TABLE>
(a) Net of $135 in foreign withholding taxes.
47
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended May 31, 1995 (Unaudited) and Year Ended November 30,
1994
(All amounts in thousands)
<TABLE>
<CAPTION>
Balanced Diversified
Portfolio Growth Portfolio
1995 1994 1995 1994
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS:
Net investment income $ 619 $ 607 $ 957 $ 1,424
Net realized gain (loss) on investment
and futures transactions (204) (1,166) (3,266) (2,073)
Net realized gain (loss) on foreign cur-
rency transactions (22) -- (415) --
Net change in unrealized appreciation
(depreciation) of investments and
futures 2,897 (796) 17,278 (11,888)
Net change in unrealized gain (loss) on
translation of assets and liabilities
denominated in foreign currencies (5) 12 364 (214)
Net change in unrealized appreciation on
forward foreign currency contracts -- -- -- --
--------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from operations 3,285 (1,343) 14,918 (12,751)
--------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS A UNITHOLDERS:
Net investment income (623) (561) (1,361) (123)
Net realized gain on investment and
futures transactions -- (38) -- (369)
--------------------------------------------------------------------------------
Total distributions to Class A
unitholders (623) (599) (1,361) (492)
--------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS D UNITHOLDERS:
Net investment income -- -- (1) --
Net realized gain on investment and
futures transactions -- -- -- --
--------------------------------------------------------------------------------
Total distributions to Class D
unitholders -- -- (1) --
--------------------------------------------------------------------------------
CLASS A UNIT TRANSACTIONS:
Proceeds from the sale of units 5,526 19,277 21,220 40,884
Reinvested distributions 601 583 1,264 473
Cost of units redeemed (2,985) (2,384) (44,651) (62,207)
--------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class A unit transactions 3,142 17,476 (22,167) (20,850)
--------------------------------------------------------------------------------
CLASS D UNIT TRANSACTIONS:
Proceeds from the sale of units -- -- 107 43
Reinvested distributions -- -- -- --
Cost of units redeemed -- -- (26) --
--------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class D unit transactions -- -- 81 43
--------------------------------------------------------------------------------
Net increase (decrease) 5,804 15,534 (8,530) (34,050)
Net assets--beginning of period 31,462 15,928 165,003 199,053
--------------------------------------------------------------------------------
NET ASSETS--END OF PERIOD $37,266 $31,462 $156,473 $165,003
--------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME $48 $52 $913 $1,318
--------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on March 28, 1994.
See accompanying notes to financial statements.
48
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Index Focused Growth International Small Company
Portfolio Portfolio Growth Portfolio Index Portfolio
1995 1994 1995 1994 1995 1994 (a) 1995 1994
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,525 $ 6,961 $ 250 $ 118 $ 894 $ 612 $ 562 $ 937
2,574 3,705 343 (4,168) (11,806) 521 1,975 3,285
-- -- (8) -- 3,422 (75) -- --
52,467 (10,435) 8,612 654 1,764 (1,808) 6,183 (5,911)
-- -- (24) 38 3,157 2,093 -- --
-- -- -- -- (62) 62 -- --
----------------------------------------------------------------------------
59,566 231 9,173 (3,358) (2,631) 1,405 8,720 (1,689)
----------------------------------------------------------------------------
(4,475) (6,787) (147) (2) (684) -- (1,027) (335)
(5,459) (207) -- -- (509) -- (3,919) (1,031)
----------------------------------------------------------------------------
(9,934) (6,994) (147) (2) (1,193) -- (4,946) (1,366)
----------------------------------------------------------------------------
-- -- -- -- -- -- (1) --
-- -- -- -- -- -- -- --
----------------------------------------------------------------------------
-- -- -- -- -- -- (1) --
----------------------------------------------------------------------------
101,255 162,056 16,696 34,744 43,321 151,164 8,524 52,014
9,190 6,438 100 2 963 -- 4,616 1,277
(42,862) (99,196) (7,323) (5,684) (18,402) (19,359) (10,770) (27,879)
----------------------------------------------------------------------------
67,583 69,298 9,473 29,062 25,882 131,805 2,370 25,412
----------------------------------------------------------------------------
19 3 16 -- 12 2 4 --
-- -- -- -- -- -- -- --
-- -- -- -- (1) -- -- --
----------------------------------------------------------------------------
19 3 16 -- 11 2 4 --
----------------------------------------------------------------------------
117,234 62,538 18,515 25,702 22,069 133,212 6,147 22,357
281,820 219,282 57,801 32,099 133,212 -- 77,120 54,763
----------------------------------------------------------------------------
$399,054 $281,820 $76,316 $57,801 $155,281 $133,212 $83,267 $ 77,120
----------------------------------------------------------------------------
$373 $323 $221 $118 $747 $537 $155 $621
----------------------------------------------------------------------------
</TABLE>
49
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Six Months Ended May 31, 1995 (Unaudited) and Years Ended November 30,
Balanced Portfolio
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------------------------
1995 1994 1993 (a)
------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.50 $ 10.22 $ 10.00
Income from investment operations:
Net investment income 0.17 0.24 0.09
Net realized and unrealized gain (loss) on
investment, futures and foreign currency
transactions 0.76 (0.72) 0.22
------------------------------------------------------------------------------
Total income (loss) from investment operations 0.93 (0.48) 0.31
------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.18) (0.22) (0.09)
Net realized gain on investment and futures
transactions -- (0.02) --
------------------------------------------------------------------------------
Total distributions to unitholders (0.18) (0.24) (0.09)
------------------------------------------------------------------------------
Net increase (decrease) 0.75 (0.72) 0.22
------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 10.25 $ 9.50 $ 10.22
------------------------------------------------------------------------------
Total return (b) 9.80% (4.76)% 3.12%
Ratio of net expenses to average net assets (c) 0.61% 0.61% 0.61%
Ratio of net investment income to average net
assets (c) 3.61% 2.56% 2.20%
Portfolio turnover rate 42.92% 75.69% 35.03%
Net assets at end of period (in thousands) $37,266 $31,462 $15,928
Ratio information assuming no voluntary waiver of
advisory and administration fees and no expense
limitations:
Ratio of expenses to average net assets (c) 1.36% 1.50% 1.62%
Ratio of net investment income to average net
assets (c) 2.86% 1.68% 1.19%
------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on July 1, 1993.
(b) Assumes investment at net asset value at the beginning of the period,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the period.
(c) Annualized.
See accompanying notes to financial statements.
50
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Six Months Ended May 31, 1995 (Unaudited) and Years Ended November 30,
Diversified Growth Portfolio
<TABLE>
<CAPTION>
Class A Class D
-------------------------------------------------------------------------------
1995 1994 1993 (a) 1995 1994 (b)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD $ 9.88 $ 10.65 $ 10.00 $ 9.88 $10.41
Income from investment opera-
tions:
Net investment income 0.07 0.09 0.09 0.08 0.01
Net realized and unrealized
gain (loss) on investment,
futures and foreign cur-
rency transactions 0.95 (0.83) 0.65 0.91 (0.54)
-------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations 1.02 (0.74) 0.74 0.99 (0.53)
-------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS
FROM:
Net investment income (0.09) (0.01) (0.09) (0.08) --
Net realized gain on invest-
ment and futures transac-
tions -- (0.02) -- -- --
-------------------------------------------------------------------------------
Total distributions to
unitholders (0.09) (0.03) (0.09) (0.08) --
-------------------------------------------------------------------------------
Net increase (decrease) 0.93 (0.77) 0.65 0.91 (0.53)
-------------------------------------------------------------------------------
NET ASSET VALUE, END OF PE-
RIOD $ 10.81 $ 9.88 $ 10.65 $10.79 $ 9.88
-------------------------------------------------------------------------------
Total return (c) 10.42% (6.98)% 7.39% 7.85% (5.18)%
Ratio of net expenses to av-
erage net assets (d) 0.68% 0.67% 0.71% 1.07% 1.05%
Ratio of net investment in-
come to average net assets
(d) 1.25% 0.77% 1.04% 0.86% 0.94%
Portfolio turnover rate 45.32% 78.94% 140.88% 45.32% 78.94%
Net assets at end of period
(in thousands) $156,342 $164,963 $199,053 $ 131 $ 40
Ratio information assuming no
voluntary waiver of advisory
and administration fees and
no expense limitations:
Ratio of expenses to average
net assets (d) 1.12% 1.08% 1.13% 1.51% 1.46%
Ratio of net investment in-
come to average net assets
(d) 0.81% 0.35% 0.62% 0.42% 0.53%
-------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on January 11, 1993.
(b) Class D units were issued on September 14, 1994.
(c) Assumes investment at net asset value at the beginning of the period,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the period.
(d) Annualized.
See accompanying notes to financial statements.
51
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Six Months Ended May 31, 1995 (Unaudited) and the Years Ended November
30,
Equity Index Portfolio
<TABLE>
<CAPTION>
Class A Class D
-----------------------------------------------------------------------------
1995 1994 1993 (a) 1995 1994 (b)
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD $ 10.60 $ 10.78 $ 10.00 $10.60 $10.96
Income from investment
operations:
Net investment income 0.15 0.27 0.22 0.14 0.02
Net realized and
unrealized gain (loss)
on investment, futures
and foreign currency
transactions 1.82 (0.18) 0.78 1.81 (0.31)
-----------------------------------------------------------------------------
Total income (loss) from
investment operations 1.97 0.09 1.00 1.95 (0.29)
-----------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS FROM:
Net investment income (0.15) (0.27) (0.22) (0.14) (0.07)
Net realized gain on in-
vestment and futures
transactions (0.21) -- -- (0.21) --
-----------------------------------------------------------------------------
Total distributions to
unitholders (0.36) (0.27) (0.22) (0.35) (0.07)
-----------------------------------------------------------------------------
Net increase (decrease) 1.61 (0.18) 0.78 1.60 (0.36)
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF
PERIOD $ 12.21 $ 10.60 $ 10.78 $12.20 $10.60
-----------------------------------------------------------------------------
Total return (c) 18.99% 0.87% 10.09% 18.78% (2.65)%
Ratio of net expenses to
average net assets (d) 0.22% 0.23% 0.21% 0.61% 0.60%
Ratio of net investment
income to average net
assets (d) 2.71% 2.62% 2.62% 2.32% 2.67%
Portfolio turnover rate 3.71% 71.98% 2.06% 3.71% 71.98%
Net assets at end of pe-
riod (in thousands) $399,031 $281,817 $219,282 $ 23 $ 3
Ratio information assum-
ing no voluntary waiver
of advisory and adminis-
tration fees and no ex-
pense limitations:
Ratio of expenses to av-
erage net assets (d) 0.55% 0.59% 0.66% 0.94% 0.96%
Ratio of net investment
income to average net
assets (d) 2.38% 2.25% 2.17% 1.99% 2.31%
-----------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on January 11, 1993.
(b) Class D units were issued on September 14, 1994.
(c) Assumes investment at net asset value at the beginning of the period,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the period.
(d) Annualized.
See accompanying notes to financial statements.
52
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Six Months Ended May 31, 1995 (Unaudited) and Years Ended November 30,
Focused Growth Portfolio
<TABLE>
<CAPTION>
Class A Class D
------------------------------------------------------------------------------
1995 1994 1993 (a) 1995 (b)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.79 $ 10.43 $ 10.00 $ 9.55
Income from investment operations:
Net investment income 0.04 0.02 0.01 0.02
Net realized and unrealized gain
(loss) on investment, futures
and foreign currency transactions 1.28 (0.66) 0.43 1.52
------------------------------------------------------------------------------
Total income (loss) from investment
operations 1.32 (0.64) 0.44 1.54
------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.02) -- (0.01) (0.02)
Net realized gain on investment and
futures transactions -- -- -- --
------------------------------------------------------------------------------
Total distributions to unitholders (0.02) -- (0.01) (0.02)
------------------------------------------------------------------------------
Net increase (decrease) 1.30 (0.64) 0.43 1.52
------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.09 $ 9.79 $ 10.43 $11.07
------------------------------------------------------------------------------
Total return (c) 13.64% (6.15)% 4.33% 16.16%
Ratio of net expenses to average net
assets (d) 0.91% 0.91% 0.91% 1.30%
Ratio of net investment income to av-
erage net assets (d) 0.71% 0.24% 0.14% 0.31%
Portfolio turnover rate 35.77% 74.28% 27.48% 35.77%
Net assets at end of period (in thou-
sands) $76,299 $57,801 $32,099 $ 17
Ratio information assuming no volun-
tary waiver of advisory and
administration fees and no expense
limitations:
Ratio of expenses to average net as-
sets (d) 1.49% 1.55% 1.88% 1.82%
Ratio of net investment income to av-
erage net assets (d) 0.13% (0.39)% (0.83)% (0.21)%
------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on July 1, 1993.
(b) Class D units were issued on December 8, 1994.
(c) Assumes investment at net asset value at the beginning of the period,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the period.
(d) Annualized.
See accompanying notes to financial statements.
53
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Six Months Ended May 31, 1995 (Unaudited) and Years Ended November 30,
International Growth Portfolio
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A Class D
--------------------------------------------------------------------------------
1995 1994(a) 1995 1994(b)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.21 $ 10.00 $10.21 $10.47
Income from investment operations:
Net investment income 0.06 0.05 0.05 --
Net realized and unrealized gain (loss)
on investment, futures and foreign
currency transactions (0.33) 0.16 (0.35) (0.26)
--------------------------------------------------------------------------------
Total income (loss) from investment op-
erations (0.27) 0.21 (0.30) (0.26)
--------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.05) -- (0.05) --
Net realized gain on investment and
futures transactions (0.04) -- (0.04) --
--------------------------------------------------------------------------------
Total distributions to unitholders (0.09) -- (0.09) --
--------------------------------------------------------------------------------
Net increase (decrease) (0.36) 0.21 (0.39) (0.26)
--------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 9.85 $ 10.21 $ 9.82 $10.21
--------------------------------------------------------------------------------
Total return (c) (2.66)% 2.11% (2.87)% (2.51)%
Ratio of net expenses to average net as-
sets (d) 1.06% 1.04% 1.45% 1.35%
Ratio of net investment income to aver-
age net assets (d) 1.26% 0.76% 0.87% --
Portfolio turnover rate 98.64% 77.79% 98.64% 77.79%
Net assets at end of period (in thou-
sands) $155,267 $133,212 $ 14 --
Ratio information assuming no voluntary
waiver of advisory and
administration fees and no expense lim-
itations:
Ratio of expenses to average net assets
(d) 1.38% 1.47% 1.77% 1.78%
Ratio of net investment income to aver-
age net assets (d) 0.94% 0.33% 0.55% (0.43)%
--------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on March 28, 1994.
(b) Class D units were issued on November 16, 1994.
(c) Assumes investment at net asset value at the beginning of the period,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the period.
(d) Annualized.
See accompanying notes to financial statements.
54
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Six Months Ended May 31, 1995 (Unaudited) and Years Ended November 30,
Small Company Index Portfolio
<TABLE>
<CAPTION>
Class A Class D
--------------------------------------------------------------------------------
1995 1994 1993(a) 1995(b)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.86 $ 11.29 $ 10.00 $10.60
Income from investment operations:
Net investment income 0.08 0.14 0.11 0.14
Net realized and unrealized gain (loss) on
investment, futures and
foreign currency transactions 1.12 (0.30) 1.29 1.29
--------------------------------------------------------------------------------
Total income (loss) from investment opera-
tions 1.20 (0.16) 1.40 1.43
--------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.15) (0.02) (0.11) (0.14)
Net realized gain on investment and
futures transactions (0.56) (0.25) -- (0.56)
--------------------------------------------------------------------------------
Total distributions to unitholders (0.71) (0.27) (0.11) (0.70)
--------------------------------------------------------------------------------
Net increase (decrease) 0.49 (0.43) 1.29 0.73
--------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.35 $ 10.86 $ 11.29 $11.33
--------------------------------------------------------------------------------
Total return (c) 11.68% (1.54)% 14.09% 14.20%
Ratio of net expenses to average net assets
(d) 0.31% 0.33% 0.31% 0.70%
Ratio of net investment income to average
net assets (d) 1.41% 1.27% 1.25% 1.02%
Portfolio turnover rate 8.15% 98.43% 26.31% 8.15%
Net assets at end of period (in thousands) $83,263 $77,120 $54,763 $ 4
Ratio information assuming no voluntary
waiver of advisory and
administration fees and no expense limita-
tions:
Ratio of expenses to average net assets (d) 0.82% 0.86% 1.02% 1.21%
Ratio of net investment income to average
net assets (d) 0.90% 0.74% 0.54% 0.51%
--------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on January 11, 1993.
(b) Class D units were issued on December 11, 1994.
(c) Assumes investment at net asset value at the beginning of the period,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the period.
(d) Annualized.
See accompanying notes to financial statements.
55
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
May 31, 1995
(Unaudited)
1. ORGANIZATION
The Benchmark Funds (the "Trust") is a Massachusetts business trust registered
under the Investment Company Act of 1940 (as amended) as an open-end management
investment company. The Trust includes sixteen portfolios, each with its own
investment objective. The Northern Trust Company ("Northern") acts as the
Trust's investment adviser, transfer agent, and custodian. Goldman, Sachs & Co.
("Goldman Sachs") acts as the Trust's administrator and distributor. Presented
herein are the financial statements of the equity portfolios.
The International Growth Portfolio commenced investment operations on March
28, 1994. All other equity portfolios commenced investment operations during
the fiscal year ended November 30, 1993.
Each of the equity portfolios has four separate classes: Class A, B, C and D.
Each class is distinguished by the level of administrative support and transfer
agent service provided. As of May 31, 1995, only Class A and Class D units are
outstanding.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed which are in conformity with those generally accepted in the
investment company industry:
(a) Investment Valuation
Investments held by a portfolio are valued at the last quoted sale price on the
exchange on which such securities are primarily traded, or if any securities
are not traded on a valuation date, at the last quoted bid price. Securities
which are traded in the over-the-counter markets are valued at the last quoted
bid price. Financial futures are marked to market on a daily basis. Any
securities, including restricted securities, for which current quotations are
not readily available are valued at fair value as determined in good faith by
Northern under the supervision of the Board of Trustees ("Board"). Short-term
investments are valued at amortized cost which Northern has determined,
pursuant to Board authorization, approximates market value.
(b) Repurchase Agreements
During the term of a repurchase agreement, the market value of the underlying
collateral, including accrued interest, is required to exceed the market value
of the repurchase agreement. The underlying collateral for all repurchase
agreements is held in a customer-only account of Northern, as custodian for the
Trust, at the Federal Reserve Bank of Chicago.
(c) Foreign Currency Translations
Values of investments denominated in foreign currencies are converted into U.S.
dollars using the spot market rate of exchange at the time of valuation.
Purchases and sales of investments and dividend income are translated into U.S.
dollars using the spot market rate of exchange prevailing on the respective
dates of such transactions.
The portfolios isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held.
(d) Investment Transactions and Investment Income
Investment transactions are recorded on the trade date. Realized gains and
losses on investment transactions are calculated on the identified-cost basis.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on the accrual basis and includes amortization of discounts and
premiums. Dividends from foreign securities are recorded on the ex-date, or as
soon as the information is available.
56
<PAGE>
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(e) Forward Foreign Currency Exchange Contracts
The International Growth Portfolio is authorized to enter into forward foreign
currency exchange contracts for the purchase of a specific foreign currency at
a fixed price on a future date as a hedge or cross-hedge against either
specific transactions or portfolio positions. The aggregate principal amounts
of the contracts for which delivery is anticipated are reflected in the
portfolio's accounts, while the aggregate principal amounts are reflected net
in the accompanying Statement of Assets and Liabilities if the portfolio
intends to settle the contract prior to delivery. All commitments are "marked-
to-market" daily at the applicable exchange rates and any resulting unrealized
gains or losses are recorded in the financial statements. The portfolio records
realized gains or losses when the forward contract is offset by entry into a
closing transaction or extinguished by delivery of the currency. Risks may
arise upon entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar.
The contractual amounts of forward foreign currency exchange contracts do not
necessarily represent the amounts potentially subject to risk. The measurement
of the risks associated with these instruments is meaningful only when all
related and offsetting transactions are considered.
(f) Federal Taxes
It is each portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
each year substantially all of its taxable income and capital gains to its
unitholders. Therefore, no provision is made for federal taxes.
At November 30, 1994, the Trust's most recent tax year end, the following
portfolios had approximately the following amounts of capital loss
carryforwards for U.S. federal tax purposes:
<TABLE>
<CAPTION>
Portfolio Amount Years of Expiration
------------------------------------------------------
(in thousands)
<S> <C> <C>
Balanced $1,174 2002
Diversified Growth 2,091 2002
Focused Growth 4,390 2001 to 2002
------------------------------------------------------
</TABLE>
These amounts are available to be carried forward to offset future capital
gains to the extent permitted by applicable laws or regulations.
(g) Deferred Organization Costs
Organization related costs are being amortized on a straight-line basis over
five years.
(h) Expenses
Expenses arising in connection with a specific portfolio are allocated to that
portfolio. Certain expenses arising in connection with a class of units are
allocated to that class of units. Expenses incurred which do not specifically
relate to an individual portfolio are allocated among the portfolios based on
each portfolio's relative average net assets for the period.
(i) Distributions
Dividends from net investment income are declared and paid as follows:
<TABLE>
<CAPTION>
Declared Paid
-----------------------------------------
<S> <C> <C>
Balanced Quarterly Quarterly
Diversified Growth Annually Annually
Equity Index Quarterly Quarterly
Focused Growth Annually Annually
International Growth Annually Annually
Small Company Index Annually Annually
-----------------------------------------
</TABLE>
Each portfolio's net realized capital gains are distributed at least annually.
57
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS--CONTINUED
May 31, 1995
(Unaudited)
3. ADVISORY, TRANSFER AGENCY AND CUSTODIAN AGREEMENTS
As compensation for the services rendered as investment adviser, including the
assumption by Northern of the expenses related thereto, Northern is entitled to
a fee, computed daily and payable monthly, at annual rates (expressed in terms
of a percentage of average daily net assets) of .80% for the Balanced
Portfolio, .80% for the Diversified Growth Portfolio, .30% for the Equity Index
Portfolio, 1.10% for the Focused Growth Portfolio, 1.00% for the International
Growth Portfolio and .40% for the Small Company Index Portfolio.
For the current fiscal period, Northern has voluntarily agreed to waive a
portion of its advisory fee. The resulting investment advisory fees (expressed
in terms of a percentage of average daily net assets) are .50% for the Balanced
Portfolio, .55% for the Diversified Growth Portfolio, .10% for the Equity Index
Portfolio, .80% for the Focused Growth Portfolio, .80% for the International
Growth Portfolio and .20% for the Small Company Index Portfolio. The effect of
these waivers by Northern for the six months ended May 31, 1995 was to reduce
advisory fees by approximately $51,000, $190,000, $333,000, $106,000, $142,000
and $79,000 for the Balanced, Diversified Growth, Equity Index, Focused Growth,
International Growth and Small Company Index Portfolios, respectively.
As compensation for the services rendered as transfer agent, including the
assumption by Northern of the expenses related thereto, Northern receives a
fee, computed daily and payable monthly, at an annual rate of .01%, .05%, .10%
and .15% of the average daily net asset value of the outstanding Class A, B, C
and D units, respectively, of the portfolios.
As compensation for the services rendered as custodian, including the
assumption by Northern of the expenses related thereto, Northern receives
compensation based on a pre-determined schedule of charges approved by the
Board.
4. ADMINISTRATION AND DISTRIBUTION AGREEMENTS
As compensation for the services rendered as administrator, and the assumption
by Goldman Sachs of the expenses related thereto, Goldman Sachs is entitled to
receive from each portfolio a fee, computed daily and payable monthly, at an
annual rate of .25% of the first $100 million, .15% of the next $200 million,
.075% of the next $450 million and .05% of any excess over $750 million of the
average daily net assets of each portfolio. Goldman Sachs receives no
compensation under the Distribution Agreement.
For the current fiscal period, Goldman Sachs has voluntarily agreed to waive a
portion of the amount of its administration fee for each portfolio to .10% of
each portfolio's average daily net assets. The effect of these waivers by
Goldman Sachs for the six months ended May 31, 1995 was to reduce
administration fees by approximately $26,000, $88,000, $120,000, $53,000,
$85,000 and $59,000 for the Balanced, Diversified Growth, Equity Index, Focused
Growth, International Growth and Small Company Index Portfolios, respectively.
In addition, Goldman Sachs has voluntarily agreed to waive a portion of its
administration fees should overall administration fees earned during the prior
fiscal year exceed certain specified levels.
Furthermore, Goldman Sachs has voluntarily agreed to reimburse the portfolios
for certain expenses in the event that such expenses, as defined, exceed, on an
annualized basis, .10% of each portfolio's average daily net assets. The effect
of these reimbursements by Goldman Sachs for the six months ended May 31, 1995
was to reduce the expenses of the Balanced, Diversified Growth, Equity Index,
Focused Growth,
58
<PAGE>
--------------------------------------------------------------------------------
and Small Company Index Portfolios by approximately $52,000, $59,000, $104,000,
$45,000 and $66,000, respectively.
5. UNITHOLDER SERVICING PLAN
The Trust has adopted a Unitholder Servicing Plan pursuant to which the Trust
may enter into agreements with institutions or other financial intermediaries
under which they will render certain unitholder administrative support services
for their customers or other investors who beneficially own Class B, C and D
units. As compensation under the Unitholder Servicing Plan, the institution or
other financial intermediary receives a fee of up to .10%, .15% and .25% of the
average daily net asset value of the outstanding Class B, C and D units,
respectively.
6. FUTURES CONTRACTS
Each portfolio may invest in futures contracts for hedging purposes or to
maintain liquidity. At May 31, 1995, the Equity Index and Small Company Index
Portfolios had entered into exchange traded futures contracts. The portfolios
bear the market risk arising from changes in the value of these financial
instruments. At the time a portfolio enters into a futures contract it is
required to make a margin deposit with the custodian of a specified amount of
cash or eligible securities. Subsequently, as the market price of the futures
contract fluctuates, gains or losses are recognized and payments are made, on a
daily basis, between the portfolio and the broker. The aggregate market value
of investments pledged to cover margin requirements for open positions at May
31, 1995 was approximately $1,686,000 and $39,000 for the Equity Index and
Small Company Index Portfolios, respectively.
7. INVESTMENT TRANSACTIONS
Investment transactions for the six months ended May 31, 1995 (excluding short-
term investments and futures contracts) were as follows:
<TABLE>
<CAPTION>
Proceeds
from sales Proceeds
and from sales
Purchases maturities and
of U.S. Purchases of U.S. maturities
Government of other Government of other
Obligations securities Obligations securities
-------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Balanced $5,130 $ 10,792 $5,024 $ 8,312
Diversified Growth -- 68,498 -- 95,010
Equity Index -- 40,325 -- 11,835
Focused Growth -- 35,484 -- 24,271
International Growth -- 158,091 -- 140,569
Small Company
Index -- 6,448 -- 10,357
-------------------------------------------------------------------
</TABLE>
On May 31, 1995, the composition of unrealized appreciation (depreciation) of
investment securities (including the effects of foreign currency translation)
and the aggregate cost of investments for federal income tax purposes was as
follows:
<TABLE>
<CAPTION>
Cost for
Federal
Income
Tax
Appreciation (Depreciation) Net purposes
------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Balanced $ 2,619 $ (325) $ 2,294 $ 34,865
Diversified Growth 17,311 (1,889) 15,422 139,699
Equity Index 61,564 (9,172) 52,392 345,651
Focused Growth 10,805 (526) 10,279 65,702
International Growth 11,477 (6,312) 5,165 150,315
Small Company
Index 13,230 (8,962) 4,268 78,828
------------------------------------------------------------------
</TABLE>
59
<PAGE>
The Benchmark Funds
Equity Portfolios
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS--CONTINUED
May 31, 1995
(Unaudited)
8. BANK LOANS
The Trust maintains a $5,000,000 revolving bank credit line and a $15,000,000
conditional revolving credit line for liquidity and other purposes. Borrowings
under this arrangement bear interest at 1% above the Fed Funds rate and are
secured by pledged securities equal to or exceeding 120% of the outstanding
balance.
Interest expense for the six months ended May 31, 1995 was approximately
$19,700 for the Diversified Growth Portfolio. This amount is included in other
expenses on the statement of operations.
As of May 31, 1995, there were no outstanding borrowings.
9. UNIT TRANSACTIONS
Transactions in Class A units for the six months ended May 31, 1995 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
----------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Balanced 571 60 (306) 325
Diversified Growth 2,095 128 (4,452) (2,229)
Equity Index 9,128 837 (3,871) 6,094
Focused Growth 1,656 10 (688) 978
International Growth 4,519 98 (1,893) 2,724
Small Company Index 800 450 (1,017) 233
----------------------------------------------------------------
</TABLE>
Transactions in Class A units for the period ended November 30, 1994 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
-----------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Balanced 1,934 59 (241) 1,752
Diversified Growth 3,887 44 (5,930) (1,999)
Equity Index 14,882 596 (9,237) 6,241
Focused Growth 3,393 -- (566) 2,827
International Growth 14,615 -- (1,569) 13,046
Small Company Index 4,339 114 (2,198) 2,255
-----------------------------------------------------------------
</TABLE>
Transactions in Class D units for the six months ended May 31, 1995 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
----------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Diversified Growth 11 -- (3) 8
Equity Index 1 -- -- 1
Focused Growth 2 -- -- 2
International Growth -- -- -- --
Small Company Index 1 -- -- 1
----------------------------------------------------------------
</TABLE>
Transactions in Class D units for the period ended November 30, 1994 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
----------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Diversified Growth 4 -- -- 4
Equity Index 1 -- -- 1
International Growth 2 -- -- 2
----------------------------------------------------------------
</TABLE>
60
<PAGE>
THE BENCHMARK FUNDS
Investment Adviser, Transfer Agent and Custodian
The Northern Trust Company
50 S. LaSalle Street
Chicago, IL 60675
Administrator and Distributor
Goldman, Sachs & Co.
4900 Sears Tower
Chicago, IL 60606
Trustees
William H. Springer, Chairman
Edward J. Condon, Jr.
John W. English
James J. Gavin, Jr.
William B. Jordan
Frederick T. Kelsey
Richard P. Strubel
Officers
Marcia L. Beck, President
Paul W. Klug, Jr., Vice President
John W. Mosior, Vice President
Nancy L. Mucker, Vice President
Pauline Taylor, Vice President
Scott M. Gilman, Treasurer
Michael J. Richman, Secretary
Howard B. Surloff, Assistant Secretary
This Semi-Annual Report is
authorized for distribution to
prospective investors only
when preceded or accompanied
by a Prospectus which contains
facts concerning the
objectives and policies,
management, expenses and other
information.
The
Benchmark
Funds
Equity
Portfolios
Semi-Annual Report
May 31, 1995
