<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
MARKET VIEW
DIVERSIFIED ASSETS PORTFOLIO
GOVERNMENT PORTFOLIO
GOVERNMENT SELECT PORTFOLIO
During the early part of 1995, we witnessed a continuation of rising interest
rates, which had persisted since early 1994. As a consequence, we structured
the portfolios with short average maturities to provide responsiveness to this
environment. Rates topped out in February, when the Federal Reserve tightened
monetary policy for the last time in this rate cycle by increasing the target
federal funds rate from 5.5% to 6.0%. For the remainder of the fiscal year,
interest rates declined, at times at a surprisingly rapid rate. This change
necessitated lengthening the maturity profiles of the portfolios as the year
progressed.
A change in the direction of monetary policy was evident in July, 1995, as
the Federal Reserve eased rates slightly by moving the federal funds target
rate down to 5.75%. Expectations of further easing in monetary policy increased
as the year progressed. This prompted further rate declines and the development
of an inverted yield curve in the money market maturity spectrum. The
portfolios are now positioned to benefit from additional declines in interest
rates, which should result from moderate economic growth and tepid inflation.
We continue to seek opportunities to lengthen the portfolios' maturity profiles
further.
Mary Ann Flynn and Ed Kyritz, Portfolio Managers
TAX-EXEMPT PORTFOLIO
The driving force behind the portfolio's strong performance for fiscal year
1995 was our early prediction that interest rates would decline. In early 1995
we predicted that interest rates would decline or remain stable throughout the
year. This thinking was contrary to what most investors were forecasting at
that time, which was that rates would continue to increase.
After we made our interest rate projection, we tried to extend the portfolio
as long as we could. We had some difficulty extending early in the year, but as
we entered the second and third quarters of 1995, we were able to extend the
portfolio's maturity past the industry averages. When rates are stable or
declining, it is better to have a relatively longer maturity structure than the
peer group averages. This move had a significant impact on the portfolio's
performance.
Driven by supply and demand, the tax-exempt market is very cyclical. We had a
year of reduced supply and, consequently, very high demand. While this scenario
kept rates at low levels, the portfolio was able to consistently outperform its
peers.
During the next six to nine months, we expect to be in a stable or declining
interest rate environment. We will therefore continue to maintain a relatively
longer average maturity. We also will continue to evaluate economic and
political developments as they affect the tax-exempt market.
Brad Snyder, Portfolio Manager
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 amount invested. The
Benchmark Money Market Portfolios seek to maintain a net asset value of $1.00
per unit, but there can be no assurance that they will be able to do so on a
continuous basis.
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED ASSETS PORTFOLIO
BANK NOTES--7.1%
NationsBank, Georgia
<S> <C> <C> <C>
$ 63,000 6.000% 12/11/95 $ 63,000
NationsBank, Texas
63,000 6.000 12/11/95 63,000
PNC Bank N.A., Pennsylvania
60,000 5.650 09/18/96 59,987
- ---------------------------------------------------------------------------------------------------
TOTAL BANK NOTES $ 185,987
- ---------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSITS--4.7%
Banque Nationale De Paris, London
$ 32,000 5.730% 12/29/95 $ 31,999
Industrial Bank of Japan, Ltd., New
York
5,500 6.070 02/08/96 5,497
Mitsubishi Bank, Ltd., London
20,000 5.950 02/20/96 20,000
Mitsubishi Bank, Ltd., New York
5,000 5.970 12/27/95 5,000
Monte Dei Paschi Di Siena, New York
60,000 5.810 02/21/96 60,001
- ---------------------------------------------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT $ 122,497
- ---------------------------------------------------------------------------------------------------
COMMERCIAL PAPER--64.9%
ASSET-BACKED SECURITIES--8.5%
Atlantic Asset Securitization Corp.
$ 2,000 5.865% 12/13/95 $ 1,996
Clipper Receivables Corp.
10,000 5.860 12/01/95 10,000
1,470 5.911 12/11/95 1,468
Cooperative Association of Tractor
Dealers, Inc.
3,400 5.783 02/20/96 3,356
5,600 5.812 02/23/96 5,526
9,700 5.805 02/29/96 9,561
3,500 5.809 03/19/96 3,440
1,500 5.810 03/20/96 1,474
2,000 5.750 05/01/96 1,953
Dynamic Funding Corp. (Fuji Bank IRC)
18,578 6.061 12/18/95 18,526
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------
Eureka Securitization, Inc.
<S> <C> <C> <C>
$ 25,000 5.790% 02/22/96 $ 24,672
First Credit Corp.
10,000 5.761 12/12/95 9,983
15,000 5.738 12/15/95 14,967
Fleet Funding, Inc.
44,135 5.993 12/08/95 44,085
Jet Funding Corp. (Bank of Tokyo LOC)
10,000 6.114 01/31/96 9,897
Pooled Receivables Corp.
8,370 5.828 12/08/95 8,361
Stellar Capital Corp. (Bank of Tokyo
IRC)
3,000 5.989 02/16/96 2,962
Tri-Lateral Capital U.S.A., Inc.
7,892 6.090 02/14/96 7,793
18,000 6.091 02/15/96 17,772
22,348 6.093 02/21/96 22,043
----------
219,835
COMMUNICATIONS--6.6%
AT&T Corp.
56,000 5.790 04/18/96 54,787
43,000 5.600 05/13/96 41,931
GTE Corp.
34,900 5.815 12/07/95 34,866
4,300 5.829 12/08/95 4,295
GTE Finance Corp.
8,000 5.836 12/18/95 7,978
28,000 5.838 12/18/95 27,923
----------
171,780
CONSTRUCTION, INDUSTRIAL MACHINES AND COMPUTER
EQUIPMENT--3.5%
Caterpillar Financial Australia, Ltd.
23,700 5.771 12/04/95 23,689
Caterpillar Financial Services
19,300 5.951 12/01/95 19,300
International Business Machines
Credit Corp.
50,000 5.606 04/26/96 48,881
----------
91,870
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------
DOMESTIC DEPOSITORY INSTITUTIONS--0.6%
Chemical Banking Corp.
<S> <C> <C> <C>
$ 17,000 5.753% 12/15/95 $ 16,963
ELECTRIC SERVICES--2.5%
Public Service Electric & Gas Co.
12,000 5.875 12/11/95 11,981
11,500 5.876 12/12/95 11,479
6,478 5.840 12/14/95 6,464
Vattenfall Treasury, Inc.
35,000 5.752 12/14/95 34,929
----------
64,853
ELECTRONIC AND OTHER ELECTRICAL COMPONENTS--1.4%
Whirlpool Corp.
26,000 5.822 12/20/95 25,920
Whirlpool Financial Corp.
11,200 5.821 01/30/96 11,093
----------
37,013
ENVIRONMENTAL CONTROL--0.8%
Browning Ferris Industries, Inc.
20,100 5.951 12/01/95 20,100
EXECUTIVE, LEGISLATIVE AND GENERAL GOVERNMENT--5.0%
City of New York, Series: 1994 H-7
51,505 5.850 12/05/95 51,505
City of New York, Series: A2 (Societe
Generale LOC)
15,000 5.875 03/12/96 15,000
Kingdom of Sweden
30,000 5.803 03/25/96 29,459
25,000 5.800 03/29/96 24,534
10,000 5.611 05/02/96 9,767
----------
130,265
FOOD AND KINDRED PRODUCTS--2.6%
Cadbury Schweppes Money Management,
PLC
20,000 5.809 12/01/95 20,000
Coca Cola Enterprises, Inc.
10,000 5.736 12/22/95 9,967
Quaker Oats Co.
40,000 5.824 02/13/96 39,528
----------
69,495
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------
FOREIGN DEPOSITORY INSTITUTIONS--9.0%
ABN-AMRO North America Finance, Inc.
<S> <C> <C> <C>
$ 20,000 5.750% 12/21/95 $ 19,938
25,000 5.753 12/27/95 24,899
BEX America Finance, Inc.
22,000 5.804 04/01/96 21,580
Central Hispano North American
Capital Corp.
35,000 5.721 12/13/95 34,934
17,000 5.732 12/19/95 16,952
Galicia Funding Corp. (Bayerische
Vereinsbank LOC)
8,000 5.803 12/14/95 7,984
Nationwide Building Society
23,000 5.885 01/22/96 22,807
Spintab-Swedmortgage AB
23,500 5.782 03/20/96 23,092
Woolwich Building Society
19,000 5.762 12/11/95 18,970
44,000 5.804 04/02/96 43,152
----------
234,308
GENERAL MERCHANDISE STORES--2.1%
Sears Roebuck Acceptance Corp.
5,000 5.838 12/06/95 4,996
49,000 5.835 12/07/95 48,953
----------
53,949
NONDEPOSITORY BUSINESS CREDIT INSTITUTIONS--4.7%
ITT Corp.
39,000 5.904 12/01/95 39,000
ITT Hartford Group, Inc.
5,248 5.829 12/11/95 5,240
Spiegel Funding Corp. (Dresdner Bank
LOC)
14,760 5.809 12/11/95 14,736
64,000 5.832 12/11/95 63,897
----------
122,873
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED ASSETS PORTFOLIO--CONTINUED
NONDEPOSITORY PERSONAL CREDIT INSTITUTIONS--2.6%
Countrywide Funding Corp.
<S> <C> <C> <C>
$ 8,000 5.915% 12/12/95 $ 7,986
40,000 5.841 12/14/95 39,916
10,000 5.823 12/15/95 9,977
Household Finance Corp., Canada
10,000 5.833 12/04/95 9,995
----------
67,874
SECURITY AND COMMODITY BROKER/DEALERS--2.6%
Merrill Lynch & Co., Inc.
5,000 5.827 01/30/96 4,952
32,000 5.813 02/23/96 31,578
31,000 5.802 03/01/96 30,554
----------
67,084
TRANSPORTATION--12.4%
American Honda Finance Corp.
10,000 5.768 12/04/95 9,995
15,000 5.789 12/06/95 14,988
BMW US Capital Corp.
40,000 5.732 12/19/95 39,887
Ford Motor Credit Corp.
74,000 5.730 12/13/95 73,861
General Motors Acceptance Corp.
50,000 5.987 12/01/95 50,000
General Motors Acceptance Corp.,
Canada, Ltd.
10,000 5.826 02/09/96 9,888
25,000 5.826 02/27/96 24,649
25,000 5.826 02/28/96 24,645
10,000 5.827 02/29/96 9,856
Mitsubishi Motors Credit of America,
Inc.
(Mitsubishi Bank LOC), Series: A
29,000 5.952 12/05/95 28,981
Renault Credit International S.A.
38,000 5.805 12/27/95 37,843
----------
324,593
- ---------------------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER $1,692,855
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Interest Rate Maturity Date Amortized Cost
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE NOTES--1.4%
BankAmerica Corp.
$ 12,000 4.950% 03/18/96 $ 11,967
Beneficial Corp. FRN
25,000 5.920 02/01/96 25,000
- -----------------------------------------------------------------------------------------------------
TOTAL CORPORATE NOTES $ 36,967
- -----------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--16.4%
J.P. Morgan Securities, Inc., Dated
11/30/95, Repurchase Price $100,016
(Colld. by U.S. Government
Securities)
$100,000 5.900% 12/01/95 $ 100,000
J.P. Morgan Securities, Inc., Dated
11/30/95, Repurchase Price $28,310
(Colld. by U.S. Government
Securities)
28,305 5.950 12/01/95 28,305
SBC Capital Markets, Dated 11/30/95,
Repurchase Price $200,033 (Colld. by
U.S. Government Securities)
200,000 5.930 12/01/95 200,000
UBS Securities, Inc., Dated 11/30/95,
Repurchase Price $100,016 (Colld. by
U.S. Government Securities)
100,000 5.920 12/01/95 100,000
- -----------------------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS $ 428,305
- -----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS--94.5% $2,466,611
- -----------------------------------------------------------------------------------------------------
Other assets, less liabilities--5.5% 143,736
- -----------------------------------------------------------------------------------------------------
NET ASSETS--100.0% $2,610,347
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
GOVERNMENT PORTFOLIO
U.S. GOVERNMENT AGENCIES--69.7%
FEDERAL FARM CREDIT BANK--3.5%
<S> <C> <C> <C>
$ 10,000 5.574% 01/02/96 $ 10,000
20,000 5.520 06/03/96 20,000
--------
30,000
FEDERAL HOME LOAN BANK DISCOUNT NOTES--14.0%
5,000 5.754 01/12/96 4,968
10,000 5.562 01/19/96 9,926
15,000 5.648 01/24/96 14,875
20,000 5.650 01/24/96 19,833
10,000 5.641 02/01/96 9,904
10,000 5.643 02/27/96 9,865
20,000 5.500 03/04/96 19,713
30,230 5.514 04/15/96 29,613
--------
118,697
FEDERAL HOME LOAN MORTGAGE CORPORATION
DISCOUNT NOTES--12.1%
13,015 5.656 12/07/95 13,003
10,994 5.733 12/08/95 10,982
10,000 5.597 12/13/95 9,982
10,000 5.680 12/29/95 9,956
10,000 5.632 01/22/96 9,920
40,000 5.649 01/22/96 39,678
9,500 5.658 01/24/96 9,420
--------
102,941
FEDERAL NATIONAL MORTGAGE ASSOCIATION
DISCOUNT NOTES--32.0%
10,000 5.654 12/04/95 9,995
11,000 5.877 12/08/95 10,988
20,000 5.626 12/08/95 19,978
15,000 5.652 12/08/95 14,984
10,310 5.626 12/12/95 10,293
7,650 5.596 12/12/95 7,637
11,000 5.627 12/13/95 10,980
20,000 5.641 12/13/95 19,963
15,000 5.784 12/18/95 14,960
10,000 5.788 12/22/95 9,967
20,000 5.656 02/08/96 19,786
25,000 5.650 02/14/96 24,710
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 30,000 5.602% 02/16/96 $ 29,647
10,000 5.510 03/08/96 9,850
20,000 5.612 03/20/96 19,664
20,000 5.591 04/04/96 19,621
20,000 5.595 05/03/96 19,535
--------
272,558
FEDERAL NATIONAL MORTGAGE ASSOCIATION--1.2%
10,000 5.567 03/15/96 10,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION FRN--1.2%
10,000 5.513 06/20/96 9,997
FEDERAL NATIONAL MORTGAGE ASSOCIATION
MEDIUM TERM NOTE--1.7%
15,000 5.523 07/02/96 15,001
OVERSEAS PRIVATE INVESTMENT CO. FRN--2.2%
18,800 5.800 12/06/95 18,800
STUDENT LOAN MARKETING ASSOCIATION FRN--1.8%
15,000 5.632 08/09/96 14,992
- -------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES $592,986
- -------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--35.2%
J.P. Morgan Securities Inc., Dated
11/30/95, Repurchase Price $99,779
(Colld. by U.S. Government
Securities)
$19,763 5.950% 12/01/95 $ 19,763
80,000 5.900 12/01/95 80,000
SBC Capital Markets, Dated 11/30/95,
Repurchase Price $200,033 (Colld. by
U.S. Government Securities)
200,000 5.930 12/01/95 200,000
- -------------------------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS $299,763
- -------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS--104.9% $892,749
- -------------------------------------------------------------------------------------------------------
Liabilities, less other assets--(4.9)% (42,085)
- -------------------------------------------------------------------------------------------------------
NET ASSETS--100.0% $850,664
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
GOVERNMENT SELECT PORTFOLIO
U.S. GOVERNMENT AGENCIES--99.4%
FEDERAL FARM CREDIT BANK DISCOUNT NOTES--9.8%
<S> <C> <C> <C>
$ 1,900 5.607% 12/01/95 $ 1,900
5,000 5.654 12/01/95 5,000
10,000 5.661 12/08/95 9,989
5,000 5.707 12/21/95 4,984
10,000 5.657 02/09/96 9,890
15,000 5.627 02/09/96 14,838
9,250 5.547 03/22/96 9,093
12,000 5.495 05/16/96 11,702
--------
67,396
FEDERAL FARM CREDIT BANK--2.9%
10,000 5.574 01/02/96 10,000
10,000 5.520 06/03/96 10,000
--------
20,000
FEDERAL HOME LOAN BANK DISCOUNT NOTES--80.5%
48,110 5.801 12/01/95 48,110
10,000 5.632 12/05/95 9,995
9,255 5.645 12/05/95 9,250
200 5.647 12/05/95 200
10,000 5.678 12/05/95 9,995
3,145 5.566 12/08/95 3,143
20,000 5.655 12/11/95 19,970
10,000 5.634 12/12/95 9,984
13,960 5.654 12/12/95 13,937
7,500 5.771 12/12/95 7,488
5,000 5.716 12/13/95 4,991
20,000 5.596 12/15/95 19,958
7,000 5.621 12/15/95 6,985
15,000 5.704 12/18/95 14,961
22,000 5.634 12/22/95 21,929
15,000 5.581 12/26/95 14,944
10,000 5.616 12/26/95 9,962
10,000 5.717 12/26/95 9,962
10,000 5.609 12/27/95 9,960
15,000 5.649 01/12/96 14,902
10,000 5.672 01/12/96 9,935
10,000 5.754 01/12/96 9,934
10,000 5.562 01/19/96 9,926
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount/ Interest Maturity Amortized
Shares Rate Date Cost
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$15,000 5.649% 01/24/96 $ 14,875
5,000 5.651 01/24/96 4,958
15,000 5.624 01/25/96 14,873
10,000 5.636 02/01/96 9,903
20,000 5.641 02/02/96 19,805
2,045 5.618 02/05/96 2,024
10,000 5.649 02/05/96 9,898
20,000 5.634 02/08/96 19,786
15,000 5.646 02/08/96 14,839
10,000 5.628 02/15/96 9,883
12,500 5.641 02/22/96 12,340
20,000 5.541 03/07/96 19,706
12,055 5.555 03/07/96 11,877
5,000 5.607 03/25/96 4,912
15,000 5.619 03/27/96 14,734
15,000 5.509 04/09/96 14,708
30,000 5.508 04/18/96 29,376
9,350 5.511 04/22/96 9,148
24,250 5.491 05/17/96 23,641
--------
551,707
FEDERAL HOME LOAN BANK MEDIUM TERM NOTE--0.3%
2,000 4.830 01/29/96 1,997
STUDENT LOAN MARKETING ASSOCIATION FRN--1.5%
10,000 5.632 08/09/96 9,995
TENNESSEE VALLEY AUTHORITY DISCOUNT NOTES--4.4%
10,000 5.645 12/06/95 9,992
10,000 5.604 12/07/95 9,990
10,000 5.618 01/18/96 9,925
--------
29,907
- ---------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES $681,002
- ---------------------------------------------------------------------------------------------------
OTHER--0.7%
Dreyfus Treasury Prime Money Market
Fund
4,845 5.341% -- $ 4,845
- ---------------------------------------------------------------------------------------------------
TOTAL OTHER $ 4,845
- ---------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.1% $685,847
- ---------------------------------------------------------------------------------------------------
Liabilities, less other assets--(0.1)% (705)
- ---------------------------------------------------------------------------------------------------
NET ASSETS--100.0% $685,142
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO
MUNICIPAL INVESTMENTS--95.5%
ALABAMA--1.0%
City of Greenville IDR VRDN, Series:
1992, Allied-Signal Project (Allied-
Signal, Inc. Gtd.)
<S> <C> <C> <C>
$ 1,350 3.850% 12/07/95 $ 1,350
Town of Columbia PCR VRDN, Series:
1995 A, Alabama Power Project
(Alabama Power Co. Gtd.)
1,000 3.800 12/01/95 1,000
Town of Columbia PCR VRDN, Series:
1995 C, Alabama Power Project
(Alabama Power Co. Gtd.)
3,300 4.000 12/01/95 3,300
Town of Mobile, PCR VRDN, Series:
1994 A, Alabama Power Project
(Alabama Power Co. Gtd.)
1,600 3.800 12/01/95 1,600
Town of Parrish PCR VRDN, Series:
1994 A, Alabama Power Project
(Alabama Power Co. Gtd.)
700 3.800 12/01/95 700
--------
7,950
ALASKA--1.5%
Alaska Housing Finance Corp. VRDN,
Series: 1994, Merrill
P-Floats PT-37 (FNMA Securities
Colld.)
7,000 4.100 12/07/95 7,000
City of Valdez, Alaska Marine
Terminal Revenue VRDN, Series: 1994
B, ARCO Transportation Project
(Atlantic Richfield Co. Gtd.)
5,000 3.750 12/07/95 5,000
--------
12,000
ARIZONA--0.6%
Maricopa County PCR CP, Series: 1985
C, Southern California Edison Palo
Verde Project (Southern California
Edison Co. Gtd.)
4,500 3.850 02/09/96 4,500
CALIFORNIA--18.4%
California Department of Water
Resources VRDN, Series SG-5, Central
Valley Project
5,000 3.700 12/07/95 5,000
California Housing Finance Authority
Revenue VRDN, Series: 1993 B,
Merrill P-Floats PA-58 (California
Housing Finance Agency Home Mortgage
Insured)
6,945 3.700 12/07/95 6,945
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
California Housing Finance Authority
Revenue VRDN, Series: 1993 B,
Merrill P-Floats PT-14 (California
Housing Finance Agency Home Mortgage
Insured)
<S> <C> <C> <C>
$ 4,000 3.700% 12/07/95 $ 4,000
California Pollution Control Finance
Authority VRDN, Series: 1984 A, (San
Diego Gas & Electric Co. Gtd.)
2,750 4.000 09/01/96 2,750
California School Cash Reserve
Program Authority TRAN,
Series: 1995 A
3,000 4.750 07/03/96 3,014
California Statewide Community
Development Authority TRAN, Series:
A (CA Statewide Communities Program
Pool Residual Fund Insured)
4,050 4.750 07/05/96 4,066
City of Chino TRAN
4,500 4.500 07/31/96 4,514
City of Huntington Beach TRAN
8,000 4.750 10/04/96 8,032
City of Irvine GO (Dai-Ichi Kangyo
LOC)
2,000 3.800 12/01/95 2,000
City of Los Angeles VRDN, Series:
BPT-129 (U.S. Government Securities
Colld.)
6,900 3.800 12/07/95 6,900
Irvine Ranch Water District VRDN,
Consolidated Refunding Series: 1985
B (Sumitomo Bank Ltd. LOC)
5,600 3.950 12/01/95 5,600
Irvine Ranch Water District VRDN,
Series: 1993 B, Districts 2, 102,
103, and 206 (Morgan Guaranty Trust
Co. LOC)
700 4.400 12/01/95 700
Irvine Ranch Water District VRDN,
Series: 1993 B, Districts 105, 140,
240, and 250 Program (Bank of
America NT & SA LOC)
100 3.850 12/01/95 100
Irvine Ranch Water District VRDN,
Series: 1993 B, Districts 140, 186,
188, and 240 Program (Industrial
Bank of Japan LOC)
4,420 3.950 12/01/95 4,420
Sacramento County Multifamily Housing
Revenue VRDN,
Series: B, (Dai-Ichi Kangyo Bank
LOC)
2,100 4.150 12/07/95 2,100
San Bernardino County TRAN, Series:
1995-96
(Banque Nationale De Paris LOC)
5,325 4.500 07/05/96 5,342
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO--CONTINUED
CALIFORNIA--CONTINUED
San Bernardino County TRAN, Series:
1995, Hesperia Community College
District
<S> <C> <C> <C>
$ 5,000 4.500% 08/30/96 $ 5,014
San Joaquin County TRAN
10,000 4.500 10/15/96 10,048
Santa Clara County TRAN
13,000 4.500 08/02/96 13,050
Sonoma County TRAN
15,000 4.250 11/01/96 15,053
State of California GO
5,000 11.000 03/01/96 5,074
State of California GO VRDN, Series:
1992, TOCR (MBIA Insured)
2,500 4.000 12/07/95 2,500
State of California PCR VRDN, Series:
1986 B, Southern California Edison
Project (Southern California Edison
Co. Gtd.)
800 3.850 12/01/95 800
State of California RAW VRDN, Series:
1994 C, (Westdeutsche, Landesbank
Girozentrale LOC)
18,000 3.870 12/07/95 18,000
12,500 5.750 04/25/96 12,551
--------
30,551
--------
147,573
COLORADO--3.3%
Broomfield IDR VRDN, Series: 1984,
Buckeye Investment Project (Bank of
America NT & SA LOC)
1,600 4.000 12/07/95 1,600
Cherry Creek GO VRDN, South Metro
District #1
(Dresdner Bank LOC)
3,810 3.750 12/07/95 3,810
City and County of Denver
Transportation VRDN, Series: 1991 B
(Sanwa Bank LOC)
8,000 4.100 12/07/95 8,000
Colorado Housing Finance Authority
Revenue TOB, Series: C, Housing
Revenue Bond Project (Bank of
America LOC)
2,755 4.000 03/01/96 2,755
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
Moffat County PCR VRDN, Series: 1984
(National Rural Utility Cooperative
Finance Gtd.)
<S> <C> <C> <C>
$ 6,800 3.650% 12/07/95 $ 6,800
Pitkin County IDA VRDN, Series: 1984
A, Aspen Skiing Co. Project (First
National Bank of Chicago LOC)
1,800 3.850 12/01/95 1,800
Regional Transportation District
VRDN, Series: A,
(Bank of Tokyo LOC)
1,525 3.050 12/07/95 1,525
--------
26,290
DISTRICT OF COLUMBIA--0.2%
District of Columbia VRDN, Series:
1985, American University Project
(National Westminster Bank LOC)
2,000 3.650 12/07/95 2,000
CONNECTICUT--0.6%
Connecticut State GO VRDN, Series:
BTP-171
4,710 3.950 02/20/96 4,710
DELAWARE--0.3%
State of Delaware GO VRDN, Series:
1994 A, BTP-73
2,570 3.900 12/07/95 2,570
FLORIDA--7.8%
Atlantic Beach VRDN, Series: 1994 B,
Fleet Landing Project (Barnett Banks
of Jacksonville LOC)
9,200 3.800 12/01/95 9,200
Broward County Housing Finance
Authority Revenue VRDN (PNC Bank
LOC)
8,000 3.750 12/01/95 8,000
Broward County School District GO
VRDN, Series: 1992, PW Municipal
Securities Trust Receipts, Series
PW-16
(U.S. Government Securities Colld.)
10,000 4.000 12/07/95 10,000
Dade County School District GO VRDN,
Series: 1994, BTP-66 (MBIA Insured)
5,535 3.900 12/07/95 5,535
Dade County Special Obligation
Revenue VRDN, Capital Acquisition,
Series: 1990 (Sanwa Bank LOC)
200 3.850 12/07/95 200
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Florida Department of Environment
Protection Revenue VRDN, Series:
1994 A, BTP-64 (MBIA Insured)
$ 7,585 3.950% 01/10/96 $ 7,585
Florida First Municipal Loan Council
CP, Pooled Loan Program (Sumitomo
Bank Ltd. LOC)
5,000 4.000 12/01/95 5,000
Florida State Board of Education
VRDN, Series: 1993 E, Eagle Trust,
Series: 940901
6,000 3.820 12/07/95 6,000
Jacksonville Electric Authority VRDN,
Series: SGA 17 Bear Stearns
Municipal Trust 1995
5,000 3.750 12/07/95 5,000
Jacksonville Health Facilities
Authority Revenue VRDN, Series:
1990, Baptist Health Project
(Barnett Banks of Jacksonville LOC)
3,800 3.900 12/01/95 3,800
Palm Beach County Housing Finance
Authority Revenue VRDN, Series: 1988
D (New England Mutual Gtd.)
2,200 3.900 12/07/95 2,200
--------
62,520
GEORGIA--4.3%
Burke County Development Authority
PCR VRDN, Series: 1995-3, Plant
Vogtle Project (Georgia Power Co.
Gtd.)
1,700 3.800 12/01/95 1,700
Dekalb County Development Authority
PCR VRDN, Series: 1987, General
Motors Project (General Motors Corp.
Gtd.)
6,300 3.850 12/07/95 6,300
Elbert County Development Authority
IDR VRDN, Series: 1992, Allied-
Signal Project (Allied-Signal, Inc.
Gtd.)
2,430 3.850 12/07/95 2,430
Fulton County Development Authority
IDR VRDN, General Motors Project
(General Motors Corp. Gtd.)
1,500 3.850 12/07/95 1,500
Fulton County Resident Elderly
Authority VRDN, St. Anne's Terrace
Project (NationsBank Georgia LOC)
2,500 3.750 12/07/95 2,500
State of Georgia GO VRDN, Series:
1992 C, BTP-79
1,500 3.850 12/07/95 1,500
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
State of Georgia GO VRDN, Series:
1993 F, JPMP-35
<S> <C> <C> <C>
$ 3,000 3.800% 12/07/95 $ 3,000
Marietta Georgia Housing Authority
Revenue Bond Falls at Bells Ferry
(U.S. Government Securities Colld.)
1,985 5.250 01/15/96 1,985
Metro Atlanta Rapid Transit Authority
Revenue VRDN, Series: A, BTP-58
(AMBAC Insured)
5,965 3.900 12/07/95 5,965
Monroe County Development Authority
PCR VRDN, Series: 1994, Scherer
Plant Project (Gulf Power Co. Gtd.)
2,200 4.000 12/01/95 2,200
Monroe County Development Authority
PCR VRDN, Series: 1995, Scherer
Plant Project (Georgia Power Co.
Gtd.)
5,600 4.000 12/01/95 5,600
--------
34,680
ILLINOIS--4.6%
City of Naperville IDR VRDN, General
Motors Project (General Motors Corp.
Gtd.)
1,380 3.850 12/07/95 1,380
Illinois Development Finance
Authority IDR VRDN, Series: 1993 A,
Olin Corp. Project (Credit Suisse
LOC)
9,490 3.750 12/01/95 9,490
Illinois Educational Facilities
Authority VRDN, Series: 1987, The
Art Institute of Chicago (Mitsubishi
Bank LOC)
6,055 4.000 12/07/95 6,055
Illinois Health Facilities Authority
VRDN, Series: E, Hospital Sisters
Service Project (MBIA Insured)
300 3.600 12/07/95 300
Illinois Health Facilities Authority
VRDN, Series: 1991, West Suburban
Medical Center Project (First
National Bank of Chicago LOC)
150 3.750 12/07/95 150
Illinois Health Facilities Authority
VRDN, Series: 1993, Resurrection
Health Care Project
5,000 3.850 12/01/95 5,000
Illinois Health Facilities Authority
VRDN, Series: 1994, Riverside Health
System Project (LaSalle National
Bank LOC)
1,100 3.750 12/07/95 1,100
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO--CONTINUED
ILLINOIS--CONTINUED
Illinois Health Facilities Authority
VRDN, Series: 1995, Healthcor
Project (Fuji Bank LOC)
<S> <C> <C> <C>
$ 5,950 4.050% 12/07/95 $ 5,950
Illinois Health Facilities Authority
Pooled Revenue VRDN,
Series: 1985 D (First National Bank
of Chicago LOC)
2,675 3.850 12/07/95 2,675
Illinois State Sales Tax Revenue
Bond, Series: B
1,000 7.625 06/15/96 1,028
Regional Transportation Authority
Revenue VRDN, Series: D (FGIC
Insured)
4,000 3.800 12/07/95 4,000
--------
37,128
INDIANA--0.3%
Fort Wayne Hospital Authority Revenue
VRDN, Series: D, Park View Hospital
Program (Fuji Bank LOC)
2,430 4.050 12/07/95 2,430
IOWA--0.5%
City of Le Claire Public Utility,
Series: 1986 A (U.S. Government
Securities Colld.)
2,210 4.125 09/01/96 2,212
City of Le Claire Public Utility,
Series: 1986 B (U.S. Government
Securities Colld.)
1,580 4.125 09/01/96 1,581
--------
3,793
KANSAS--1.6%
City of LaCygne Environmental Revenue
VRDN, Series: 1994 A, Kansas City
Power & Light Project
11,940 3.750 12/07/95 11,940
City of Topeka Sewer System Revenue
VRDN, Series: 1984 (MBIA Insured)
700 3.800 12/01/95 700
--------
12,640
KENTUCKY--0.9%
City of Danville Lease Revenue CP,
Municipal Pooled Lease Program (PNC
Bank LOC)
2,605 3.850 02/12/96 2,605
Kentucky Higher Education Student
Loan Corp. VRDN, Series: 1991 E
(Sumitomo Bank Ltd. LOC)
2,000 4.100 12/07/95 2,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
Pendleton County Revenue VRDN,
Series: 1987, Kentucky Association
of Counties-Self-Insurance Funding
(PNC Bank LOC)
<S> <C> <C> <C>
$ 3,000 4.000% 07/01/96 $ 3,000
--------
7,605
LOUISIANA--0.4%
Parish of East Baton Rouge PCR VRDN,
Series: 1993, Exxon Project (Exxon
Corp. Gtd.)
2,000 3.800 12/01/95 2,000
Parish of West Baton Rouge District #
3 PCR CP, Dow Chemical Project (Dow
Chemical Gtd.)
1,300 3.950 01/22/96 1,300
--------
3,300
MARYLAND--3.2%
Anne Arundel County Revenue Refunding
Bonds, Windgate Project (MGT Co.
LOC)
3,500 4.200 12/29/95 3,499
Baltimore County Multifamily Housing
Revenue VRDN, Series: 1991, Quail
Ridge Apartments Project (Sumitomo
Bank LOC)
2,200 4.100 12/07/95 2,200
Baltimore IDA VRDN, Series: 1986,
Capital Acquisition Program (Dai-
Ichi Kangyo Bank LOC)
2,000 3.900 12/07/95 2,000
Maryland State Community Development
Administration, Series: 1993, Single
Family Program, Merrill P-Floats PT-
12
8,000 3.650 12/01/95 8,000
Maryland State Community Development
Administration TOB, Series: 1984 B,
MD-28C
6,670 3.850 05/15/96 6,670
Montgomery County VRDN, Series: 1993
A, Single Family Housing Program,
Merrill P-Floats PA-40
2,000 3.800 05/15/96 2,000
Washington Suburban Sanitary District
VRDN, Series: 1994 G, Eagle Trust
1,000 3.820 12/07/95 1,000
--------
25,369
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MASSACHUSETTS--1.8%
Massachusetts Health & Education
Facilities Revenue VRDN, Series: P,
Merrill General Trust SG-27
$ 8,000 3.750% 12/07/95 $ 8,000
Massachusetts Municipal Electric Co.
Revenue VRDN, Series: 1994 B, BTP-67
(MBIA Insured)
5,760 3.850 12/07/95 5,760
--------
13,760
MICHIGAN--1.4%
Michigan State Strategic Fund PCR CP,
(Dow Chemical Gtd.)
1,500 3.950 01/22/96 1,500
Michigan State Strategic Fund IDR
VRDN, Allied-Signal Project (Allied-
Signal Inc., Gtd.)
6,100 3.800 12/07/95 6,100
Michigan State Strategic Fund Revenue
PCR VRDN, Series: 1995 C, Detroit
Edison Project (Barclays LOC)
1,000 3.650 12/01/95 1,000
Michigan State Strategic Fund Ltd. GO
Series: 1993 A, Consumer Power Co.
Project
2,300 3.700 12/07/95 2,300
--------
10,900
MINNESOTA--2.2%
Minnetonka Multifamily Housing
Revenue VRDN, Series: 1995, Cliffs
at Ridgedale Project (FNMA Colld.)
17,300 4.050 12/07/95 17,300
Rochester Health Care Facility
Revenue VRDN, Mayo Medical Center,
Merrill P-Floats PA-96
615 3.800 12/07/95 615
--------
17,915
MISSOURI--2.4%
Callaway County IDA Health System
VRDN, Series: 1995 (NationsBank
Tennessee LOC)
5,000 3.800 12/07/95 5,000
IDA of St. Louis County Housing
Revenue VRDN, South Point & Hunters
Ridge Project PT66 (Commerzbank LOC)
9,500 3.650 12/01/95 9,500
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
Missouri State Environmental
Improvement Authority Revenue VRDN,
Series: 1992, Kansas Power & Light
Project (K. C. Power & Light Gtd.)
<S> <C> <C> <C>
$ 400 3.750% 12/07/95 $ 400
Missouri State Health & Education
Facilities Revenue CP, SSM Health
Care Projects, Series: 1988 C
(Mitsubishi Bank LOC)
4,300 4.000 12/01/95 4,300
--------
19,200
MISSISSIPPI--0.3%
Mississippi Hospital Equipment
Authority Hospital Revenue VRDN,
Baptist Medical Center Project
(Sanwa Bank LOC)
2,600 4.100 12/01/95 2,600
NEVADA--0.5%
Nevada Housing Division Housing
Revenue Bond, Single Family Program,
Senior Series: A-3
4,365 3.900 04/01/96 4,365
NEW HAMPSHIRE--0.5%
New Hampshire Higher Education &
Health Revenue VRDN, Dartmouth
College, Trust SG-19
3,600 3.800 12/07/95 3,600
NEW YORK--10.2%
City of New York GO VRDN, Series:
1992 A, Citicorp TOB CR-14I (FSAC
Insured)
5,100 4.100 02/15/96 5,100
City of New York GO VRDN, Series:
1993 B (FGIC Insured)
3,400 4.000 12/01/95 3,400
City of New York GO VRDN, Series:
1994 C (Norinchukin Bank LOC)
2,100 4.050 12/01/95 2,100
City of New York GO VRDN, Series:
1994, H-3 (FSAC Insured)
2,000 3.850 03/13/96 2,000
City of New York GO VRDN, Series:
1994, H-4 (AMBAC Insured)
3,000 3.850 03/13/96 3,000
City of New York GO VRDN, Subseries:
B-2 (Dai-Ichi Kangyo Bank LOC)
3,700 4.050 12/01/95 3,700
City of New York GO VRDN, Subseries:
B-3 (Sanwa Bank LOC)
1,100 4.050 12/01/95 1,100
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
TAX-EXEMPT PORTFOLIO--CONTINUED
NEW YORK--CONTINUED
City of New York GO VRDN,
Subseries:1993 E-3
(MGT Co. LOC)
<S> <C> <C> <C>
$1,000 3.700% 12/01/95 $ 1,000
City of New York GO VRDN, Subseries:
1993 E-5
(Sumitomo Bank Ltd. LOC)
11,400 3.850 12/01/95 11,400
City of New York TRAN, Series: 1996 A
6,115 4.500 04/11/96 6,127
City of New York TRAN, Series: 1996 B
(Chemical Banking Corp. LOC)
10,000 4.750 06/28/96 10,045
County Of Nassau TRAN, Series: 1995-A
1,000 4.500 03/15/96 1,002
Marine Midland Premium Loan Trust
VRDN, Series: 1991 B (Hong Kong &
Shanghai Banking Corp. LOC)
1,813 3.950 12/07/95 1,813
New York City Trust Receipts TRAN,
Series: 1995-1
(Chemical Banking Corp. LOC)
16,400 4.100 06/28/96 16,400
New York State Energy Research &
Development Authority VRDN, Series:
A, Niagara Mohawk Power Project
(Toronto-Dominion Bank LOC)
3,000 3.950 12/01/95 3,000
New York State Environment Facilities
Corp. PCR VRDN,
Eagle Trust Series: 943204 (CGIC
Insured)
5,900 3.770 12/07/95 5,900
Port Authority of New York, Pooled
Puttable Floating Option VRDN,
Series: PPT2 (AK Housing Finance
Corp. Insured)
5,000 3.700 12/07/95 5,000
--------
82,087
NORTH CAROLINA--0.3%
North Carolina Medical Care
Commission Hospital Revenue VRDN,
Pooled Financing Project, Series: A
(Dai-Ichi Kangyo Bank LOC)
2,800 3.750 12/01/95 2,800
OHIO--1.6%
City of Greenville IDR VRDN, Revenue
Refunding,
Series: 1992, Allied-Signal Project
(Allied-Signal, Inc. Gtd.)
1,000 3.850 12/07/95 1,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
Ohio State Water Development
Authority PCR VRDN,
Series: B (General Motors Corp. LOC)
<S> <C> <C> <C>
$7,400 3.850% 12/07/95 $ 7,400
Red Roof Inns Mortgage Bond Trust
VRDN
(National City Bank LOC)
4,639 3.850 12/15/95 4,639
135 3.850 12/18/95 135
--------
4,774
--------
13,174
PENNSYLVANIA--1.9%
Allegheny County Hospital VRDN,
Presbyterian Health Center, Series:
C (MBIA Insured)
1,300 3.700 12/01/95 1,300
Allegheny County Hospital Development
Authority VRDN,
Health Facilities Authority Central
Blood Bank Project
(PNC Bank LOC)
300 3.850 12/07/95 300
Allegheny County Hospital Development
Authority VRDN, Series: 1994,
Harmarville Rehabilitation Project
(PNC Bank LOC)
1,000 3.850 12/07/95 1,000
Delaware Valley Regional Finance
Authority VRDN, Series: 1985 A-D
(Hong Kong & Shanghai Banking Corp.
LOC)
3,200 4.000 12/07/95 3,200
Delaware Valley Regional Finance
Authority Pooled Revenue VRDN,
Series: 1985 A-D (Midland Bank LOC)
1,000 4.000 12/07/95 1,000
City of Philadelphia IDR VRDN, Series
1988, Franklin Institute Project
(PNC Bank LOC)
2,300 3.850 12/07/95 2,300
City of Philadelphia TRAN, Series:
1995-96 A
6,000 4.500 06/27/96 6,018
--------
15,118
PUERTO RICO--0.5%
Puerto Rico Industrial Medical &
Environmental Pollution Control
Facilities Funding Authority Revenue
Bond, Series: A (Merck & Co. Gtd.)
4,240 4.000 12/01/96 4,240
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SOUTH CAROLINA--2.4%
County of Lexington IDR VRDN,
Series: 1992, Allied-Signal Project
(Allied-Signal, Inc. Gtd.)
$ 700 3.850% 12/07/95 $ 700
County of Lexington Pollution Control
Finance Authority IDR VRDN, Series:
1992 A, Allied-Signal Project
(Allied-Signal, Inc. Gtd.)
1,880 3.850 12/07/95 1,880
South Carolina Public Service
Authority Revenue VRDN, Series:
1995, Lehman Trust Receipts FR/RI-1
(FGIC Insured)
6,700 3.800 12/07/95 6,700
South Carolina Public Service
Authority Revenue VRDN, Series: 1985
B, ML SG Muni Trust SG-32 (FGIC
Insured)
9,855 3.800 12/07/95 9,855
--------
19,135
TENNESSEE--2.7%
City of Clarksville Public Building
Authority Revenue VRDN, Series:
1995, Tennessee Muni Bond Fund
(NationsBank Florida LOC)
5,000 3.750 12/07/95 5,000
Hamilton County IDR VRDN, Series:
1995, Tennessee Aquarium Project
(NationsBank Tennessee LOC)
8,850 3.750 12/07/95 8,850
Lauderdale County School Board GO
BAN, Series: 1995
2,550 4.900 03/01/96 2,550
Metro Nashville Airport Authority
Revenue VRDN,
Series: 1995 B, American Airlines
Project
(Bayerische Landesbank LOC)
5,000 3.850 12/01/95 5,000
--------
21,400
TEXAS--8.5%
AMBAC Pooled Puttable Float Option
PP2 VRDN (AMBAC, FGIC, & MBIA
Insured)
9,860 3.850 12/07/95 9,860
Angelina & Neches River Authority
Solid Waste VRDN, Series: 1984 B,
TEEC, Inc. Project (Credit Suisse
LOC)
5,200 3.850 12/01/95 5,200
Bexar County Multifamily Housing
Finance Authority VRDN, Series: 1988
A, Creighton's Mill Development
Project (New England Mutual Gtd.)
2,500 3.900 12/07/95 2,500
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
Brazos River Harbor Navigation
District PCR CP, Series:1987 B, Dow
Chemical Series (Dow Chemical Gtd.)
<S> <C> <C> <C>
$ 1,500 3.900% 01/23/96 $ 1,500
Harris County Health Facilities
Development Corp. Revenue VRDN,
Series:1994, Methodist Hospital
Project
2,800 3.800 12/01/95 2,800
Harris County Toll Road Unlimited Tax
VRDN, Series: 1994 A, Citicorp Eagle
Trust Series: 954302
5,500 3.820 12/07/95 5,500
San Antonio Electric & Gas System CP,
Series: A
4,000 3.850 02/09/96 4,000
8,000 3.850 02/14/96 8,000
State of Texas TRAN, Series: A
24,000 4.750 08/30/96 24,121
Texas Turnpike Authority Dallas Toll
Revenue VRDN,
Series: 1990 BTP-60 ADP Class: B
(AMBAC Insured)
5,049 3.900 12/25/95 5,049
--------
68,530
UTAH--0.1%
Uintah County PCR Bond Public
Utility, Deseret General
Transmission Project (U.S.
Government Securities Colld.)
1,135 10.125 10/15/96 1,194
VIRGINIA--3.9%
City of Newport News Redevelopment &
Housing Authority VRDN, Indian Lake
Apartments Project, Merrill P-Floats
PT-65 (Commerzbank LOC)
8,155 3.650 12/01/95 8,155
City of Norfolk GO VRDN, Eagle Trust,
Series: 944601
9,000 3.820 12/07/95 9,000
City of Roanoke IDR VRDN, Series:
1994, Cooper Industries Project
(Cooper Industries Gtd.)
6,300 3.800 12/07/95 6,300
County of Loudoun IDA Residential
Care VRDN, Series: 1994 B, Falcons
Landing (Banque Paribas LOC)
6,400 3.850 12/01/95 6,400
County of Prince William Revenue
VRDN, Series: 1993, TOCR (FGIC
Insured)
1,605 3.800 12/07/95 1,605
--------
31,460
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TAX-EXEMPT PORTFOLIO--CONTINUED
WASHINGTON--2.5%
Kent Economic Development Corp. IDR
VRDN, Associated Grocers Project
(Seattle-First National Bank LOC)
$ 4,200 4.692% 12/07/95 $ 4,200
State of Washington GO VRDN, Series
A, Citibank TOB
5,300 3.820 12/07/95 5,300
Washington Health Care Facilities
Authority Revenue VRDN, Series: 1993
(MBIA Insured)
2,400 3.700 12/07/95 2,400
Washington Public Power Supply System
Revenue VRDN, Series: 1990 B, BTP-85
(U.S. Government Securities Colld.)
3,256 3.900 12/07/95 3,256
Washington Public Power Supply System
Revenue VRDN, Series 1994 A BTP-61,
Nuclear Power Project # 2
(Washington Public Power Supply
System Project #1 & #2 Gtd.)
5,035 3.950 12/07/95 5,035
--------
20,191
WISCONSIN--1.7%
City of Milwaukee Redevelopment
Authority Revenue VRDN, Series:
1985, Kennedy II Associates Ltd.
Partnership Project (Bank of America
LOC)
1,600 3.900 12/20/95 1,600
City of Pleasant Prairie PCR VRDN,
Series: 1995 C, Wisconsin Electric
Power Project
6,500 3.750 12/07/95 6,500
Wisconsin Housing and Economic
Development Authority Homeownership
Revenue Bonds, Series: 1990 D
5,575 4.000 03/01/96 5,575
--------
13,675
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount/ Interest Maturity Amortized
Shares Rate Date Cost
- -------------------------------------------------------------------------------------------------------
WYOMING--0.6%
City of Green River PCR VRDN Allied-
Signal Project (Allied-Signal, Inc.
Gtd.)
<S> <C> <C> <C>
$ 1,000 3.850% 12/07/95 $ 1,000
Uinta County PCR VRDN, Series: 1993,
Chevron USA Inc. Project (Chevron
Oil Gtd.)
3,500 3.650 12/01/95 3,500
--------
4,500
- -------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL INVESTMENTS $766,902
- -------------------------------------------------------------------------------------------------------
</TABLE>
OTHER--0.6%
AIM Tax Free Money Market Fund
<TABLE>
<S> <C> <C> <C>
500 3.570% -- $ 500
Dreyfus Tax Exempt Cash Management
Fund
900 3.573 -- 900
Federated Tax Free Trust Money Market
Fund #15
2,434 3.660 -- 2,434
Federated Tax Free Trust Money Market
Fund #73
819 3.420 -- 819
Provident Muni Fund
421 3.390 -- 421
- ---------------------------------------------------------------------------------------------------------------
TOTAL OTHER $ 5,074
- ---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS--96.1% $771,976
- ---------------------------------------------------------------------------------------------------------------
Other assets, less liabilities--3.9% 31,754
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS--100.0% $803,730
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
INVESTMENT ABBREVIATIONS AND NOTES:
AMBAC --American Municipal Bond Assurance Corp.
BAN --Bond Anticipation Note
BTP --Bankers Trust Partnership
CGIC --Capital Guaranty Insurance Co.
Colld. --Collateralized
CP --Commercial Paper
FGIC --Financial Guaranty Insurance Corp.
FNMA --Federal National Mortgage Association
FRN --Floating Rate Note
FSAC --Financial Security Assurance Corp.
GO --General Obligation
Gtd. --Guaranteed
IDA --Industrial Development Authority
IDR --Industrial Development Revenue
IRC --Irrevocable Revolving Credit
JPMP --J.P. Morgan Partnership
LOC --Letter of Credit
MBIA --Municipal Bond Insurance Association
MGT --Morgan Guaranty Trust
ML SG --Merrill Lynch/Societe Generale
P-Floats --Puttable Floating Rate Security
PCR --Pollution Control Revenue
RAW --Revenue Anticipation Warrant
TOB --Tender Option Bond
TOCR --Tender Option Custodial Receipt
TRAN --Tax and Revenue Anticipation Note
VRDN --Variable Rate Demand Note
- --The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
- --Interest rates represent either the stated coupon rate, annualized yield on
date of purchase for discounted notes, or, for floating rate securities, the
current reset rate, which is based upon current interest rate indices.
- --Maturity dates represent either the stated date on the security, the next
interest reset date for floating rate securities, or the prerefunded date for
those types of securities.
- --The amortized cost also represents cost for federal income tax purposes.
See accompanying notes to financial statements.
15
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 1995
(Amounts in thousands, except net asset value per unit)
<TABLE>
<CAPTION>
Diversified Government
Assets Government Select Tax-Exempt
Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at
amortized cost $2,038,306 $592,986 $685,847 $771,976
Repurchase agreements, at cost 428,305 299,763 -- --
Cash 48,881 -- -- --
Receivables:
Interest 6,052 1,037 340 6,680
Fund units sold 673,549 50,606 16,337 58,356
Investment securities sold -- -- -- 10,870
Administrator -- 28 27 17
Other assets 37 8 5 15
- ------------------------------------------------------------------------------
TOTAL ASSETS 3,195,130 944,428 702,556 847,914
- ------------------------------------------------------------------------------
LIABILITIES:
Due to Custodian -- -- -- 1,390
Payable for:
Fund units redeemed 513,919 40,149 4,299 34,430
Investment securities purchased 58,648 49,563 10,000 5,840
Distributions to unitholders 11,315 3,750 2,953 2,232
Accrued expenses:
Advisory fees 510 174 54 156
Administration fees 144 77 67 73
Custodian fees 36 8 6 7
Transfer agent fees 49 5 10 9
Other liabilities 162 38 25 47
- ------------------------------------------------------------------------------
TOTAL LIABILITIES 584,783 93,764 17,414 44,184
- ------------------------------------------------------------------------------
NET ASSETS $2,610,347 $850,664 $685,142 $803,730
- ------------------------------------------------------------------------------
ANALYSIS OF NET ASSETS:
Paid-in capital $2,612,248 $851,102 $685,315 $803,691
Accumulated net realized gain
(loss) on investment transac-
tions (1,901) (438) (173) 39
- ------------------------------------------------------------------------------
NET ASSETS $2,610,347 $850,664 $685,142 $803,730
- ------------------------------------------------------------------------------
Total units outstanding (no par
value), unlimited units autho-
rized 2,612,248 851,102 685,315 803,691
- ------------------------------------------------------------------------------
Net asset value, offering and
redemption price per unit (net
assets/units outstanding) $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Year Ended November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Diversified Government
Assets Government Select Tax-Exempt
Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME $169,238 $45,327 $33,397 $26,869
- -----------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 7,081 1,939 1,423 1,687
Administration fees 1,929 895 752 828
Custodian fees 318 101 75 98
Transfer agent fees 110 32 25 32
Registration fees 14 14 1 --
Professional fees 119 26 26 29
Trustee fees 73 22 12 21
Other 75 55 25 66
- -----------------------------------------------------------------------------
TOTAL EXPENSES 9,719 3,084 2,339 2,761
Less: Voluntary waivers of in-
vestment advisory fees -- -- (854) --
Less: Expenses reimbursable by
Administrator -- (370) (347) (390)
- -----------------------------------------------------------------------------
Net expenses 9,719 2,714 1,138 2,371
- -----------------------------------------------------------------------------
NET INVESTMENT INCOME 159,519 42,613 32,259 24,498
Net realized gain (loss) on in-
vestment transactions (1,460) (828) (73) 48
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RE-
SULTING FROM OPERATIONS $158,059 $41,785 $32,186 $24,546
- -----------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended November 30, 1995 and 1994
(Amounts in thousands)
<TABLE>
<CAPTION>
Diversified Assets Government Select
Portfolio Government Portfolio Portfolio Tax-Exempt Portfolio
-------------------------- ------------------------- ------------------------ ------------------------
1995 1994 1995 1994 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM:
OPERATIONS:
Net investment
income $ 159,519 $ 116,513 $ 42,613 $ 32,931 $ 32,259 $ 15,868 $ 24,498 $ 25,174
Net realized
gain (loss) on
investment
transactions (1,460) (1,955) (828) (517) (73) (212) 48 27
- ----------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets re-
sulting from
operations 158,059 114,558 41,785 32,414 32,186 15,656 24,546 25,201
- ----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS:
Net investment
income (159,519) (116,513) (42,613) (32,931) (32,259) (15,868) (24,498) (25,174)
Net realized
gain on in-
vestment
transactions -- -- -- -- -- -- -- (27)
In excess of
net realized
gain on in-
vestment
transactions -- (5) -- (8) -- (3) -- (9)
- ----------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to
unitholders (159,519) (116,518) (42,613) (32,939) (32,259) (15,871) (24,498) (25,210)
- ----------------------------------------------------------------------------------------------------------------------------
UNIT TRANSAC-
TIONS
(AT $1.00 PER
UNIT):
Proceeds from
the sale of
units 43,084,716 33,080,284 10,203,042 8,096,549 3,588,011 1,418,799 5,729,794 5,280,315
Cost of units
redeemed (43,366,308) (33,386,732) (10,140,281) (8,373,913) (3,396,629) (1,311,373) (5,779,215) (5,619,135)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in
net assets re-
sulting
from unit
transactions (281,592) (306,448) 62,761 (277,364) 191,382 107,426 (49,421) (338,820)
- ----------------------------------------------------------------------------------------------------------------------------
CAPITAL
CONTRIBUTIONS
RECEIVED FROM
NORTHERN TRUST
CORPORATION 1,519 -- 915 -- 115 -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) (281,533) (308,408) 62,848 (277,889) 191,424 107,211 (49,373) (338,829)
Net assets--be-
ginning of year 2,891,880 3,200,288 787,816 1,065,705 493,718 386,507 853,103 1,191,932
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSETS--END
OF YEAR $ 2,610,347 $ 2,891,880 $ 850,664 $ 787,816 $ 685,142 $ 493,718 $ 803,730 $ 853,103
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
The Benchmark Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
Diversified Assets Portfolio
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF
YEAR $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM IN-
VESTMENT OPERA-
TIONS:
Net investment
income 0.06 0.04 0.03 0.04 0.06 0.08 0.09 0.07 0.06
- -----------------------------------------------------------------------------------------------------------------------------
Total income
from investment
operations 0.06 0.04 0.03 0.04 0.06 0.08 0.09 0.07 0.06
- -----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS
FROM:
Net investment
income (0.06) (0.04) (0.03) (0.04) (0.06) (0.08) (0.09) (0.07) (0.06)
- -----------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to
unitholders (0.06) (0.04) (0.03) (0.04) (0.06) (0.08) (0.09) (0.07) (0.06)
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
END OF YEAR $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------------------------------------------------------------------------------------
Total return
(a)(b) 5.78% 3.92% 3.00% 3.80% 6.19% 8.01% 8.98% 7.15% 6.30%
Ratios to aver-
age net assets:
Net expenses 0.34% 0.35% 0.34% 0.34% 0.35% 0.35% 0.37% 0.39% 0.41%
Net investment
income 5.63% 3.74% 3.00% 3.79% 6.18% 8.01% 8.98% 7.15% 6.30%
Ratios to aver-
age net assets
assuming no vol-
untary waiver of
advisory and ad-
ministration
fees and maximum
non-reimbursable
expenses:
Net expenses 0.34% 0.35% 0.35% 0.35% 0.36% 0.36% 0.37% 0.39% 0.41%
Net investment
income 5.63% 3.74% 2.99% 3.78% 6.17% 8.00% 8.98% 7.15% 6.30%
Net assets at
end of year (in
thousands) $2,610,347 $2,891,880 $3,200,288 $2,801,744 $2,784,485 $2,192,756 $1,871,713 $1,528,203 $1,533,941
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1986
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C>
NET ASSET VALUE,
BEGINNING OF
YEAR $1.00
INCOME FROM IN-
VESTMENT OPERA-
TIONS:
Net investment
income 0.07
- -----------------------------------------------------------------------------------------------------------------------------
Total income
from investment
operations 0.07
- -----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS
FROM:
Net investment
income (0.07)
- -----------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to
unitholders (0.07)
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
END OF YEAR $1.00
- -----------------------------------------------------------------------------------------------------------------------------
Total return
(a)(b) 6.56%
Ratios to aver-
age net assets:
Net expenses 0.40%
Net investment
income 6.56%
Ratios to aver-
age net assets
assuming no vol-
untary waiver of
advisory and ad-
ministration
fees and maximum
non-reimbursable
expenses:
Net expenses 0.40%
Net investment
income 6.56%
Net assets at
end of year (in
thousands) $1,080,659
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year.
(b) Total return for the year ended November 30, 1995 would have been 5.73%
absent the effect of a capital contribution equivalent to $.0005 per share
received from Northern Trust Corporation.
See accompanying notes to financial statements.
19
<PAGE>
The Benchmark Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
Government Portfolio
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF YEAR $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.06 0.04 0.03 0.04 0.06 0.08 0.09 0.07 0.06 0.06
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.06 0.04 0.03 0.04 0.06 0.08 0.09 0.07 0.06 0.06
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS FROM:
Net investment income (0.06) (0.04) (0.03) (0.04) (0.06) (0.08) (0.09) (0.07) (0.06) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions to
unitholders (0.06) (0.04) (0.03) (0.04) (0.06) (0.08) (0.09) (0.07) (0.06) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF
YEAR $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total return (a)(b) 5.64% 3.78% 2.91% 3.91% 6.18% 7.89% 8.63% 6.83% 6.15% 5.94%
Ratios to average net
assets:
Net expenses 0.35% 0.34% 0.34% 0.34% 0.35% 0.37% 0.50% 0.54% 0.44% 0.40%
Net investment income 5.49% 3.60% 2.92% 3.71% 6.03% 7.88% 8.63% 6.83% 6.15% 5.94%
Ratios to average net
assets assuming no vol-
untary waiver of advi-
sory and administration
fees and maximum non-re-
imbursable expenses:
Net expenses 0.35% 0.35% 0.35% 0.40% 0.40% 0.46% 0.50% 0.55% 0.55% 0.62%
Net investment income 5.49% 3.59% 2.91% 3.65% 5.98% 7.79% 8.63% 6.82% 6.04% 5.72%
Net assets at end of
year (in thousands) $850,664 $787,816 $1,065,705 $1,163,905 $895,405 $971,720 $423,517 $335,301 $218,530 $160,542
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year.
(b) Total return for the year ended November 30, 1995 would have been 5.53%
absent the effect of a capital contribution equivalent to $.0011 per share
received from Northern Trust Corporation.
See accompanying notes to financial statements.
20
<PAGE>
The Benchmark Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
Government Select Portfolio
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991 1990 (a)
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.06 0.04 0.03 0.04 0.06 0.01
- ---------------------------------------------------------------------------------------
Total income from
investment operations 0.06 0.04 0.03 0.04 0.06 0.01
- ---------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS FROM:
Net investment income (0.06) (0.04) (0.03) (0.04) (0.06) (0.01)
- ---------------------------------------------------------------------------------------
Total distributions to
unitholders (0.06) (0.04) (0.03) (0.04) (0.06) (0.01)
- ---------------------------------------------------------------------------------------
NET ASSET VALUE, END OF
PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------
Total return (b)(c) 5.82% 3.84% 3.00% 3.71% 5.82% 0.50%
Ratios to average net
assets (d):
Net expenses 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Net investment income 5.67% 3.83% 2.99% 3.70% 5.78% 7.65%
Ratios to average to net
assets assuming no
voluntary waiver of
advisory and
administration fees and
maximum non-reimbursable
expenses (d):
Net expenses 0.35% 0.35% 0.35% 0.52% 0.60% 1.33%
Net investment income 5.52% 3.68% 2.84% 3.38% 5.38% 6.52%
Net assets at end of
period (in thousands) $685,142 $493,718 $386,507 $264,756 $160,750 $44,215
- ---------------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on November 7, 1990.
(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. Total
return is not annualized for periods less than one year.
(c) Total return for the year ended November 30, 1995 would have been 5.80%
absent the effect of a capital contribution equivalent to $.0002 per share
received from Northern Trust Corporation.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
21
<PAGE>
The Benchmark Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
Tax-Exempt Portfolio
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF YEAR $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.04 0.02 0.02 0.03 0.05 0.06 0.06 0.05 0.04 0.04
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.04 0.02 0.02 0.03 0.05 0.06 0.06 0.05 0.04 0.04
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS FROM:
Net investment income (0.04) (0.02) (0.02) (0.03) (0.05) (0.06) (0.06) (0.05) (0.04) (0.04)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions to
unitholders (0.04) (0.02) (0.02) (0.03) (0.05) (0.06) (0.06) (0.05) (0.04) (0.04)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF
YEAR $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total return (a) 3.71% 2.62% 2.27% 2.97% 4.57% 5.71% 6.04% 4.92% 4.00% 4.30%
Ratios to average net
assets:
Net expenses 0.35% 0.35% 0.34% 0.34% 0.35% 0.36% 0.49% 0.48% 0.45% 0.47%
Net investment income 3.63% 2.40% 2.27% 2.95% 4.57% 5.71% 6.03% 4.92% 4.00% 4.30%
Ratios to average net
assets assuming no vol-
untary waiver of advi-
sory and administration
fees and maximum non-re-
imbursable expenses:
Net expenses 0.35% 0.35% 0.35% 0.39% 0.40% 0.43% 0.49% 0.48% 0.46% 0.50%
Net investment income 3.63% 2.40% 2.26% 2.90% 4.52% 5.64% 6.03% 4.92% 3.99% 4.27%
Net assets at end of
year (in thousands) $803,730 $853,103 $1,191,932 $1,226,480 $872,405 $752,257 $545,215 $529,680 $410,772 $456,467
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the end of the year.
See accompanying notes to financial statements.
22
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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 money market portfolios.
The Trust includes four diversified money market portfolios: Diversified
Assets Portfolio, Government Portfolio, Government Select Portfolio and Tax-
Exempt Portfolio.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed:
(a) Investment Valuation
Investments are valued at amortized cost, which approximates market value.
Under the amortized cost method, investments purchased at a discount or premium
are valued by amortizing the difference between the original purchase price and
maturity value of the issue over the period to maturity.
(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) Interest Income
Interest income is recorded on the accrual basis and includes amortization of
discounts and premiums.
(d) 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 tax-exempt income to its
unitholders. Therefore, no provision is made for federal taxes.
At November 30, 1995, the Trust's most recent tax year end, there were capital
loss carryforwards for U.S. federal tax purposes of approximately $1,901,000,
$438,000 and $173,000 for the Diversified Assets, Government and Government
Select Portfolios, respectively. These amounts are available to be carried
forward to offset future capital gains to the extent permitted by applicable
laws or regulations. These capital loss carryforwards expire in 2002.
(e) Expenses
Expenses arising in connection with a specific portfolio are allocated to that
portfolio. Expenses incurred which do not specifically relate to an individual
portfolio are allocated among the portfolios based on each portfolio's relative
net assets.
(f) Distributions
Each Portfolio's net investment income is declared daily as a dividend to
unitholders of record as of
3:00 p.m., Chicago time. Prior to March 1, 1994, short-term capital gains, if
any, were declared daily. Commencing March 1, 1994, net realized short-term
capital gains, if any, are declared and distributed at least annually.
Distributions of net investment income with respect to a calendar month
(including with respect to units redeemed at any time during the month) are
made as soon as practicable following the end of the month. Distributions are
made by the portfolios to Northern in cash. Northern has undertaken to credit
or arrange for the crediting of such distributions to each unitholder's account
with Northern, its affiliates or its correspondents.
23
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS--CONTINUED
November 30, 1995
3. ADVISORY, TRANSFER AGENCY, CUSTODIAN AND OTHER 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 an annual rate of .25% of each
portfolio's average daily net assets.
Until further notice, Northern has voluntarily agreed to waive .15% of its
advisory fee for the Government Select Portfolio, reducing such fee to .10% per
annum. The effect of this waiver by Northern for the year ended November 30,
1995 was to reduce advisory fees by approximately $854,000.
As compensation for the services rendered as custodian and transfer agent,
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.
The Trust and Northern Trust Corporation (the "Corporation") entered into an
agreement (the "Put Agreement") dated May 19, 1994 which provided the Trust the
right to require the Corporation to purchase, and the Corporation the right to
require the Trust to sell, certain Federal Home Loan and Federal Farm Credit
Banks securities held by the Diversified Assets, Government and Government
Select Portfolios on or before June 19, 1995 (the "final purchase date"). The
purchase price under the Put Agreement was the greater of the amortized cost
value or market value on the date of purchase.
On May 25, 1995, pursuant to the Put Agreement, the Corporation notified the
Trust of its intent to exercise its right to require the Trust to sell these
securities, on the final purchase date. On June 19, 1995, the Corporation
purchased these securities at amortized cost, which exceeded market value by
approximately $1,519,000, $915,000 and $115,000 for the Diversified Assets,
Government and Government Select Portfolios, respectively. The Portfolios
recorded realized losses to the extent the purchase price exceeded market value
of the securities. The Portfolios received capital contributions from the
Corporation in connection with the Put Agreement, which served to offset such
losses. The net realized losses on the sale of these securities are not
deductible for federal income tax purposes. As a result, the Portfolios
reclassified an amount equal to the net realized losses on the sale of these
securities from "accumulated net realized gain (loss) on investment
transactions" to "paid-in capital." This reclassification had no effect on the
net assets of the Portfolios and was designed to present the Portfolios'
capital accounts on a tax basis.
4. ADMINISTRATION AND DISTRIBUTION AGREEMENTS
As compensation for the services rendered as administrator, and the assumption
by Goldman Sachs of 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.
Goldman Sachs has voluntarily agreed to waive a portion of its administration
fees in the event that overall administration fees earned during the prior
fiscal year exceeded certain specified levels. For the year ended November 30,
1995, there was no reduction in administration fees due to this waiver.
Furthermore, Goldman Sachs has 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 year ended November 30, 1995 was to
reduce the expenses of the Government, Government Select and Tax-Exempt
Portfolios by approximately $370,000, $347,000 and $390,000, respectively.
24
<PAGE>
- --------------------------------------------------------------------------------
5. 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.
There were no borrowings under this arrangement during the year ended November
30, 1995.
25
<PAGE>
The Benchmark Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Unitholders and Trustees of
The Benchmark Funds
Money Market Portfolios
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of the Diversified Assets, Government,
Government Select and Tax-Exempt Portfolios, comprising the Money Market
Portfolios of The Benchmark Funds, as of November 30, 1995, and the related
statements of operations for the year then ended and changes in net assets and
financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the investments owned at
November 30, 1995 by physical examination of the securities held by the
custodian and by correspondence with outside depositories and brokers. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Diversified Assets, Government, Government Select and Tax-Exempt Portfolios,
comprising the Money Market Portfolios of The Benchmark Funds, at November 30,
1995, the results of their operations and the changes in their net assets and
financial highlights for the periods indicated therein, in conformity with
generally accepted accounting principles.
[SIGNATURE LOGO ERNST & YOUNG LLP]
Chicago, Illinois
January 16, 1996
26
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<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
Independent Auditors
Ernst & Young LLP
233 S. Wacker Dr.
Chicago, IL 60606
Legal Counsel
Drinker Biddle & Reath
1345 Chestnut Street
Philadelphia, PA 19107
This 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
Money
Market
Portfolios
Annual Report
November 30, 1995
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK BALANCED PORTFOLIO
The portfolio invested nearly all of its cash assets, and was able to post an
attractive 20.22% return, during fiscal year 1995. Although the portfolio
underperformed its composite index, its annual return is well above the
historical average return for a conservative balanced fund.
We attribute the portfolio's underperformance to its lack of technology
securities, relative to other balanced portfolios, and to our less-than-
aggressive stance on interest-rate-sensitive stocks--the top performers for
1995. But, by keeping cash reserves low, we were able to invest more assets in
stocks and bonds, keeping the portfolio's overall return healthy.
We manage the portfolio conservatively, and it is designed to provide a
reasonably stable return over the long term. Because of our conservative
stance, it is difficult for the portfolio to keep pace with the market during
very robust periods of stock and bond performance, as was the case in 1995. On
the other hand, during stock market downturns, the portfolio's structure should
give the portfolio a competitive advantage relative to many other balanced
funds.
During the next 12 months, we do not anticipate making any dramatic changes
to the portfolio's asset allocation. Within the equity portion of the
portfolio, we will continue to emphasize holdings with better-than-average
growth characteristics. Within the bond portion, we will continue to emphasize
very high-quality investments.
John Zielinski, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK
BALANCED PORTFOLIO VS. S&P 500
COMPOSITE STOCK PRICE INDEX, THE
LEHMAN BROTHERS INTERMEDIATE
GOVERNMENT/CORPORATE INDEX AND THE
COMPOSITE INDEX
[GRAPH APPEARS HERE]
CLASS A UNITS Balanced Portfolio S&P 500 Lehman Brothers Composite Index
-------------------------------------------------------------
7/1/93 $10,000 $10,000 $10,000 $10,000
11/30/93 10,312 10,372 10,195 10,290
11/30/94 9,821 10,485 10,009 10,299
11/30/95 11,807 14,365 11,462 12,974
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class A S&P Lehman Composite
November 30, 1995: Units 500 Brothers Index*
- -------------------------------------------------------------------------
One Year: 20.22% 37.00% 14.51% 25.97%
- -------------------------------------------------------------------------
Since Commencement on 7/1/93: 7.11% 16.15& 5.81% 11.40%
- -------------------------------------------------------------------------
*The Composite Index consists of 55%, 40% and 5% of the S&P 500, The Lehman
Brothers Intermediate Government/Corporate Index and 91-Day Treasury Bills,
respectively.
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 amount invested.
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK DIVERSIFIED GROWTH PORTFOLIO
While the portfolio's Class A units fiscal-year return of 24.55% is very
attractive on a historical basis, it nevertheless lagged behind the return on
the S&P 500 Index. This was due to a combination of factors, including the
portfolio's focus on quality growth stocks and the capitalization difference
between the portfolio and the Index.
During the period, quality growth stocks continued to lag behind those with
rapidly accelerating earnings. When earnings grow rapidly, the premium
investors are willing to pay for consistent quality growth is lessened, causing
these stocks to underperform. In addition, the S&P 500 Index consists mainly of
large-capitalization stocks, while the portfolio has a mid-capitalization bias
relative to the Index. Stocks of larger companies performed much better than
their smaller counterparts, particularly during the first half of the fiscal
year.
While the portfolio experienced significant stock turnover during the year,
its sector composition did not change much. The portfolio is designed to
closely align its sector weightings to the market's. We maintained a slight
underweighting in capital goods, and we reduced our slight overweighting in
technology to a market weight. This move contributed to the portfolio's
underperformance, as technology stocks soared during the period. However, we
suspect that this level of performance among technology stocks will not
continue into 1996, and we plan to maintain a market weighting in this sector.
Going forward, we will continue to search for stocks that exhibit the quality
growth characteristics that should make them good performers over time.
Bill Proskow, Portfolio Manager
COMPARISON OF CHANGE IN VALUE
OF $10,000 INVESTMENT IN BENCHMARK
DIVERSIFIED GROWTH PORTFOLIO VS. THE
S&P 500 COMPOSITE STOCK PRICE INDEX
[GRAPHS APPEAR HERE]
CLASS A UNITS Diversified Growth S&P 500
-------------------------------------------
1/11/93 $10,000 $10,000
11/30/93 10,739 11,042
11/30/94 9,989 11,162
11/30/95 12,442 15,292
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class A S&P 500
November 30, 1995: Units Index
- ----------------------------------------------------------------------
One Year: 24.55% 37.00%
- ----------------------------------------------------------------------
Since Commencement on 1/11/93: 7.86% 15.84%
- ----------------------------------------------------------------------
CLASS D UNITS Diversified Growth S&P 500
-------------------------------------------
9/14/94 $10,000 $10,000
11/30/94 9,482 9,738
11/30/95 11,776 13,341
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class D S&P 500
November 30, 1995: Units Index
- ----------------------------------------------------------------------
One Year: 24.19% 37.00%
- ----------------------------------------------------------------------
Since Commencement on 9/14/94: 14.42% 26.80%
- ----------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
THE BENCHMARK EQUITY INDEX PORTFOLIO
The strength of the stock market itself was the overwhelming factor influencing
the portfolio's impressive return. The slight underperformance relative to the
S&P 500 Index mainly was due to expenses charged to the portfolio.
Additionally, a drag was created because we were not able to immediately invest
accruals, and we could not invest each day's net admissions until the following
morning.
Using a passive investment approach, we place substantially all of the
portfolio's assets into the securities that comprise the S&P 500 Index.
Portfolio sector weightings mimic those of the Index. When changes occur in the
Index, we alter the portfolio composition accordingly. Corporate mergers and
acquisitions accounted for 18 changes in the Index and, subsequently, our
portfolio during fiscal year 1995. Also, spinoffs resulted in three changes,
and decisions by the S&P to restructure certain industry sectors resulted in
another four. All of these changes, as well as major alterations in
capitalization among individual stocks, were reflected in the portfolio when
they occurred in the Index.
The portfolio is designed to provide returns that approximate those of the
large capitalization sectors of the equity market, as defined by the S&P 500.
It provides a cost-efficient, well-diversified way to gain exposure to that
market.
During the next 12 months, we will continue to follow a passive index
strategy designed to provide market returns.
Judy Bednar, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK EQUITY
INDEX PORTFOLIO VS. THE S&P 500
COMPOSITE STOCK PRICE INDEX
[GRAPHS APPEAR HERE]
CLASS A UNITS Short-Intermediate Merrill Lynch
-------------------------------------------
1/11/93 $10,000 $10,000
11/30/93 11,009 11,042
11/30/94 11,105 11,162
11/30/95 15,169 15,292
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class A S&P 500
November 30, 1995: Units Index
- ----------------------------------------------------------------------
One Year: 36.60% 37.00%
- ----------------------------------------------------------------------
Since Commencement on 1/11/93: 15.52% 15.84%
- ----------------------------------------------------------------------
CLASS C UNITS Equity Index S&P 500
-------------------------------------------
9/29/95 $10,000 $10,000
11/30/95 10,373 10,402
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class C S&P 500
November 30, 1995: Units Index
- ----------------------------------------------------------------------
Since Commencement on 9/29/95: 3.73% 4.02%
- ----------------------------------------------------------------------
Average Annual Total Returns are not annualized for periods less than one year.
CLASS D UNITS Equity Index S&P 500
-------------------------------------------
9/14/94 $10,000 $10,000
11/30/94 9,735 9,738
11/30/95 13,259 13,341
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class D S&P 500
November 30, 1995: Units Index
- ----------------------------------------------------------------------
One Year: 36.20% 37.00%
- ----------------------------------------------------------------------
Since Commencement on 9/29/95: 26.17% 26.80%
- ----------------------------------------------------------------------
3
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK FOCUSED GROWTH PORTFOLIO
While the Class A units of the portfolio posted a strong 28.38% return for the
fiscal year, it nevertheless underperformed the S&P 500 Index. This was due to
limited exposure to financial services companies early in the year, when we
felt that inflation and interest rates would move higher. When it became clear
that rates would continue declining, we increased the number of financial
companies in the portfolio.
In addition, while the portfolio owned a number of technology companies, we
misjudged the longevity of the upward move that these stocks enjoyed. We also
failed to participate fully in the semiconductor area, the sector that
experienced the greatest appreciation.
We currently are emphasizing the capital goods, services and healthcare
segments of the market. While we often attempt to attribute our results to
sector exposure, we ultimately try to select individual companies that will
prosper in the future due to what we believe are financial and operational
strengths. Consequently, when certain market sectors perform very well--as the
technology and financial areas did in fiscal 1995--companies producing just
average business results may nevertheless benefit from the "rising tide." As a
result, the portfolio's return may differ significantly from the market
averages for a limited period of time.
The growth stocks that pass our selection criteria tend to do best when
economic growth and interest rates are stable, which we feel will be the case
in 1996. We are therefore optimistic about our ability to produce good results
next year.
Tom Kirkenmeier, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK
FOCUSED GROWTH
PORTFOLIO VS. THE S&P 500
COMPOSITE STOCK PRICE INDEX
[GRAPHS APPEAR HERE]
Focused
Class A Units Growth Portfolio S&P 500
- ----------------------------------------------------------------------
7/1/93 $10,000 $10,000
11/30/93 10,433 10,372
11/30/94 9,791 10,485
11/30/95 12,570 14,365
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class A S&P 500
November 30, 1995: Units Index
- -------------------------------------------------------------------
One Year: 28.38% 37.00%
- -------------------------------------------------------------------
Since Commencement on 7/1/93: 9.92% 16.15%
- -------------------------------------------------------------------
Focused
Class D Units Growth Portfolio S&P 500
- ----------------------------------------------------------------------
12/8/94 $10,000 $10,000
11/30/95 13,100 13,767
Past performance is not predictive of future performance
Average Annual Total Returns
For Period Ended Class D S&P 500
November 30, 1995: Units Index
- ----------------------------------------------------------------
[S] [C] [C]
Since Commencement on 12/8/94: 31.00% 37.67%
- ----------------------------------------------------------------
Average Annual Total Returns are not annualized for periods less than one year.
4
<PAGE>
- --------------------------------------------------------------------------------
THE BENCHMARK INTERNATIONAL GROWTH PORTFOLIO
The portfolio's heavy weighting in Japan and emerging global markets during the
fiscal year were key factors in its underperformance relative to its benchmark
index. Both areas experienced market declines, which hurt the portfolio's
performance. Furthermore, the portfolio was underweighted in investments in
Europe, where we saw a currency rally.
Despite the declining markets in Japan and the emerging countries during
1995, we feel the landscape should change positively in 1996. The Japanese
economy should start to turn around, since the government is making great
strides to resolve its financial crisis. As a result, the country's equity
market should be affected positively.
Investors lost confidence in emerging markets because of the Mexican crisis
in late 1994 and early 1995. The result was wholesale dumping of these stocks,
which led to portfolio underperformance. Going forward, we believe that
investors will return to these markets because they are now at low valuation
levels. In addition, they typically outperform in a low-interest-rate
environment.
Portfolio investors should keep in mind that there always will be volatility
in the stock markets of emerging countries. And, because of international
currency exposure, the portfolio will encounter currency volatility, which was
the case in 1995. Looking ahead, we will continue to emphasize countries rather
than economic sectors. Focal areas for the next 12 months include Japan, Europe
and the emerging markets.
Bob LaFleur, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK
INTERNATIONAL GROWTH PORTFOLIO VS.
THE MORGAN STANLEY EUROPE, AUSTRALIA
AND FAR EAST INDEX
-----------------------------------------------------------------------------
[GRAPHS APPEAR HERE]
International
Class A Units Growth Portfolio EAFE Index
- -------------------------------------------------------------------------
3/28/94 $10,000 $10,000
11/30/94 10,211 10,204
11/30/95 9,974 10,976
- -------------------------------------------------------------------------
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class A EAFE
November 30, 1995: Units Index
- -----------------------------------------------------------
One Year: -2.32% 7.57%
- -----------------------------------------------------------
Since Commencement on 3/28/94: -0.15% 5.70%
- -------------------------------------------------------------------------
International
Class D Units Growth Portfolio EAFE Index
- -------------------------------------------------------------------------
11/16/94 $10,000 $10,000
11/30/94 9,749 9,823
11/30/95 9,478 10,567
- -------------------------------------------------------------------------
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class D EAFE
November 30, 1995: Units Index
- -------------------------------------------------------------
One Year: -2.78% 7.57%
- -------------------------------------------------------------
Since Commencement on 11/16/94: -5.02% 5.44%
- -------------------------------------------------------------------------
5
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK SMALL COMPANY INDEX PORTFOLIO
Small capitalization stocks, as measured by the Russell 2000 Index,
underperformed larger capitalization stocks, represented by the S&P 500 Index,
by 8.7% during the fiscal year. During the period December 1, 1994 through
November 30, 1995, the Russell 2000 was up 28.28%, while the S&P 500 increased
37.00%.
The portfolio's performance for the fiscal year was slightly less than that
of the Russell 2000 Index, due primarily to expenses charged to the portfolio.
In addition, certain securities were weighted slightly differently in the
portfolio than they were in the Index.
The major changes to the portfolio occurred in June, with the Russell 2000
Index reconstitution. Once a year, all eligible securities in the Index are re-
ranked according to market capitalization. This activity resulted in the
addition and deletion of about 400 stocks in the Index, which resulted in a
market capitalization turnover of 35%. These changes were incorporated into the
portfolio at the end of June, 1995.
At the end of fiscal year 1995, the Index included 1,950 companies. The
market capitalizations of these companies, adjusted for cross holdings, ranged
from $7.9 million to $1.6 billion. The average market capitalization of the
Index's companies was $275 million.
Going forward, we will continue to keep the portfolio aligned with the
Russell 2000 Index. Our ongoing objective is to closely approximate the Index's
return.
Susan French, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK
SMALL COMPANY PORTFOLIO VS.
THE RUSSELL 2000 SMALL STOCK INDEX
-----------------------------------------------------------------------------
[GRAPHS APPEAR HERE]
Small Company
Class A Units Portfolio Russell 2000
- ---------------------------------------------------------------------------
1/11/93 $10,000 $10,000
11/30/93 11,409 11,515
11/30/94 11,233 11,363
11/30/95 14,352 14,576
- ---------------------------------------------------------------------------
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class A Russell 2000
November 30, 1995: Units Index
- ---------------------------------------------------------------
One Year: 27.76% 28.28%
- ---------------------------------------------------------------
Since Commencement on 1/11/93: 13.33% 13.94%
- ---------------------------------------------------------------------------
Average Annual Total Returns are not annualized for periods less than one year.
Small Company
Class D Units Portfolio Russell 2000
- -----------------------------------------------------------------------------
12/11/94 $10,000 $10,000
11/30/95 13,050 13,263
- -----------------------------------------------------------------------------
Past performance is not predictive of future performance.
Average Annual Total Returns
For Period Ended Class D Russell 2000
November 30, 1995: Units Index
- ------------------------------------------------------------------
Since Commencement on 12/11/94: 30.50% 32.63%
- ------------------------------------------------------------------
Average Annual Total Returns are not annualized for periods less than one year.
6
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
7
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------
BALANCED PORTFOLIO
<C> <S> <C>
COMMON STOCKS--55.4%
BANKING--1.7%
8,200 Banc One Corp. $ 313
7,700 First USA, Inc. 353
-------
666
BROKERAGE SERVICES--0.5%
8,200 Schwab (Charles) Corp. 199
CHEMICALS AND ALLIED PRODUCTS--4.0%
4,500 Air Products and Chemicals, Inc. 250
5,400 IDEXX Laboratories, Inc.* 240
4,900 Merck & Co., Inc. 303
9,111 Morton International, Inc. 315
6,900 Praxair, Inc. 201
2,900 Procter & Gamble Co. 250
-------
1,559
COMMUNICATIONS--4.7%
7,200 AT&T Corp. 475
10,700 Ameritech Corp. 588
4,400 Reuters Holdings PLC ADR 248
9,600 SBC Communications, Inc. 518
-------
1,829
COMPUTERS AND OFFICE MACHINES--1.6%
4,100 Cisco Systems, Inc.* 345
3,000 Microsoft Corp.* 261
-------
606
COSMETICS AND PERSONAL CARE--1.2%
8,800 Gillette Co. 456
CREDIT INSTITUTIONS--1.0%
7,000 Green Tree Financial Corp. 198
12,150 Mercury Finance Co. 173
-------
371
ELECTRICAL SERVICES--1.9%
5,500 PowerGen PLC ADR 187
18,800 Wisconsin Energy 555
-------
742
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--5.8%
5,600 ADC Telecommunications, Inc.* 255
5,000 Duracell International, Inc. 265
7,000 General Electric Co. 471
3,800 Intel Corp. 231
8,900 Linear Technology Corp. 403
6,750 Molex, Inc., Class A 211
9,800 Solectron Corp.* 416
-------
2,252
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------
<C> <S> <C>
FOOD AND BEVERAGES--2.0%
5,300 Philip Morris Cos., Inc. $ 465
7,800 Starbucks Corp.* 330
-------
795
GLASS, CLAY & STONE PRODUCTS--0.5%
7,800 Newell Co. 206
HEALTH SERVICES--2.3%
19,200 Health Management Associates, Inc.* 509
4,600 Johnson & Johnson Co. 398
-------
907
HEAVY CONSTRUCTION--1.0%
6,000 Fluor Corp. 390
INDUSTRIAL INSTRUMENTS--3.3%
2,900 Cordis Corp.* 307
3,700 Hewlett-Packard Co. 307
4,400 Medtronic, Inc. 241
3,700 Nellcor Puritan Bennett, Inc.* 213
3,400 Sundstrand Corp. 220
-------
1,288
INSURANCE SERVICES--3.3%
5,850 American International Group, Inc. 525
2,600 General Re Corp. 389
3,400 MBIA, Inc. 262
2,400 Mutual Risk Management, Ltd. 96
-------
1,272
METAL PRODUCTS--1.0%
8,900 Crown Cork & Seal Co., Inc.* 373
MORTGAGE AGENCIES--1.5%
5,200 Federal National Mortgage Association 569
PAPER PRODUCTS--1.4%
9,900 Bemis Co., Inc. 259
3,900 Kimberly-Clark Corp. 300
-------
559
PETROLEUM PRODUCTS--4.9%
5,900 Amoco Corp. 400
6,300 Exxon Corp. 487
5,200 Mobil Corp. 543
3,850 Royal Dutch Petroleum Co. ADR 494
-------
1,924
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- -----------------------------------------------------
<C> <S> <C>
PROFESSIONAL SERVICES--3.0%
3,100 Automatic Data Processing, Inc. $ 247
6,200 CUC International, Inc.* 236
6,400 Computer Sciences Corp.* 466
3,200 First Data Corp. 227
--------
1,176
RECREATION AND LEISURE SERVICES--1.9%
7,200 Carnival Corp., Class A 187
10,200 Harley-Davidson, Inc. 283
10,200 Mattel, Inc. 286
--------
756
RETAIL--5.1%
14,800 Albertson's, Inc. 455
12,500 Circuit City Stores, Inc. 363
5,400 Fastenal Co. 224
16,000 Staples, Inc.* 408
18,600 Walgreen Co. 542
--------
1,992
TEXTILES--0.6%
5,000 Cintas Corp. 230
TRANSPORTATION PARTS AND EQUIPMENT--0.5%
6,200 Danaher Corp. 191
TRANSPORTATION SERVICES--0.7%
11,000 Southwest Airlines Co. 275
- -----------------------------------------------------
TOTAL COMMON STOCKS
(Cost $17,675) $ 21,583
- -----------------------------------------------------
U.S. GOVERNMENT AGENCIES--2.9%
FEDERAL NATIONAL MORTGAGE ASSOCIATION REMIC TRUST
Class G, Series: 1991-37
$ 250 8.150%Due 08/25/05 $ 260
Class E, Series: 1992-200
500 6.250%Due 06/25/17 499
Class B, Series: 1993-253#
400 Principal OnlyDue 02/25/23 351
- -----------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $1,033) $ 1,110
- -----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
- ---------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS--20.2%
U.S. TREASURY NOTES--18.2%
$ 1,095 6.750%Due 02/28/97 $ 1,113
1,100 5.375%Due 05/31/98 1,099
2,585 6.750%Due 05/31/99 2,686
1,300 6.875%Due 08/31/99 1,359
750 7.250%Due 05/15/04 823
-------
7,080
U.S. TREASURY BONDS--2.0%
185 9.375%Due 02/15/06 235
465 7.625%Due 02/15/25 553
-------
$ 788
- ---------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $7,722) $ 7,868
- ---------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--1.1%
DLJ Mortgage Acceptance Corp.
Class 2A1, Series: 1994-Q8
$ 441 7.250%Due 05/25/24 $ 443
- ---------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $429) $ 443
- ---------------------------------------------------------
ASSET-BACKED SECURITIES--4.7%
FINANCIAL--4.7%
Banc One Auto Trust
Class A2, Series: 1995-A
$ 500 6.650%Due 05/15/97 $ 502
Olympic Automobile Receivables Trust
700 5.950%Due 11/15/99 702
Premier Auto Trust
348 4.750%Due 02/02/00 345
Western Financial Grantor Trust
265 7.100%Due 01/01/00 268
- ---------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $1,811) $ 1,817
- ---------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Principal
Amount Description Value
- ------------------------------------------------------
<C> <S> <C>
BALANCED PORTFOLIO--CONTINUED
CORPORATE BONDS--5.7%
FINANCIAL--3.3%
Associates Corp. of North America
$ 600 7.950%Due 02/15/10 $ 670
Pitney Bowes Credit Corp.
500 8.550%Due 09/15/09 595
-------
1,265
FOREIGN--0.5%
Ferrovie Dello State (Italy)
165 9.125%Due 07/06/09 197
SUPRANATIONAL--1.9%
InterAmerican Development Bank
350 8.875%Due 06/01/09 440
250 8.400%Due 09/01/09 303
-------
743
- ------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $2,014) $ 2,205
- ------------------------------------------------------
FLOATING RATE BANK NOTES--2.6%
Bergen Bank
$ 180 6.000%Due 02/29/96 $ 140
Hong Kong & Shanghai Bank
140 6.250%Due 02/23/96 111
National Australia Bank
500 6.150%Due 04/15/96 425
National Westminster Bank
400 6.000%Due 02/29/96 335
- ------------------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $999) $ 1,011
- ------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
- -----------------------------------------------------------
<S> <C> <C>
EURODOLLAR TIME DEPOSIT--4.9%
Landesbank, Hessenthuringen Girozentrale
$ 1,887 5.938%Due 12/01/95 $ 1,887
- -----------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $1,887) $ 1,887
- -----------------------------------------------------------
TOTAL INVESTMENTS--97.5%
(Cost $33,570) $37,924
- -----------------------------------------------------------
Other assets, less liabilities--2.5% 973
- -----------------------------------------------------------
NET ASSETS--100.0% $38,897
- -----------------------------------------------------------
- -----------------------------------------------------------
</TABLE>
#Principal only stripped securities represent the right to receive future
principal payments. The value of principal only stripped securities varies
inversely with changes in interest rates. At November 30, 1995, yield on this
security was approximately 6.00%.
*Non-income producing security.
The due date shown for Floating Rate Bank Notes represents the next interest
reset date.
See accompanying notes to financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
DIVERSIFIED GROWTH PORTFOLIO
<C> <S> <C>
COMMON STOCKS--99.6%
BANKING--2.9%
64,400 Banc One Corp. $ 2,455
40,100 First USA, Inc. 1,839
--------
4,294
BROKERAGE SERVICES--0.8%
50,000 Schwab (Charles) Corp. 1,212
CHEMICALS AND ALLIED PRODUCTS--7.9%
53,800 Air Products and Chemicals, Inc. 2,986
43,300 IDEXX Laboratories, Inc.* 1,927
37,300 Merck & Co., Inc. 2,308
44,937 Morton International, Inc. 1,556
50,000 Praxair, Inc. 1,456
15,500 Procter & Gamble Co. 1,339
--------
11,572
COMMUNICATIONS--8.6%
63,400 AT&T Corp. 4,184
62,300 Ameritech Corp. 3,427
23,500 Reuters Holdings PLC ADR 1,325
67,000 SBC Communications, Inc. 3,618
--------
12,554
COMPUTERS AND OFFICE MACHINES--2.7%
29,500 Cisco Systems, Inc.* 2,482
17,500 Microsoft Corp.* 1,525
--------
4,007
COSMETICS AND PERSONAL CARE--1.6%
43,800 Gillette Co. 2,272
CREDIT INSTITUTIONS--1.6%
56,500 Green Tree Financial Corp. 1,596
48,000 Mercury Finance Co. 684
--------
2,280
ELECTRICAL SERVICES--3.3%
36,800 PowerGen PLC ADR 1,251
119,700 Wisconsin Energy 3,531
--------
4,782
ELECTRONICS AND OTHER ELECTRICAL EQUIP-
MENT--10.5%
44,700 ADC Telecommunications, Inc.* 2,034
46,900 Duracell International, Inc. 2,486
40,100 General Electric Co. 2,697
24,900 Intel Corp. 1,516
46,000 Linear Technology Corp. 2,081
48,500 Molex, Inc., Class A 1,516
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
<C> <S> <C>
75,800 Solectron Corp.* $ 3,222
--------
15,552
FOOD AND BEVERAGES--3.1%
23,000 Philip Morris Cos., Inc. 2,018
58,700 Starbucks Corp.* 2,480
--------
4,498
GLASS, CLAY AND STONE PRODUCTS--1.1%
59,700 Newell Co. 1,575
HEALTH SERVICES--3.9%
99,750 Health Management Associates, Inc.* 2,643
35,600 Johnson & Johnson Co. 3,084
--------
5,727
HEAVY CONSTRUCTION--2.9%
66,500 Fluor Corp. 4,322
INDUSTRIAL INSTRUMENTS--5.9%
22,800 Cordis Corp.* 2,417
18,800 Hewlett-Packard Co. 1,558
23,500 Medtronic, Inc. 1,289
29,700 Nellcor Puritan Bennett, Inc.* 1,708
26,500 Sundstrand Corp. 1,716
--------
8,688
INSURANCE SERVICES--4.9%
39,525 American International Group, Inc. 3,547
9,800 General Re Corp. 1,466
18,400 MBIA, Inc. 1,417
19,000 Mutual Risk Management, Ltd. 762
--------
7,192
METAL PRODUCTS--1.8%
64,600 Crown Cork & Seal Co., Inc.* 2,705
MORTGAGE AGENCIES--2.5%
33,500 Federal National Mortgage Association 3,668
PAPER PRODUCTS--2.5%
55,800 Bemis Co., Inc. 1,458
29,600 Kimberly-Clark Corp. 2,276
--------
3,734
PETROLEUM PRODUCTS--9.0%
30,200 Amoco Corp. 2,046
48,300 Exxon Corp. 3,737
35,150 Mobil Corp. 3,669
29,500 Royal Dutch Petroleum Co. ADR 3,787
--------
13,239
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
DIVERSIFIED GROWTH PORTFOLIO--CONTINUED
PROFESSIONAL SERVICES--6.7%
22,500 Automatic Data Processing, Inc. $ 1,792
48,800 CUC International, Inc.* 1,854
49,400 Computer Sciences Corp.* 3,594
36,100 First Data Corp. 2,563
--------
9,803
RECREATION AND LEISURE SERVICES--4.1%
44,100 Carnival Corp., Class A 1,147
80,000 Harley-Davidson, Inc. 2,220
93,700 Mattel, Inc. 2,624
--------
5,991
RETAIL--8.3%
30,500 Albertson's, Inc. 938
97,200 Circuit City Stores, Inc. 2,819
43,600 Fastenal Co. 1,809
132,700 Staples, Inc.* 3,384
110,800 Walgreen Co. 3,227
--------
12,177
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- ---------------------------------------------------------------
<C> <S> <C>
TEXTILES--0.9%
30,000 Cintas Corp. $ 1,380
TRANSPORTATION PARTS AND EQUIPMENT--1.0%
48,500 Danaher Corp. 1,491
TRANSPORTATION SERVICES--1.1%
66,500 Southwest Airlines Co. 1,663
- ---------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $120,742) $146,378
- ---------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--0.3%
Landesbank,Hessenthuringen Girozentrale
$ 495 5.938%Due 12/01/95 $ 495
- ---------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $495) $ 495
- ---------------------------------------------------------------
TOTAL INVESTMENTS--99.9%
(Cost $121,237) $146,873
- ---------------------------------------------------------------
Other assets, less liabilities--0.1% 79
- ---------------------------------------------------------------
NET ASSETS--100.0% $146,952
- ---------------------------------------------------------------
- ---------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
12
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO
COMMON STOCKS--97.6%
AGRICULTURE--0.1%
9,100 Pioneer Hi-Bred International, Inc. $ 521
APPAREL--0.1%
8,100 Liz Claiborne, Inc. 238
6,900 V. F. Corp. 359
--------
597
BANKING--6.4%
12,700 Ahmanson (H.F.) & Co. 340
42,663 Banc One Corp. 1,627
12,100 Bank of Boston Corp. 561
20,800 Bank of New York Co., Inc. 980
40,476 BankAmerica Corp. 2,575
8,500 Bankers Trust New York Corp. 551
10,500 Barnett Banks, Inc. 631
13,600 Boatmen's Bancshares, Inc. 527
18,900 Chase Manhattan Corp. 1,151
27,314 Chemical Banking Corp. 1,639
43,000 Citicorp 3,042
12,500 Comerica, Inc. 467
15,100 Corestates Financial Corp. 585
14,700 First Bank System, Inc. 759
9,700 First Chicago Corp. 674
8,700 First Fidelity Bancorp 638
8,200 First Interstate Bancorp 1,099
18,600 First Union Corp. 1,016
6,400 Golden West Financial Corp. 327
14,700 Great Western Financial Corp. 375
24,600 Keycorp 907
15,850 Mellon Bank Corp. 848
20,300 Morgan (J.P.) & Co., Inc. 1,594
16,750 NBD Bancorp, Inc. 643
15,900 National City Corp. 515
29,368 NationsBank Corp. 2,096
35,200 Norwest Corp. 1,162
24,900 PNC Bank Corp. 728
6,100 Republic New York Corp. 384
13,900 Shawmut National Corp. 521
12,400 Sun Trust Banks, Inc. 846
10,600 U.S. Bancorp 359
18,500 Wachovia Corp. 832
5,200 Wells Fargo & Co. 1,093
--------
32,092
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------------
<C> <S> <C>
BITUMINOUS COAL AND LIGNITE SURFACE MINING--0.1%
14,200 Houston Industries, Inc. $ 650
1,000 Nacco Industries, Inc. 57
--------
707
BROKERAGE AND FINANCIAL SERVICES--1.0%
52,800 American Express Co. 2,244
15,300 Fleet Financial Group, Inc. 639
19,000 Merrill Lynch & Co., Inc. 1,057
8,300 Morgan Stanley Group, Inc. 716
11,500 Salomon, Inc. 418
--------
5,074
CHEMICALS AND ALLIED PRODUCTS--11.5%
85,900 Abbott Laboratories 3,490
12,100 Air Products and Chemicals, Inc. 672
6,900 Allergan, Inc. 214
8,900 Alza Corp.* 205
33,500 American Home Products Corp. 3,057
28,600 Amgen, Inc.* 1,419
7,400 Avon Products, Inc. 537
30,000 Baxter International, Inc. 1,260
54,900 Bristol-Myers Squibb Co. 4,406
5,700 Clorox Co. 432
15,700 Colgate-Palmolive Co. 1,150
29,100 Dow Chemical Co. 2,062
60,100 Du Pont (E.I.) de Nemours & Co., Inc. 3,997
8,775 Eastman Chemical Co. 576
7,000 Ecolab, Inc. 201
4,000 FMC Corp. 296
2,800 Goodrich (B.F.) Co. 196
10,200 Grace (W.R.) & Co. 620
7,000 Great Lakes Chemical Corp. 498
12,100 Hercules, Inc. 664
12,000 International Flavors & Fragrances, Inc. 614
29,799 Lilly (Eli) & Co. 2,965
133,800 Merck & Co., Inc. 8,279
16,000 Morton International, Inc. 554
7,300 Nalco Chemical Co. 224
22,000 PPG Industries, Inc. 998
68,400 Pfizer, Inc. 3,967
54,520 Pharmacia & Upjohn, Inc. 1,956
15,000 Praxair, Inc. 437
74,400 Procter & Gamble Co. 6,426
7,300 Rohm & Haas Co. 440
40,300 Schering-Plough Corp. 2,312
9,200 Sherwin-Williams Co. 364
14,900 Union Carbide Corp. 590
14,600 Warner-Lambert Co. 1,303
--------
57,381
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO--CONTINUED
COMMUNICATIONS--9.5%
171,700 AT&T Corp. $ 11,332
53,500 AirTouch Communications, Inc.* 1,558
20,400 Alltel Corp. 602
60,000 Ameritech Corp. 3,300
47,300 Bell Atlantic Corp. 2,980
107,500 Bellsouth Corp. 4,179
16,700 Capital Cities/ABC, Inc. 2,065
26,000 Comcast Corp. 513
105,000 GTE Corp. 4,476
73,400 MCI Communications Corp. 1,963
8,300 Mallinckrodt, Inc. 283
46,200 Nynex Corp. 2,293
46,400 Pacific Telesis Group 1,392
10,300 Providian Corp. 413
66,000 SBC Communications, Inc. 3,564
37,700 Sprint Corp. 1,508
9,600 Tellabs, Inc. 377
51,000 U.S. West, Inc. 1,594
51,000 U.S. West Media Group* 918
39,100 Viacom, Inc., Class B* 1,886
--------
47,196
COMPUTERS AND OFFICE MACHINES--4.0%
12,900 Amdahl Corp.* 123
13,100 Apple Computer, Inc. 499
7,800 Cabletron Systems, Inc.* 647
4,900 Ceridian Corp.* 206
29,400 Cisco Systems, Inc.* 2,473
28,600 Compaq Computer Corp.* 1,416
2,800 Cray Research, Inc.* 67
3,900 Data General Corp.* 47
15,900 Digital Equipment Corp.* 936
5,000 Intergraph Corp.* 86
61,600 International Business Machines Corp. 5,952
63,400 Microsoft Corp.* 5,524
16,400 Pitney Bowes, Inc. 734
17,200 Silicon Graphics, Inc.* 628
12,600 Tandem Computers, Inc.* 157
7,100 Tandy Corp. 338
18,500 Unisys Corp.* 120
--------
19,953
CONSTRUCTION--0.2%
12,300 Dover Corp. 478
19,700 Dresser Industries, Inc. 465
--------
943
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------------
<C> <S> <C>
COSMETICS AND PERSONAL CARE--0.5%
48,000 Gillette Co. $ 2,490
CREDIT INSTITUTIONS--0.5%
5,700 Beneficial Corp. 289
18,272 Dean Witter Discover & Co. 932
10,600 Household International, Inc. 663
16,100 MBNA Corp. 650
--------
2,534
ELECTRICAL SERVICES--3.4%
20,100 American Electric Power Co. 756
16,000 Baltimore Gas and Electric Co. 426
16,800 Carolina Power & Light Co. 552
20,700 Central and South West Corp. 556
16,910 Cinergy Corp. 499
25,400 Consolidated Edison Co. of New York, Inc. 733
15,900 Detroit Edison Co. 519
18,800 Dominion Resources, Inc. 745
22,200 Duke Power Co. 996
24,600 Entergy Corp. 686
20,000 FPL Group, Inc. 868
12,600 General Public Utilities Corp. 398
15,600 Niagara Mohawk Power Corp. 154
7,300 Northern States Power Co. 343
16,500 Ohio Edison Co. 375
17,100 PP&L Resources, Inc. 425
45,900 Pacific Gas & Electric Co. 1,262
30,800 PacifiCorp 604
24,000 Peco Energy Co. 696
26,500 Public Service Enterprise Group, Inc. 785
48,300 SCE Corp. 755
72,100 Southern Co. 1,649
24,400 Texas Utilities Co. 939
23,200 Unicom Corp. 742
11,100 Union Electric Co. 445
1,300 Zurn Industries, Inc. 32
--------
16,940
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--6.8%
23,556 AMP, Inc. 945
11,200 Advanced Micro Devices, Inc.* 230
4,225 Andrew Corp.* 183
11,600 Cooper Industries, Inc. 423
12,400 DSC Communications Corp.* 491
24,300 Emerson Electric Co. 1,895
183,300 General Electric Co. 12,327
4,200 Harris Corp. 242
12,500 ITT Corp.* 1,533
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
<C> <S> <C>
89,100 Intel Corp. $ 5,424
11,600 Maytag Corp. 236
22,300 Micron Technology, Inc. 1,221
63,800 Motorola, Inc. 3,908
13,400 National Semiconductor Corp.* 286
5,200 National Service Industries, Inc. 169
27,500 Northern Telecom Ltd. 1,110
4,800 Raychem Corp. 250
8,300 Scientific-Atlanta, Inc. 132
70,700 TeleCommunications, Inc.* 1,308
20,300 Texas Instruments, Inc. 1,175
2,100 Thomas & Betts Corp. 154
8,000 Whirlpool Corp. 444
--------
34,086
FOOD AND BEVERAGES--9.2%
27,600 Anheuser-Busch Cos., Inc. 1,829
58,685 Archer-Daniels-Midland Co. 1,012
7,500 Brown-Forman, Inc. 286
15,800 CPC International, Inc. 1,086
27,000 Campbell Soup Co. 1,509
136,500 Coca Cola Co. 10,340
26,550 ConAgra, Inc. 1,059
4,200 Coors (Adolph) Co. 85
17,200 General Mills, Inc. 948
39,500 Heinz (H.J.) Co. 1,259
8,400 Hershey Foods Corp. 519
23,700 Kellogg Co. 1,810
2,500 Luby's Cafeterias, Inc. 55
75,200 McDonalds Corp. 3,356
85,200 PepsiCo, Inc. 4,707
90,900 Philip Morris Cos., Inc. 7,976
14,500 Quaker Oats Co. 504
11,300 Ralston Purina Group 723
51,900 Sara Lee Corp. 1,674
40,300 Seagram Co. Ltd. 1,471
21,100 UST, Inc. 688
17,300 Unilever N.V. ADR 2,299
11,300 Whitman Corp. 249
12,600 Wrigley (WM) Jr. Co. 594
--------
46,038
FURNITURE AND FIXTURES--0.1%
17,200 Masco Corp. 507
GENERAL BUILDING CONTRACTORS--0.2%
3,000 Centex Corp. 99
13,800 Honeywell, Inc. 657
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------
<S> <C> <C>
3,400 Kaufman & Broad Home Corp. $ 44
3,600 Morrison-Knudsen, Inc.* 22
2,900 Pulte Corp. 89
--------
911
GLASS, CLAY AND STONE PRODUCTS--0.2%
24,900 Corning, Inc. 750
17,100 Newell Co. 451
--------
1,201
HEALTH SERVICES--2.0%
10,600 Beverly Enterprises, Inc.* 123
47,997 Columbia/HCA Healthcare Corp. 2,478
4,700 Community Psychiatric Centers* 52
17,700 Humana, Inc. 496
69,800 Johnson & Johnson Co. 6,046
6,750 Manor Care, Inc. 220
7,500 St. Jude Medical, Inc.* 296
21,600 Tenet Healthcare Corp.* 386
--------
10,097
HEAVY CONSTRUCTION--0.3%
9,000 Fluor Corp. 585
4,300 Foster Wheeler Corp. 170
12,400 Halliburton Co. 538
--------
1,293
INDUSTRIAL INSTRUMENTS--3.0%
6,000 Bard (C.R.), Inc. 173
6,200 Bausch & Lomb, Inc. 224
7,100 Becton Dickinson & Co. 495
12,500 Biomet, Inc.* 231
17,500 Boston Scientific Corp.* 709
37,000 Eastman Kodak Co. 2,516
55,400 Hewlett-Packard Co. 4,591
4,400 Johnson Controls, Inc. 305
18,500 Loral Corp. 627
25,000 Medtronic, Inc. 1,372
4,900 Millipore Corp. 183
4,500 Perkin-Elmer Co. 162
4,900 Polaroid Corp. 226
26,400 Raytheon Co. 1,175
3,600 Tektronix, Inc. 194
6,200 United States Surgical Corp. 156
11,600 Xerox Corp. 1,591
--------
14,930
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO--CONTINUED
INSURANCE SERVICES--4.2%
12,300 Aetna Life & Casualty Co. $ 903
4,800 Alexander & Alexander Services, Inc. 105
48,565 Allstate Corp. 1,991
22,200 American General Corp. 752
51,275 American International Group, Inc. 4,602
9,400 Chubb Corp. 914
7,900 CIGNA Corp. 869
8,900 General Re Corp. 1,332
5,150 Jefferson-Pilot Corp. 366
11,200 Lincoln National Corp. 524
6,400 Loews Corp. 983
7,900 Marsh & McLennan Cos., Inc. 685
9,100 St. Paul Companies, Inc. 509
6,800 Safeco Corp. 483
7,750 Torchmark Corp. 329
7,400 Transamerica Corp. 567
34,558 Travelers Group, Inc. 2,056
7,900 UNUM Corp. 428
12,100 USF & G Corp. 209
3,700 USLIFE Corp. 107
18,800 United Healthcare Corp. 1,182
16,700 U.S. Healthcare, Inc. 760
--------
20,656
JEWELRY AND PRECIOUS METALS--0.0%
4,200 Jostens, Inc. 104
LEATHER PRODUCTS--0.0%
1,900 Brown Group, Inc. 27
5,400 Stride Rite Corp. 47
--------
74
LUMBER AND WOOD PRODUCTS--0.1%
11,700 Louisiana-Pacific Corp. 316
MACHINERY--1.4%
19,100 Applied Materials, Inc.* 929
15,300 Baker Hughes, Inc. 312
9,300 Black & Decker Corp. 348
3,200 Briggs & Stratton Corp. 133
10,400 Brunswick Corp. 222
21,500 Caterpillar, Inc. 1,320
3,700 Cincinnati Milacron, Inc. 97
4,400 Cummins Engine Co. 173
28,200 Deere & Co. 927
5,100 General Signal Corp. 164
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<S> <C> <C>
3,700 Giddings & Lewis, Inc. $ 58
5,200 Harnischfeger Industries, Inc. 176
11,500 Ingersoll-Rand Co. 441
2,100 Outboard Marine Corp. 43
19,600 Tenneco, Inc. 941
3,400 Timken Co. 137
16,600 Tyco Laboratories, Inc. 521
4,400 Varity Corp.* 170
--------
7,112
MANUFACTURING--0.0%
3,000 Alberto-Culver Co., Class B 97
MERCHANDISE--GENERAL--0.2%
11,800 Alco Standard Corp. 513
4,400 Snap-On, Inc. 195
4,800 Stanley Works 243
--------
951
METAL MINING--0.8%
38,200 Barrick Gold Corp. 1,008
10,050 Cyprus/Amax Minerals Co. 276
12,200 Echo Bay Mines Ltd. 127
22,000 Freeport-McMoran Copper & Gold, Inc. 597
14,900 Homestake Mining Co. 246
12,900 Inco Ltd. 460
9,339 Newmont Mining Corp. 403
25,900 Placer Dome, Inc. 641
14,180 Santa Fe Pacific Gold Corp. 170
--------
3,928
METAL PRODUCTS--0.2%
3,300 Ball Corp. 94
3,300 Crane Co. 113
9,800 Crown Cork & Seal Co., Inc.* 410
5,900 McDermott International, Inc. 107
7,950 Parker-Hannifin Co. 292
--------
1,016
MORTGAGE AGENCIES--1.0%
19,600 Federal Home Loan Mortgage Corp. 1,509
29,500 Federal National Mortgage Association 3,230
--------
4,739
NATURAL GAS TRANSMISSION-0.9%
11,300 Coastal Corp. 376
5,500 Columbia Gas System, Inc.* 238
10,100 Consolidated Natural Gas Co. 448
2,200 Eastern Enterprises 72
27,300 Enron Corp. 1,024
7,400 Enserch Corp. 115
5,500 Nicor, Inc. 140
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
<C> <S> <C>
13,400 Noram Energy Corp. $ 106
2,900 Oneok, Inc. 68
9,200 Pacific Enterprises* 246
16,200 Panhandle Eastern Corp. 460
3,800 Peoples Energy Corp. 116
9,300 Sonat, Inc. 300
11,000 Williams Company, Inc. 462
--------
4,171
OIL AND GAS--0.8%
13,700 Burlington Resources, Inc. 527
2,700 Helmerich & Payne, Inc. 73
3,600 Louisiana Land & Exploration Co. 140
34,400 Occidental Petroleum Corp. 761
11,200 Oryx Energy Co.* 147
9,100 Rowan Companies, Inc.* 68
9,800 Santa Fe Energy Resources, Inc.* 91
26,200 Schlumberger Ltd. ADR 1,664
5,700 Western Atlas, Inc.* 273
--------
3,744
PAPER PRODUCTS--2.2%
5,800 Avery Dennison Corp. 276
5,600 Bemis Co., Inc. 146
5,200 Boise Cascade Co. 194
10,500 Champion International Corp. 495
5,000 Federal Paper Board Co., Inc. 260
9,800 Georgia-Pacific Corp. 762
27,600 International Paper Co. 1,052
8,900 James River Corp. 280
17,400 Kimberly-Clark Corp. 1,338
5,800 Mead Corp. 331
45,500 Minnesota Mining & Manufacturing Co. 2,980
16,400 Scott Paper Co. 937
10,404 Stone Container Corp.* 162
6,100 Temple Inland, Inc. 277
7,600 Union Camp Corp. 373
10,950 Westvaco Corp. 300
22,000 Weyerhaeuser Co. 995
--------
11,158
PERSONAL SERVICES--0.4%
11,300 Block (H.& R.), Inc. 503
5,200 Hilton Hotels Corp. 336
13,600 Marriott International Corp. 507
11,250 Service Corp. International 457
6,000 Willamette Industries, Inc. 363
--------
2,166
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
<S> <C> <C>
PETROLEUM PRODUCTS--7.4%
10,100 Amerada Hess Corp. $ 480
53,700 Amoco Corp. 3,638
6,900 Ashland Oil, Inc. 241
17,400 Atlantic Richfield Co. 1,886
70,600 Chevron Corp. 3,486
134,400 Exxon Corp. 10,399
5,600 Kerr-McGee Corp. 324
42,800 Mobil Corp. 4,467
5,000 Pennzoil Co. 198
28,400 Phillips Petroleum Co. 944
58,000 Royal Dutch Petroleum Co. ADR 7,446
8,200 Sun Co., Inc. 228
28,100 Texaco, Inc. 2,079
32,200 USX-Marathon Group 592
26,700 Unocal Corp. 718
--------
37,126
PRINTING AND PUBLISHING--1.3%
8,100 American Greetings Corp. 221
8,900 Deluxe Corp. 246
16,600 Donnelley (R.R.) & Sons Co. 637
10,500 Dow Jones & Co., Inc. 403
15,200 Gannett Co., Inc. 927
3,300 Harland (John H.) Co. 68
5,300 Knight-Ridder, Inc. 342
5,400 McGraw-Hill, Inc. 452
3,000 Meredith Corp. 118
10,800 Moore Corp. Ltd. 193
10,500 New York Times Co. 310
41,800 Time Warner, Inc. 1,672
12,100 Times Mirror Co. 393
7,000 Tribune Co. 451
--------
6,433
PROFESSIONAL SERVICES--2.1%
5,100 Autodesk, Inc. 180
15,600 Automatic Data Processing, Inc. 1,242
18,850 CUC International, Inc.* 716
26,000 Computer Associates International, Inc. 1,703
6,000 Computer Sciences Corp.* 437
23,800 First Data Corp. 1,690
8,400 Interpublic Group of Cos., Inc. 322
39,900 Novell, Inc.* 673
46,900 Oracle Systems Corp.* 2,128
8,500 Ryder System, Inc. 203
6,300 Safety-Kleen Corp. 90
2,500 Shared Medical Systems Corp. 108
10,300 Sun Microsystems, Inc.* 866
--------
10,358
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------
<C> <S> <C>
EQUITY INDEX PORTFOLIO--CONTINUED
RECREATION AND LEISURE SERVICES--1.0%
5,100 Bally Entertainment Corp.* $ 62
56,400 Disney (Walt) Co. 3,391
7,900 Harcourt General, Inc. 318
11,100 Harrah's Entertainment, Inc.* 276
9,550 Hasbro, Inc. 291
4,000 King World Productions, Inc.* 159
24,016 Mattel, Inc. 672
--------
5,169
RESEARCH AND CONSULTING SERVICES--0.3%
18,300 Dun & Bradstreet Corp. 1,141
5,700 EG&G, Inc. 110
5,300 Ogden Corp. 113
--------
1,364
RETAIL--4.6%
27,500 Albertson's, Inc. 846
16,100 American Stores Co. 423
11,100 Charming Shoppes, Inc.* 26
10,500 Circuit City Stores, Inc. 305
17,100 Darden Restaurants* 199
7,800 Dayton-Hudson Corp. 566
12,200 Dillard Department Stores, Inc. 352
21,900 Federated Department Stores, Inc.* 638
15,600 Gap, Inc. 706
6,400 Giant Food, Inc. 206
4,100 Great Atlantic & Pacific Tea Co., Inc. 90
51,500 Home Depot, Inc. 2,285
49,700 K-Mart Corp. 385
13,300 Kroger Co.* 446
38,700 Limited, Inc. 692
2,200 Long Drug Stores Corp. 87
17,300 Lowe's Cos., Inc. 545
26,900 May Department Stores Co. 1,174
11,400 Melville Corp. 355
4,000 Mercantile Stores Co., Inc. 186
8,900 Nordstrom, Inc. 349
24,600 Penney (J.C.) Co., Inc. 1,153
6,700 Pep Boys-Manny Moe & Jack 178
21,103 Price/Costco, Inc.* 351
9,100 Rite Aid Corp. 284
5,800 Ryan's Family Steak Houses, Inc.* 43
42,200 Sears, Roebuck & Co. 1,662
4,500 Shoney's, Inc.* 48
7,800 TJX Companies, Inc. 130
29,900 Toys "R" Us, Inc.* 695
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------
<C> <S> <C>
248,600 Wal-Mart Stores, Inc. $ 5,966
26,600 Walgreen Co. 775
11,100 Wendy's International, Inc. 229
8,200 Winn-Dixie Stores, Inc. 526
14,300 Woolworth Corp.* 215
--------
23,116
RUBBER AND PLASTICS--0.7%
4,000 Armstrong World Industries, Inc. 240
9,100 Cooper Tire & Rubber Co. 224
16,500 Goodyear Tire & Rubber Co. 699
12,500 Monsanto Co. 1,431
6,900 Premark International, Inc. 352
17,100 Rubbermaid, Inc. 470
--------
3,416
SANITARY SERVICES--0.5%
23,000 Browning-Ferris Industries, Inc. 693
31,800 Laidlaw, Inc. 294
52,500 WMX Technologies, Inc. 1,549
--------
2,536
SERVICE INDUSTRY MACHINERY--0.2%
12,366 Pall Corp. 335
3,100 Trinova Corp. 95
42,400 Westinghouse Electric Corp. 716
--------
1,146
STEEL PRODUCTS--1.0%
24,400 Alcan Aluminum Ltd. 808
19,300 Aluminum Co. of America 1,129
11,500 Armco, Inc.* 66
4,600 Asarco, Inc. 163
12,000 Bethlehem Steel Corp.* 168
15,487 Engelhard Corp. 362
5,300 Inland Steel Industries, Inc. 138
9,500 Nucor Corp. 474
5,500 Owens Corning Fiberglass Corp.* 244
7,500 Phelps Dodge Corp. 509
6,900 Reynolds Metals Co. 398
8,800 USX-U.S. Steel Group 287
9,875 Worthington Industries, Inc. 194
--------
4,940
TEXTILES--0.1%
8,200 Fruit of the Loom, Inc.* 159
4,200 Russell Corp. 112
2,200 Springs Industries, Inc. 92
--------
363
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
TOBACCO PRODUCTS--0.2%
20,400 American Brands, Inc. $ 852
TRANSPORTATION PARTS AND EQUIPMENT--4.6%
30,600 Allied Signal, Inc. 1,446
37,100 Boeing Co. 2,704
41,400 Chrysler Corp. 2,148
11,000 Dana Corp. 322
8,400 Eaton Corp. 458
6,400 Echlin, Inc. 234
5,000 Fleetwood Enterprises, Inc. 120
116,200 Ford Motor Co. 3,283
6,800 General Dynamics Corp. 405
80,900 General Motors Corp. 3,924
12,700 Illinois Tool Works, Inc. 805
21,654 Lockheed Martin Corp. 1,589
12,200 McDonnell Douglas Corp. 1,087
8,120 Navistar International Corp.* 88
5,300 Northrop Gruman Co. 326
4,160 PACCAR, Inc. 182
23,500 Rockwell International Corp. 1,152
7,000 TRW, Inc. 524
6,000 Teledyne, Inc. 145
9,200 Textron, Inc. 705
13,300 United Technologies Corp. 1,247
--------
22,894
TRANSPORTATION SERVICES--1.7%
8,300 AMR Corp.* 636
15,365 Burlington Northern Santa Fe Corp. 1,239
11,400 CSX Corp. 999
8,500 Conrail, Inc. 594
4,700 Consolidated Freightways, Inc. 123
5,500 Delta Air Lines, Inc. 427
10,100 Dial Corp. 273
6,100 Federal Express Corp.* 456
14,200 Norfolk Southern Corp. 1,118
4,500 Pittston Co. 137
4,200 Roadway Services, Inc. 211
15,500 Southwest Airlines Co. 387
6,700 USAir Group* 90
22,200 Union Pacific Corp. 1,504
2,900 Yellow Corp.* 35
--------
8,229
WHOLESALE--0.6%
4,100 Fleming Cos., Inc. 95
13,250 Genuine Parts Co. 535
5,500 Grainger (W.W.), Inc. 368
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- ----------------------------------------------------------------
<C> <S> <C>
3,500 Handleman Co. $ 22
15,500 Nike, Inc. 899
3,200 Potlatch Corp. 129
8,500 Reebok International Ltd. 221
5,400 Sigma-Aldrich, Corp. 266
7,400 Supervalue, Inc. 239
19,700 Sysco Corp. 603
--------
3,377
- ----------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $392,637) $487,042
- ----------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--0.2%
U.S. Treasury Bills #
$ 960 5.660%Due 12/21/95 $ 949
- ----------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $949) $ 949
- ----------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--2.1%
Landesbank, Hessenthuringen Girozentrale
$10,723 5.938%Due 12/01/95 $ 10,723
- ----------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $10,723) $ 10,723
- ----------------------------------------------------------------
TOTAL INVESTMENTS--99.9%
(Cost $404,309) $498,714
- ----------------------------------------------------------------
Other assets, less liabilities--0.1% 249
- ----------------------------------------------------------------
NET ASSETS--100.0% $498,963
- ----------------------------------------------------------------
- ----------------------------------------------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Contract Unrealized
Type Contracts Amount Position Expiration Gain (Loss)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P 500 36 $10,931 Long 12/15/95 482
S&P 500 2 613 Long 03/15/96 (1)
---
481
- --------------------------------------------------------------------------------------
</TABLE>
#Security pledged to cover margin requirements for open futures contracts.
*Non-income producing security.
See accompanying notes to financial statements.
19
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
FOCUSED GROWTH PORTFOLIO
COMMON STOCKS--98.2%
BANKING--2.7%
50,800 First USA, Inc. $ 2,330
CHEMICALS AND ALLIED PRODUCTS--8.5%
44,300 Air Products and Chemicals, Inc. 2,459
30,900 IDEXX Laboratories, Inc.* 1,375
33,228 Morton International, Inc. 1,150
27,100 Procter & Gamble Co. 2,341
-------
7,325
COMPUTERS AND OFFICE MACHINES--2.5%
17,000 Cisco Systems, Inc.* 1,430
8,300 Microsoft Corp.* 723
-------
2,153
CREDIT INSTITUTIONS--3.6%
56,200 GreenTree Financial, Corp. 1,588
110,350 Mercury Finance Co. 1,572
-------
3,160
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--
15.2%
52,300 General Electric Co. 3,517
13,600 Intel Corp. 828
52,800 Linear Technology Corp. 2,389
50,000 Molex, Inc., Class A 1,563
33,000 Polygram N.V. ADR 1,980
66,500 Solectron Corp.* 2,826
-------
13,103
FOOD AND BEVERAGES--4.5%
24,300 Philip Morris Cos., Inc. 2,132
42,000 Starbucks Corp.* 1,775
-------
3,907
HEALTH SERVICES--7.9%
120,000 Health Management Associates, Inc.* 3,180
42,300 Johnson & Johnson Co. 3,664
-------
6,844
HEAVY CONSTRUCTION--2.3%
30,300 Fluor Corp. 1,969
INDUSTRIAL INSTRUMENTS--7.5%
16,400 Cordis Corp.* 1,738
20,000 Hewlett-Packard Co. 1,657
21,900 Nellcor Puritan Bennett, Inc.* 1,259
42,000 Raytheon Co. 1,869
-------
6,523
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
<C> <S> <C>
INSURANCE SERVICES--6.8%
40,000 American International Group, Inc. $ 3,590
30,000 MBIA, Inc. 2,310
-------
5,900
METAL PRODUCTS--2.4%
50,000 Crown Cork & Seal Co., Inc.* 2,094
PETROLEUM PRODUCTS--1.7%
47,700 Repsol S.A. ADR 1,509
PROFESSIONAL SERVICES--11.5%
39,000 CUC International, Inc.* 1,482
37,500 Computer Sciences Corp.* 2,728
34,001 First Data Corp. 2,414
7,497 Interpublic Group of Cos., Inc. 288
37,000 Oracle Systems Corp.* 1,679
16,500 Sun Microsystems, Inc.* 1,388
-------
9,979
RECREATION AND LEISURE SERVICES--7.0%
47,000 Carnival Corp., Class A 1,222
84,500 Harley-Davidson, Inc. 2,345
90,500 Mattel, Inc. 2,534
-------
6,101
RETAIL--9.7%
55,100 Circuit City Stores, Inc. 1,598
96,900 Staples, Inc.* 2,471
30,600 Viking Office Products, Inc.* 1,408
100,000 Walgreen Co. 2,913
-------
8,390
TEXTILES--1.1%
20,000 Cintas Corp. 920
TRANSPORTATION PARTS AND EQUIPMENT--1.5%
25,100 General Motors Corp., Class E 1,268
TRANSPORTATION SERVICES--1.8%
61,100 Southwest Airlines Co. 1,528
- ---------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $70,254) $85,003
- ---------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Description Value
- ----------------------------------------------------------------
<C> <S> <C>
EURODOLLAR TIME DEPOSIT--3.4%
Landesbank, Hessenthuringen Girozentrale
$ 2,959 5.938% Due 12/01/95 $ 2,959
- ----------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $2,959) $ 2,959
- ----------------------------------------------------------------
TOTAL INVESTMENTS--101.6%
(Cost $73,213) $87,962
- ----------------------------------------------------------------
Liabilities, less other assets--(1.6)% (1,374)
- ----------------------------------------------------------------
NET ASSETS--100.0% $86,588
- ----------------------------------------------------------------
- ----------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
21
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
<C> <S> <C>
COMMON STOCKS--96.8%
AUSTRALIA--2.2%
960,000 Foster's Brewing Group Ltd. $ 1,585
325,000 News Corp. Ltd. 1,706
--------
3,291
BRAZIL--1.0%
30,000 Telebras ADR 1,440
CHILE--0.6%
12,000 Cia Telecomunicacion Chile ADR 866
CHINA--1.6%
45,000 Jilin Chemical Industrial Co. Ltd. ADR* 861
4,000,000 Qingling Motors Co.* 988
2,000,000 Shanghai Petrochemical Co. Ltd. 562
--------
2,411
CZECH REPUBLIC--0.6%
110,000 Czechoslovakia & Slovak Investment Corp. 880
12,000 Czechoslovakia & Slovak Investment Corp. Warrants * 18
--------
898
FRANCE--7.0%
15,000 Alcatel Alsthom 1,253
25,000 AXA 1,499
20,000 Christian Dior S.A. 1,932
25,000 Cie Generale des Eaux 2,438
35,000 Credit Commercial de France 1,649
25,000 Lefarge-Coppee 1,592
--------
10,363
GERMANY--4.3%
30,000 Adidas A.G.* 1,601
900 Allianz Holding A.G. 1,739
4,500 Mannesmann A.G. 1,450
40,000 Merck K.G.A.A.* 1,640
--------
6,430
HONG KONG--6.4%
300,000 Cheung Kong Holdings Ltd. 1,707
1,500,000 First Pacific Co. Ltd. 1,629
300,000 Guoco Group Ltd. 1,423
100,000 HSBC Holdings PLC 1,474
300,000 Hutchison Whampoa Ltd. 1,695
400,000 New World Development Co. Ltd. 1,670
750 New World Infrastructure Ltd. 1
--------
9,599
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
<C> <S> <C>
INDIA--0.4%
150,000 The India Fund, Class A* $ 574
INDONESIA--0.0%
47,056 Indah Kiat Pulp & Paper Co. 34
IRELAND--1.2%
500,000 Irish Life PLC 1,862
ITALY--2.7%
80,000 Assicurazioni Generali 1,823
20,000 Luxottica Group S.p.A. ADR 1,065
700,000 Telecom Italia Mobile S.p.A.* 1,129
--------
4,017
JAPAN--29.6%
7,000 Autobacs Seven Co. Ltd. 565
75,000 Canon Inc. 1,322
30,000 CSK Corp. 931
20,000 Daiichi Corp. 410
20,000 Fanuc Ltd. 853
100,000 Fijitsu Ltd. 1,182
120,000 Hitachi Ltd. 1,217
22,000 Hitachi Software Engineering Co. 527
150,000 Hitachi Zosen Corp. 771
7,000 I-O Data Device, Inc. 521
35,000 Ishiguro Homa Corp. 596
150,000 Itochu Corp. 997
10,000 Japan Associated Finance Co. 980
500 JGC Corp. 5
20,000 JUSCO Ltd. 481
20,000 Kato Denki 512
300,000 Kawasaki Steel Corp. 1,067
215,000 Mitsubishi Chemical Corp. 1,050
125,000 Mitsubishi Heavy Industries Ltd. 999
325,000 Mitsui O.S.K. Lines Ltd.* 954
80,000 NEC Corp. 1,024
110,000 New OJI Paper Co. Ltd. 1,013
15,000 Nichiha Corp. 269
15,000 Nichiei Co. Ltd. 962
105,000 Nikko Securities Co. Ltd. 1,158
14,000 Nintendo Corp. Ltd 1,109
300,000 Nippon Steel & Co.* 1,034
178 Nippon Telegraph & Telephone Corp. 1,457
150,000 Nissan Motor Co. Ltd. 1,107
85,000 Nomura Securities Co. Ltd. 1,674
160,000 NSK Ltd. 1,130
35,000 Omron Corp. 783
17,000 Rohm Co. 1,040
55,000 Sankyo Co. Ltd. 1,230
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------
<C> <S> <C>
10,000 Sanyo Shimpan Finance Co. Ltd. $ 737
12,000 Shimamura Co. Ltd. 455
350,000 Showa Denko K.K.* 1,065
15,000 Sony Corp. 798
25,000 Sony Music Entertainment, Inc. 1,120
190,000 Sumitomo Chemical Co. 947
95,000 Sumitomo Electric Industries 1,113
150,000 Sumitomo Marine & Fire Insurance 1,163
15,000 TDK Corp. 762
20,000 Tokyo Electron Ltd. 855
160,000 Toray Industries, Inc. 1,043
160,000 Toshiba Corp. 1,155
45,000 Toyo Industries, Inc. 886
50,000 Uny Co. Ltd. 980
--------
44,009
MALAYSIA--3.9%
175,000 Edaran Otomobil Nasional Berhad 1,256
119,500 Genting Berhad 1,032
500,000 Land & General Holdings Berhad,
Class A 996
225,000 Malayan Banking Berhad 1,783
100,000 Telekom Malaysia Berhad 745
--------
5,812
MEXICO--1.3%
200,000 Fomentico Economico Mexicano, S.A. de C.V., Class B 463
40,000 Grupo Televisa S.A. GDR 865
20,000 Panamerican Beverages, Inc., Class A 645
--------
1,973
NETHERLANDS--1.9%
15,000 Internationale Nederlanden Group N.V. 983
45,000 Philips Electronics N.V. 1,772
--------
2,755
NORWAY--1.2%
140,000 Saga Petroleum S.A., Class A 1,792
PHILIPPINES--0.8%
700,000 Ayala Land, Inc., Class B 802
100,000 San Miguel Corp., Class B 321
--------
1,123
SINGAPORE--2.5%
120,000 Development Bank of Singapore Ltd. 1,404
275,000 Keppel Corp. Ltd. 2,261
--------
3,665
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
SOUTH KOREA--0.9%
703 Daewoo Corp.* $ 9
40,000 L.G. Chemical Ltd. GDR* 870
20,000 Pohang Iron & Steel Co. Ltd. ADR 490
62 Samsung Electronics Co. Ltd.* 11
--------
1,380
SPAIN--4.6%
45,000 Banco Santander S.A. 2,103
30,000 Empresa Nacional de Electricidad S.A. 1,614
175,000 Iberdrola S.A. 1,479
40,000 Telefonica de Espana ADR 1,660
--------
6,856
SWEDEN--1.0%
40,000 Pharmacia & Upjohn, Inc.* 1,435
SWITZERLAND--5.3%
1,500 BBC Brown Boveri A.G. 1,725
2,600 Ciba-Geigy A.G. 2,322
23,000 CS Holding A.G. 2,185
225 Roche Holding A.G.-Genussshein 1,702
--------
7,934
TAIWAN--2.3%
462,849 Acer, Inc.* 990
450,000 Hon Hai Precision Industries 1,022
250,000 Silicone Precision Industries Co.* 622
325,000 United Microelectronics Corp., Ltd. 762
110 Yung Shin Pharmaceutical Industries 1
--------
3,397
THAILAND--2.1%
325,000 Industrial Finance Corp. of Thailand 1,014
80,000 Italian - Thai Development PLC 744
375,000 Krung Thai Bank Co. Ltd. 1,379
--------
3,137
UNITED KINGDOM--11.4%
300,000 Cable & Wireless PLC 2,083
115,000 Carlton Communications PLC 1,716
175,000 Great Universal Stores PLC 1,647
80,000 Glaxo Wellcome PLC ADR 2,140
170,000 Guinness PLC 1,201
300,000 Kingfisher PLC 2,375
375,000 Rank Organisation PLC 2,372
25,000 Reuters Holdings PLC ADR 1,409
55,000 Vodaphone Group PLC ADR 1,987
--------
16,930
- -----------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $142,719) $143,983
- -----------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- ---------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO--CONTINUED
<C> <S> <C>
PREFERRED STOCKS--0.7%
2,000,000 Brasmotor S.A. (Brazil) $ 420
75,000 Usiminas Siderburg Minas ADR (Brazil)* 656
- ---------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $1,303) $ 1,076
- ---------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--2.4%
Landesbank, Hessenthuringen Girozentrale
$ 3,575 5.938% Due 12/01/95 $ 3,575
- ---------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $3,575) $ 3,575
- ---------------------------------------------------------------
TOTAL INVESTMENTS--99.9%
(Cost $147,597) $148,634
- ---------------------------------------------------------------
Other assets, less liabilities--0.1% 90
- ---------------------------------------------------------------
NET ASSETS--100.0% $148,724
- ---------------------------------------------------------------
- ---------------------------------------------------------------
</TABLE>
*Non-income producing security.
At November 30, 1995, the Portfolio's investments, excluding time deposits,
were diversified as follows:
<TABLE>
<CAPTION>
Industry/Sector
- --------------------------
<S> <C>
Basic Industry 20.3%
Capital Goods 6.1
Consumer Goods 12.0
Energy 3.4
Financial Services 20.7
Services 17.5
Technology 10.4
Other 9.6
- --------------------------
TOTAL 100.0%
- --------------------------
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO
<C> <S> <C>
COMMON STOCKS--97.6%
AGRICULTURE--0.3%
1,100 Alamo Group, Inc. $ 19
3,000 Barefoot, Inc. 35
900 DeKalb Genetics Corp. 41
1,700 Delta & Pine Ltd. Co 65
5,500 Dimon, Inc. 95
1,600 Tejon Ranch Co. 23
-------
278
APPAREL--0.5%
3,000 Converse, Inc.* 12
900 Donnkenny, Inc.* 30
600 Fossil, Inc.* 6
4,500 Hartmarx Corp.* 20
3,750 Kellwood Co. 73
1,200 Kenneth Cole Productions, Inc.* 26
2,500 Nautica Enterprises, Inc.* 89
1,000 Norton McNaughton, Inc.* 14
2,000 Oshkosh B' Gosh, Inc. 31
1,300 Oxford Industries, Inc. 24
1,200 St. John Knits, Inc. 56
1,600 Starter Corp.* 11
700 Syms Corp.* 5
1,450 Unitog Co. 36
-------
433
BANKING--9.9%
2,400 Albank Financial Corp. 71
1,600 Amcore Financial, Inc. 35
1,900 American Federal Bank 29
900 Amfed Financial Corp. 29
1,000 Anchor Bancorp, Inc. 36
2,375 Associated Banc-Corp. 94
750 BSB Bancorp, Inc. 26
661 BT Financial Corp. 24
2,900 BancorpSouth, Inc. 65
600 Bank of New Hampshire Corp. 24
1,068 Bank of Granite Corp. 30
1,764 Bankers Corp. 30
700 Bankers First Corp. 19
1,200 Banknorth Group, Inc. 41
1,100 Bay Ridge Bancorp, Inc.* 24
1,200 Bay View Capital Corp. 34
1,600 Bell Bancorp, Inc. 52
900 Boston Bancorp 33
1,000 Brenton Banks, Inc. 20
2,000 Brooklyn Bancorp, Inc.* 81
1,000 CBT Corp. 22
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
3,200 CCB Financial Corp. $ 160
2,956 CNB Bancshares, Inc. 78
900 CPB, Inc. 29
2,000 CSF Holdings, Inc.* 79
1,600 California Bancshares, Inc. 43
8,580 California Federal Bank* 131
2,300 Center Financial Corp.* 42
3,900 Centura Banks, Inc. 133
6,900 Charter One Financial, Inc. 221
1,150 Chittenden Corp. 33
900 Citfed Bancorp, Inc. 31
2,100 Citizens Bancorp 71
500 Citizens Bancshares, Inc 22
1,900 Citizens Banking Corp. 61
5,800 City National Corp. 80
3,300 Coast Savings Financial, Inc.* 99
1,400 Cole Taylor Financial Group, Inc. 37
3,100 Collective Bancorp, Inc. 82
1,900 Colonial BancGroup, Inc. 56
2,900 Comdata Holdings Corp.* 70
1,875 Commerce Bancorp, Inc. 42
2,300 Commercial Federal Corp. 84
700 Commonwealth Savings Bank 16
1,200 Community First Bankshares, Inc. 25
1,690 Cullen/Frost Bankers, Inc. 86
1,700 Downey Financial Corp. 39
745 F & M Bancorp, Maryland 22
800 F & M Bancorp, Wisconsin 22
2,955 F & M National Corp. 54
1,485 FNB Corp. 29
600 Farmers Capital Bank Corp. 23
1,825 Fidelity National Corp. 29
1,246 Financial Trust Corp.* 39
1,600 First Citizens Bancshares, Inc. 86
2,100 First Commercial Bancshares, Inc. 39
3,647 First Commercial Corp. 118
4,000 First Commonwealth Financial Corp. 69
1,700 First Federal Financial Corp.* 26
1,100 First Federal Savings Bank 40
2,157 First Financial Bancorp 75
900 First Financial Bancshares, Inc. 27
4,500 First Financial Corp. 101
900 First Financial Holdings, Inc. 18
866 First Indiana Corp. 23
900 First Merchants Corp. 24
3,154 First Michigan Bank Corp. 90
1,900 First Midwest Bancorp, Inc. 56
2,900 First National Bancorp 88
700 First United Bancshares, Inc. 30
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
BANKING--Continued
1,488 First Western Bancorp, Inc. $ 40
1,500 FirstBank of Illinois Co. 45
2,725 FirstBank Puerto Rico 51
1,950 Firstier Financial, Inc. 89
4,500 Firstmerit Corp. 128
2,050 Fort Wayne National Corp. 65
4,145 Fulton Financial Corp. 92
6,176 Glendale Federal Bank FSB* 100
2,800 Great Financial Corp. 65
2,300 Greater New York Savings Bank* 27
1,100 Hancock Holding Co. 41
1,060 Harleysville National Corp. 30
500 Harris Savings Bank 10
2,400 Hawkeye Bancorp 63
900 Heritage Financial Services, Inc. 18
4,297 Home Financial Corp. 64
1,000 Homeland Bankshares Corp. 29
1,765 Hubco, Inc. 35
2,100 IBS Financial Corp. 35
1,300 ISB Financial Corp., LA* 20
1,671 Imperial Bancorp* 39
1,620 Imperial Credit Industries, Inc.* 27
700 Intercontinental Bank 21
69 Investors Financial Services Corp., Class A* 1
600 Irwin Financial Corp. 24
2,700 Jefferson Bancshares, Inc. 63
4,166 Keystone Financial, Inc. 130
1,800 Leader Financial Corp. 68
1,000 Liberty Bancorp, Inc., Oklahoma 38
2,000 Life Bancorp, Inc. 31
4,100 Long Island Bancorp, Inc. 106
1,500 Loyola Capital Corp. 56
1,300 MLF Bancorp, Inc. 30
1,300 Magna Bancorp, Inc. 39
5,900 Magna Group, Inc. 143
2,250 Mark Twain Bancshares, Inc. 85
600 Maryland Federal Bancorp, Inc. 18
600 Merchants New York Bancorp. 20
500 Metrobank 14
900 Michigan Financial Corp. 25
3,027 Mid-Am, Inc. 51
1,167 Mid-America Bancorp 21
1,100 N.S. Bancorp, Inc.* 43
1,432 NBB Bancorp, Inc. 24
700 National Bancorp of Alaska, Inc. 45
600 National City Bancshares, Inc. 28
3,250 National Commerce Bancorp 84
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
1,173 National Penn Bancshares, Inc. $ 30
2,151 New York Bancorp, Inc. 44
4,200 North Fork Bancorp, Inc. 98
900 Northeast Bancorp, Inc.* 0
829 North Side Savings Bank 24
1,100 Omega Financial Corp. 35
2,495 ONBANCorp, Inc. 83
2,280 One Valley Bancorp of West Virginia, Inc. 73
800 Park National Corp. 37
1,500 Peoples Bank of Bridgeport, CT 32
3,000 Peoples Heritage Financial Group, Inc. 63
1,400 Pikeville National Corp. 29
600 Pinnacle Banc Group, Inc. 19
7,350 Premier Bancorp, Inc. 174
1,500 Provident Bancorp, Inc. 65
1,075 Provident Bankshares Corp. 33
1,000 Queen City Bancorp. 40
2,200 RCSB Financial, Inc. 53
500 RS Financial Corp. 20
1,800 Reliance Bancorp, Inc. 26
3,038 Republic Bancorp, Inc. 35
1,480 Resource Bancshares Mortgage Group, Inc.* 21
3,700 Riggs National Corp.* 52
1,400 River Forest Bancorp 33
5,314 Roosevelt Financial Group, Inc. 90
2,000 S & T Bancorp, Inc. 51
1,600 Security Capital Corp. 94
1,400 SFFed Corp. 44
1,600 Silicon Valley Bancshares* 36
7,562 Sovereign Bancorp, Inc. 79
1,100 St. Francis Capital Corp.* 26
3,271 St. Paul Bancorp, Inc. 82
3,300 Standard Financial, Inc.* 47
700 Student Loan Corp. 25
600 Suffolk Bancorp 22
400 Sumitomo Bank of California 9
5,890 Summit Bancorp 171
1,875 Susquehanna Bancshares, Inc. 54
1,600 T.R. Financial Corp.* 40
640 Tompkins County Trust Co. 19
2,800 Trust Co. of Jersey City 38
3,168 Trustco Bank Corp. 70
4,300 Trustmark Corp. 80
1,600 U.S. Trust Corp. 76
2,180 UMB Financial Corp. 96
2,600 UST Corp. 39
2,100 United Bankshares, Inc. 64
2,200 United Carolina Bancshares Corp. 83
300 United Counties Bancorp. 68
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
1,000 USBancorp, Inc. $ 31
4,728 Valley National Bancorp. 116
800 Vermont Financial Services Corp. 25
1,000 Victoria Bankshares, Inc. 33
850 Webster Financial Corp. 22
1,300 Wesbanco, Inc. 36
1,300 Westamerica Bancorp. 54
1,637 Westcorp, Inc. 32
2,575 Whitney Holding Corp. 79
3,100 Zions Bancorp. 219
-------
9,387
BITUMINOUS COAL AND LIGNITE SURFACE MINING--0.1%
1,500 Addington Resources, Inc.* 22
1,200 Ashland Coal, Inc. 26
1,300 Nacco Industries, Inc. 74
-------
122
BROKERAGE AND FINANCIAL SERVICES--1.3%
2,200 Alex Brown, Inc. 101
2,400 Allied Capital Commercial Corp. 45
400 American Financial Enterprises, Inc. 9
3,700 Amresco, Inc. 45
1,225 BHC Financial, Inc. 23
643 BOK Financial Corp.* 13
1,700 CMAC Investment Corp. 79
4,200 Crawford & Co., Class B 67
4,800 Crimmi Mae, Inc. 41
200 General Acceptance Corp.* 6
1,800 Insignia Financial Group, Inc., Class A* 54
1,400 Inter-Regional Financial Group, Inc. 55
600 Investment Technology Group, Inc.* 5
800 Jefferies Group, Inc. 34
2,200 Legg Mason, Inc. 65
1,640 McDonald & Co. Investments, Inc. 29
3,200 Mego Financial Corp.* 22
2,725 Morgan Keegan, Inc. 34
2,800 Olympic Financial Ltd.* 57
3,800 Penncorp Financial Group, Inc. 105
3,050 Phoenix Duff & Phelps Corp. 21
3,200 Pioneer Group, Inc. 85
3,100 Piper Jaffray Cos., Inc. 40
2,457 Quick & Reilly Group, Inc. 62
2,300 Raymond James Financial, Inc. 52
2,400 SEI Corp. 52
300 Value Line, Inc. 10
1,202 Waterhouse Investor Services, Inc. 24
500 Winthrop Resource Corp.* 8
-------
1,243
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------------
<C> <S> <C>
CHEMICALS AND ALLIED PRODUCTS--3.6%
900 Advanced Magnetics, Inc.* $ 23
4,300 Alliance Pharmaceutical Corp.* 52
2,400 Alpharma, Inc., Class A* 52
3,400 Amylin Pharmaceuticals, Inc.* 24
900 Aphton Corp.* 10
962 Biocraft Laboratories, Inc. 14
1,100 Bush Boake Allen, Inc.* 34
5,100 Calgon Carbon Corp. 60
4,000 Carter-Wallace, Inc. 46
2,500 Cellpro, Inc.* 31
4,900 Cephalon, Inc.* 136
1,500 Chemed Corp. 58
1,700 Collagen Corp. 31
1,374 Copley Pharmaceutical, Inc.* 20
2,400 Cygnus, Inc.* 38
2,300 Cytec Industries, Inc.* 147
3,700 Dexter Corp. 90
1,900 Diagnostic Products Corp. 68
2,300 Dura Pharmaceuticals, Inc.* 67
1,700 Duramed Pharmaceuticals, Inc.* 28
2,200 Epitope, Inc.* 26
4,400 First Mississippi Corp. 112
2,500 Fuller (H.B.) Co. 80
4,500 Geon Co. 111
2,100 Great American Management & Investment, Inc.* 92
1,300 Guardsman Products, Inc. 17
1,200 Helene Curtis Industries, Inc. 35
2,200 Herbalife International, Inc. 16
4,347 ICN Pharmaceuticals, Inc. 88
4,400 ICOS Corp.* 31
1,300 IGI, Inc.* 14
2,300 Immulogic Pharmaceutical Corp.* 29
4,600 Interneuron Pharmaceuticals, Inc.* 82
3,400 Isis Pharmaceuticals, Inc.* 39
800 Kronos, Inc.* 35
6,000 Lawter International, Inc. 65
1,200 Learonal, Inc. 34
1,050 Lesco, Inc. 15
1,281 Life Technologies, Inc. 32
3,375 Lilly Industrial, Inc. 44
400 MacDermid, Inc. 23
1,400 Matrix Pharmaceutical, Inc.* 22
1,700 McWhorter Technologies, Inc.* 26
2,000 Medco Research, Inc.* 21
1,700 Medimmune, Inc.* 22
3,900 Mineral Technologies, Inc. 146
3,700 Mississippi Chemical Corp. 83
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
CHEMICALS AND ALLIED PRODUCTS--CONTINUED
2,800 NBTY, Inc.* $ 16
700 NCH Corp. 38
3,500 Nexagen Pharmaceuticals, Inc.* 42
2,600 Noven Pharmaceuticals, Inc.* 26
2,200 OM Group, Inc. 67
900 PDT, Inc.* 40
999 Penwest Ltd. 26
900 Petrolite Corp. 23
1,900 Pharmaceutical Marketing Services, Inc.* 26
3,000 Pharmaceutical Resources, Inc.* 24
1,600 Pratt & Lambert United, Inc. 56
1,000 Purepac, Inc.* 7
2,700 Regeneron Pharmaceuticals, Inc.* 30
3,300 Rexene Corp.* 32
2,000 Roberts Pharmaceutical Corp.* 34
3,300 Scotts Co.* 66
2,800 Sepracor, Inc.* 45
4,100 Sequus Pharmaceuticals, Inc.* 51
3,000 Somatogen, Inc.* 42
1,200 Stepan Co. 19
6,800 Sterling Chemicals, Inc.* 57
1,300 Synalloy Corp. 26
600 Systemix, Inc.* 9
1,700 Techne Corp.* 40
1,788 Tetra Tech, Inc.* 42
2,300 Tetra Technologies, Inc.* 38
4,200 Uniroyal Chemical Corp.* 34
2,600 Vertex Pharmaceuticals, Inc.* 54
1,165 WD-40 Co. 47
-------
3,426
COMMUNICATIONS--3.5%
1,700 Ackerley Communications, Inc. 26
300 Adelphia Communications Corp.* 2
2,700 American Mobile Satellite Corp.* 75
600 American Paging, Inc.* 4
1,400 American Telecasting, Inc.* 20
2,700 ANTEC Corp.* 39
2,100 Applied Digital Access, Inc.* 26
1,600 Applied Innovation, Inc.* 14
4,400 Aspect Telecommunications Corp.* 150
1,400 BET Holdings, Inc.* 33
2,800 Black Box Corp.* 47
2,122 Block Drug Co., Inc. 83
1,100 Brite Voice Systems, Inc.* 18
2,300 Broadband Technologies, Inc.* 40
4,070 CAI Wireless Systems, Inc.* 35
3,500 C-TEC Corp.* 102
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------
<C> <S> <C>
500 CFW Communications Co. $ 9
1,700 Cable Design Technologies Corp.* 74
900 Cellstar Corp.* 24
1,800 Cellular Communications International, Inc.* 62
1,440 Cellular Technical Services, Inc.* 31
7,600 Century Communications Corp., Class A* 65
2,200 CIDCO, Inc.* 58
1,800 Citicasters, Inc. 58
2,100 Commnet Cellular, Inc.* 57
1,200 DSP Communications, Inc.* 53
800 Digital Link Corp.* 14
1,400 EIS International, Inc.* 22
1,100 EZ Communications, Inc., Class A* 18
1,200 Emmis Broadcasting Corp., Class A* 32
2,100 Evergreen Media Corp., Class A* 51
7,400 Executone Information Systems, Inc.* 20
500 Firefox Communications, Inc.* 11
7,100 Geotek Communications, Inc.* 51
600 Heartland Wireless Communications, Inc.* 17
1,500 Heftel Broadcasting Corp., Class A* 22
2,500 Heritage Media Corp.* 65
900 Hickory Tech Corp. 28
600 IPC Information Systems, Inc.* 9
1,000 Incomnet, Inc.* 5
800 Intercel, Inc.* 13
5,233 International Cabletel, Inc.* 135
1,100 Jacor Communications, Inc.* 19
3,378 Jones Intercable, Inc., Class A* 44
2,200 Level One Communications, Inc.* 46
4,100 Lincoln Telecommunications Co. 80
1,200 Mastec, Inc.* 12
900 Metrocall, Inc.* 22
2,957 Metromedia International Group, Inc.* 53
800 Microdyne Corp.* 17
1,400 Millicom, Inc.* 0
350 Millicom American Sattellite Corp.* 0
1,600 NumereX Corp.* 11
1,100 Ortel Corp.* 13
300 Outlet Communications, Class A* 14
1,800 P-COM, Inc.* 32
900 Palmer Wireless, Inc.* 19
1,800 Pairgain Technologies, Inc.* 91
4,600 Paxson Communications Corp.* 67
1,200 People's Choice TV Corp.* 26
1,500 Plantronics, Inc.* 53
900 Premisys Communications, Inc.* 87
3,800 President Casinos, Inc.* 9
1,000 ProNet, Inc.* 31
2,500 Racotek, Inc.* 14
5,250 Renaissance Communications Corp.* 114
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------------
<C> <S> <C>
700 SFX Broadcasting, Inc., Class A* $ 20
1,600 Silver King Communications, Inc.* 56
2,400 Starsight Telecast, Inc.* 10
900 T-Netix, Inc.* 9
2,800 TCA Cable TV, Inc. 79
2,800 Telular Corp.* 31
700 Transaction Network Services, Inc.* 17
1,500 Transmedia Network, Inc. 15
3,300 True North Communications, Inc. 68
2,300 U.S. Long Distance Corp.* 30
7,300 United International Holdings, Inc., Class A* 102
800 United Television, Inc. 70
900 United Video Satellite Group, Inc.* 26
4,800 Valuevision International, Inc.* 27
1,000 WavePhore, Inc.* 16
3,100 Wescott Communications, Inc.* 44
3,700 Westwood One, Inc.* 52
1,600 Young Broadcasting Corp.* 40
-------
3,304
COMPUTERS AND OFFICE MACHINES--6.3%
2,700 Actel Corp.* 36
500 Active Voice Corp.* 14
800 Amtrol, Inc. 13
2,300 Apertus Technologies, Inc.* 23
900 Applix, Inc.* 37
5,700 AST Research, Inc.* 52
2,700 Atari Corp.* 4
2,000 Atria Software, Inc.* 84
4,200 Auspex Systems, Inc.* 62
4,200 Autotote Corp.* 12
4,500 Avid Technology, Inc.* 178
3,366 BancTec, Inc.* 65
900 Boca Research, Inc.* 26
4,900 Borland International, Inc.* 86
3,400 C-Cube Microsystems, Inc.* 341
2,400 Caere Corp.* 22
864 Cambrex Corp. 32
1,500 Cambridge Technology Partners, Inc.* 74
375 Champion Industries, Inc. 8
3,100 Chips & Technologies, Inc.* 33
2,300 Chronimed, Inc.* 35
4,000 Computer Network Technology Corp.* 25
3,500 Comverse Technology, Inc.* 79
3,675 Concord EFS, Inc.* 141
9,200 Conner Peripherals, Inc.* 208
3,500 Copytele, Inc.* 34
4,300 Cray Research, Inc.* 103
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
1,290 DH Technology, Inc.* $ 30
1,400 DSP Group, Inc.* 17
6,600 Data General Corp.* 80
1,400 Davidson & Associates, Inc.* 35
600 Day Runner, Inc.* 17
1,000 Dialogic Corp.* 32
2,100 Digi International, Inc.* 49
850 DiMark, Inc.* 12
3,100 Dynatech Corp.* 46
1,000 Emulex Corp.* 13
1,000 Encad, Inc.* 19
1,400 EPIC Design Technology, Inc.* 30
1,500 Evans & Sutherland Computer Corp.* 36
3,900 Exabyte Corp.* 49
1,100 Excalibur Technologies Corp.* 25
800 Expert Software, Inc.* 14
2,700 FTP Software, Inc.* 82
2,800 Filenet Corp.* 120
868 Franklin Electric Co., Inc. 27
1,100 General Binding Corp. 24
2,100 Global Village Communication* 48
1,400 Hyperion Software Corp.* 62
4,800 Information Resources, Inc.* 58
1,000 Integrated Systems, Inc.* 39
5,000 Intelligent Electronics, Inc. 33
6,900 Intergraph Corp.* 119
3,800 International Rectifier Corp.* 189
1,400 Interpool, Inc.* 24
3,300 Iomega Corp.* 141
1,800 Itron, Inc.* 51
1,200 Key Tronic Corp.* 13
2,184 Logicon, Inc. 61
6,200 Macromedia, Inc.* 288
600 MapInfo Corp.* 12
9,100 Maxtor Corp.* 58
1,900 Mercury Interactive Corp.* 44
2,000 Microcom, Inc.* 50
1,300 Micron Electronics, Inc.* 19
500 Micros Systems, Inc.* 21
800 Microtec Research, Inc.* 11
700 Microtest, Inc.* 11
1,500 MicroTouch Systems, Inc.* 23
4,600 Miller (Herman), Inc. 146
2,300 Mylex Corp.* 44
2,400 National Computer Systems, Inc. 50
4,400 Netmanage, Inc.* 100
3,500 Network General Corp.* 147
1,300 Norand Corp.* 19
3,800 Nu-Kote Holding, Inc.* 75
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
COMPUTERS AND OFFICE MACHINES--CONTINUED
1,500 Optical Data Systems, Inc.* $ 31
3,000 PHH Corp. 137
2,100 Phoenix Technologies Ltd.* 26
1,200 Planar Systems, Inc.* 19
5,198 Platinum Technology, Inc.* 87
600 Printronix, Inc.* 11
1,100 Proxima Corp.* 20
2,500 Radius, Inc.* 5
8,100 S3, Inc.* 153
2,800 Santa Cruz Operation, Inc.* 17
5,900 Sequent Computer Systems, Inc.* 94
2,300 Standard Microsystems Corp.* 47
3,600 Stratus Computer, Inc.* 120
1,600 SubMicron Systems, Inc.* 16
1,200 Sylvan Learning Systems, Inc.* 29
1,200 Synetic, Inc.* 32
1,100 3D Systems Corp.* 22
6,000 Tech Data Corp.* 101
3,000 Triad Systems Corp.* 17
1,800 Trident Microsystems, Inc.* 63
2,400 Tseng Laboratories, Inc.* 23
1,400 Wall Data, Inc.* 22
5,100 Wang Labs, Inc.* 91
1,400 Wonderware Corp.* 37
700 XcelleNet, Inc.* 13
500 Xpedite Systems, Inc.* 7
1,000 Xylogics, Inc.* 71
1,600 Zebra Technologies Corp.* 107
-------
5,958
CREDIT INSTITUTIONS--0.5%
4,300 Ampal-American Israel Corp.* 24
1,900 Astoria Financial Corp. 83
955 First Financial Corp., Indiana 29
1,600 JSB Financial, Inc. 52
1,725 Money (The) Store, Inc. 82
2,000 National Auto Credit, Inc.* 34
2,700 North American Mortgage Co. 61
750 Regional Acceptance Corp.* 6
2,400 Ryland Group, Inc. 30
3,300 World Acceptance Corp.* 40
-------
441
ELECTRICAL SERVICES--2.3%
2,600 Black Hills Corp. 64
2,600 Central Hudson Gas & Electric Corp. 79
3,400 Central Louisiana Electric Co., Inc. 87
5,700 Central Maine Power Co. 77
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
<C> <S> <C>
2,100 Central Vermont Public Service Corp. $ 28
2,300 CILCORP, Inc. 95
13,575 Citizens Utilities Co., Series B* 170
1,600 Commonwealth Energy Systems Cos. 72
3,600 Eastern Utilities Associates 83
1,400 Electroglas, Inc.* 83
2,600 Empire District Electric Co. 50
872 Green Mountain Power Corp. 24
5,100 IES Industries, Inc. 142
1,700 Interstate Power Co. 53
1,900 Madison Gas & Electric Co. 63
1,389 Northwestern Public Service Co. 37
2,400 Orange & Rockland Utilities, Inc. 85
2,000 Otter Tail Power Co. 70
9,100 Public Service Co. of New Mexico* 160
6,300 Sierra Pacific Resources 146
2,100 Sithe Energies, Inc.* 13
2,400 Southern Indiana Gas & Electric Co. 80
700 St. Joseph Light & Power Co. 22
1,900 TNP Enterprises, Inc. 35
24,200 Tucson Electric Power Co.* 73
2,100 United Illuminating Co. 78
4,900 WPS Resources Corp. 156
1,850 Yankee Energy System, Inc. 43
2,200 Zurn Industries, Inc. 54
-------
2,222
ELECTRONICS AND OTHER ELECTRICAL EQUIPMENT--
5.3%
900 Acme Electric Corp.* 8
1,100 ADFlex Solutions, Inc.* 31
1,100 Alpha Industries, Inc.* 16
1,400 Altron, Inc.* 41
1,350 American Superconductor Corp.* 17
5,300 Ametek, Inc. 93
4,000 Applied Magnetics Corp.* 62
2,900 Associated Group, Inc.* 52
800 Asyst Technologies, Inc.* 36
3,000 Augat, Inc. 52
4,400 BMC Industries, Inc. 74
3,120 Baldor Electric Co. 71
4,100 Belden, Inc. 111
3,400 Boston Technology, Inc.* 49
2,600 Brooktree Corp.* 34
2,200 Burr-Brown Corp.* 63
1,700 C-COR Electronics, Inc.* 44
563 CTS Corp. 20
3,200 California Microwave, Inc.* 70
700 Charter Power Systems, Inc. 17
2,500 Checkpoint Systems, Inc. 77
800 Cherry Corp., Class B* 8
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
900 Cincinnati Microwave, Inc.* $ 6
600 Coherent Communications Systems Corp.* 9
800 Cohu, Inc. 23
2,400 Colonial Data Technologies Corp.* 38
1,200 Communications Systems, Inc. 20
2,600 Compression Labs, Inc.* 19
3,900 Computer Products, Inc.* 49
4,600 Credence Systems Corp.* 137
1,600 Cree Research, Inc.* 30
4,200 Cyrix Corp.* 142
3,900 Dallas Semiconductor Corp. 84
2,400 Digital Microwave Corp.* 29
1,500 Electro Scientific Industries, Inc.* 43
500 Eltron International, Inc.* 19
1,400 Energy Conversion Devices, Inc.* 24
1,100 Esterline Technologies Corp.* 24
1,600 Exar Corp.* 34
1,100 Exide Electronics Group, Inc.* 17
1,400 FORE Systems, Inc.* 82
900 GTI Corp.* 14
3,600 General DataComm Industries, Inc.* 71
2,600 Genus, Inc.* 21
5,600 Griffon Corp.* 48
1,400 HADCO Corp.* 42
2,010 Harman International Industries, Inc. 88
1,200 Harmon Industries, Inc. 21
1,400 Holophane Corp.* 43
900 Hutchinson Technologies, Inc.* 45
1,500 ITI Technologies, Inc.* 38
1,600 Integrated Circuit Systems, Inc.* 23
2,100 Integrated Silicon Solution, Inc.* 50
1,100 Inter-Tel, Inc.* 18
7,900 Interdigital Communications Corp.* 67
2,046 Intermagnetics General Corp.* 46
3,600 International Family Entertainment, Inc.* 67
2,700 Intervoice, Inc.* 59
1,164 Joslyn Corp. 39
3,300 Juno Lighting, Inc. 52
3,250 Lattice Semiconductor Corp.* 105
2,200 Littelfuse, Inc.* 74
3,200 Lojack Corp.* 30
5,000 LTX Corp.* 62
3,500 Magnetek, Inc.* 29
1,400 Mattson Technology, Inc.* 32
600 Merix Corp.* 22
5,550 Methode Electronics, Inc., Class A 81
900 Micrel, Inc.* 15
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
2,100 Micro Linear Corp.* $ 24
1,000 National Presto Industries, Inc. 42
2,640 Oak Industries, Inc.* 64
3,780 Octel Communications Corp.* 124
1,200 Opti, Inc.* 12
700 Orbit Semiconductor, Inc.* 6
1,700 PSC, Inc.* 18
500 Panda Project (The), Inc.* 16
1,598 Park Electrochemical Corp.* 49
6,100 Picturetel Corp.* 238
3,937 Pioneer Standard Electronics, Inc. 58
1,700 Pittway Corp. 109
2,000 PriCellular Corp.* 26
2,000 Quickturn Design Systems, Inc.* 21
1,598 Recoton Corp.* 28
1,600 Rival Co. 34
1,900 Robotic Vision Systems, Inc.* 50
400 SDL, Inc.* 9
1,400 Sammina Corp.* 72
1,050 Semitool, Inc.* 17
3,800 Sierra Semiconductor Corp.* 70
1,800 Siliconix, Inc.* 70
1,200 Spectrian Corp.* 28
1,400 Standard Motor Products, Inc. 21
1,100 Summa Four, Inc.* 17
2,600 Symetricon, Inc. 39
1,100 Tekelec* 17
1,800 Thomas Industries, Inc. 37
2,300 3DO Co.* 26
1,200 Three-Five Systems, Inc.* 26
4,900 Top Source Technologies, Inc.* 40
1,700 Ultratech Stepper, Inc.* 64
1,800 Unitrode Corp.* 52
2,400 Vitesse Semiconductor Corp.* 27
3,000 Windmere Corp. 18
1,800 Woodhead Industries, Inc. 28
2,200 Wyle Electronics 87
3,847 Zenith Electronics Corp.* 30
3,650 Zilog, Inc.* 127
-------
5,018
FOOD AND BEVERAGES--1.5%
600 Alico, Inc. 13
6,600 Applebee's International, Inc. 183
1,100 Au Bon Pain Co., Inc.* 10
675 Bridgford Foods Corp. 6
5,400 Calgene, Inc.* 28
2,000 Canandaigua Wine Company, Inc.* 72
4,800 Chiquita Brands International, Inc. 64
800 Coca-Cola Bottling Co. 27
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
FOOD AND BEVERAGES--CONTINUED
6,600 Coors (Adolph) Co., Class B $ 134
2,000 Dreyer's Grand Ice Cream, Inc. 66
2,200 FoodBrands America, Inc.* 26
800 GoodMark Foods, Inc. 15
1,800 Hometown Buffet, Inc.* 20
4,300 Hudson Foods, Inc. 69
2,200 International Dairy Queen, Inc.* 49
3,500 Interstate Bakeries Corp. 78
1,200 J & J Snack Foods Corp.* 15
2,900 Lance, Inc. 48
1,200 Landry's Seafood Restaurants, Inc.* 19
3,600 Luby's Cafeterias, Inc. 79
2,100 Michael Foods, Inc. 24
1,500 Midwest Grain Products, Inc.* 18
800 Mondavi (Robert) Corp., Class A* 26
4,200 Morrison Restaurants, Inc. 70
600 Papa Johns International, Inc.* 26
2,700 Riviana Foods, Inc. 34
600 Rock Bottom Restaurants, Inc.* 9
6,000 Shoney's, Inc.* 65
2,200 Smithfield Foods, Inc.* 68
550 Thorn Apple Valley, Inc. 9
5,020 Triarc Cos., Inc., Class A* 53
2,850 WLR Foods, Inc. 47
-------
1,470
FOOD AND MANUFACTURING--0.6%
1,500 Cheesecake Factory, Inc.* 34
198 Farmer Bros. Co. 28
10,200 Flowers Industries, Inc., Class A 131
700 Performance Food Group Co.* 17
5,400 Ralcorp Holding, Inc.* 128
1,300 Sanderson Farms, Inc. 14
4,000 Savannah Foods & Industries, Inc. 50
100 Seaboard Corp. 25
4,400 Smucker (J.M.) Co. 92
2,572 Tootsie Roll Industries, Inc. 90
-------
609
FURNITURE AND FIXTURES--0.4%
2,500 Bassett Furniture Industries, Inc. 56
1,000 Chromcraft Revington, Inc.* 24
2,600 Ethan Allen Interiors, Inc.* 57
1,100 Falcon Building Products, Inc.* 10
1,000 Falcon Products, Inc. 14
3,000 Kimball International, Inc. 78
2,200 La-Z-Boy Chair Co. 70
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
1,233 Ladd Furniture, Inc. $ 16
3,000 O'Sullivan Industries Holdings, Inc.* 19
2,600 Triangle Pacific Corp.* 41
-------
385
GENERAL BUILDING CONTRACTORS--0.7%
2,000 ABT Building Products Corp.* 30
3,000 AMCOL International Co. 44
1,200 Beazer Homes USA, Inc.* 23
1,200 Blount, Inc. 36
12,900 Catellus Development Corp.* 76
1,000 Continental Homes Holding Corp. 18
1,400 Corrpro Cos., Inc.* 8
1,813 Horton (D.R.) Inc.* 18
3,300 Eagle Hardware & Garden, Inc.* 25
2,800 Hovnanian Enterprises, Inc., Class A* 19
5,100 Kaufman & Broad Home Corp. 66
5,400 Morrison-Knudsen, Inc.* 32
800 NCI Building Systems, Inc.* 18
2,900 Pulte Corp. 89
1,600 Schuler Homes, Inc.* 14
4,600 Standard Pacific Corp. 26
3,300 Toll Brothers, Inc.* 60
1,979 U.S. Home Corp.* 51
2,600 Webb (Del E.) Corp. 53
-------
706
GLASS, CLAY AND STONE PRODUCTS--0.4%
500 Ameron, Inc. 18
2,200 Centex Construction Products, Inc.* 31
750 Donnelly Corp. 11
1,300 Florida Rock Industries, Inc. 34
2,600 Gentex Corp.* 57
1,800 Giant Cement Holding, Inc.* 19
2,900 Medusa Corp. 72
1,400 Mikasa, Inc.* 19
1,200 Photronics, Inc.* 38
700 Puerto Rican Cement Co. 23
3,100 Southdown, Inc.* 59
-------
381
HEALTH SERVICES--5.0%
1,200 Access Health Marketing, Inc.* 39
200 American HomePatient, Inc.* 6
2,700 American Medical Response, Inc.* 77
1,700 Apogee, Inc. 17
6,581 Apria Healthcare Group, Inc.* 199
1,000 Arbor Health Care Co.* 18
4,100 Athena Neurosciences, Inc.* 38
600 Barr Labs, Inc.* 14
2,952 Benson Eyecare Corp.* 25
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
1,000 Bio-Rad Labs, Inc.* $ 41
3,000 Champion Healthcare Corp.* 16
4,300 Charter Medical Corp.* 78
2,400 Coastal Physician Group, Inc.* 34
2,850 Community Health Systems, Inc.* 98
6,600 Community Psychiatric Centers* 73
3,500 COR Therapeutics, Inc.* 39
7,100 Coram Healthcare Corp.* 39
3,500 Cytel Corp.* 15
2,800 Daig Corp.* 60
3,275 Enzo Biochem, Inc.* 64
1,300 Fusion Systems Corp.* 41
1,100 Gelman Sciences, Inc.* 26
2,200 Genesis Health Ventures, Inc.* 72
3,485 Grancare, Inc.* 53
1,900 Gulf South Medical Supply, Inc.* 46
3,600 Haemonetics Corp.* 64
1,400 Health Management Systems, Inc.* 50
1,500 Health Management, Inc.* 20
421 Healthdyne Technologies, Inc.* 5
900 Healthwise America, Inc.* 28
7,192 Horizon Healthcare Corp.* 156
1,500 Human Genome Sciences, Inc.* 41
3,600 Hydron Technologies, Inc. 8
1,400 I-STAT Corp.* 49
5,900 IDEXX Laboratories, Inc.* 263
1,050 INBRAND Corp.* 18
900 Incyte Pharmaceuticals, Inc.* 16
1,800 Inphynet Medical Management, Inc.* 33
3,000 Integrated Health Services, Inc. 66
2,600 Kinetic Concepts, Inc. 30
400 Labone, Inc. 6
1,500 Landauer, Inc. 29
2,458 Ligand Pharmaceuticals, Inc.* 21
4,700 Linecare Holdings* 126
2,400 Living Centers of America, Inc.* 75
1,400 MMI Cos., Inc. 33
3,700 Mariner Health Group, Inc.* 49
3,100 Maxicare Health Plans, Inc.* 68
1,200 MedPartners/Mullikin, Inc.* 34
1,600 Multicare Cos., Inc.* 33
1,200 Neurogen Corp.* 25
3,000 North American Biologicals, Inc.* 29
11,600 NovaCare, Inc.* 68
10,500 OIS Optical Imaging Systems, Inc.* 32
3,600 Omnicare, Inc. 136
6,900 Ornda HealthCorp* 135
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
1,600 PHP Healthcare Corp.* $ 44
1,500 Pacific Physician Services, Inc.* 25
7,525 Phycor, Inc.* 337
1,500 Physician Reliance Network, Inc.* 53
2,700 Physician Sales & Service, Inc.* 51
1,200 Physicians Health Services, Inc.* 51
2,800 Quantum Health Resources, Inc.* 26
2,100 Regency Health Services, Inc.* 23
1,700 Renal Treatment Centers, Inc.* 69
600 RES-CARE, Inc.* 10
2,700 Resound Corp.* 21
1,100 Rexall Sundown, Inc.* 21
1,400 Right Choice Managed Care, Inc., Class A* 18
1,300 RoTech Medical Corp.* 38
1,000 Rural/Metro Corp.* 25
1,300 Safeskin Corp.* 25
3,100 Sofamor/Danek Group, Inc.* 71
6,180 Sun Healthcare Group, Inc.* 76
800 Target Therapeutics, Inc.* 63
1,300 TheraTx, Inc.* 18
1,000 UniHolding Corp.* 4
5,700 Unilab Corp.* 16
1,000 United American Healthcare Corp.* 11
1,600 Universal Health Realty Income Trust 27
2,500 Universal Health Services, Inc.* 103
2,500 Uromed Corp.* 25
400 Vitalink Pharmacy Services, Inc.* 8
5,925 Vivra, Inc.* 135
2,100 Vivus, Inc.* 55
6,654 Watson Pharmaceuticals, Inc.* 314
1,000 Wellcare Management Group, Inc.* 21
-------
4,758
HEAVY CONSTRUCTION--0.4%
1,900 Apogee Enterprises, Inc. 28
1,300 Granite Construction, Inc. 36
2,500 Greenfield Industries, Inc. 77
3,616 Instituform Technologies, Inc.* 42
1,691 Kasler Holding Co.* 10
3,500 Lennar Corp. 77
2,100 Lone Star Industries, Inc.* 52
2,300 NVR, Inc.* 22
7,800 Presley Cos.* 11
1,300 Redman Industries, Inc.* 36
1,600 Stimsonite Corp.* 14
-------
405
INDUSTRIAL INSTRUMENTS--3.7%
2,200 ATS Medical, Inc.* 20
3,900 Acuson Corp.* 46
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
INDUSTRIAL INSTRUMENTS--CONTINUED
2,900 ADAC Laboratories $ 37
2,400 Advanced Technology Laboratories, Inc.* 52
2,200 ALANTEC Corp.* 90
4,500 Allen Group, Inc. 119
3,800 Amsco International, Inc.* 64
1,400 Analogic Corp. 29
4,800 Ballard Medical Products 82
5,500 Biocontrol Technology, Inc.* 19
2,200 CNS, Inc. 34
1,400 Circon Corp.* 31
3,300 Cognex Corp.* 200
1,900 Coherent, Inc.* 80
1,300 CONMED Corp.* 41
1,300 Crosscom Corp.* 16
584 Cubic Corp. 14
1,900 Daniel Industries, Inc. 25
2,400 Datascope Corp.* 61
1,200 Dionex Corp.* 68
1,900 EP Technologies, Inc.* 24
2,500 Electronics for Imaging, Inc.* 215
1,500 Empi, Inc.* 28
2,400 Fisher Scientific International, Inc. 78
900 Fluke (John) Manufacturing Co., Inc.* 31
1,400 Fresenius USA, Inc.* 24
3,500 Genrad, Inc.* 31
3,400 Gilead Sciences, Inc.* 89
675 Hach Co. 11
1,900 Heart Technology, Inc.* 52
3,100 IMO Industries, Inc.* 22
1,500 InControl, Inc.* 18
2,500 Input/Output, Inc.* 115
3,800 Invacare Corp. 102
3,200 Isolyser Company, Inc.* 52
600 Lunar Corp.* 26
800 MTS Systems Corp. 28
5,600 Mascotech, Inc. 61
1,200 Maxxim Medical, Inc.* 19
2,300 Measurex Corp. 64
1,800 MediSense, Inc.* 46
3,564 Mentor Corp. 74
1,000 Mine Safety Appliances Co. 44
4,948 Nellcor Puritan Bennett, Inc.* 285
1,400 Ostex International, Inc.* 26
1,700 Research Industries Corp.* 47
2,500 Respironics, Inc.* 48
4,800 SCI Systems, Inc.* 161
2,300 Staar Surgical Co.* 27
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
<C> <S> <C>
1,200 Starrett (L.S.) Co. $ 28
3,000 Sunrise Medical, Inc.* 52
1,000 Tech-Sym Corp.* 30
2,650 TECNOL Medical Products, Inc.* 46
1,600 Theratech, Inc.* 30
2,900 Thermedics, Inc.* 63
3,000 Trimble Navigation Ltd.* 61
1,700 Utah Medical Products, Inc.* 25
3,600 Ventritex, Inc.* 78
1,000 Vital Signs, Inc. 20
1,296 Watkins-Johnson Co. 59
2,400 X-Rite, Inc. 36
-------
3,504
INSURANCE SERVICES--4.4%
2,200 Acceptance Insurance Cos., Inc.* 32
2,500 Acordia, Inc. 70
3,500 Alfa Corp. 39
1,050 Allied Group, Inc. 37
1,524 American Annuity Group, Inc.* 17
3,400 American Bankers Insurance Group, Inc. 123
1,450 American Heritage Life Investment Corp. 29
1,400 American Travelers Corp.* 35
200 Amerco Life, Inc.* 4
1,800 Amvestors Financial Corp. 21
2,700 Argonaut Group, Inc. 90
1,350 Avemco Corp. 23
2,300 Baldwin & Lyons, Inc. 36
1,900 Berkley (W.R.) Corp. 86
1,900 Blanch (E.W.) Holdings, Inc. 41
1,600 Capital Guaranty Corp. 35
2,100 Capital RE Corp. 63
850 Capital Transamerica Corp. 17
800 Capitol American Financial Corp. 16
1,200 Citizens Corp. 22
1,700 Citizens, Inc.* 15
4,400 Commerce Group, Inc. 93
6,900 Coventry Corp.* 135
900 Crop Growers Corp.* 12
2,700 Danielson Holding Corp.* 19
1,000 Delphi Financial Group, Inc.* 20
600 EMC Insurance Group, Inc. 7
2,200 Enhance Financial Services Group, Inc. 53
2,100 Executive Risk, Inc. 55
3,900 Financial Security Assurance International 102
1,700 First American Financial Corp. 39
1,600 Foremost Corp. of America 78
2,275 Fremont General Corp. 78
1,440 Frontier Insurance Group, Inc. 48
1,200 Fund American Enterprises Holdings, Inc.* 83
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
<C> <S> <C>
3,385 Gainsco, Inc. $ 35
2,100 Gallagher (Arthur J.) & Co. 69
900 Gryphon Holdings, Inc.* 16
2,200 Guaranty National Corp. 32
1,200 HCC Insurance Holdings, Inc.* 40
1,100 Harleysville Group, Inc. 32
2,700 Hilb, Rogal & Hamilton Co. 38
2,200 Home Beneficial Corp. 54
2,600 Home Holdings, Inc.* 0
5,000 Horace Mann Educators Corp. 145
1,700 Independent Insurance Group, Inc. 46
2,500 Integon Corp. 43
3,800 John Alden Financial Corp. 78
600 Kansas City Life Insurance Co. 31
1,600 Lawyers Title Corp. 27
2,300 Liberty Corp. 76
500 Liberty Financial Cos., Inc. 15
3,000 Life Partners Group, Inc. 37
1,600 Life Reinsurance Corp. 34
2,800 Life USA Holding, Inc.* 24
1,429 MAIC Holdings, Inc.* 45
700 Markel Corp.* 51
2,600 NAC RE Corp. 86
2,500 National RE Holdings Corp. 82
400 National Western Life Insurance Co.* 21
1,000 Navigators Group, Inc.* 19
1,000 Nymagic, Inc. 17
2,090 Orion Capital Corp. 87
850 Poe & Brown, Inc. 21
4,200 Presidential Life Corp. 42
2,500 Protective Life Corp. 73
1,200 PXRE Corp. 29
1,065 RLI Corp. 26
2,600 Reinsurance Group of America, Inc. 80
7,300 Reliance Group Holdings, Inc. 65
700 SCOR U.S. Corp. 11
800 Seafield Capital Corp. 28
1,500 Security Connecticut Corp. 38
2,100 Selective Insurance Group, Inc. 80
1,900 Sierra Health Services, Inc.* 62
700 State Auto Financial Corp. 16
1,700 Takecare, Inc. 0
2,790 Statesman Group, Inc.* 0
1,050 Stewart Information Services Corp. 23
1,300 Transnational Re Corp., Class A 34
1,100 Trenwick Group, Inc. 56
5,700 20th Century Industries 104
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
<C> <S> <C>
4,220 United Cos. Financial Corp. $ 139
900 United Fire & Casualty Co. 33
1,300 United Insurance Cos., Inc.* 23
400 United Wisconsin Services, Inc. 9
2,000 Vesta Insurance Group, Inc. 90
1,800 Washington National Corp. 45
5,700 Western National Corp. 81
2,000 Zenith National Insurance Corp. 44
-------
4,205
JEWELRY AND PRECIOUS METALS--0.2%
914 Lifetime Hoan Corp.* 8
1,700 Oneida Ltd. 30
1,000 Syratech Corp.* 21
2,000 Tiffany & Co. 103
-------
162
LEATHER PRODUCTS--0.2%
3,000 Brown Group, Inc. 42
3,400 Justin Industries, Inc. 37
1,400 Timberland Co.* 27
2,925 Wolverine World Wide, Inc. 92
-------
198
LUMBER AND WOOD PRODUCTS--0.4%
1,500 Fibreboard Corp.* 33
4,100 Oakwood Homes Corp. 168
2,200 Ply-Gem Industries, Inc. 40
2,400 Pope & Talbot, Inc. 35
1,400 Republic Group, Inc. 18
2,600 TJ International, Inc. 46
-------
340
MACHINERY--2.6%
1,100 Acme-Cleveland Corp. 25
800 Ag-Chem Equipment Co., Inc.* 23
1,600 Allied Products Corp. 33
1,300 Astec Industries, Inc.* 14
1,300 Avondale Industries, Inc.* 20
2,300 Borg-Warner Security Corp.* 27
1,400 Brenco, Inc. 15
3,100 CMI Corp.* 16
1,800 Cascade Corp. 26
900 Central Sprinkler Corp.* 30
900 DT Industries, Inc. 12
3,500 Donaldson Co., Inc. 87
1,400 Dovatron International, Inc.* 46
2,900 Duriron Co., Inc. 83
3,200 FSI International, Inc.* 65
3,400 Figgie International Holdings, Inc.* 40
2,600 Flow International Corp.* 22
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
MACHINERY--CONTINUED
2,800 Fruehauf Trailer Corp.* $ 5
1,050 Gasonics International Corp.* 19
5,200 Giddings & Lewis, Inc. 82
700 Gleason Corp. 23
4,000 Global Industrial Technologies, Inc.* 71
1,175 Gorman-Rupp Co. 18
3,200 Goulds Pumps, Inc. 76
1,465 Graco, Inc. 53
1,300 Helix Technology Corp. 44
2,200 ICC Technologies, Inc.* 27
3,350 IDEX Corp. 138
2,500 Indentix, Inc. 25
2,000 Integrated Process Equipment Corp.* 62
2,100 Ionics, Inc.* 91
2,400 JLG Industries, Inc.* 68
2,037 Jason, Inc.* 15
2,500 Kaydon Corp. 74
3,100 Kulicke & Soffa Industries, Inc.* 88
800 Lindsay Manufacturing Co.* 28
1,200 Lufkin Industries, Inc. 24
1,400 Manitowoc Co., Inc. 41
5,700 Marine Drilling Co., Inc.* 23
3,550 Mohawk Industries, Inc.* 63
2,000 Molten Metal Technology, Inc.* 74
1,200 Morningstar Group, Inc.* 10
1,700 Osmonics, Inc.* 31
3,600 Outboard Marine Corp. 74
799 Pilgrims Pride Corp. 5
986 Raymond Corp.* 20
3,000 Regal-Beloit Corp. 66
2,300 Rexel, Inc.* 31
674 Robbins & Myers, Inc. 22
2,200 Roper Industries, Inc. 78
2,000 SPX Corp. 32
5,500 Smith International, Inc.* 93
500 Special Devices, Inc.* 8
3,000 Specialty Equipment Cos., Inc.* 31
1,350 Thermo Fibertek, Inc.* 27
1,000 Thermo Power Corp.* 14
665 Thermo Process Systems, Inc.* 9
2,300 Toro Co. 73
800 Tractor Supply Co.* 16
3,000 Varco International, Inc.* 27
-------
2,483
MANUFACTURING--GENERAL--0.7%
2,100 American Safety Razor Co.* 18
1,500 Blyth Industries, Inc.* 84
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
960 Brady (W.H.) Co. $ 74
400 Culbro Corp.* 20
700 Duracraft Corp.* 16
4,300 First Alert, Inc.* 46
2,000 Hunt Manufacturing Co. 30
1,700 Insilico Corp.* 56
1,500 Matthews International Corp., Class A 29
1,053 Oil-Dri Corp. of America 16
2,000 Paragon Trade Brands, Inc.* 42
800 Pillowtex Corp. 10
2,200 Samsonite Corp.* 22
800 Seattle Filmworks, Inc.* 15
700 Simpson Manufacturing Co.* 11
450 Simula, Inc.* 9
1,000 Thermolase Corp.* 25
3,000 Toy Biz, Inc.* 67
1,700 Tracor, Inc.* 26
700 Tremont Corp.* 12
700 Trigen Energy Corp. 13
1,900 U.S. Can Corp.* 24
1,100 Ultralife Batteries, Inc.* 24
900 Wireless Telecom Group, Inc. 16
-------
705
MERCHANDISE--GENERAL--0.3%
2,600 Amerisource Corp.* 75
3,100 Church & Dwight Co., Inc. 57
2,200 Cross (A.T.) Co. 35
2,300 Libbey, Inc. 52
4,300 Playtex Products, Inc.* 31
-------
250
METAL MINING--0.4%
2,100 Cleveland Cliffs, Inc. 82
2,800 Coeur D'Alene Mines Corp. 51
1,000 FMC Gold Co. 4
3,717 Firstmiss Gold, Inc.* 73
7,300 Hecla Mining Co.* 53
2,000 HS Resources, Inc.* 27
2,600 Stillwater Mining Co. 45
34,000 Sunshine Mining Co.* 55
-------
390
METAL PRODUCTS--1.2%
1,400 Alltrista Corp.* 26
8,700 Amax Gold, Inc.* 55
600 American Buildings Co.* 14
2,700 Aptargroup, Inc. 97
600 Barnes Group, Inc. 23
1,050 Butler Manufacturing Co. 36
</TABLE>
See accompanying notes to financial statements.
36
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------------
<C> <S> <C>
2,300 CasTech Aluminum Group, Inc.* $ 35
1,800 Chase Brass Industries, Inc.* 22
900 Citation Corp.* 15
2,600 Clarcor, Inc. 57
1,000 Easco, Inc. 7
1,000 Greenbriar Cos., Inc. 11
498 International Aluminum Corp. 14
2,700 Irvine Sensors Corp.* 16
7,900 Magma Copper Co.* 168
2,700 Material Sciences Corp.* 36
500 Miller Industries, Inc.* 11
1,200 NN Ball & Roller, Inc. 27
2,300 Nortek, Inc.* 22
100 Penn Engineering & Manufacturing Corp. 8
2,400 Quanex Corp. 47
864 SPS Technologies, Inc.* 39
914 Varlen Corp. 24
3,600 Watts Industries, Inc., Class A 74
1,500 Whittaker Corp.* 27
2,400 Wolverine Tube, Inc.* 81
5,000 Wyman-Gordon Co.* 75
2,900 Zero Corp. 46
-------
1,113
MINING, QUARRYING OF NONMETALLIC MINERAL--0.1%
2,300 Dravo Corp.* 28
2,600 Zeigler Coal Holding Co. 29
-------
57
MISCELLANEOUS INVESTING INSTITUTIONS--1.5%
1,800 Apartment Investment & Management Co., Class A* 34
1,900 BRE Properties, Inc. 63
3,000 Burnham Pacific Properties, Inc. 31
5,900 CWM Mortgage Holdings, Inc. 89
4,050 Capstead Mortgage Corp. 92
2,700 Champion Enterprises, Inc.* 81
1,619 Chemical Financial Corp. 66
3,200 Crescent Real Estate Equities, Inc.* 108
3,500 Deposit Guaranty Corp. 163
878 Goodwill Participation Securities 4
4,600 IRT Property Co. 43
3,200 Koger Equity, Inc.* 30
3,200 LTC Properties, Inc. 48
935 MAF Bancorp, Inc. 24
2,000 MGI Properties, Inc. 31
4,200 MVR, Inc.* 1
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------
<C> <S> <C>
4,300 Merry Land & Investment Co., Inc. $ 95
3,300 Nationwide Health Properties, Inc. 131
1,000 PEC Israel Economic Corp.* 21
1,175 Peoples First Corp. 26
5,100 RPS Realty Trust 22
3,600 Resource Mortgage Capital, Inc. 72
6,800 Rockefeller Center Properties, Inc. 52
700 Seacor Holdings, Inc.* 16
1,600 Smith, (Charles E.) Residential Realty, Inc. 37
2,000 Trans Financial Bancorp, Inc. 34
1,600 Vallicorp Holdings, Inc. 22
-------
1,436
NATURAL GAS TRANSMISSION--1.9%
2,750 Atmos Energy Corp. 57
2,400 Bay State Gas Co. 65
1,550 Cascade Natural Gas Corp. 25
1,500 Colonial Gas Co. 32
1,600 Connecticut Energy Corp. 32
1,800 Connecticut Natural Gas Corp. 42
3,100 Eastern Enterprises 101
1,800 Energen Corp. 42
3,500 Indiana Energy, Inc. 83
2,951 KN Energy, Inc. 86
4,400 Kelly Oil and Gas Corp.* 5
3,100 Laclede Gas Co. 65
1,400 NUI Corp. 23
3,200 New Jersey Resources Corp. 89
1,100 North Carolina Natural Gas Corp. 25
2,600 Northwest Natural Gas Co. 87
4,100 Oneok, Inc. 96
4,276 Piedmont Natural Gas Co. 100
3,300 Primark Corp.* 91
3,350 Public Service Co. of North Carolina, Inc. 55
1,920 South Jersey Industries, Inc. 41
2,080 Southeastern Michigan Gas Enterprises, Inc. 37
1,090 Southern Union Co.* 26
4,200 Southwest Gas Corp. 76
4,500 Southwestern Energy Co. 59
1,705 Tejas Gas Corp.* 84
6,000 UGI Corp. 125
1,900 United Cities Gas Co. 32
4,300 Washington Energy Co. 79
3,000 Wicor, Inc. 92
-------
1,852
</TABLE>
See accompanying notes to financial statements.
37
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
OIL AND GAS--2.6%
1,000 Aquila Gas Pipeline Corp. $ 12
4,740 Barrett Resources Corp.* 117
1,100 Belden & Blake Corp.* 18
4,400 Benton Oil & Gas Co.* 65
2,800 Berry Petroleum Co. 30
6,043 BJ Services Co.* 149
3,300 Box Energy Corp.* 29
2,300 Brown (Tom), Inc.* 29
4,100 Cabot Oil & Gas Corp. 58
800 Cairn Energy USA, Inc.* 10
3,400 Calmat Co. 59
2,000 Capsure Holdings Corp.* 28
4,100 Coda Energy, Inc.* 31
2,400 Cross Timbers Oil Co. 41
2,700 Destec Energy, Inc.* 38
3,900 Devon Energy Corp. 94
1,600 Energy Ventures, Inc.* 34
1,000 Flores & Rucks, Inc.* 13
5,300 Global Natural Resources, Inc.* 52
4,300 Helmerich & Payne, Inc. 117
499 Hondo Oil & Gas Co.* 8
1,700 KCS Energy, Inc. 23
4,350 MDU Resources Group, Inc. 88
11,500 Mesa, Inc.* 37
14,400 Nabors Industries, Inc.* 142
11,050 Noble Drilling Corp.* 80
1,400 Nuevo Energy Co.* 31
4,300 Oceaneering International, Inc.* 42
6,500 Parker & Parsley Petroleum Co. 122
9,900 Parker Drilling Co.* 51
2,400 Phoenix Resource Cos., Inc. 41
2,700 Plains Resources, Inc.* 20
2,400 Pool Energy Services Co.* 22
4,200 Pride Petroleum Services, Inc.* 41
1,400 Production Operators Corp. 43
11,000 Reading & Bates Corp.* 144
15,600 Rowan Cos., Inc.* 117
6,100 Seagull Energy Corp.* 111
4,600 Snyder Oil Corp. 53
1,700 Tide West Oil, Inc.* 23
3,400 Tuboscope Vetco International Corp.* 20
1,700 USX-Delhi Group 17
2,000 Vintage Petroleum, Inc. 41
4,800 Wainoco Oil Corp.* 14
2,900 Western Gas Resources, Inc. 47
1,599 Wiser Oil Co. 20
-------
2,422
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
<C> <S> <C>
ORDNANCE AND ACCESSORIES--0.2%
2,500 Alliant Techsystems, Inc.* $ 128
1,700 Sturm Ruger & Co., Inc. 50
-------
178
OTHER SERVICES--0.3%
1,050 Guest Supply, Inc.* 23
800 Horsehead Resource Development, Inc. 4
1,200 McGrath Rentcorp 22
4,700 Omega Environmental, Inc.* 19
700 Prins Recycling Corp. 6
1,100 Quick Response Services, Inc.* 28
700 Summit Care Corp.* 16
650 Thermo Remediation, Inc. 9
2,900 United Waste Systems, Inc.* 116
600 Vallen Corp.* 13
400 Wackenhut Corrections Corp.* 11
-------
267
PAPER PRODUCTS--0.6%
4,100 Chesapeake Corp. 121
8,200 Gaylord Container Corp.* 76
2,500 Greif Bros. Corp. 65
1,240 Mosinee Paper Corp. 30
1,100 Nashua Corp.* 17
3,237 Paxar Corp.* 42
4,600 Rock-Tenn Co. 74
1,200 Sealright Co. 13
2,700 Shorewood Packaging Corp.* 38
2,000 Universal Forest Products, Inc. 18
4,100 Wausau Paper Mills Co. 113
-------
607
PERSONAL SERVICES--0.5%
1,500 Angelica Corp. 34
2,500 CPI Corp. 52
1,500 Catalina Marketing Corp.* 87
1,600 Craig (Jenny), Inc.* 15
800 Equity Corporation International 16
3,650 G & K Services, Inc. 85
1,773 Marcus Corp. 41
2,700 Rio Hotel & Casino, Inc.* 34
1,133 Sholodge, Inc.* 11
3,600 Unifirst Corp. 57
-------
432
PETROLEUM PRODUCTS--0.7%
3,700 Camco International, Inc. 87
1,200 Crown Central Petroleum Corp.* 17
1,100 Dual Drilling Co.* 11
1,600 Elcor Corp. 33
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
578 Holly Corp. $ 13
1,400 Louis Dreyfus Natural Gas Corp.* 19
2,500 Newfield Exploration, Inc.* 74
1,890 Newpark Resources, Inc.* 34
1,600 Quaker Chemical Corp. 26
5,600 Quaker State Corp. 76
2,300 Royal Gold, Inc.* 18
1,000 RPC, Inc.* 8
1,600 Seitel, Inc.* 40
1,600 Stone Energy Corp.* 22
1,400 Tatham Offshore, Inc.* 1
4,400 Tesoro Petroleum Corp.* 37
1,900 Texas Meridian Resources, Corp.* 24
4,710 United Meridian Corp.* 78
-------
618
PRINTING AND PUBLISHING--2.0%
1,800 American Business Information, Inc.* 33
2,150 American Business Products, Inc. 50
7,400 American Media, Inc., Class A 32
3,600 Banta Corp. 157
2,600 Bowne & Co., Inc. 52
3,700 CCH, Inc. 202
1,500 CSS Industries, Inc.* 31
1,000 Cadmus Communications Corp. 28
1,100 Devon Group, Inc.* 42
750 Edmark Corp.* 31
3,000 Ennis Business Forms, Inc. 38
2,600 Express Scripts, Inc.* 107
1,200 Franklin Electronic Publishers, Inc.* 49
2,900 Gibson Greetings, Inc.* 44
1,100 Graphic Industries, Inc. 11
5,400 Harland (John H.) Co. 111
1,400 Harte-Hanks Communications, Inc. 47
3,200 Houghton Mifflin Co. 129
2,700 McClatchy Newspapers, Inc., Class A 56
5,700 Meredith Corp. 224
1,054 Merrill Corp. 18
2,750 Nelson (Thomas), Inc. 45
2,600 New England Business Service, Inc. 59
2,800 Playboy Enterprises, Inc.* 23
794 Plenum Publishing Corp. 29
825 Pulitzer Publishing Co. 38
2,300 Standard Register Co. 48
7,300 Topps, Inc.* 37
3,900 Valassis Communications, Inc.* 60
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
200 Waverly, Inc.* $ 8
3,000 Western Publishing Group, Inc.* 27
2,400 Wiley (John) & Sons, Inc. 78
-------
1,944
PROFESSIONAL SERVICES--6.8%
1,160 ABM Industries, Inc. 33
900 ADR Information Services, Inc. 31
800 AccuStaff, Inc.* 24
3,000 Acxiom Corp.* 86
3,425 Advo, Inc. 91
1,400 Affiliated Computer Services, Inc.* 45
6,800 Allwaste, Inc.* 29
700 Alternative Resources Corp.* 21
400 American List Corp. 11
4,600 American Management Systems, Inc.* 137
3,300 AmeriData Technologies, Inc.* 35
1,287 Analysts International Corp. 39
2,600 Artisoft, Inc.* 24
1,000 Aspen Technologies, Inc.* 30
3,800 BBN Corp.* 143
2,800 BE Aerospace, Inc.* 26
4,300 BWIP Holding, Inc. 66
3,000 Banyan Systems, Inc.* 37
2,700 Bisys Group, Inc.* 76
1,371 Boole & Babbage, Inc.* 51
1,500 Broadway & Seymour, Inc.* 28
2,000 CDI Corp.* 37
900 Career Horizons, Inc.* 26
6,800 Cheyenne Software, Inc.* 158
900 ClinTrials Research, Inc.* 16
600 Computer Language Research, Inc. 7
1,400 Computer Horizons Corp.* 49
1,600 Computer Task Group, Inc. 31
7,300 Computervision Corp.* 91
3,400 Continuum Co., Inc.* 136
2,000 Control Data Systems, Inc.* 34
6,000 Corrections Corp. of America* 186
700 CyCare Systems, Inc.* 20
1,100 Dial Page, Inc.* 17
1,284 Electro Rent Corp.* 26
1,000 EmCare Holdings, Inc. 23
1,400 Fair Isaac & Co. 39
3,400 Franklin Quest Co.* 64
1,500 GMIS, Inc.* 20
2,200 General Magic, Inc.* 23
3,200 Gerber Scientific, Inc. 54
700 Global Industries Ltd.* 19
200 Grey Advertising, Inc. 38
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
PROFESSIONAL SERVICES--CONTINUED
1,200 Gupta Corp.* $ 8
300 HCIA, Inc.* 14
1,300 Henry (Jack) & Associates, Inc. 31
2,100 Hogan Systems, Inc.* 19
400 ITT Educational Services, Inc.* 8
1,200 Infocus Systems* 41
1,200 Inso Corp.* 49
1,000 Integrated Silicon Systems, Inc.* 31
2,100 Interim Services, Inc.* 67
1,300 International Imaging Materials, Inc.* 33
875 International Shipholding Corp. 17
2,700 Intersolv, Inc.* 29
2,875 Keane, Inc.* 79
4,200 Kenetech Corp.* 13
3,600 Kinder Care Learning Centers, Inc.* 44
2,200 Knowledge/Sterling, Inc.* 0
2,500 Landmark Graphics Corp.* 50
2,300 Landstar Systems, Inc.* 59
1,100 Learning (The) Co.* 67
3,000 MDC Corp. 20
2,400 MacNeal-Schwendler Corp. 38
1,200 Manugistics Group, Inc.* 21
1,700 Marcam Corp.* 29
3,100 McAfee Associates, Inc.* 148
1,300 Medic Computer Systems, Inc.* 83
2,100 Metricom, Inc.* 33
1,500 Minnesota Educational Computing Corp.* 50
807 Monro Muffler Brake, Inc.* 12
3,700 National Data Corp. 90
2,500 National Health Investors, Inc. 77
600 National Instruments Corp.* 11
1,100 NETCOM On-Line Communication Services, Inc.* 80
2,000 Network Computing Devices, Inc.* 17
3,200 Network Equipment Technologies, Inc.* 106
1,800 Network Peripherals, Inc.* 24
1,000 Norrell Corp. 28
800 Oak Technology, Inc.* 38
500 Open Environment Corp.* 5
600 Orthodontic Centers of America, Inc.* 19
800 PHAMIS, Inc.* 21
2,400 Physician Computer Network, Inc.* 16
1,000 Pinkertons, Inc.* 20
2,300 Platinum Software Corp.* 16
4,850 Players International, Inc.* 64
3,200 Pre-Paid Legal Services, Inc.* 27
2,000 Progress Software Corp.* 64
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
2,300 Protein Design Labs, Inc.* $ 43
3,400 Quarterdeck Corp.* 109
2,000 Quintiles Transnational Corp.* 81
1,800 Rational Software Corp.* 32
500 Remedy Corp.* 31
4,700 Robert Half International, Inc.* 189
7,000 Rollins Truck Leasing Corp. 70
400 Roto-Rooter, Inc. 13
1,400 Security Dynamics Technologies, Inc.* 69
1,400 Shiva Corp.* 104
3,300 Sierra On-Line, Inc.* 112
800 Softdesk, Inc.* 18
3,100 Softkey International, Inc.* 105
1,100 Software Artistry, Inc.* 20
6,500 Sotheby's Holdings, Inc., Class A 90
3,000 Spectrum Holobyte, Inc. 26
3,500 Stac, Inc.* 42
3,900 Steris Corp.* 158
4,300 Structural Dynamics Research Corp.* 88
1,800 Syquest Technology, Inc.* 19
4,000 System Software Associates, Inc. 144
2,300 Systems & Computer Technology Corp.* 43
1,400 Systemsoft Corp.* 19
1,200 TCSI Corp.* 21
400 TGV Software, Inc.* 3
2,800 Telxon Corp. 65
1,650 Thermotrex Corp.* 72
2,500 Tivoli Systems, Inc.* 74
500 U.S. Delivery Systems, Inc.* 12
4,000 Verifone, Inc.* 117
1,000 Veritas Software Corp.* 36
2,800 Viewlogic Systems, Inc.* 30
1,500 VISX Corp.* 52
800 Volt Information Sciences, Inc.* 22
1,297 Wackenhut Corp. 22
9,194 Weatherford Enterra, Inc.* 233
900 Wind River Systems* 26
6,000 Work Recovery, Inc.* 5
2,100 Xircom, Inc.* 26
-------
6,434
REAL ESTATE--4.8%
3,300 American Health Properties, Inc. 66
700 AMLI Residential Properties 13
1,900 Associated Estates Realty Corp. 37
4,300 Avalon Properties, Inc. 84
1,200 Avatar Holdings, Inc.* 44
2,100 Bay Apartment Communities, Inc. 46
2,700 Beacon Properties Corp. 55
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
4,500 Berkshire Realty, Inc. $ 42
1,500 Bradley Real Estate Trust 21
3,600 CBL & Associates Properties, Inc. 74
2,200 CRI Liquidating REIT, Inc. 8
2,400 Cali Realty Corp. 47
2,600 Camden Property Trust 54
2,300 Carr Realty Corp. 49
1,600 Centerpoint Properties Corp. 36
1,000 Chateau Properties, Inc. 22
1,600 Chelsea GCA Realty, Inc. 45
500 Christiana Cos., Inc.* 12
2,200 Colonial Property Trust* 54
2,000 Columbus Realty Trust 38
2,000 Commercial Net Lease Realty, Inc. 26
3,900 Cousins Properties, Inc. 72
3,800 Crown American Realty Trust 25
9,600 DeBartolo Realty Corp. 124
2,900 Developers Diversified Realty Corp. 82
3,400 Doubletree Corp.* 72
3,600 Duke Realty Investments, Inc. 100
1,800 Equity Inns, Inc. 21
1,100 Essex Property Trust, Inc. 20
2,900 Evans Withycombe Residential, Inc. 55
1,900 Excel Realty Trust, Inc. 37
2,100 Factory Stores America, Inc. 36
5,500 Federal Realty Investment Trust 121
1,400 FelCor Suite Hotel, Inc. 41
3,000 First Industrial Realty Trust, Inc. 62
3,200 First Union Real Estate Investments 22
700 Forest City Enterprises, Inc. 24
1,900 Gables Residential Trust 42
3,700 General Growth Properties, Inc. 69
3,700 Glimcher Realty Trust 65
3,208 HGI Realty, Inc. 71
2,100 Haagen Alexander Properties, Inc. 24
2,100 Health Care REIT, Inc. 38
2,300 Healthcare Realty Trust 48
2,500 Highwoods Properties, Inc. 66
2,100 Irvine Apartment Communities, Inc. 38
1,400 JDN Realty Corp. 29
1,900 JP Realty, Inc. 38
1,800 Kranzco Realty Trust 26
3,800 Liberty Property Trust 74
1,300 Macerich Co. 26
4,300 Manufactured Home Communities, Inc. 75
1,300 Mark Centers Trust 13
1,000 Maxxam, Inc.* 38
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
<C> <S> <C>
3,000 Mid-America Apartment Communities, Inc. $ 68
2,500 Mills Corp. 46
1,900 National Golf Properties, Inc. 42
2,900 Oasis Residential, Inc. 61
800 PRI Automation, Inc.* 33
2,600 Paragon Group, Inc. 44
1,300 Pennsylvania REIT 25
2,600 Post Properties, Inc. 79
4,800 Price Enterprises, Inc.* 74
1,400 Price REIT, Inc. 40
1,600 Prime Residential, Inc. 27
5,000 Public Storage, Inc. 90
4,300 RFS Hotel Investors, Inc. 65
2,200 ROC Communities, Inc. 49
1,600 Real Estate Investment Trust of California 28
3,500 Realty Income Corp. 68
1,200 Regency Realty Corp.* 20
2,100 Saul Centers, Inc. 29
2,400 Shurguard Storage Centers, Inc. 62
3,325 South West Property Trust, Inc. 42
5,000 Spieker Properties, Inc. 123
1,000 Storage Trust Realty 20
2,900 Storage USA, Inc. 88
4,300 Summit Property, Inc. 82
1,700 Sun Communities, Inc. 43
1,000 Tanger Factory Outlet Centers, Inc. 23
5,500 Taubman Centers, Inc. 52
2,100 Thornburg Mortgage Asset Corp. 31
2,700 Town & Country Trust 33
1,900 Trinet Corporate Realty Trust 51
1,900 Tucker Properties Corp. 17
9,000 United Dominion Realty Trust 127
2,400 Urban Shopping Centers, Inc. 49
1,800 Walden Residential Properties, Inc. 32
5,000 Washington Real Estate Investment Trust 79
1,400 Weeks Corp. 32
2,900 Wellsford Residential Property Trust 61
3,000 Western Investment Real Estate Trust 32
-------
4,534
RECREATIONAL SERVICES--1.6%
500 AMC Entertainment, Inc.* 11
2,400 American Classic Voyages Co. 26
400 American Filtrona Corp. 15
500 Ameristar Casinos, Inc.* 3
900 Anchor Gaming* 18
1,817 Anthony Industries, Inc. 41
2,100 Argosy Gaming Corp.* 18
2,900 Authentic Fitness Corp. 61
6,800 Aztar Corp.* 60
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
RECREATIONAL SERVICES--CONTINUED
7,100 Bally Entertainment Corp.* $ 86
300 Bally's Grand, Inc.* 4
1,700 Carmike Cinemas, Inc.* 42
1,850 Casino America, Inc.* 11
3,200 Casino Magic Corp.* 14
400 Churchill Downs, Inc. 14
1,900 Cobra Golf, Inc.* 52
8,700 Discovery Zone, Inc.* 29
1,000 GC Cos., Inc.* 34
3,800 Grand Casinos, Inc.* 140
900 Harvey's Casino Resorts 14
2,000 Hollywood Casino Corp., Class A* 11
2,700 Hollywood Park, Inc.* 28
5,100 Ideon Group, Inc. 41
767 Johnson Worldwide Associates, Inc. * 18
3,100 Lydall, Inc.* 81
700 Movie Gallery, Inc.* 24
1,200 Primadonna Resorts, Inc.* 21
5,400 Prime Hospitality Corp.* 52
1,250 Regal Cinemas, Inc.* 54
5,400 Savoy Pictures Entertainment, Inc.* 32
2,300 Scientific Games Holdings Corp.* 77
2,700 Showboat, Inc. 73
1,350 Shuffle Master, Inc.* 18
1,700 Skyline Corp. 32
800 Sodak Gaming, Inc.* 16
800 Speedway Motorsports, Inc.* 23
3,500 Sports & Recreation, Inc.* 25
2,800 Station Casinos, Inc.* 42
6,200 Tyco Toys, Inc.* 34
3,200 WMS Industries, Inc.* 59
900 White River Corp.* 31
-------
1,485
RESEARCH AND CONSULTING SERVICES--1.1%
5,500 Advance Tissue Science, Inc.* 49
1,200 Agouron Pharmaceuticals, Inc.* 36
3,300 Air & Water Technologies Corp.* 18
2,500 Alliance Entertainment Corp.* 24
5,000 Applied Bioscience International, Inc.* 32
7,500 Aura Systems, Inc.* 42
7,600 Bio-Technology General Corp.* 28
4,500 Columbia Laboratories, Inc.* 32
5,100 Cytogen Corp.* 27
2,900 Dames & Moore, Inc. 38
1,500 GRC International, Inc.* 45
3,100 Jacobs Engineering Group, Inc.* 75
4,800 Liposome Technology, Inc.* 80
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
1,300 Mercer International, Inc.* $ 28
2,300 Mycogen Corp.* 30
1,000 NFO Research, Inc.* 25
1,100 NeoPath, Inc.* 21
1,100 Northfield Laboratories, Inc.* 18
3,900 OHM Corp.* 32
1,980 Organogenesis, Inc.* 37
6,300 Scios-Nova, Inc.* 24
1,900 Spacelabs Medical, Inc.* 50
1,700 Stone & Webster, Inc. 63
2,900 Summit Technology, Inc.* 138
6,200 U.S. Bioscience, Inc.* 23
-------
1,015
RETAIL--5.4%
1,300 Aaron Rents, Inc. 23
570 Alexander's, Inc.* 35
500 American Eagle Outfitters, Inc.* 5
5,100 Americredit Corp.* 66
4,100 AnnTaylor Stores, Inc.* 52
4,312 Apple South, Inc. 91
2,600 Arbor Drugs, Inc. 51
1,500 Baby Superstores, Inc.* 84
2,000 Baker (J.), Inc. 13
5,600 Best Products Corp., Inc.* 35
2,400 Big B, Inc. 24
1,400 Blair Corp. 44
6,400 Bombay Company, Inc.* 43
900 Bon-Ton Stores, Inc.* 5
1,800 Books-a-Million, Inc.* 26
5,600 Borders Group, Inc.* 99
300 Buckle, Inc.* 5
4,800 Buffets, Inc.* 64
2,800 Burlington Coat Factory Warehouse* 32
400 CDW Computer Centers, Inc.* 21
3,200 CKE Restaurants, Inc. 56
8,400 CML Group, Inc. 51
3,000 Caldor Corp.* 12
2,900 Carson Pirie Scott & Co.* 58
5,100 Cash America International, Inc. 28
4,200 Cato Corp. 30
600 Central Tractor Farm & Country, Inc.* 6
16,600 Charming Shoppes, Inc.* 38
7,800 Checkers Drive-In Restaurants, Inc.* 11
1,400 Chic by H.I.S., Inc.* 8
3,700 Circle K Corp.* 88
2,200 Claire's Stores, Inc. 43
4,500 CompUSA, Inc.* 167
1,300 Consolidated Products, Inc.* 21
268 Dart Group Corp. 25
</TABLE>
See accompanying notes to financial statements.
42
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
983 Delchamps, Inc. $ 17
2,750 Designs, Inc.* 22
800 Dollar Tree Stores, Inc.* 22
2,800 Dress Barn, Inc.* 26
3,400 Duty Free International, Inc. 46
2,900 Edison Brothers Stores, Inc.* 5
1,300 Fabri-Centers of America, Inc., Class A* 19
1,300 Fabri-Centers of America, Inc., Class B* 15
6,800 Family Dollar Stores, Inc. 105
2,600 Fay's, Inc. 18
8,500 Fedders Corp. 45
7,800 Fingerhut Cos., Inc. 98
1,000 First Team Sports, Inc.* 16
5,468 Flagstar Cos., Inc.* 23
7,000 Foodmaker, Inc.* 37
2,100 Friedmans, Inc., Class A* 49
3,599 General Host Corp.* 17
1,307 Genovese Drug Stores, Inc., Class A 16
2,400 Good Guys, Inc.* 25
1,150 Goody's Family Clothing, Inc.* 13
4,200 Gymboree Corp.* 99
1,200 Haggar Corp. 22
3,800 Hancock Fabrics, Inc. 37
7,900 Hanover Direct, Inc.* 13
1,746 Haverty Furniture Cos., Inc. 25
5,600 Hechinger Co. 25
1,677 Hills Stores Co.* 20
3,200 Hollywood Entertainment Corp.* 52
8,200 Home Shopping Network, Inc.* 77
1,600 IHOP Corp.* 41
1,200 Ingles Markets, Inc. 13
8,900 Interco, Inc.* 75
1,600 Just For Feet, Inc.* 55
3,000 Lands' End, Inc. 44
1,900 Lechters, Inc.* 13
5,300 Levitz Furniture, Inc.* 17
900 Lillian Vernon Corp. 13
2,400 Long Drug Stores, Corp. 95
4,600 Mac Frugal's Bargains Close-Outs, Inc.* 60
1,575 Men's (The) Warehouse, Inc.* 45
4,700 Meyer (Fred), Inc.* 109
3,100 Michael's Stores, Inc.* 51
6,200 Musicland Stores Corp.* 40
2,000 National Media Corp.* 36
1,682 Natures Sunshine Products, Inc. 38
2,900 Neiman Marcus Group, Inc. 61
2,900 NPC International, Inc.* 23
600 O'Reilly Automotive, Inc.* 18
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
<C> <S> <C>
7,100 Payless Cashways, Inc.* $ 30
1,900 Penn Traffic Co.* 25
1,100 Petco Animal Supplies, Inc.* 30
3,700 Petrie Stores Corp.* 11
4,500 Petroleum Heat & Power, Inc. 36
7,035 Pier I Imports, Inc. 77
1,400 Proffitt's, Inc.* 38
600 Quality Food Centers, Inc.* 12
1,200 Regis Corp.* 28
1,400 Renters Choice, Inc.* 23
4,300 Ross Stores, Inc. 82
9,500 Ryan's Family Steak Houses, Inc.* 70
2,050 Sbarro, Inc. 46
18,400 Service Merchandise Co., Inc.* 113
3,000 Shopko Stores, Inc. 34
1,900 Showbiz Pizza Time, Inc.* 24
3,900 Sizzler International, Inc.* 15
3,500 Smith's Food & Drug Centers, Inc., Class B 84
2,100 Sonic Corp.* 46
1,600 Sportmart, Inc.* 12
2,600 Sports Authority, Inc.* 55
2,900 Stanhome, Inc. 86
1,550 Stein Mart, Inc.* 19
1,420 Strawbridge & Clothier, Class A 31
7,600 Stride Rite Corp. 67
2,500 Sun Television & Appliance, Inc. 14
11,200 Sunglass Hut International, Inc.* 235
3,900 Systemed, Inc.* 23
2,900 TCBY Enterprises, Inc. 12
900 Today's Man, Inc.* 4
400 Trak Auto Corp.* 6
1,050 Uno Restaurant Corp.* 7
700 Urban Outfitters, Inc.* 16
1,300 Valmont Industries, Inc. 33
2,100 Value City Department Stores, Inc.* 14
3,100 Venture Stores, Inc.* 11
1,700 Vicorp Restaurants, Inc.* 19
5,000 Waban, Inc.* 93
400 West Marine, Inc.* 13
2,500 Whole Foods Market, Inc.* 36
3,300 Williams-Sonoma, Inc.* 66
5,600 Zale Corp.* 93
-------
5,100
RUBBER AND PLASTICS--0.6%
2,000 ACX Technologies, Inc.* 33
700 AEP Industries, Inc. 16
798 Blessings Corp. 8
2,100 Carlisle Cos., Inc. 90
2,700 Foamex International, Inc.* 19
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
RUBBER AND PLASTICS--CONTINUED
1,600 Furon Co. $ 29
900 Liqui-Box Corp. 26
2,295 Myers Industries, Inc.* 37
2,000 O'Sullivan Corp. 21
1,500 Park Ohio Industries, Inc.* 19
1,200 Rogers Corp.* 29
3,800 Sola International, Inc.* 104
4,200 Spartech Corp. 28
1,600 Tredegar Industries, Inc. 51
900 Tuscarora, Inc. 22
2,200 West Co., Inc. 53
-------
585
SANITARY SERVICES--0.5%
4,700 Allied Waste Industries, Inc.* 35
1,800 Centennial Cellular Corp.* 34
5,700 International Technology Corp.* 15
3,900 Mid-American Waste Systems, Inc.* 16
2,700 Republic Waste Industries, Inc.* 66
10,700 Rollins Environmental Services, Inc.* 32
2,500 Sanifill, Inc.* 84
300 Sevenson Environmental Services, Inc. 5
8,758 USA Waste Services, Inc.* 184
1,700 Western Waste Industries, Inc.* 31
-------
502
SERVICE INDUSTRY MACHINERY--0.3%
2,000 Applied Power, Inc. 65
2,750 Commercial Intertech Corp. 49
867 Kysor Industrial Corp. 20
1,600 Scotsman Industries, Inc. 26
1,500 Tennant Co. 37
3,250 United States Filter Corp.* 71
1,050 Wynn's International, Inc. 30
-------
298
SOCIAL SERVICES--0.3%
700 Advantage Health Corp.* 23
1,200 Apollo Group, Inc., Class A 37
547 Berlitz International, Inc.* 9
1,000 Children's Discovery Centers of America, Inc.* 8
2,300 DeVry, Inc.* 61
4,100 Forum Group, Inc.* 31
5,200 National Education Corp.* 41
2,818 Omega Healthcare Investors, Inc. 69
-------
279
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------
<C> <S> <C>
STEEL PRODUCTS--1.7%
3,500 AK Steel Holding Corp. $ 121
2,000 Acme Metals, Inc.* 30
1,500 Amcast Industrial Corp. 28
12,400 Armco, Inc.* 71
4,300 Birmingham Steel Corp. 64
2,900 Brush Wellman, Inc. 51
2,700 Carpenter Technology Corp. 117
1,000 Chaparral Steel Co. 10
1,800 Commonwealth Aluminum Corp. 31
400 Curtiss Wright Corp. 19
2,200 Geneva Steel Co.* 16
500 Gibraltar Steel Corp.* 6
2,500 Handy & Harman 39
1,700 Hayes Wheels International, Inc. 45
900 Huntco, Inc., Class A 16
1,800 IMCO Recycling, Inc. 41
3,300 Intermet Corp.* 40
3,200 J & L Specialty Steel, Inc. 53
1,400 Kaiser Aluminum Corp.* 20
3,200 Lone Star Technologies, Inc. 28
2,600 Lukens, Inc. 80
3,000 Mueller Industries, Inc.* 69
3,700 National Steel Corp., Class B* 47
3,600 Northwestern Steel & Wire Co.* 30
3,000 Oregon Steel Mills, Inc. 41
3,550 Precision Castparts Corp. 128
1,200 Reliance Steel & Aluminum Co. 22
1,900 Rouge Steel Co. 41
600 Schnitzer Steel Industries, Inc. 18
900 Shiloh Industries, Inc.* 10
2,200 Standex International Corp. 80
1,250 Steel Technologies, Inc. 11
1,400 Texas Industries, Inc. 72
3,900 UNR Industries, Inc. 35
1,000 WCI Steel, Inc.* 4
4,100 WHX Corp.* 45
6,700 Weirton Steel Corp.* 29
-------
1,608
TEXTILES--0.7%
3,800 Albany International Corp. 81
11,200 Burlington Industries, Inc.* 150
4,300 Cone Mills Corp.* 48
700 Congoleum Corp., Class A* 7
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
1,100 Crown Crafts, Inc. $ 13
3,000 Delta Woodside Industries, Inc. 19
800 Fab Industries, Inc. 24
1,582 Fieldcrest Cannon, Inc.* 32
2,100 Galey & Lord, Inc.* 22
1,998 Guilford Mills, Inc. 46
3,200 Interface, Inc. 52
4,200 Phillips-Van Heusen 44
1,000 Quiksilver, Inc.* 31
4,400 Ruddick Corp. 47
5,300 Tultex Corp.* 25
3,400 West Point Stevens, Inc.* 61
-------
702
TRANSPORTATION PARTS AND EQUIPMENT--2.2%
2,900 AAR Corp. 53
1,400 ABC Rail Products Corp.* 31
2,400 APS Holding Corp. 44
5,630 America West Airlines, Inc.* 101
5,250 Arctco, Inc. 74
1,700 Armor All Products Corp. 32
3,900 Arvin Industries, Inc. 69
3,300 Aviall, Inc. 28
4,000 Borg Warner Automotive, Inc. 118
2,300 Breed Technologies, Inc. 47
800 Cannondale Corp.* 11
10,700 Collins & Aikman Corp.* 68
1,200 Copart, Inc.* 29
1,700 Detroit Diesel Corp.* 31
1,300 Eaton Vance Corp. 37
3,600 Envirosource, Inc.* 11
1,600 Excel Industries, Inc. 20
2,800 Exide Corp. 128
6,000 Federal-Mogul Corp. 115
4,600 Gencorp, Inc. 54
2,400 Huffy Corp. 25
1,700 Johnstown America Industries, Inc.* 9
1,100 MK Rail Corp.* 5
2,400 Masland Corp. 35
4,800 Mesa Airlines, Inc.* 43
2,500 OEA, Inc. 68
3,500 Orbital Sciences Corp.* 6
1,395 Oshkosh Truck Corp. 21
2,004 Pacific Scientific Co. 51
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------
<C> <S> <C>
7,200 Roadmaster, Inc.* $ 21
3,200 Rohr, Inc.* 47
1,400 Sequa Corp.* 41
2,900 Simpson Industries, Inc. 27
1,600 Smith (A.O.) Corp. 38
1,850 Spartan Motors, Inc.* 20
3,025 Standard Products Co. 49
2,900 Stant Corp. 27
900 TFC Enterprise, Inc.* 6
3,100 Teleflex, Inc. 138
2,500 Thiokol Corp. 85
889 Thor Industries, Inc. 15
2,925 Titan Wheel International, Inc. 50
2,800 Tower Air, Inc. 20
3,900 Wabash National Corp. 109
1,500 Walbro Corp. 29
2,500 Winnebago Industries, Inc. 19
-------
2,105
TRANSPORTATION SERVICES--2.0%
2,600 Air Express International Corp. 61
3,100 Airborne Freight Corp. 87
2,400 Alaska Air Group, Inc.* 44
3,600 American Freightways, Inc.* 49
6,000 American President Co. 150
600 Amtran, Inc.* 8
3,500 Arnold Industries, Inc. 65
700 Celadon Group, Inc.* 6
3,675 Comair Holdings, Inc. 119
2,400 Continental Airlines, Inc., Class B* 94
600 Covenant Transportation, Inc., Class A* 8
2,100 Expeditors International of Washington, Inc. 54
1,389 First Source Corp. 32
600 Florida East Coast Industries, Inc. 41
2,552 Fritz Cos., Inc.* 99
1,453 Frozen Food Express Industries, Inc. 13
8,900 Greyhound Lines, Inc.* 37
2,200 Harper Group, Inc. 38
1,316 Heartland Express, Inc.* 40
2,300 Hornbeck Offshore Services, Inc.* 41
4,100 Hunt (J.B.) Transportation Services, Inc. 67
5,000 Kirby Corp.* 89
400 Knight Transportation, Inc.* 6
1,600 M.S. Carriers, Inc.* 31
200 Midland Co. 10
4,900 OMI Corp.* 30
3,500 Offshore Logistics, Inc.* 42
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------------
SMALL COMPANY INDEX PORTFOLIO--
CONTINUED
<C> <S> <C>
TRANSPORTATION SERVICES--CONTINUED
800 Old Dominion Freight Line, Inc.* $ 8
4,300 Overseas Shipholding Group, Inc. 86
800 Oxford Resources Corp., Class A* 20
1,200 Railtex, Inc.* 24
1,300 Skywest, Inc. 18
2,100 Swift Transportation Co., Inc.* 35
3,850 TNT Freightways Corp. 76
400 U.S. Xpress Enterprises, Inc., Class A* 3
10,700 USAir Group, Inc.* 143
800 USA Truck, Inc.* 9
700 Union Switch & Signal, Inc.* 5
2,500 Werner Enterprises, Inc. 53
2,800 Worldcorp, Inc.* 28
3,800 Yellow Corp.* 46
-------
1,915
WATER SUPPLY--0.3%
1,200 Aquarion Co. 28
1,063 California Water Service Co. 35
1,200 Consumers Water Co. 21
1,100 E'Town Corp. 32
1,294 IWC Resources Corp. 26
1,000 Pennsylvania Enterprises, Inc.* 37
1,800 Philadelphia Suburban Corp. 35
1,600 St. Mary Land & Exploration Co. 22
400 SJW Corp. 14
1,360 Southern California Water Co. 26
4,252 United Water Resources, Inc. 52
-------
328
WHOLESALE--2.2%
4,085 Arch Communications Group, Inc.* 103
1,400 Bearings, Inc. 54
1,167 Bell Industries, Inc.* 27
1,400 Bindley Western Industries, Inc. 25
1,650 BMC West Corp.* 20
800 Boise Cascade Office Products Corp. 29
1,100 Business Records Holding Co. 42
3,700 Caraustar Industries, Inc. 73
3,500 Casey's General Stores, Inc. 81
1,725 Castle (A. M.) & Co. 42
1,700 Cellular Communications of Puerto Rico, Inc.* 45
2,066 Commercial Metals Co. 49
2,100 Compucom Systems, Inc.* 17
600 Daisytek International Corp.* 18
900 Discount Auto Parts, Inc.* 25
3,100 Egghead, Inc.* 25
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------
<C> <S> <C>
2,700 Ekco Group, Inc. $ 16
3,038 Foxmeyer Corp.* 79
1,162 Getty Petroleum Corp. 17
5,600 Handleman Co. 35
700 Hughes Supply, Inc. 18
3,200 Immunex Corp.* 53
1,700 Insurance Auto Auctions, Inc.* 19
2,900 International Multifoods Corp. 68
1,800 JP Foodservice, Inc.* 28
3,200 Kaman Corp. 37
1,750 Kent Electronics Corp.* 95
1,400 Lawson Products, Inc. 33
2,600 Marshall Industries* 92
2,509 Maybelline, Inc. 68
4,500 Merisel, Inc.* 21
2,550 Microage, Inc.* 22
1,900 Nash-Finch Co. 36
5,000 Owens & Minor, Inc. 65
2,000 Patterson Dental Co.* 51
1,200 Peak (The) Technologies Group* 33
1,300 Rex Stores Corp.* 23
4,522 Richfood Holdings, Inc. 127
1,700 Russ Berrie & Co., Inc. 23
2,475 Rykoff-Sexton, Inc. 47
1,893 Safeguard Scientifics, Inc.* 94
600 Safety 1st, Inc.* 12
2,300 Sciclone Pharmaceuticals, Inc.* 12
1,800 Smart & Final, Inc. 35
1,125 Standard Commercial Corp.* 13
950 Sullivan Dental Products, Inc.* 9
1,900 Super Food Services, Inc. 24
4,500 TBC Corp.* 31
2,000 Tejas Power Corp.* 16
600 Thompson PBE, Inc.* 9
2,100 Univar Corp. 26
1,600 VWR Corp.* 19
-------
2,081
- -------------------------------------------------
TOTAL COMMON STOCKS
(Cost $80,793) $92,680
- -------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Description Value
- --------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATION--0.1%
U.S. Treasury Bill #
$ 90 5.640% Due 12/21/95 $ 89
- --------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATION
(Cost $90) $ 89
- --------------------------------------------------------------
EURODOLLAR TIME DEPOSIT--2.1%
Landesbank, Hessenthuringen Girozentrale
$1,998 5.938% Due 12/01/95 $ 1,998
- --------------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSIT
(Cost $1,998) $ 1,998
- --------------------------------------------------------------
TOTAL INVESTMENTS--99.8%
(Cost $82,881) $94,767
- --------------------------------------------------------------
Other assets, less liabilities--0.2% 176
- --------------------------------------------------------------
NET ASSETS--100.0% $94,943
- --------------------------------------------------------------
- --------------------------------------------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Contract Unrealized
Type Contracts Amount Position Expiration Loss
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RUSSELL 2000 12 $1,856 Long 12/15/95 $30
- ---------------------------------------------------------------------------------
</TABLE>
#Security pledged to cover margin requirements for open futures contracts.
*Non-income producing security.
NOTE TO STATEMENTS OF INVESTMENTS
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
See accompanying notes to financial statements.
47
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 1995
(Amounts in thousands, except net asset value per unit)
<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
securities, at cost $33,570 $121,237 $404,309 $73,213 $147,597 $82,881
- -------------------------------------------------------------------------------------------
Investments in
securities, at value $37,924 $146,873 $498,714 $87,962 $148,634 $94,767
Cash 8 2 12 3 373 3
Receivables:
Dividends and interest 167 215 1,278 45 128 92
Foreign tax reclaims -- -- -- -- 145 --
Fund units sold 807 4 633 20 175 5
Investment securities
sold -- -- -- 1,294 1,938 91
Administrator 7 7 15 7 -- 10
Deferred organization
costs, net 25 28 28 44 48 27
Other assets 6 7 24 2 9 5
- -------------------------------------------------------------------------------------------
TOTAL ASSETS 38,944 147,136 500,704 89,377 151,450 95,000
- -------------------------------------------------------------------------------------------
LIABILITIES:
Payable for:
Fund units redeemed 14 93 658 102 168 29
Investment securities
purchased -- -- 963 2,613 2,433 --
Accrued expenses:
Advisory fees 15 66 40 56 97 15
Administration fees 3 12 40 7 12 8
Custodian fees 5 4 10 3 3 --
Transfer agent fees -- 1 4 1 1 1
Other liabilities 10 8 26 7 12 4
- -------------------------------------------------------------------------------------------
TOTAL LIABILITIES 47 184 1,741 2,789 2,726 57
- -------------------------------------------------------------------------------------------
NET ASSETS $38,897 $146,952 $498,963 $86,588 $148,724 $94,943
- -------------------------------------------------------------------------------------------
ANALYSIS OF NET ASSETS:
Paid-in capital $35,074 $117,694 $391,426 $70,218 $150,907 $77,084
Accumulated
undistributed net
investment income 48 1,735 416 320 2,579 724
Accumulated net realized
gain (loss) on
investments, futures
and foreign currency
transactions (579) 1,887 12,235 1,301 (5,836) 5,279
Net unrealized
appreciation on
investments and futures 4,354 25,636 94,886 14,749 1,037 11,856
Net unrealized gain on
translation of other
assets and liabilities
denominated in foreign
currencies -- -- -- -- 37 --
- -------------------------------------------------------------------------------------------
NET ASSETS $38,897 $146,952 $498,963 $86,588 $148,724 $94,943
- -------------------------------------------------------------------------------------------
Total units outstanding
(no par value),
unlimited units
authorized:
Class A 3,519 12,030 34,621 6,871 15,049 7,310
Class C -- -- 1,329 -- -- --
Class D -- 18 59 39 2 3
- -------------------------------------------------------------------------------------------
Net asset value,
offering and redemption
price per unit:
Class A $11.05 $12.20 $13.86 $12.53 $9.88 $12.98
Class C -- -- $13.86 -- -- --
Class D -- $12.16 $13.83 $12.48 $9.83 $12.95
- -------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Year Ended November 30, 1995
(Amounts in thousands)
<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 $ 349 $ 2,695 $ 9,510 $ 888 $ 2,686(a) $ 1,340
Interest 1,089 140 1,001 155 671 69
- --------------------------------------------------------------------------------------------
TOTAL INCOME 1,438 2,835 10,511 1,043 3,357 1,409
- --------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 290 1,229 1,140 837 1,475 344
Administration fees 90 331 610 190 322 215
Custodian fees 26 34 127 26 160 66
Transfer agent fees 3 16 41 8 15 8
Registration fees 27 30 26 28 20 22
Professional fees 3 -- -- 1 1 1
Trustee fees 2 5 8 2 3 2
Amortization of deferred
organization costs 9 13 13 17 14 13
Other 14 59 75 14 22 26
- --------------------------------------------------------------------------------------------
TOTAL EXPENSES 464 1,717 2,040 1,123 2,032 697
Less: Voluntary waivers
of investment advisory
and administration fees (163) (561) (990) (342) (469) (301)
Less: Expenses
reimbursable by
Administrator (80) (100) (195) (87) -- (117)
- --------------------------------------------------------------------------------------------
Net expenses 221 1,056 855 694 1,563 279
- --------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,217 1,779 9,656 349 1,794 1,130
Net realized gains
(losses) on:
Investment transactions 587 3,960 10,473 5,691 (5,847) 5,796
Futures transactions -- -- 3,516 -- -- 117
Foreign currency
transactions -- -- -- -- 932 --
Net change in unrealized
appreciation
(depreciation) on:
Investments and futures 4,957 27,492 94,961 13,082 754 13,771
Forward foreign
currency contracts -- -- -- -- (62) --
Net change in unrealized
gains (losses) on
translation of other
assets and liabilities
denominated in foreign
currencies (5) 364 -- (24) 35 --
- --------------------------------------------------------------------------------------------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS $6,756 $33,595 $118,606 $19,098 $(2,394) $20,814
- --------------------------------------------------------------------------------------------
</TABLE>
(a) Net of $307 in non-reclaimable foreign withholding taxes.
See accompanying notes to financial statements.
49
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended November 30, 1995 and 1994
(Amounts in thousands)
<TABLE>
<CAPTION>
Balanced Diversified Growth
Portfolio Portfolio
1995 1994 1995 1994
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income $ 1,217 $ 607 $ 1,779 $ 1,424
Net realized gains (losses) on:
Investments and futures transactions 587 (1,166) 3,960 (2,073)
Foreign currency transactions -- -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments and futures 4,957 (796) 27,492 (11,888)
Forward foreign currency contracts -- -- -- --
Net change in unrealized gains
(losses) on translations of other
assets and liabilities denominated
in foreign currencies (5) 12 364 (214)
- -------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 6,756 (1,343) 33,595 (12,751)
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS A UNITHOLDERS
FROM:
Net investment income (1,221) (561) (1,361) (123)
Net realized gain on investment and
futures transactions -- (38) -- (369)
- -------------------------------------------------------------------------------
Total distributions to Class A
unitholders (1,221) (599) (1,361) (492)
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS C UNITHOLDERS
FROM:
Net investment income -- -- -- --
- -------------------------------------------------------------------------------
Total distributions to Class C
unitholders -- -- -- --
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS D UNITHOLDERS
FROM:
Net investment income -- -- (1) --
- -------------------------------------------------------------------------------
Total distributions to Class D
unitholders -- -- (1) --
- -------------------------------------------------------------------------------
CLASS A UNIT TRANSACTIONS:
Proceeds from the sale of units 10,695 19,277 32,849 40,884
Reinvested distributions 1,179 583 1,264 473
Cost of units redeemed (9,974) (2,384) (84,547) (62,207)
- -------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from Class A unit
transactions 1,900 17,476 (50,434) (20,850)
- -------------------------------------------------------------------------------
CLASS C UNIT TRANSACTIONS:
Proceeds from the sale of units -- -- -- --
Reinvested distributions -- -- -- --
Cost of units redeemed -- -- -- --
- -------------------------------------------------------------------------------
Net increase in net assets resulting
from Class C unit transactions -- -- -- --
- -------------------------------------------------------------------------------
CLASS D UNIT TRANSACTIONS:
Proceeds from the sale of units -- -- 185 43
Reinvested distributions -- -- -- --
Cost of units redeemed -- -- (35) --
- -------------------------------------------------------------------------------
Net increase in net assets resulting
from Class D unit transactions -- -- 150 43
- -------------------------------------------------------------------------------
Net increase (decrease) 7,435 15,534 (18,051) (34,050)
Net assets--beginning of period 31,462 15,928 165,003 199,053
- -------------------------------------------------------------------------------
NET ASSETS--END OF PERIOD $38,897 $31,462 $ 146,952 $ 165,003
- -------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME: $48 $52 $1,735 $1,318
- -------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on March 28, 1994.
See accompanying notes to financial statements.
50
<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>
$ 9,656 $ 6,961 $ 349 $ 118 $ 1,794 $ 612 $ 1,130 $ 937
13,989 3,705 5,691 (4,168) (5,847) 521 5,913 3,285
-- -- -- -- 932 (75) -- --
94,961 (10,435) 13,082 654 754 283 13,771 (5,911)
-- -- -- -- (62) 62 -- --
-- -- (24) 38 35 2 -- --
- -------------------------------------------------------------------------------
118,606 231 19,098 (3,358) (2,394) 1,405 20,814 (1,689)
- -------------------------------------------------------------------------------
(9,464) (6,787) (147) (2) (684) -- (1,027) (335)
(5,459) (207) -- -- (510) -- (3,919) (1,031)
- -------------------------------------------------------------------------------
(14,923) (6,994) (147) (2) (1,194) -- (4,946) (1,366)
- -------------------------------------------------------------------------------
(93) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------
(93) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------
(6) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------
(6) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------
216,653 162,056 27,342 34,744 63,136 151,164 17,266 52,014
13,649 6,438 100 2 962 -- 4,615 1,277
(135,290) (99,196) (18,063) (5,684) (45,016) (19,359) (19,967) (27,879)
- -------------------------------------------------------------------------------
95,012 69,298 9,379 29,062 19,082 131,805 1,914 25,412
- -------------------------------------------------------------------------------
18,118 -- -- -- -- -- -- --
94 -- -- -- -- -- -- --
(427) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------
17,785 -- -- -- -- -- -- --
- -------------------------------------------------------------------------------
762 3 459 -- 24 2 43 --
6 -- -- -- -- -- -- --
(6) -- (2) -- (6) -- (2) --
- -------------------------------------------------------------------------------
762 3 457 -- 18 2 41 --
- -------------------------------------------------------------------------------
217,143 62,538 28,787 25,702 15,512 133,212 17,823 22,357
281,820 219,282 57,801 32,099 133,212 -- 77,120 54,763
- -------------------------------------------------------------------------------
$ 498,963 $281,820 $86,588 $57,801 $148,724 $133,212 $ 94,943 $ 77,120
- -------------------------------------------------------------------------------
$416 $323 $320 $118 $2,579 $537 $724 $621
- -------------------------------------------------------------------------------
</TABLE>
51
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the 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 0.34 0.24 0.09
Net realized and unrealized gain (loss) on
investments 1.55 (0.72) 0.22
- ---------------------------------------------------------------------------
Total income (loss) from investment operations 1.89 (0.48) 0.31
- ---------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.34) (0.22) (0.09)
Net realized gain on investments -- (0.02) --
- ---------------------------------------------------------------------------
Total distributions to unitholders (0.34) (0.24) (0.09)
- ---------------------------------------------------------------------------
Net increase (decrease) 1.55 (0.72) 0.22
- ---------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.05 $ 9.50 $ 10.22
- ---------------------------------------------------------------------------
Total return (b) 20.22% (4.76)% 3.12%
Ratio to average net assets of: (c)
Expenses, net of waivers and reimbursements 0.61% 0.61% 0.61%
Expenses, before waivers and reimbursements 1.28% 1.50% 1.62%
Net investment income, net of waivers and
reimbursements 3.36% 2.56% 2.20%
Net investment income, before waivers and
reimbursements 2.69% 1.68% 1.19%
Portfolio turnover rate 93.39% 75.69% 35.03%
Net assets at end of period (in thousands) $38,897 $31,462 $15,928
- ---------------------------------------------------------------------------
</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. Total
return is not annualized for periods less than one year.
(c) Annualized for periods less than a full year.
See accompanying notes to financial statements.
52
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the 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 0.15 0.09 0.09 0.11 0.01
Net realized and unrealized
gain (loss) on investments 2.26 (0.83) 0.65 2.25 (0.54)
- --------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations 2.41 (0.74) 0.74 2.36 (0.53)
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS
FROM:
Net investment income (0.09) (0.01) (0.09) (0.08) --
Net realized gain on invest-
ments -- (0.02) -- -- --
- --------------------------------------------------------------------------------
Total distributions to
unitholders (0.09) (0.03) (0.09) (0.08) --
- --------------------------------------------------------------------------------
Net increase (decrease) 2.32 (0.77) 0.65 2.28 (0.53)
- --------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.20 $ 9.88 $ 10.65 $12.16 $ 9.88
- --------------------------------------------------------------------------------
Total return (c) 24.55% (6.98)% 7.39% 24.19% (5.18)%
Ratio to average net assets
of: (d)
Expenses, net of waivers and
reimbursements 0.69% 0.67% 0.71% 1.08% 1.05%
Expenses, before waivers and
reimbursements 1.12% 1.08% 1.13% 1.51% 1.46%
Net investment income, net of
waivers and
reimbursements 1.16% 0.77% 1.04% 0.73% 0.94%
Net investment income, before
waivers and reimbursments 0.73% 0.35% 0.62% 0.30% 0.53%
Portfolio turnover rate 81.65% 78.94% 140.88% 81.65% 78.94%
Net assets at end of period
(in thousands) $146,731 $164,963 $199,053 $ 221 $ 40
- --------------------------------------------------------------------------------
</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. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
53
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
Equity Index Portfolio
<TABLE>
<CAPTION>
Class A Class C Class D
---------------------------- -------- ----------------
1995 1994 1993 (a) 1995 (b) 1995 1994 (c)
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD $ 10.60 $ 10.78 $ 10.00 $ 13.43 $10.60 $10.96
Income from investment
operations:
Net investment income 0.30 0.27 0.22 0.05 0.25 0.02
Net realized and
unrealized gain (loss)
on investments and
futures 3.47 (0.18) 0.78 0.45 3.47 (0.31)
- -----------------------------------------------------------------------------------
Total income (loss) from
investment operations 3.77 0.09 1.00 0.50 3.72 (0.29)
- -----------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS FROM:
Net investment income (0.30) (0.27) (0.22) (0.07) (0.28) (0.07)
Net realized gain on
investments (0.21) -- -- -- (0.21) --
- -----------------------------------------------------------------------------------
Total distributions to
unitholders (0.51) (0.27) (0.22) (0.07) (0.49) (0.07)
- -----------------------------------------------------------------------------------
Net increase (decrease) 3.26 (0.18) 0.78 0.43 3.23 (0.36)
- -----------------------------------------------------------------------------------
NET ASSET VALUE, END OF
PERIOD $ 13.86 $ 10.60 $ 10.78 $ 13.86 $13.83 $10.60
- -----------------------------------------------------------------------------------
Total return (d) 36.60% 0.87% 10.09% 3.73% 36.20% (2.65)%
Ratio to average net as-
sets of: (e)
Expenses, net of
waivers and
reimbursements 0.22% 0.23% 0.21% 0.46% 0.61% 0.60%
Expenses, before
waivers and
reimbursements 0.54% 0.59% 0.66% 0.78% 0.93% 0.96%
Net investment income,
net of waivers and re-
imbursements 2.54% 2.62% 2.62% 2.29% 2.07% 2.67%
Net investment income,
before waivers and
reimbursements 2.22% 2.25% 2.17% 1.97% 1.75% 2.31%
Portfolio turnover rate 15.27% 71.98% 2.06% 15.27% 15.27% 71.98%
Net assets at end of pe-
riod (in thousands) $479,763 $281,817 $219,282 $18,390 $ 810 $ 3
- -----------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on January 11, 1993.
(b) Class C units were issued on September 29, 1995.
(c) Class D units were issued on September 14, 1994.
(d) 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. Total
return is not annualized for periods less than one year.
(e) Annualized for periods less than a full year.
See accompanying notes to financial statements.
54
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the 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 0.05 0.02 0.01 0.02
Net realized and unrealized gain
(loss) on investments 2.71 (0.66) 0.43 2.93
- -------------------------------------------------------------------------------
Total income (loss) from investment
operations 2.76 (0.64) 0.44 2.95
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.02) -- (0.01) (0.02)
Net realized gain on investments -- -- -- --
- -------------------------------------------------------------------------------
Total distributions to unitholders (0.02) -- (0.01) (0.02)
- -------------------------------------------------------------------------------
Net increase (decrease) 2.74 (0.64) 0.43 2.93
- -------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.53 $ 9.79 $ 10.43 $12.48
- -------------------------------------------------------------------------------
Total return (c) 28.38% (6.15)% 4.33% 31.00%
Ratio to average net assets of: (d)
Expenses, net of waivers and reim-
bursements 0.91% 0.91% 0.91% 1.30%
Expenses, before waivers and reim-
bursements 1.47% 1.55% 1.88% 1.86%
Net investment income (loss), net of
waivers and reimbursements 0.46% 0.24% 0.14% (0.11)%
Net investment loss, before waivers
and reimbursements (0.10)% (0.39)% (0.83)% (0.67)%
Portfolio turnover rate 85.93% 74.28% 27.48% 85.93%
Net assets at end of period (in thou-
sands) $86,099 $57,801 $32,099 $ 489
- -------------------------------------------------------------------------------
</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. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
55
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the 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 0.12 0.05 0.19 --
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions (0.36) 0.16 (0.48) (0.26)
- ------------------------------------------------------------------------------
Total income (loss) from investment
operations (0.24) 0.21 (0.29) (0.26)
- ------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.05) -- (0.05) --
Net realized gain on investments and
foreign currency transactions (0.04) -- (0.04) --
- ------------------------------------------------------------------------------
Total distributions to unitholders (0.09) -- (0.09) --
- ------------------------------------------------------------------------------
Net increase (decrease) (0.33) 0.21 (0.38) (0.26)
- ------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 9.88 $ 10.21 $ 9.83 $10.21
- ------------------------------------------------------------------------------
Total return (c) (2.32)% 2.11% (2.78)% (2.51)%
Ratio to average net assets of: (d)
Expenses, net of waivers and reim-
bursements 1.06% 1.04% 1.45% 1.35%
Expenses, before waivers and reim-
bursements 1.38% 1.47% 1.77% 1.78%
Net investment income, net of waivers
and reimbursements 1.22% 0.76% 2.01% --
Net investment income (loss), before
waivers and reimbursements 0.90% 0.33% 1.69% (0.43)%
Portfolio turnover rate 215.31% 77.79% 215.31% 77.79%
Net assets at end of period (in thou-
sands) $148,704 $133,212 $ 20 --
- ------------------------------------------------------------------------------
</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. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
56
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
Small Company Index Portfolio
<TABLE>
<CAPTION>
Class A Class D
-------------------------- --------
1993
1995 1994 (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 0.16 0.14 0.11 0.18
Net realized and unrealized gain (loss)
on investments and futures 2.67 (0.30) 1.29 2.87
- --------------------------------------------------------------------------------
Total income (loss) from investment opera-
tions 2.83 (0.16) 1.40 3.05
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (0.15) (0.02) (0.11) (0.14)
Net realized gain on investments and
futures (0.56) (0.25) -- (0.56)
- --------------------------------------------------------------------------------
Total distributions to unitholders (0.71) (0.27) (0.11) (0.70)
- --------------------------------------------------------------------------------
Net increase (decrease) 2.12 (0.43) 1.29 2.35
- --------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.98 $ 10.86 $ 11.29 $12.95
- --------------------------------------------------------------------------------
Total return (c) 27.76% (1.54)% 14.09% 30.50%
Ratio to average net assets of: (d)
Expenses, net of waivers and reimburse-
ments 0.32% 0.33% 0.31% 0.71%
Expenses, before waivers and reimburse-
ments 0.81% 0.86% 1.02% 1.20%
Net investment income, net of waivers and
reimbursements 1.31% 1.27% 1.25% 0.90%
Net investment income, before waivers and
reimbursements 0.82% 0.74% 0.54% 0.41%
Portfolio turnover rate 38.46% 98.43% 26.31% 38.46%
Net assets at end of period (in thousands) $94,899 $77,120 $54,763 $ 44
- --------------------------------------------------------------------------------
</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. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
57
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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 November 30, 1995, Class A, Class C and Class D
units are outstanding.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed:
(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 gains or losses on investments resulting from changes in foreign exchange
rates are included with net realized and unrealized gain (loss) on investments.
(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.
(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 objective of the Portfolio's
foreign currency hedging transactions is to reduce the risk that the U.S.
dollar value of the Portfolio's foreign currency denominated securities will
58
<PAGE>
- --------------------------------------------------------------------------------
decline in value due to changes in foreign currency exchange rates. All forward
foreign currency contracts 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. At November 30, 1995, there
were no contracts outstanding.
(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, 1995, 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>
Amount Years of Expiration
- --------------------------------------------------------
(in thousands)
<S> <C> <C>
Balanced $ 571 2002 to 2003
International Growth 3,282 2003
- --------------------------------------------------------
</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 net assets.
(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.
Income dividends and capital gain distributions are determined in accordance
with income tax regulations.
59
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS--CONTINUED
November 30, 1995
Such amounts may differ from income and capital gains recorded in accordance
with generally accepted accounting principles.
Distributions of short-term and long-term capital gains were declared and paid
December 26, 1995 to unitholders of record on December 21, 1995, as follows:
<TABLE>
<CAPTION>
Short-Term Long-Term
Capital Capital
Gain Gain Total
- --------------------------------------------------
<S> <C> <C> <C>
Balanced -- -- --
Diversified Growth -- $0.1623 $0.1623
Equity Index $0.0532 0.3792 0.4324
Focused Growth -- 0.1897 0.1897
International Growth -- -- --
Small Company Index 0.3661 0.4441 0.8102
- --------------------------------------------------
</TABLE>
(j) Reclassifications
The International Growth Portfolio reclassified approximately $932,000 from
net realized gain on foreign currency transactions to accumulated undistributed
net investment income. This reclassification had no impact on the net asset
value of the Portfolio and is designed to present the Portfolio's capital
accounts on a tax basis. Certain reclassifications have been made to amounts
recorded at November 30, 1994 to conform to the current financial statement
presentation.
3. ADVISORY, TRANSFER AGENCY AND CUSTODIAN AGREEMENTS
The Trust has an investment advisory agreement with Northern whereby each
portfolio pays Northern a fee, computed daily and payable monthly, based on a
specified percentage of its average daily net assets. For the current fiscal
year, Northern voluntarily agreed to waive a portion of the advisory fee for
each portfolio. The annual advisory fees and waiver rates, expressed as a
percentage of average daily net assets, and the amount of fees waived by
Northern for the year ended November 30, 1995, are as follows:
<TABLE>
<CAPTION>
Net Advisory
Advisory Less: Advisory Fees
Fee Waiver Fee Waived
- -------------------------------------------------------
<S> <C> <C> <C> <C>
Balanced .80% .30% .50% $109,000
Diversified Growth .80 .25 .55 384,000
Equity Index .30 .20 .10 760,000
Focused Growth 1.10 .30 .80 228,000
International Growth 1.00 .20 .80 295,000
Small Company Index .40 .20 .20 172,000
- -------------------------------------------------------
</TABLE>
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.
60
<PAGE>
- --------------------------------------------------------------------------------
4. ADMINISTRATION AND DISTRIBUTION AGREEMENTS
The Trust has an administration agreement with Goldman Sachs whereby each
portfolio pays the Administrator a fee, computed daily and payable monthly,
based on the average net assets of each portfolio at the rates set forth below:
<TABLE>
<CAPTION>
Average net assets Rate
- ---------------------------------------
<S> <C>
For the first $100,000,000 .250%
For the next $200,000,000 .150
For the next $450,000,000 .075
For net assets over $750,000,000 .050
- ---------------------------------------
</TABLE>
For the current fiscal year, Goldman Sachs voluntarily agreed to limit
administration fees to .10% of average daily net assets for each portfolio. In
addition, Goldman Sachs agreed to waive a portion of its administrative fees
should overall administration fees earned during the preceding year exceed
certain specified levels. Furthermore, Goldman Sachs has agreed to reimburse
each portfolio for certain expenses in the event that such expenses, as
defined, exceed on an annualized basis .10% of its average daily net assets.
A summary of the administration fees waived and expense reimbursements for the
year ended November 30, 1995 were as follows:
<TABLE>
<CAPTION>
Administration Expense
Fees Waived Reimbursements
- ---------------------------------------------------
<S> <C> <C>
Balanced $ 54,000 $ 80,000
Diversified Growth 177,000 100,000
Equity Index 230,000 195,000
Focused Growth 114,000 87,000
International Growth 174,000 --
Small Company Index 129,000 117,000
- ---------------------------------------------------
</TABLE>
Goldman Sachs receives no compensation under the distribution agreement.
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 at an annual rate of up to .10%,
.15% and .25% of the average daily net asset value of the outstanding Class B,
C and D units, respectively. These fees are included in other expenses on the
Statements of Operations.
6. FUTURES CONTRACTS
Each portfolio may invest in long futures contracts to maintain liquidity or
short futures contracts for hedging purposes. 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 recorded and payments are made, on a daily
basis, between the portfolio and the broker. The Statements of Operations
reflects gains and losses as realized for closed futures contracts and as
unrealized for open contracts.
At November 30, 1995, the Equity Index and Small Company Index Portfolios had
entered into long exchange traded futures contracts. The aggregate market value
of investments pledged to cover margin requirements for open positions at
November 30, 1995 was approximately $949,000 and $89,000 for the Equity Index
and Small Company Index Portfolios, respectively.
61
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS--CONTINUED
November 30, 1995
7. INVESTMENT TRANSACTIONS
Investment transactions for the year ended November 30, 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 $13,024 $ 19,545 $12,683 $ 18,345
Diversified Growth -- 124,267 -- 174,287
Equity Index -- 160,428 -- 55,930
Focused Growth -- 74,515 -- 62,897
International Growth -- 315,827 -- 290,266
Small Company
Index -- 32,808 -- 38,127
- -------------------------------------------------------------------
</TABLE>
On November 30, 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
Net Tax
Appreciation Depreciation Appreciation purposes
- ---------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Balanced $ 4,498 $ 144 $ 4,354 $ 33,570
Diversified Growth 26,523 941 25,582 121,291
Equity Index 102,818 9,252 93,566 405,629
Focused Growth 15,756 1,007 14,749 73,213
International Growth 7,598 7,164 434 148,200
Small Company
Index 19,882 8,026 11,856 82,881
- ---------------------------------------------------------------------
</TABLE>
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 year ended November 30, 1995 was approximately
$41,300, $49,500 and $12,700, for the Diversified Growth, Equity Index and
Small Company Index Portfolios, respectively. This amount is included in other
expenses on the statement of operations.
As of November 30, 1995, there were no outstanding borrowings.
9. UNIT TRANSACTIONS
Transactions in Class A units for the year ended November 30, 1995 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- -----------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Balanced 1,054 114 959 209
Diversified Growth 3,123 128 7,920 (4,669)
Equity Index 17,925 1,174 11,059 8,040
Focused Growth 2,560 10 1,605 965
International Growth 6,479 97 4,573 2,003
Small Company
Index 1,491 451 1,736 206
- -----------------------------------------------------------------
</TABLE>
62
<PAGE>
- --------------------------------------------------------------------------------
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 the Class C units (in thousands) for the year ended November
30, 1995, were sales of 1,353 units; reinvested distributions of 7 units, and
redemptions of 31 units, resulting in a net unit increase of 1,329 units, for
the Equity Index Portfolio.
Transactions in Class D units for the period ended November 30, 1995 were as
follows:
<TABLE>
<CAPTION>
Reinvested Net
Sales distributions Redemptions increase
- -------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Diversified Growth 17 -- 3 14
Equity Index 58 1 1 58
Focused Growth 39 -- -- 39
Small Company Index 3 -- -- 3
- -------------------------------------------------------------
</TABLE>
Transactions in Class D units for the period ended November 30, 1994 were as
follows:
<TABLE>
<CAPTION>
Reinvested Net
Sales distributions Redemptions increase
- --------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Diversified Growth 4 -- -- 4
Equity Index 1 -- -- 1
International Growth 2 -- -- 2
- --------------------------------------------------------------
</TABLE>
63
<PAGE>
The Benchmark Funds
Equity Portfolios
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Unitholders and Trustees of
The Benchmark Funds
Equity Portfolios
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of the Balanced, Diversified Growth,
Equity Index, Focused Growth, International Growth and Small Company Index
Portfolios, comprising the Equity Portfolios of The Benchmark Funds, as of
November 30, 1995, and the related statements of operations for the year then
ended, and changes in net assets and financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the investments owned at
November 30, 1995 by physical examination of the securities held by the
custodian and by correspondence with outside depositories and brokers. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Balanced, Diversified Growth, Equity Index, Focused Growth, International
Growth and Small Company Index Portfolio, comprising the Equity Portfolios of
The Benchmark Funds, at November 30, 1995, the results of their operations and
the changes in their net assets and financial highlights for the periods
indicated therein, in conformity with generally accepted accounting principles.
[SIGNATURE LOGO ERNST & YOUNG LLP]
Chicago, Illinois
January 16, 1996
64
<PAGE>
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<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<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
Auditors
Ernst & Young LLP
233 S. Wacker Dr.
Chicago, IL 60606
Legal Counsel
Drinker Biddle & Reath
1345 Chestnut Street
Philadelphia, PA 19107
This 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
Annual Report
November 30, 1995
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK BOND PORTFOLIO
The precipitous decline in interest rates over the past year led to outstanding
portfolio returns. Slower economic growth in early 1995 caught most investors
off guard and set the stage for a strong rally. Low inflation and the federal
government's move toward fiscal responsibility continued to propel the market
throughout the year.
Intermediate maturities saw the largest decline in yield, with decreases over
2%. The corporate bond sector was the period's best-performing sector, while
the mortgage-backed securities sector suffered due to an increase in prepayment
fears.
The portfolio had a strong year relative to its benchmark index. Our
securities selection, which emphasized positively convex putable corporates and
deep discount CMOs, overcame a cautious interest rate posture, which hurt the
portfolio early in the period. An overweighting in corporates added to
performance at the sector level, while our yield curve positioning detracted
from results.
Looking forward, the portfolio is in a normal interest rate posture. We
believe the slow-growth, low-inflation, fiscally-improving environment will
remain for the near term, and this should continue to support bonds. Our yield
curve posture is close to neutral, though we overweighted long maturities at
the expense of 10-year maturities. We may shift to a position that will benefit
from yield curve steepening when it appears that Federal Reserve easing is
imminent. We recently reduced our non-Treasury exposure, but the portfolio
remains underweighted in Treasuries. Insurance company surplus notes, perpetual
floaters and holdover putable positions are our favorite corporate positions.
Mortgages are historically attractive, and we may add pass-through exposure.
Mark Wirth, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK BOND
PORTFOLIO VS. THE LEHMAN BROTHERS
GOVERNMENT/CORPORATE BOND INDEX
- --------------------------------------------------------------------------------
-.- Bond Portfolio
- -.- - Lehman Brothers Government/Corporate Index
- --------------------------------------------------------------------------------
[GRAPHS APPEAR HERE]
Lehman Brothers
Bond Portfolio Government/Corporate Index
--------------------------------------------------
1/11/93 $10,000 $10,000
11/30/93 11,061 11,052
11/30/94 10,614 10,640
11/30/95 12,901 12,586
Past performance is not predictive of future performance.
Lehman Brothers
Average Annual Total Returns Government/
For Periods Ended Class A Corporate
November 30, 1995: Units Bond Index
- ----------------------------------------------------------------------
One Year: 21.55% 18.29%
- ----------------------------------------------------------------------
Since Commencement on 1/11/93: 9.22% 8.29%
- ----------------------------------------------------------------------
Bond Portfolio Lehman Brothers
---------------------------------------------
7/3/95 $10,000 $10,000
11/30/95 10,592 10,491
Past performance is not predictive of future performance.
Lehman Brothers
Average Annual Total Returns Government/
For Period Ended Class C Corporate
November 30, 1995: Units Bond Index
- -----------------------------------------------------------------------
Since Commencement on 7/3/95: 5.92% 4.91%
- -----------------------------------------------------------------------
Average Annual Total Returns are not annualized for periods less than one year.
Bond Portfolio Lehman Brothers
---------------------------------------------
9/14/94 $10,000 $10,000
11/30/94 9,909 9,919
11/30/95 11,996 11,733
Past performance is not predictive of future performance.
Lehman Brothers
Average Annual Total Returns Government/
For Periods Ended Class D Corporate
November 30, 1995: Units Bond Index
- -----------------------------------------------------------------------
One Year: 21.06% 18.29%
- -----------------------------------------------------------------------
Since Commencement on 9/14/94: 16.17% 13.80%
- -----------------------------------------------------------------------
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 amount invested.
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK INTERNATIONAL BOND PORTFOLIO
The weak global economy and muted inflationary pressures created a dramatic
bond market rally worldwide, resulting in a healthy 18.20% return for the Class
A units of the portfolio for the year ended November 30, 1995. This
performance, though, lagged slightly behind that of the portfolio's benchmark
index. This was due to the portfolio's defensive interest rate posture at the
beginning of the fiscal year and overweight position in U.S. dollars, which
hurt its performance during the first six months of 1995.
The portfolio generally benefits from declining interest rates, a scenario we
witnessed in 1995. In addition, since the portfolio is invested primarily in
non-dollar currencies, it typically performs well when the U.S. dollar weakens.
On the other hand, when the U.S. dollar is strong versus most global
currencies, the portfolio's performance may suffer.
In mid-year, we increased the portfolio's interest-rate sensitivity to align
it more closely with its benchmark index, and we reduced the U.S. dollar's
underweighting with respect to German currency. Additionally, we increased the
underweighting in Japan.
Going forward, we will emphasize the U.S. dollar block markets (United
States, Canada and Australia) at the expense of the Japanese market. We also
plan to invest in higher yielding European markets.
Mike Lannan, Portfolio Manager
COMPARISON OF CHANGE IN VALUE
OF $10,000 INVESTMENT IN BENCHMARK
INTERNATIONAL BOND PORTFOLIO VS. THE
J.P.MORGAN NON-U.S. GOVERNMENT BOND
INDEX
- --------------------------------------------------------------------------------
-.- International Bond Portfolio
- -.- - J.P. Morgan Non-U.S. Government Bond Index
- --------------------------------------------------------------------------------
[GRAPHS APPEAR HERE]
International Bond J.P. Morgan
------------------------------------------
3/28/94 $10,000 $10,000
11/30/94 10,403 10,521
11/30/95 12,296 12,589
Past performance is not predictive of future performance.
J.P. Morgan
Average Annual Total Returns Non-U.S.
For Periods Ended Class A Government
November 30, 1995: Units Bond Index
- ---------------------------------------------------------------------
One Year: 18.20% 19.66%
- ---------------------------------------------------------------------
Since Commencement on 3/28/94: 13.10% 14.69%
- ---------------------------------------------------------------------
Diversified Grow. S&P 500
------------------------------------------
11/22/95 $10,000 $10,000
11/30/95 9,922 9,912
Past performance is not predictive of future performance.
J.P. Morgan
Average Annual Total Returns Non-U.S.
For Periods Ended Class D Government
November 30, 1995: Units Bond Index
- ---------------------------------------------------------------------
Since Commencement on 11/22/95: (0.78)% (0.88)%
- ---------------------------------------------------------------------
Average Annual Total Returns are not annualized for periods less than one year.
2
<PAGE>
- --------------------------------------------------------------------------------
THE BENCHMARK SHORT DURATION PORTFOLIO
The dramatic decline in short-term interest rates had a great impact on the
portfolio during the fiscal year ended November 30, 1995. The Lehman Brothers
Short (1-3) Investment Grade Debt Index, with an average maturity significantly
longer than what may be maintained by the portfolio, continued to outperform
the portfolio during fiscal year 1995. The portfolio performed nearly as well
as the 3 month LIBOR Index, and outperformed the 90-Day Treasury Bill Index,
primarily because of the portfolio's positions in two-year Treasuries and
asset-backed floating-rate securities. These investments provided the portfolio
with a longer duration, which helped its performance as interest rates
declined, as well as a yield advantage.
We maintained a buy-and-hold strategy throughout the period. The portfolio's
composition did not change much throughout the course of the fiscal year, but
compared to the previous fiscal year its duration and average maturity were
longer. This was due to a much more favorable interest-rate environment during
fiscal year 1995.
In our efforts to maintain portfolio liquidity, we employed a barbell
maturity structure whereby we focused on the two-year section of the yield
curve and LIBOR floating-rate notes. This strategy allowed us to maintain an
average life of around half a year.
Looking ahead to the next 12 months, we plan to maintain the same strategies.
We believe the portfolio will continue to perform well as interest rates remain
relatively low. We feel that the portfolio remains an attractive alternative
for investors who want to keep their money in a short-term strategy for more
than three to six months.
Jerry Pearson, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK SHORT
DURATION PORTFOLIO, THE LEHMAN
BROTHERS SHORT (1-3) INVESTMENT GRADE
DEBT INDEX AND THE 3 MONTH LIBOR
INDEX
[GRAPH APPEARS HERE]
CLASS A UNITS Short Duration Lehman Brothers 3 Month LIBOR
- -----------------------------------------------------------------
6/2/93 $10,000 $10,000 $10,000
11/30/93 10,173 10,362 10,164
11/30/94 10,543 10,518 10,620
11/30/95 11,191 11,714 11,285
Past performance is not predictive of future performance.
Average Annual Total Returns
For Periods Ended Class A Lehman 3 Month
November 30, 1995: Units Brothers LIBOR
- ------------------------------------------------------------------------
One Year: 6.14% 11.37% 6.26%
- ------------------------------------------------------------------------
Since Commencement on 6/2/93: 4.60% 6.54% 4.96%
- ------------------------------------------------------------------------
3
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK SHORT-INTERMEDIATE BOND PORTFOLIO
The precipitous decline in interest rates over the past year led to outstanding
portfolio returns. Slower economic growth in early 1995 caught most investors
off guard and set the stage for a strong rally. Low inflation and the federal
government's move toward fiscal responsibility continued to propel the market
throughout the year.
Intermediate maturities saw the largest decline in yield, with decreases over
2%. The corporate bond sector was the period's best-performing sector, while
the mortgage-backed securities sector suffered due to an increase in prepayment
fears.
The portfolio's performance lagged behind that of its benchmark somewhat, due
to a defensive interest rate posture early in the year. In June, 1995 we
adopted a more neutral interest rate posture, which moved the portfolio's
duration in line with its benchmark. The portfolio was marginally overweighted
in non-Treasuries for the period, which added to the portfolio's relative
performance.
Looking forward, the portfolio is in a normal posture with respect to
interest rates. We believe the slow-growth, low inflation, fiscally improving
environment will remain for the near term, and this should continue to support
bonds. Our yield curve exposure is positioned to benefit from an expected
steepening in short- to intermediate-term securities. We continue to maintain a
slight overweighting in non-Treasuries, emphasizing mortgage-backed and asset-
backed securities with stable average life.
Mark Wirth, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK SHORT-
INTERMEDIATE BOND PORTFOLIO VS. THE
MERRILL LYNCH 1-5
CORPORATE/GOVERNMENT INDEX
- -----------------------------------------------------------------------------
-.- Short-Intermediate Bond Portfolio
- -.- - Merrill Lynch 1-5 Corporate/Government Index
- -----------------------------------------------------------------------------
[GRAPHS APPEAR HERE]
Short-Intermediate Merrill Lynch 1-5
- ----------------------------------------------------------
1/11/93 $10,000 $10,000
11/30/93 10,590 10,612
11/30/94 10,679 10,567
11/30/95 11,916 11,861
- ----------------------------------------------------------
Past Performance is not predictive of future performance.
Merrill Lynch
Average Annual Total Returns 1-5 Corporate/
For Periods Ended Class A Government
November 30, 1995: Units Bond Index
- ----------------------------------------------------------------------
One Year: 11.58% 12.24%
- ----------------------------------------------------------------------
Since Commencement on 1/11/93: 6.26% 6.09%
- ----------------------------------------------------------------------
Short-Intermediate Merrill Lynch 1-5
- ----------------------------------------------------------
9/14/94 $10,000 $10,000
11/30/94 9,962 9,928
11/30/95 11,067 11,143
- ----------------------------------------------------------
Past Performance is not predictive of future performance.
Merrill Lynch
Average Annual Total Returns 1-5 Corporate/
For Periods Ended Class D Government
November 30, 1995: Units Bond Index
- ----------------------------------------------------------------------
One Year: 11.09% 12.24%
- ----------------------------------------------------------------------
Since Commencement on 9/14/94: 8.71% 9.34%
- ----------------------------------------------------------------------
4
<PAGE>
- --------------------------------------------------------------------------------
THE BENCHMARK U.S. GOVERNMENT SECURITIES PORTFOLIO
While the portfolio is limited to investing in U.S. Treasury and government
agency securities, we usually emphasize Treasuries because the incremental
yield advantage of agencies typically does not compensate investors for the
liquidity foregone relative to Treasuries.
In particular, any additional yield obtained in government portfolios this
year was inconsequential when coupled with the relative price gains or losses
caused by being on the correct side of the interest rate forecast. Throughout
the fiscal year ended November 30, 1995, rates declined between 2.0% and 2.25%
in the two- to five-year sector of the market. This dramatic decline caused
most bond portfolios to show overall returns that are more traditionally
associated with equity products.
The portfolio's slight underperformance relative to its benchmark index was
due primarily to its shorter duration during the first quarter of 1995. With
less interest rate sensitivity than the index, the portfolio did not benefit as
much when rates declined. However, as the year progressed, we gradually
increased the portfolio's duration to a neutral stance in the middle of the
year and to a longer posture toward the end of the year. This greater interest
rate sensitivity helped the portfolio's performance late in the fiscal year.
Going forward, we plan to maintain the portfolio's modestly long duration, as
we believe that a slowing economy and good news on the U.S. budget front may
cause the Federal Reserve to lower short-term rates in early 1996. We will
continue to monitor the agency/Treasury relative value tradeoff and add agency
exposure where appropriate in order to add incremental yield.
Steve Schafer, Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN BENCHMARK
U.S. GOVERNMENT SECURITIES PORTFOLIO
VS. THE MERRILL LYNCH 1-5 GOVERNMENT
INDEX
[GRAPHS APPEAR HERE]
U.S. Government Merrill Lynch 1-5
CLASS A UNITS Securities Portfolio Government Index
--------------------------------------------------
4/5/93 $10,000 $10,000
11/30/93 10,300 10,345
11/30/94 10,241 10,293
11/30/95 11,386 11,537
Past performance is not predictive of future performance.
Average Annual Total Returns Merrill Lynch
For Periods Ended Class A 1-5 Government
November 30, 1995: Units Index
- ---------------------------------------------------------------------
One Year: 11.18% 12.08%
- ---------------------------------------------------------------------
Since Commencement on 4/5/93: 5.01% 5.53%
- ---------------------------------------------------------------------
CLASS D UNITS U.S. Government Merrill Lynch 1-5
Securities Portfolio Government Index
--------------------------------------------------
9/15/94 $10,000 $10,000
11/30/94 9,911 9,913
11/30/95 10,968 11,110
Past performance is not predictive of future performance.
Average Annual Total Returns Merrill Lynch
For Periods Ended Class D 1-5 Government
November 30, 1995: Units Index
- -----------------------------------------------------------------------
One Year: 10.66% 12.08%
- -----------------------------------------------------------------------
Since Commencement on 9/15/94: 7.92% 9.09%
- -----------------------------------------------------------------------
5
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
THE BENCHMARK U.S. TREASURY INDEX PORTFOLIO
The Treasury market showed considerable strength during fiscal year 1995. As
interest rates declined throughout the period, yields on Treasury securities
fell and prices increased.
In addition to the favorable interest rate environment, the Treasury market
was positively influenced by weak inflation and a slow economy. Later in the
year, optimism over a balanced budget contributed to the Treasury market's
performance.
As it is designed to do, the U.S. Treasury Index Portfolio performed in line
with the Lehman Brothers Treasury Bond Index during the period from December 1,
1994, to November 30, 1995. We will continue to invest in securities
represented by the Index in our effort to provide returns that closely
approximate those of the Index.
Richard Steck, Portfolio Manager
COMPARISON OF CHANGE IN VALUE
OF $10,000 INVESTMENT IN BENCHMARK
U.S. TREASURY INDEX PORTFOLIO VS. THE
LEHMAN BROTHERS TREASURY BOND INDEX
[GRAPHS APPEAR HERE]
U.S. Treasury Lehman Brothers
CLASS A UNITS Index Portfolio Treasury Bond Index
--------------------------------------------------
1/11/93 $10,000 $10,000
11/30/93 10,994 11,019
11/30/94 10,576 10,625
11/30/95 12,369 12,473
Past performance is not predictive of future performance.
Average Annual Total Returns Lehman Brothers
For Periods Ended Class A U.S. Treasury
November 30, 1995: Units Bond Index
- -------------------------------------------------------------------------
One Year: 16.95% 17.40%
- -------------------------------------------------------------------------
Since Commencement on 1/11/93: 7.64% 7.95%
- -------------------------------------------------------------------------
U.S. Treasury Lehman Brothers
CLASS D UNITS Index Portfolio Treasury Bond Index
--------------------------------------------------
11/16/94 $10,000 $10,000
11/30/94 10,090 10,100
11/30/95 11,712 11,821
Past performance is not predictive of future performance.
Average Annual Total Returns Lehman Brothers
For Periods Ended Class D U.S. Treasury
November 30, 1995: Units Bond Index
- ---------------------------------------------------------------------
One Year: 16.43% 17.40%
- ---------------------------------------------------------------------
Since Commencement on 11/16/94: 16.38% 17.48%
- ---------------------------------------------------------------------
6
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------
BOND PORTFOLIO
<C> <C> <S> <C>
ASSET-BACKED SECURITIES--0.9%
AUTOMOTIVE--0.8%
General Motors
Acceptance Corp.
Class A, Series:
1993-B
$ 2,252 4.000% 09/15/98 $ 2,224
HOME EQUITY LOANS--0.1%
U.S. Home Equity
Loan, Class A,
Series: 1991-2
236 8.500% 04/15/21 240
- -----------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $2,488) $ 2,464
- -----------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--
4.8%
Capstead Securities
Corp.
Class XII-B, Series:
1992-XII
$ 64 8.325% 11/25/05 $ 64
Delta Funding Corp.,
Interest Only
Stripped Security,
Class A-4, Series:
1991-1*
7,557 -- 01/01/06 410
DLJ Mortgage
Acceptance Corp.
7,760 7.250% 05/25/24 7,789
DLJ Mortgage
Acceptance Corp.,
Adjustable Rate,
Interest Only
Stripped Security*
26,842 -- 11/25/25 2,776
GE Capital Mortgage
Services Inc.
Class A-13, Series:
1994-4
4,637 4.583% 01/25/24 2,782
- -----------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $13,526) $ 13,821
- -----------------------------------------
CORPORATE AND GOVERNMENT BONDS--7.9%
FINANCIAL--1.8%
General Motors
Acceptance Corp.
$ 4,285 8.875% 06/01/10 $ 5,182
FOREIGN GOVERNMENT BONDS--1.9%
Ferrovie Dello Stato
(Italy)
4,540 9.125% 07/06/09 5,417
SUPRA-NATIONAL--4.2%
African Development
Bank
4,200 6.875% 10/15/15 4,183
International
American Development
Bank
200 8.875% 06/01/09 251
6,400 8.400% 09/01/09 7,751
--------
12,185
- -----------------------------------------
TOTAL CORPORATE AND GOVERNMENT
BONDS (Cost $21,475) $ 22,784
- -----------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- ----------------------------------------
Principal Maturity
Amount Rate Date Value
- ----------------------------------------
<C> <C> <S> <C>
U.S. GOVERNMENT AGENCIES--
22.5%
COLLATERALIZED MORTGAGE OBLIGATIONS--
22.5%
FEDERAL HOME LOAN MORTGAGE CORP.
MULTICLASS--0.0%
Class 1392-S,
Series: 1392
$ 1,915 3.438% 09/15/18 $ 63
FEDERAL HOME LOAN MORTGAGE
CORP. MULTICLASS
INTEREST ONLY STRIPPED SECU-
RITIES*--0.1%
Class 204-E,
Series: 204
-- -- 05/15/23 440
FEDERAL HOME LOAN MORTGAGE
CORP. MULTICLASS
PRINCIPAL ONLY STRIPPED SE-
CURITIES*--5.7%
Class B, Series:
G011
912 -- 04/25/23 597
Class D, Series:
1571
13,511 -- 08/15/23 8,882
Class PD, Series:
1750-C
10,756 -- 03/15/24 7,136
--------
16,615
FEDERAL NATIONAL MORTGAGE ASSOCIATION
REMIC TRUST--5.6%
Class SA, Series:
1991-127
795 11.257% 09/25/98 834
Class 3-D, Series:
1990-3
2,031 8.500% 07/25/18 2,069
Class C, Series:
1991-140
1,692 8.500% 05/25/20 1,696
Class G, Series:
1992-73
7,500 7.500% 04/25/21 7,674
Class SB, Series:
1994-59
6,364 2.484% 03/25/24 3,877
--------
16,150
FEDERAL NATIONAL MORTGAGE AS-
SOCIATION REMIC TRUST
INTEREST ONLY STRIPPED SECU-
RITIES*--0.1%
Class S, Series: G-
12
-- -- 05/25/21 579
FEDERAL NATIONAL MORTGAGE AS-
SOCIATION REMIC TRUST PRIN-
CIPAL ONLY STRIPPED SECURI-
TIES*--11.0%
Class B, Series:
1993-161
7,873 -- 10/25/18 7,285
Class C, Series:
1989-16
263 -- 03/25/19 259
Class D, Series:
1993-132
2,194 -- 10/25/22 1,552
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- -------------------------------------------------
Principal Maturity
Amount Rate Date Value
- -------------------------------------------------
<C> <C> <S> <C>
BOND PORTFOLIO--CONTINUED
FEDERAL NATIONAL MORTGAGE ASSOCIATION REMIC TRUST
PRINCIPAL ONLY STRIPPED SECURITIES*--CONTINUED
Class B, Series:
1993-146
$ 7,780 -- 05/25/23 $ 7,288
Class B, Series:
1993-253
8,575 -- 02/25/23 7,518
Class G, Series:
1994-9
3,126 -- 11/25/23 2,902
Class C, Series:
1994-25
6,612 -- 11/25/23 4,742
--------
31,546
- -------------------------------------------------
MORTGAGE-BACKED SECURITY--
0.0%
FEDERAL HOME LOAN MORTGAGE
CORP.
$ 2 6.500% 06/01/04 $ 2
- -------------------------------------------------
TOTAL U.S. GOVERNMENT AGEN-
CIES
(Cost $56,397) $65,395
- -------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--39.8%
U.S. TREASURY NOTES--20.1%
$ 1,825 7.375% 05/15/96 $ 1,840
11,485 7.625% 05/31/96 11,603
4,495 7.875% 07/31/96 4,565
7,000 7.250% 11/15/96 7,116
7,310 6.750% 02/28/97 7,428
6,600 6.750% 05/31/99 6,859
18,145 6.875% 08/31/99 18,970
--------
58,381
U.S. TREASURY BONDS--19.7%
5,090 9.375% 02/15/06 6,468
1,000 8.000% 11/15/21 1,221
27,500 7.125% 02/15/23 30,611
15,845 7.625% 02/15/25 18,848
--------
57,148
- -------------------------------------------------
TOTAL U.S. GOVERNMENT OBLI-
GATIONS
(Cost $111,376) $115,529
- -------------------------------------------------
FLOATING RATE BANK NOTES--
12.6%
Bergen Bank
$ 8,745 6.000% 02/29/96 $ 6,798
Hong Kong and
Shanghai Bank
7,515 6.250% 02/23/96 5,952
</TABLE>
<TABLE>
<CAPTION>
Description
- ---------------------------------------
Principal Maturity
Amount Rate Date Value
- ---------------------------------------
<C> <C> <S> <C>
Lloyds Bank PLC
$11,450 6.250% 06/13/96 $ 9,504
National Australia
Bank
3,150 6.150% 04/15/96 2,678
National
Westminster Bank
13,800 6.000% 02/29/96 11,558
- ---------------------------------------
TOTAL FLOATING RATE BANK
NOTES
(Cost $37,081) $ 36,490
- ---------------------------------------
EURODOLLAR TIME DEPOSIT--
10.3%
Landesbank,
Hessenthuringen
Girozentrale
$30,023 5.938% 12/01/95 $ 30,023
- ---------------------------------------
TOTAL EURODOLLAR TIME DE-
POSIT
(Cost $30,023) $ 30,023
- ---------------------------------------
TOTAL INVESTMENTS--98.8%
(Cost $272,366) $286,506
- ---------------------------------------
Other assets, less
liabilities--1.2% 3,619
- ---------------------------------------
NET ASSETS--100.0% $290,125
- ---------------------------------------
- ---------------------------------------
</TABLE>
*At November 30, 1995, yields on these securities ranged from approximately
5.00% to 15.00%. Refer to notes to statements of investments for a discussion
of stripped securities.
See accompanying notes to financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ------------------------------------------------
Principal Amount/ Maturity
Local Currency Rate Date Value
- ------------------------------------------------
INTERNATIONAL BOND PORTFOLIO
<C> <C> <S> <C>
DEBT OBLIGATIONS--96.1%
AUSTRALIAN DOLLAR--6.2%
Commonwealth of
Australia
1,580 10.000% 10/15/02 $ 1,297
Province of
Queensland--Treasury
950 8.000% 05/14/97 713
-------
2,010
BELGIAN FRANC--1.9%
Kingdom of Belgium
16,000 10.000% 08/02/00 637
BRITISH POUND STERLING--10.0%
Abbey National PLC
825 6.000% 08/10/99 1,215
Treasury of United
Kingdom
1,295 8.000% 06/10/03 2,050
-------
3,265
CANADIAN DOLLAR--8.2%
Dominion of Canada
1,075 7.500% 12/01/03 810
Province of Ontario
1,050 7.250% 09/27/05 749
Province of Quebec
1,325 10.250% 10/15/01 1,105
-------
2,664
DANISH KRONE--5.7%
Kingdom of Denmark
10,100 8.000% 03/15/06 1,876
FRENCH FRANC--9.2%
Electricite de
France
6,200 8.600% 04/09/04 1,369
Republic of France
3,000 8.500% 03/12/97 622
4,600 8.250% 02/27/04 1,007
-------
2,998
GERMAN MARK--18.2%
Federal Republic of
Germany
3,025 7.500% 11/11/04 2,274
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------------
Principal Amount/ Maturity
Local Currency Rate Date Value
- ------------------------------------------------
<C> <C> <S> <C>
LKB Global Bond
1,500 6.000% 05/10/99 $ 1,079
Republic of Austria
1,670 8.000% 01/30/02 1,280
Republic of Finland
1,920 5.500% 02/09/01 1,331
-------
5,964
ITALIAN LIRA--9.4%
Republic of Italy
1,415,000 8.500% 04/01/99 830
3,870,000 8.500% 08/01/99 2,248
-------
3,078
JAPANESE YEN--15.9%
Asian Development
Bank
90,000 5.000% 02/05/03 1,018
European Bank for
Reconstruction and
Development
95,000 5.875% 11/26/99 1,098
International Bank
for
Reconstruction and
Development
100,000 4.500% 03/20/03 1,117
Japan Development
Bank
160,000 6.500% 09/20/01 1,957
-------
5,190
NETHERLANDS GUILDER--3.6%
Kingdom of the
Netherlands
1,675 8.500% 03/15/01 1,183
SPANISH PESETA--4.1%
Kingdom of Spain
35,000 11.450% 08/30/98 296
120,000 11.300% 01/15/02 1,030
-------
1,326
SWEDISH KRONA--3.7%
Kingdom of Sweden
7,400 10.250% 05/05/03 1,222
- ------------------------------------------------
TOTAL DEBT OBLIGATIONS
(Cost $28,825) $31,413
- ------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- ---------------------------------------
Principal Maturity
Amount Rate Date Value
- ---------------------------------------
INTERNATIONAL BOND PORTFOLIO--CONTINUED
<C> <C> <S> <C>
EURODOLLAR TIME DEPOSIT--
0.2%
UNITED STATES DOLLAR
Landesbank,
Hessenthuringen
Girozentrale
$ 58 5.938% 12/01/95 $ 58
- ---------------------------------------
TOTAL EURODOLLAR TIME DE-
POSIT
(Cost $58) $ 58
- ---------------------------------------
TOTAL INVESTMENTS--96.3%
(Cost $28,883) $31,471
- ---------------------------------------
Other assets, less liabili-
ties--3.7% 1,211
- ---------------------------------------
NET ASSETS--100.0% $32,682
- ---------------------------------------
- ---------------------------------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- --------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------
<C> <C> <S> <C>
SHORT DURATION PORTFOLIO
ASSET-BACKED SECURITIES--10.9%
Bristol Oaks L.P.
Receivables Master
Trust, Series: 94-
1A
$1,944 6.464% 07/10/99 $ 1,944
Wachovia Credit
Card Master Trust,
Series: 95-1A
3,000 6.045% 03/15/03 2,994
- --------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $4,942) $ 4,938
- --------------------------------------
BANKERS ACCEPTANCES--4.4%
NationsBank,
Georgia
$1,000 6.000% 12/11/95 $ 1,000
NationsBank, Texas
1,000 6.000% 12/11/95 1,000
- --------------------------------------
TOTAL BANKERS ACCEPTANCES
(Cost $2,000) $ 2,000
- --------------------------------------
COMMERCIAL PAPER--80.5%
American Honda
Finance Corp.
$ 500 5.789% 12/06/95 $ 499
American Telephone
& Telegraph Co.
1,000 5.790% 04/18/96 978
BMW U.S. Capital
Corp.
1,000 5.732% 12/19/95 997
Caterpillar
Financial
Australia Ltd.
1,000 5.771% 12/04/95 999
Central Hispano
North American
Capital Corp.
1,000 5.732% 12/19/95 997
Coca Cola
Enterprises, Inc.
1,000 5.736% 12/22/95 996
Cooperative
Association of
Tractor Dealers
625 5.868% 01/18/96 620
Copley Financing
Corp.
1,000 5.841% 12/21/95 997
Countrywide
Funding Corp.
593 5.915% 12/12/95 592
1,000 5.841% 12/14/95 998
CSW Credit, Inc.
1,000 5.778% 02/14/96 988
Equitable of Iowa
Cos.
1,000 5.875% 12/01/95 1,000
1,000 5.858% 12/27/95 996
</TABLE>
<TABLE>
<CAPTION>
Description
- --------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------
<C> <C> <S> <C>
Falcon Asset
Securitization
Corp.
$ 300 5.817% 12/05/95 $ 300
Ford Motor Credit
Corp.
1,000 5.730% 12/13/95 998
GTE Finance Corp.
2,000 5.838% 12/18/95 1,994
ITT Corp.
2,000 5.904% 12/01/95 2,000
Kellogg Co.
1,000 5.778% 12/29/95 995
Merrill Lynch &
Co.
1,000 5.827% 01/30/96 990
1,000 5.802% 03/01/96 985
Nationwide Rural
Utilities
Cooperative
Finance Corp.
400 5.770% 12/20/95 399
Orix America, Inc.
480 5.877% 12/15/95 479
PacifiCorp
556 5.813% 12/01/95 556
Philip Morris
Cos., Inc.
810 5.811% 12/11/95 809
Quaker Oats Co.
1,000 5.916% 12/14/95 998
Renault Credit
International
1,000 5.805% 12/27/95 996
Sears Roebuck
Acceptance Corp.
1,000 5.835% 12/07/95 999
Spiegel Funding
Corp.
2,000 5.832% 12/11/95 1,996
Spintab
AB/Swedmortgage
1,000 5.827% 04/17/96 978
Kingdom of Sweden
825 5.803% 03/25/96 810
Thames Asset
Global
Securitization No.
1, Inc.
657 5.862% 12/12/95 656
Tri-Lateral
Capital (USA),
Inc.
572 6.167% 01/31/96 566
1,000 6.091% 02/15/96 988
1,000 6.093% 02/21/96 987
U.S. West
Communications,
Inc.
900 5.824% 12/13/95 898
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ---------------------------------------------------------
SHORT DURATION PORTFOLIO--CONTINUED
<C> <C> <S> <C>
COMMERCIAL PAPER--CONTINUED
WCP Funding Inc.
$ 1,500 5.757% 12/06/95 $ 1,499
Whirlpool
Financial Corp.
1,117 5.822% 12/20/95 1,113
Woolwich Building
Society
1,000 5.804% 04/02/96 981
- ---------------------------------------------------------
TOTAL COMMERCIAL PAPER
(Cost $36,631) $36,627
- ---------------------------------------------------------
DOMESTIC TIME DEPOSITS--6.6%
Dai-Ichi Kangyo
Bank, New York
$ 1,000 5.890% 12/18/95 $ 1,000
Mitsubishi Bank
Ltd, New York
1,000 5.910% 12/29/95 1,000
Monte Dei Paschi
di Siena, New York
1,000 5.800% 02/21/96 1,000
- ---------------------------------------------------------
TOTAL DOMESTIC TIME DEPOSIT
(Cost $3,000) $ 3,000
- ---------------------------------------------------------
EURODOLLAR TIME DEPOSITS--2.5%
Bank of Tokyo,
London
$ 1,000 5.880% 12/29/95 $ 1,000
Midland Bank PLC,
Grand Cayman
128 5.937% 12/01/95 128
- ---------------------------------------------------------
TOTAL EURODOLLAR TIME DEPOSITS
(Cost $1,128) $ 1,128
- ---------------------------------------------------------
FLOATING RATE NOTES--10.9%
General Motors
Acceptance Corp.
$ 3,000 5.950% 11/07/97 $ 2,974
International
Lease Finance
Corp.
2,000 6.138% 07/15/99 2,000
- ---------------------------------------------------------
TOTAL FLOATING RATE NOTES
(Cost $4,996) $ 4,974
- ---------------------------------------------------------
U.S. GOVERNMENT OBLIGATION--11.1%
U.S. TREASURY NOTE--11.1%
$ 5,000 5.875% 08/15/98 $ 5,057
- ---------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATION
(Cost $5,044) $ 5,057
- ---------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------------------
<C> <C> <S> <C>
REPURCHASE AGREEMENTS--44.0%
SBC Capital Markets, Dated 11/30/95,
Repurchase Price $10,002
(Colld. by U.S. Government
Securities)
$10,000 5.930% 12/01/95 $10,000
UBS Securities, Inc., Dated 11/30/95,
Repurchase Price $10,002
(Colld. by U.S. Government
Securities)
10,000 5.920% 12/01/95 10,000
- -----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $20,000) $20,000
- -----------------------------------------------------------
TOTAL INVESTMENTS--170.9%
(Cost $77,741) $77,724
- -----------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
Liabilities, less other assets--(70.9)% (32,251)
- --------------------------------------------------------------------------------------------------
NET ASSETS--100.0% $45,473
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
</TABLE>
COMMERCIAL PAPER INDUSTRY CONCENTRATIONS:
<TABLE>
<CAPTION>
Percentage
Industry of Net Assets
- --------------------------------------------------------------------------
<S> <C>
Asset-Backed Securities 11.8%
Communications 8.5
Construction and Industrial Machines and Computer Equipment 2.2
Electronic and Other Electric Components 2.4
Executive, Legislative and General Government 1.8
Food and Kindred Products 9.8
Foreign Depository Institutions 5.4
Gas and Combined Utilities 1.2
General Merchandise Stores 2.2
Holding and Other Investment Companies 4.3
Insurance Carriers 11.0
Nondepository Business Credit Institutions 4.4
Nondepository Personal Credit Institutions 3.5
Security and Commodity Broker/Dealers 4.3
Transportation Equipment 7.7
- --------------------------------------------------------------------------
Total 80.5%
- --------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- --------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------
SHORT-INTERMEDIATE BOND PORTFOLIO
ASSET-BACKED SECURITIES--11.6%
AUTOMOTIVE--11.6%
<C> <C> <S> <C>
General Motors
Acceptance Corp.
Grantor Trust
$ 188 5.550% 05/15/97 $ 188
477 4.750% 08/15/97 474
Olympic Automobile
Receivables Trust
4,000 5.950% 11/15/99 4,014
4,163 7.875% 07/15/01 4,292
Premier Auto Trust
4,974 4.750% 02/02/00 4,924
Western Financial
Automobile Loan
Trust
193 6.750% 01/01/97 193
1,638 4.700% 01/01/98 1,621
2,648 7.100% 01/01/00 2,680
- --------------------------------------
TOTAL ASSET-BACKED SECURI-
TIES
(Cost $18,367) $18,386
- --------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATION--2.1%
DLJ Mortgage
Acceptance Corp.
$3,337 7.250% 05/25/24 $ 3,349
- --------------------------------------
TOTAL COLLATERALIZED MORT-
GAGE
OBLIGATION (Cost $3,275) $ 3,349
- --------------------------------------
CORPORATE OBLIGATIONS--7.0%
BROKERAGE SERVICES--1.3%
Salomon Brothers
Inc. Medium Term
Notes
$2,000 5.700% 02/11/98 $ 1,969
FINANCIAL--5.7%
Associates Corp.
of North America
1,795 4.750% 08/01/96 1,782
Greyhound
Financial Corp.
3,590 8.250% 03/11/97 3,686
Transamerica
Financial Group,
Inc.
3,565 8.550% 06/15/96 3,613
-------
9,081
- --------------------------------------
TOTAL CORPORATE OBLIGATIONS
(Cost $11,050) $11,050
- --------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------
<C> <C> <S> <C>
U.S. GOVERNMENT AGENCIES--10.2%
COLLATERALIZED MORTGAGE OBLIGATIONS--10.2%
FEDERAL HOME LOAN MORTGAGE ASSOCIA-
TION
REMIC TRUST PRINCIPAL ONLY*--3.7%
Class BA, Series: 1571
$6,660 -- 04/15/19 $5,992
FEDERAL NATIONAL MORTGAGE ASSOCIATION
REMIC TRUST PRINCIPAL ONLY*--6.5%
Class A, Series: 1195-11
6,000 -- 01/25/24 4,309
Class B, Series: 1993-161
1,968 -- 10/25/18 1,821
Class B, Series: 1993-146
1,300 -- 05/25/23 1,218
Class G, Series: 1994-9
3,126 -- 11/25/23 2,902
---------
10,250
- ------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $14,429) $16,242
- ------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--63.8%
U.S. TREASURY NOTES--63.8%
$4,845 7.375% 05/15/96 $4,886
1,750 7.250% 08/31/96 1,772
7,325 7.250% 11/15/96 7,446
9,565 6.750% 02/28/97 9,719
12,000 5.125% 03/31/98 11,929
8,000 5.375% 05/31/98 7,991
2,000 5.125% 11/30/98 1,983
42,600 6.750% 05/31/99 44,272
10,675 6.875% 08/31/99 11,160
- ------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $99,589) $101,158
- ------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ---------------------------------------
Principal Maturity
Amount Rate Date Value
- ---------------------------------------
<C> <C> <S> <C>
EURODOLLAR TIME DEPOSIT--
4.8%
Landesbank,
Hessenthuringen
Girozentrale
$7,663 5.938% 12/01/95 $ 7,663
- ---------------------------------------
TOTAL EURODOLLAR TIME DE-
POSIT
(Cost $7,663) $ 7,663
- ---------------------------------------
TOTAL INVESTMENTS--99.5%
(Cost $154,373) $157,848
- ---------------------------------------
Other assets, less
liabilities--0.5% 843
- ---------------------------------------
NET ASSETS--100.0% $158,691
- ---------------------------------------
- ---------------------------------------
</TABLE>
*At November 30, 1995, the yields on these securities ranged from 5.00% to
8.00%. Refer to notes to statements of investments for a discussion of stripped
securities.
See accompanying notes to financial statements.
14
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ----------------------------------------------
Principal Maturity
Amount Rate Date Value
- ----------------------------------------------
U.S. GOVERNMENT SECURITIES PORTFOLIO
U.S. GOVERNMENT AGENCIES--11.7%
COLLATERALIZED MORTGAGE OBLIGATIONS--6.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION--2.5%
<C> <C> <S> <C>
Class F, Series: 1230
$ 700 6.500% 05/15/04 $ 700
Class F, Series: 1520
750 5.650% 09/15/04 742
------
1,442
FEDERAL NATIONAL MORTGAGE ASSOCIATION
REMIC TRUST--3.8%
Class 14-F, Series: 1988-
14
452 9.200% 12/25/17 468
Class E, Series: 1992-200
1,000 6.250% 06/25/17 997
Class A, Series: 1995-11*
925 Principal Only 01/25/24 664
------
2,129
MORTGAGE-BACKED SECURITIES--1.8%
FEDERAL HOME LOAN MORTGAGE ASSOCIATION--1.7%
Pool #410092
924 6.997% 11/01/24 941
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.1%
Pool #155756
13 8.500% 06/15/01 14
Pool #688
20 10.000% 12/20/01 21
Pool #183678
18 8.500% 05/15/02 19
------
54
AGENCY OBLIGATIONS--3.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION--0.9%
500 7.130% 06/30/05 509
TENNESSEE VALLEY AUTHORITY NOTE--2.7%
1,500 6.235% 07/15/45 1,540
------
2,049
- ----------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $6,455) $6,615
- ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--83.5%
U.S. TREASURY NOTES--83.5%
<C> <C> <S> <C>
$14,150 6.750% 02/28/97 $14,378
10,000 7.250% 02/15/98 10,373
2,800 7.000% 04/15/99 2,929
3,000 6.750% 05/31/99 3,118
15,000 7.500% 10/31/99 16,029
250 7.500% 11/15/01 274
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $46,711) $47,101
- ------------------------------------------------------
SHORT TERM INVESTMENT--3.6%
Federal Home Loan Bank
Discount Note
$2,015 5.790% 12/01/95 $ 2,015
- ------------------------------------------------------
TOTAL SHORT TERM INVESTMENT
(Cost $2,015) $ 2,015
- ------------------------------------------------------
TOTAL INVESTMENTS--98.8%
(Cost $55,181) $55,731
- ------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Other assets, less liabilities--1.2% 665
- ------------------------------------------------------------------------------
NET ASSETS--100.0% $56,396
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</TABLE>
*The yield on this security was 7.93% at November 30, 1995. Refer to notes to
statements of investments for a discussion of stripped securities.
See accompanying notes to financial statements.
15
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF INVESTMENTS
November 30, 1995
(All amounts in thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- --------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------
U.S. TREASURY INDEX PORTFOLIO
<C> <C> <S> <C>
U.S. GOVERNMENT OBLIGA-
TIONS--97.1%
U.S. TREASURY NOTES--58.7%
$1,800 6.875% 03/31/97 $ 1,834
1,400 5.500% 07/31/97 1,403
1,115 9.250% 08/15/98 1,221
1,500 5.000% 01/31/99 1,479
1,600 5.250% 02/28/99 1,602
200 7.875% 11/15/99 217
1,700 6.375% 01/15/00 1,752
1,000 6.250% 02/15/03 1,033
-------
10,541
U.S. TREASURY BONDS--33.2%
435 13.875% 05/15/11 701
660 14.000% 11/15/11 1,083
590 13.250% 05/15/14 974
535 7.250% 05/15/16 598
900 8.125% 05/15/21 1,111
1,500 6.250% 08/15/23 1,500
-------
5,967
U.S. TREASURY INTEREST ONLY STRIPPED
SECURITIES*--5.2%
530 -- 05/15/97 491
475 -- 08/15/97 434
-------
925
- --------------------------------------
TOTAL U.S. GOVERNMENT OBLI-
GATIONS
(Cost $16,637) $17,433
- --------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- --------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------
<C> <C> <S> <C>
SHORT TERM INVESTMENT--1.6%
Federal Home Loan
Bank Discount Note
$ 290 5.790% 12/01/95 $ 290
- --------------------------------------
TOTAL SHORT TERM INVESTMENT
(Cost $290) $ 290
- --------------------------------------
TOTAL INVESTMENTS--98.7%
(Cost $16,927) $17,723
- --------------------------------------
Other assets, less liabili-
ties--1.3% 237
- --------------------------------------
NET ASSETS--100.0% $17,960
- --------------------------------------
- --------------------------------------
</TABLE>
*At November 30, 1995, the yield on these securities was approximately 5.56%.
Refer to notes to statements of investments for a discussion of stripped
securities.
See accompanying notes to financial statements.
16
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
NOTES TO STATEMENTS OF INVESTMENTS
November 30, 1995
- --The percentage shown for each investment category reflects the value of
investments in that category as a percentage of net assets.
- --Interest rates represent either the stated coupon rate, annualized yield on
date of purchase for discounted notes or, for floating rate securities, the
current reset rate.
- --Stripped securities represent the right to receive either future interest
payments (interest only stripped securities) or principal payments (principal
only stripped securities). The value of variable rate interest only stripped
securities varies directly with changes in interest rates, while the value of
fixed rate interest only stripped securities and the value of principal only
stripped securities varies inversely with changes in interest rates.
17
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 1995
(Amounts in thousands, except net asset value per unit)
<TABLE>
<CAPTION>
Short- U.S. U.S.
International Short Intermediate Government Treasury
Bond Bond Duration Bond Securities Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in securi-
ties, at cost $272,366 $28,883 $57,741 $154,373 $55,181 $16,927
Repurchase agreements,
at cost -- -- 20,000 -- -- --
- ----------------------------------------------------------------------------------------------
Investments in securi-
ties, at value $286,506 $31,471 $57,724 $157,848 $55,731 $17,723
Repurchase agreements,
at value -- -- 20,000 -- -- --
Cash 229 100 -- 2 3 6
Receivables:
Interest 3,013 1,014 234 903 651 227
Foreign tax reclaims -- 62 -- -- -- --
Fund units sold 679 -- -- 15 -- --
Administrator 9 4 18 7 6 6
Deferred organization
costs, net 29 54 49 29 31 28
Other assets 6 11 10 4 1 1
- ----------------------------------------------------------------------------------------------
TOTAL ASSETS 290,471 32,716 78,035 158,808 56,423 17,991
- ----------------------------------------------------------------------------------------------
LIABILITIES:
Payable for:
Fund units redeemed 243 -- 31,500 46 -- 17
Investment securities
purchased -- -- 978 -- -- --
Distributions to
unitholders -- -- 36 -- -- --
Accrued expenses:
Advisory fees 59 19 10 33 11 2
Administration fees 24 3 16 13 4 2
Custodian fees 3 4 11 3 4 3
Transfer agent fees 3 -- 1 1 1 --
Other liabilities 14 8 10 21 7 7
- ----------------------------------------------------------------------------------------------
TOTAL LIABILITIES 346 34 32,562 117 27 31
- ----------------------------------------------------------------------------------------------
NET ASSETS $290,125 $32,682 $45,473 $158,691 $56,396 $17,960
- ----------------------------------------------------------------------------------------------
ANALYSIS OF NET ASSETS:
Paid-in capital $281,258 $30,112 $46,066 $155,142 $56,031 $18,233
Accumulated undistrib-
uted net investment in-
come -- 36 35 206 75 21
Accumulated net realized
gain (loss) on
investments and foreign
currency transactions (5,273) (43) (611) (132) (260) (1,090)
Net unrealized apprecia-
tion (depreciation) on
investments 14,140 2,588 (17) 3,475 550 796
Net unrealized loss on
translation of other
assets and liabilities
denominated in foreign
currencies -- (11) -- -- -- --
- ----------------------------------------------------------------------------------------------
NET ASSETS $290,125 $32,682 $45,473 $158,691 $56,396 $17,960
- ----------------------------------------------------------------------------------------------
Total units outstanding
(no par value), unlim-
ited units authorized
Class A 13,661 1,503 4,554 7,655 2,805 851
Class C 177 -- -- -- -- --
Class D 6 1 -- 1 3 14
- ----------------------------------------------------------------------------------------------
Net asset value, offer-
ing and redemption price
per unit
Class A $ 20.96 $ 21.74 $ 9.99 $ 20.73 $ 20.08 $ 20.78
Class C $ 20.96 -- -- -- -- --
Class D $ 20.94 $ 21.74 -- $ 20.71 $ 20.04 $ 20.75
- ----------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
For the Year Ended November 30, 1995
(Amounts in thousands)
<TABLE>
<CAPTION>
Short- U.S. U.S.
International Short Intermediate Government Treasury
Bond Bond Duration Bond Securities Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTEREST INCOME: $16,703 $2,206(a) $4,377 $ 6,712 $1,800 $1,760
- ---------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 1,592 289 290 732 187 131
Administration fees 499 80 181 283 78 82
Custodian fees 35 47 48 25 24 23
Transfer agent fees 28 3 1 12 3 3
Registration fees 30 18 27 27 19 25
Professional fees 16 1 -- 5 4 3
Trustee fees 7 2 -- 3 2 2
Amortization of deferred
organization costs 13 16 20 13 13 13
Other 15 17 9 15 11 11
- ---------------------------------------------------------------------------------------------
TOTAL EXPENSES 2,235 473 576 1,115 341 293
Less: Voluntary waivers
of investment advisory
and administration fees (1,163) (112) (181) (588) (156) (131)
Less: Expenses reimburs-
able by Administrator (113) (53) (214) (87) (73) (77)
- ---------------------------------------------------------------------------------------------
Net expenses 959 308 181 440 112 85
- ---------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 15,744 1,898 4,196 6,272 1,688 1,675
Net realized gain (loss)
on:
Investments transac-
tions 1,622 708 (41) 735 60 823
Foreign currency trans-
actions -- 23 -- -- -- --
Net change in unrealized
appreciation on
investments 34,676 2,711 161 6,055 1,548 3,234
Net change in unrealized
loss on translation of
other assets and lia-
bilities denominated in
foreign currencies -- (11) -- -- -- --
- ---------------------------------------------------------------------------------------------
NET INCREASE IN NET AS-
SETS RESULTING FROM
OPERATIONS $52,042 $5,329 $4,316 $13,062 $3,296 $5,732
- ---------------------------------------------------------------------------------------------
</TABLE>
(a) Net of $24 in non-reclaimable foreign withholding taxes.
See accompanying notes to financial statements.
19
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended November 30, 1995 and 1994
(Amounts in thousands)
<TABLE>
<CAPTION>
Bond International
Portfolio Bond Portfolio
------------------- ----------------
1994
1995 1994 1995 (a)
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income $ 15,744 $ 17,760 $ 1,898 $ 1,030
Net realized gain (loss) on:
Investments 1,622 (7,342) 708 45
Foreign currency transactions -- -- 23 33
Net change in unrealized appreciation
(depreciation) on investments 34,676 (20,257) 2,711 (123)
Net change in unrealized loss on
translations of other assets and
liabilities denominated in foreign
currencies -- -- (11) --
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 52,042 (9,839) 5,329 985
- ------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS A UNITHOLDERS
FROM:
Net investment income (15,211) (18,190) (2,605) (1,139)
Net realized gain on investment
transactions -- (1,813) -- --
Return of capital (347) (147) -- --
- ------------------------------------------------------------------------------
Total distributions to Class A
unitholders (15,558) (20,150) (2,605) (1,139)
- ------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS C UNITHOLDERS
FROM:
Net investment income (82) -- -- --
Return of capital (2) -- -- --
- ------------------------------------------------------------------------------
Total distributions to Class C
unitholders (84) -- -- --
- ------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS D UNITHOLDERS
FROM:
Net investment income (4) -- -- --
- ------------------------------------------------------------------------------
Total distributions to Class D
unitholders (4) -- -- --
- ------------------------------------------------------------------------------
CLASS A UNIT TRANSACTIONS:
Proceeds from the sale of units 65,433 140,320 6,142 27,325
Reinvested distributions 13,688 18,951 2,073 1,009
Cost of units redeemed (86,462) (117,004) (5,213) (1,233)
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from Class A unit
transactions (7,341) 42,267 3,002 27,101
- ------------------------------------------------------------------------------
CLASS C UNIT TRANSACTIONS:
Proceeds from the sale of units 4,059 -- -- --
Reinvested distributions 84 -- -- --
Cost of units redeemed (574) -- -- --
- ------------------------------------------------------------------------------
Net increase in net assets resulting
from Class C unit transactions 3,569 -- -- --
- ------------------------------------------------------------------------------
CLASS D UNIT TRANSACTIONS:
Proceeds from the sale of units 100 16 9 --
Reinvested distributions 4 -- -- --
Cost of units redeemed (9) -- -- --
- ------------------------------------------------------------------------------
Net increase in net assets resulting
from Class D unit transactions 95 16 9 --
- ------------------------------------------------------------------------------
Net increase (decrease) 32,719 12,294 5,735 26,947
Net assets--beginning of period 257,406 245,112 26,947 --
- ------------------------------------------------------------------------------
NET ASSETS--END OF PERIOD $290,125 $ 257,406 $32,682 $26,947
- ------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME: $ -- $ -- $ 36 $ 36
- ------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on March 28, 1994.
See accompanying notes to financial statements.
20
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Short Duration Short-Intermediate U.S. Government U.S. Treasury
Portfolio Bond Portfolio Securities Portfolio Index Portfolio
- -------------------- -------------------- ---------------------- ------------------
1995 1994 1995 1994 1995 1994 1995 1994
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,196 $ 6,043 $ 6,272 $ 5,035 $ 1,688 $ 1,254 $ 1,675 $ 3,128
(41) (570) 735 (820) 60 (294) 823 (1,913)
-- -- -- -- -- -- -- --
161 (61) 6,055 (3,349) 1,548 (1,070) 3,234 (3,810)
-- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------
4,316 5,412 13,062 866 3,296 (110) 5,732 (2,595)
- ---------------------------------------------------------------------------------------
(4,196) (6,008) (6,177) (5,036) (1,644) (1,251) (1,700) (3,160)
-- (86) -- -- -- -- -- (1,248)
-- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------
(4,196) (6,094) (6,177) (5,036) (1,644) (1,251) (1,700) (4,408)
- ---------------------------------------------------------------------------------------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------
-- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------
-- -- (1) -- (2) -- (4) --
- ---------------------------------------------------------------------------------------
-- -- (1) -- (2) -- (4) --
- ---------------------------------------------------------------------------------------
48,728 55,756 84,233 28,699 58,790 16,317 14,609 4,736
3,722 5,376 5,697 4,611 1,508 1,165 1,392 3,934
(96,900) (157,412) (34,345) (40,481) (30,910) (23,308) (39,656) (35,818)
- ---------------------------------------------------------------------------------------
(44,450) (96,280) 55,585 (7,171) 29,388 (5,826) (23,655) (27,148)
- ---------------------------------------------------------------------------------------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------
-- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------
-- -- 12 1 55 14 281 --
-- -- -- -- 2 -- 4 --
-- -- -- -- (5) -- (3) --
- ---------------------------------------------------------------------------------------
-- -- 12 1 52 14 282 --
- ---------------------------------------------------------------------------------------
(44,330) (96,962) 62,481 (11,340) 31,090 (7,173) (19,345) (34,151)
89,803 186,765 96,210 107,550 25,306 32,479 37,305 71,456
- ---------------------------------------------------------------------------------------
$ 45,473 $ 89,803 $ 158,691 $ 96,210 $ 56,396 $ 25,306 $ 17,960 $ 37,305
- ---------------------------------------------------------------------------------------
$ 35 $ 35 $ 206 $ 112 $ 75 $ 33 $ 21 $ 50
- ---------------------------------------------------------------------------------------
</TABLE>
21
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
<TABLE>
<CAPTION>
Bond Portfolio
-------------------------------------------------------- -----------------------
Class A Class C Class D
----------------------------- -------- ----------------
1995 1994 1993 (a) 1995 (b) 1995 1994 (c)
- ------------------------- -------- -------- -------- -------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD $ 18.29 $ 20.70 $ 20.00 $20.21 $18.29 $18.77
Income from investment
operations:
Net investment income 1.17 1.42 1.42 0.47 1.08 0.28
Net realized and
unrealized gain (loss)
on investments 2.66 (2.21) 0.66 0.74 2.66 (0.48)
- -----------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations 3.83 (0.79) 2.08 1.21 3.74 (0.20)
- -----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS FROM:
Net investment income (1.14) (1.46) (1.38) (0.45) (1.09) (0.28)
Net realized gain on in-
vestments -- (0.15) -- -- -- --
Return of capital (0.02) (0.01) -- (0.01) -- --
- -----------------------------------------------------------------------------------------------------------
Total distributions to
unitholders (1.16) (1.62) (1.38) (0.46) (1.09) (0.28)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) 2.67 (2.41) 0.70 0.75 2.65 (0.48)
- -----------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF
PERIOD $ 20.96 $ 18.29 $ 20.70 $20.96 $20.94 $18.29
- -----------------------------------------------------------------------------------------------------------
Total return (d) 21.55% (4.04)% 10.61% 5.92% 21.06% (0.91)%
Ratio to average net as-
sets of: (e)
Expenses, net of waivers
and reimbursements 0.36% 0.36% 0.36% 0.60% 0.75% 0.75%
Expenses, before waivers
and reimbursements 0.84% 0.87% 0.92% 1.08% 1.23% 1.26%
Net investment income,
net of waivers and re-
imbursements 5.94% 7.31% 7.84% 5.59% 5.48% 6.31%
Net investment income,
before waivers and re-
imbursements 5.46% 6.80% 7.28% 5.11% 5.00% 5.80%
Portfolio turnover rate 74.19% 103.09% 89.06% 74.19% 74.19% 103.09%
Net assets at end of pe-
riod (in thousands) $286,301 $257,391 $245,112 $3,704 $ 120 $ 15
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on January 11, 1993.
(b) Class C units were issued on July 3, 1995.
(c) Class D units were issued on September 14, 1994.
(d) 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. Total
return is not annualized for periods less than one year.
(e) Annualized for periods less than a full year.
See accompanying notes to financial statements.
22
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International Bond
Portfolio Short Duration Portfolio
--------------------------- ----------------------------
Class A Class D Class A
----------------- -------- ----------------------------
1995 1994 (a) 1995 (b) 1995 1994 1993 (c)
- ------------------------ ------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD $ 19.93 $ 20.00 $22.17 $ 9.97 $ 10.03 $ 10.00
Income from investment
operations:
Net investment income 1.26 0.79 0.02 0.59 0.40 0.14
Net realized and
unrealized gain (loss)
on investments and
foreign currency
transactions 2.28 0.01 (0.08) 0.01 (0.05) 0.03
- ------------------------------------------------------------------------------------
Total income (loss) from
investment operations 3.54 0.80 (0.06) 0.60 0.35 0.17
- ------------------------------------------------------------------------------------
DISTRIBUTIONS TO
UNITHOLDERS FROM:
Net investment income
(d) (1.73) (0.87) (0.37) (0.58) (0.40) (0.14)
Net realized gain on
investments -- -- -- -- (0.01) --
- ------------------------------------------------------------------------------------
Total distributions to
unitholders (1.73) (0.87) (0.37) (0.58) (0.41) (0.14)
- ------------------------------------------------------------------------------------
Net increase (decrease) 1.81 (0.07) (0.43) 0.02 (0.06) 0.03
- ------------------------------------------------------------------------------------
NET ASSET VALUE, END OF
PERIOD $ 21.74 $ 19.93 $21.74 $ 9.99 $ 9.97 $ 10.03
- ------------------------------------------------------------------------------------
Total return (e) 18.20% 4.03% (0.78)% 6.14% 3.64% 1.73%
Ratio to average net as-
sets of: (f)
Expenses, net of waiv-
ers and reimbursements 0.96% 0.96% 1.35% 0.25% 0.25% 0.32%
Expenses, before waiv-
ers and reimbursements 1.47% 1.49% 1.86% 0.80% 0.77% 0.50%
Net investment income,
net of waivers and re-
imbursements 5.92% 5.93% 3.26% 5.80% 3.93% 3.00%
Net investment income,
before waivers and re-
imbursements 5.41% 5.40% 2.75% 5.25% 3.41% 2.82%
Portfolio turnover rate 54.46% 88.65% 54.46% 1,272.21% 1,364.00% 434.32%
Net assets at end of pe-
riod (in thousands) $32,673 $26,947 $ 9 $ 45,473 $ 89,803 $186,765
- ------------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on March 28, 1994.
(b) Class D units were issued on November 22, 1995.
(c) Commenced investment operations on June 2, 1993.
(d) For the International Bond Portfolio, distributions to unitholders from net
investment income include amounts relating to foreign currency transactions
which are treated as ordinary income for Federal income tax purposes.
(e) 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. Total
return is not annualized for periods less than one year.
(f) Annualized for periods less than a full year.
See accompanying notes to financial statements.
23
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
<TABLE>
<CAPTION>
Short-Intermediate Bond Portfolio
---------------------------------------------
Class A Class D
--------------------------- ----------------
1995 1994 1993 (a) 1995 1994 (b)
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD $ 19.53 $ 20.33 $ 20.00 $19.53 $19.80
Income from investment opera-
tions:
Net investment income 1.02 0.97 0.85 0.94 0.23
Net realized and unrealized
gain (loss) on investments 1.19 (0.80) 0.31 1.18 (0.27)
- -------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations 2.21 0.17 1.16 2.12 (0.04)
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS
FROM:
Net investment income (1.01) (0.97) (0.83) (0.94) (0.23)
- -------------------------------------------------------------------------------
Total distributions to
unitholders (1.01) (0.97) (0.83) (0.94) (0.23)
- -------------------------------------------------------------------------------
Net increase (decrease) 1.20 (0.80) 0.33 1.18 (0.27)
- -------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 20.73 $ 19.53 $ 20.33 $20.71 $19.53
- -------------------------------------------------------------------------------
Total return (c) 11.58% 0.84% 5.90% 11.09% (0.38)%
Ratio to average net assets of:
(d)
Expenses, net of waivers and
reimbursements 0.36% 0.36% 0.36% 0.75% 0.75%
Expenses, before waivers and
reimbursements 0.91% 0.95% 1.00% 1.30% 1.34%
Net investment income, net of
waivers and reimbursements 5.14% 4.84% 4.79% 4.85% 4.42%
Net investment income, before
waivers and reimbursements 4.59% 4.25% 4.15% 4.30% 3.83%
Portfolio turnover rate 54.68% 48.67% 19.48% 54.68% 48.67%
Net assets at end of period (in
thousands) $158,678 $96,209 $107,550 $ 13 $ 1
- -------------------------------------------------------------------------------
</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. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
24
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Securities Portfolio
-------------------------------------------
Class A Class D
-------------------------- ---------------
1993
1995 1994 (a) 1995 1994(b)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD $ 19.05 $ 20.07 $ 20.00 $19.05 $19.43
Income from investment operations:
Net investment income 1.05 0.91 0.55 0.96 0.22
Net realized and unrealized gain
(loss) on
investments 1.02 (1.02) 0.05 1.00 (0.38)
- --------------------------------------------------------------------------------
Total income (loss) from investment
operations 2.07 (0.11) 0.60 1.96 (0.16)
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (1.04) (0.91) (0.53) (0.97) (0.22)
- --------------------------------------------------------------------------------
Total distributions to unitholders (1.04) (0.91) (0.53) (0.97) (0.22)
- --------------------------------------------------------------------------------
Net increase (decrease) 1.03 (1.02) 0.07 0.99 (0.38)
- --------------------------------------------------------------------------------
Net asset value, end of period $ 20.08 $ 19.05 $ 20.07 $20.04 $19.05
- --------------------------------------------------------------------------------
Total return (c) 11.18% (0.57)% 3.00% 10.66% (.89)%
Ratio to average net assets of: (d)
Expenses, net of waivers and reim-
bursements 0.36% 0.36% 0.43% 0.75% 0.75%
Expenses, before waivers and
reimbursements 1.09% 1.12% 1.18% 1.48% 1.51%
Net investment income, net of
waivers and reimbursements 5.43% 4.62% 4.18% 5.08% 4.65%
Net investment income, before
waivers and reimbursements 4.70% 3.86% 3.43% 4.35% 3.89%
Portfolio turnover rate 141.14% 45.55% 20.59% 141.14% 45.55%
Net assets at end of period (in
thousands) $56,329 $25,293 $32,479 $ 67 $ 13
- --------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on April 5, 1993.
(b) Class D units were issued on September 15, 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. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
25
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For the Years Ended November 30,
<TABLE>
<CAPTION>
U.S. Treasury Index Portfolio
---------------------------------------------
Class A Class D
--------------------------- ----------------
1995 1994 1993 (a) 1995 1994 (b)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD $ 18.77 $ 21.05 $ 20.00 $18.77 $18.80
Income from investment opera-
tions:
Net investment income 1.11 1.15 0.95 1.00 0.09
Net realized and unrealized gain
(loss) on investments 2.01 (1.93) 1.02 2.03 (0.03)
- --------------------------------------------------------------------------------
Total income (loss) from invest-
ment operations 3.12 (0.78) 1.97 3.03 0.06
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS
FROM:
Net investment income (1.11) (1.14) (0.92) (1.05) (0.09)
Net realized gain on investments -- (0.36) -- -- --
- --------------------------------------------------------------------------------
Total distributions to
unitholders (1.11) (1.50) (0.92) (1.05) (0.09)
- --------------------------------------------------------------------------------
Net increase (decrease) 2.01 (2.28) 1.05 1.98 (0.03)
- --------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 20.78 $ 18.77 $ 21.05 $20.75 $18.77
- --------------------------------------------------------------------------------
Total return (c) 16.95% (3.80)% 9.94% 16.43% 0.58%
Ratio to average net assets of:
(d)
Expenses, net of waivers and re-
imbursements 0.26% 0.26% 0.26% 0.65% 0.65%
Expenses, before waivers and re-
imbursements 0.89% 0.79% 0.83% 1.28% 1.18%
Net investment income, net of
waivers and reimbursements 5.09% 5.60% 5.11% 5.41% 6.05%
Net investment income, before
waivers and reimbursements 4.46% 5.07% 4.54% 4.78% 5.52%
Portfolio turnover rate 80.36% 52.80% 77.75% 80.36% 52.80%
Net assets at end of period (in
thousands) $17,674 $37,305 $71,456 $ 286 $ --
- --------------------------------------------------------------------------------
</TABLE>
(a) Commenced investment operations on January 11, 1993.
(b) Class D units were issued on September 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. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
See accompanying notes to financial statements.
26
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
November 30, 1995
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 fixed income portfolios.
The International Bond Portfolio commenced investment operations on March 28,
1994. All other fixed income portfolios commenced investment operations during
the fiscal year ended November 30, 1993.
The Bond, International Bond, Short-Intermediate Bond, U.S. Government
Securities, and U.S. Treasury Index Portfolios have four separate unit classes:
Class A, B, C and D. Each class is distinguished by the level of administrative
support and transfer agent service provided. As of November 30, 1995, Class A,
Class C and Class D units are outstanding.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed:
(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. 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 interest income are translated into U.S.
dollars using the spot market rate of exchange prevailing on the respective
dates of such transactions.
The gains or losses on investments resulting from changes in foreign exchange
rates are included with net realized and unrealized gain (loss) on investments.
(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.
Interest income is recorded on the accrual basis and includes amortization of
discounts and premiums.
(e) Forward Foreign Currency Exchange Contracts
The International Bond 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 objective of the Portfolio's
foreign currency hedging transactions is to reduce the risk that the U.S.
dollar value of the
27
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS--CONTINUED
November 30, 1995
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Portfolio's foreign currency denominated securities will decline in value due
to changes in foreign currency exchange rates. All forward foreign currency
contracts are "marked-to-market" daily at the applicable translation 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. At November 30, 1995, there
were no contracts outstanding.
(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, 1995, the Trust's most recent tax year end, the portfolios had
approximately the following amounts of capital loss carryforwards for U.S.
federal tax purposes:
<TABLE>
<CAPTION>
Amount Year(s) of Expiration
- ----------------------------------------------------------------
(in thousands)
<S> <C> <C>
Bond $5,273 2002 to 2003
International Bond 39 2002
Short Duration 610 2002 to 2003
Short-Intermediate Bond 26 2001 to 2002
U.S. Government Securities 248 2001 to 2003
U.S. Treasury Index 1,068 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 net assets.
(i) Distributions
Dividends from net investment income are declared and paid as follows:
<TABLE>
<CAPTION>
Declared Paid
- -----------------------------------------------
<S> <C> <C>
Bond Monthly Monthly
International Bond Quarterly Quarterly
Short Duration Daily Monthly
Short-Intermediate Bond Monthly Monthly
U.S. Government Securities Monthly Monthly
U.S. Treasury Index Monthly Monthly
- -----------------------------------------------
</TABLE>
Each portfolio's net realized capital gains are distributed at least annually.
Income dividends and capital gains distributions are determined in accordance
with income tax regulations. Such amounts may differ from income and capital
gains recorded in accordance with generally accepted accounting principles.
(j) Reclassifications
The Bond Portfolio reclassified approximately $447,000 from accumulated net
realized gain (loss) on investment transactions to accumulated undistributed
net investment income. The International Bond Portfolio reclassified
approximately $684,000 from accumulated net realized
28
<PAGE>
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
gain (loss) on investment transactions, and $23,000 from net realized gain on
foreign currency transactions, to accumulated undistributed net investment
income. These reclassifications have no impact on the net asset value of the
Portfolios and are designed to present the Portfolios' capital accounts on a
tax basis. Certain reclassifications have been made to amounts recorded at
November 30, 1994 to conform to the current financial statement presentation.
3. ADVISORY, TRANSFER AGENCY AND CUSTODIAN AGREEMENTS
The Trust has an investment advisory agreement with Northern whereby each
portfolio pays Northern a fee, computed daily and payable monthly, based on a
specified percentage of its average daily net assets. For the current fiscal
year, Northern voluntarily agreed to waive a portion of the advisory fee for
each portfolio. The annual advisory fees and waiver rates, expressed as a
percentage of average daily net assets, and the amount of fees waived by
Northern for the year ended November 30, 1995, are as follows:
<TABLE>
<CAPTION>
Net Advisory
Advisory Less: Advisory Fees
Fee Waiver Fee Waived
- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Bond .60% .35% .25% $929,000
International Bond .90 .20 .70 64,000
Short Duration .40 .25 .15 181,000
Short-Intermediate Bond .60 .35 .25 427,000
U.S. Government
Securities .60 .35 .25 109,000
U.S. Treasury Index .40 .25 .15 82,000
- ----------------------------------------------------------
</TABLE>
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, for the Bond, International Bond, Short-Intermediate
Bond, U.S. Government Securities and U.S. Treasury Index Portfolios.
As compensation for the services rendered as custodian for the portfolios, and
for the services rendered as transfer agent for the Short Duration Portfolio,
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
The Trust has an administration agreement with Goldman
Sachs whereby each portfolio pays the Administrator a fee, computed daily and
payable monthly, based on the average net assets of each portfolio at the rates
set forth below:
<TABLE>
<CAPTION>
Average net assets Rate
- ---------------------------------------
<S> <C>
For the first $100,000,000 .250%
For the next $200,000,000 .150
For the next $450,000,000 .075
For net assets over $750,000,000 .050
- ---------------------------------------
</TABLE>
For the current fiscal year, Goldman Sachs voluntarily agreed to limit
administration fees to .10% of average daily net assets for the Bond,
International Bond, Short-Intermediate Bond, U.S. Government Securities and
U.S. Treasury Index Portfolios. In addition, Goldman Sachs agreed to waive a
portion of its administrative fees should overall administration fees earned
during the preceding year exceed certain specified levels. Furthermore, Goldman
Sachs has agreed to reimburse each portfolio for certain expenses in the event
that such expenses, as defined, exceed on an annualized basis .10% of its
average daily net assets.
A summary of the administration fees waived and expense reimbursements for the
year ended November 30, 1995 are as follows:
<TABLE>
<CAPTION>
Administration Expense
Fees Waived Reimbursements
- ---------------------------------------------------------
<S> <C> <C>
Bond $234,000 $113,000
International Bond 48,000 53,000
Short Duration -- 214,000
Short-Intermediate Bond 161,000 87,000
U.S. Government Securities 47,000 73,000
U.S. Treasury Index 49,000 77,000
- ---------------------------------------------------------
</TABLE>
29
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS--CONTINUED
November 30, 1995
4. ADMINISTRATION AND DISTRIBUTION AGREEMENTS (continued)
Goldman Sachs receives no compensation under the distribution agreement.
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 at an annual rate of up to .10%,
.15% and .25% of the average daily net asset value of the outstanding Class B,
C and D units, respectively. These fees are included in other expenses on the
Statements of Operations.
6. INVESTMENT TRANSACTIONS
Investment transactions for the year ended November 30, 1995 (excluding short-
term investments) 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>
Bond $145,997 $28,407 $127,830 $53,562
International
Bond 1,770 17,405 1,841 14,667
Short
Duration 53,966 106,029 52,357 102,115
Short-Intermediate Bond 90,283 17,137 28,658 29,730
U.S.
Government Securities 68,902 608 42,163 --
U.S. Treasury
Index 25,644 -- 48,538 --
- -----------------------------------------------------------------------
</TABLE>
On November 30, 1995, the composition of unrealized appreciation
(depreciation) of investment securities based on the aggregate cost of
investments for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Cost for
Federal
Net Income
Appreciation Tax
Appreciation Depreciation (Depreciation) purposes
- -------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond $15,888 $1,748 $14,140 $272,366
International Bond 2,624 40 2,584 28,887
Short Duration 19 36 (17) 77,741
Short-Intermediate
Bond 3,640 265 3,375 154,473
U.S.
Government Securities 563 15 548 55,183
U.S. Treasury
Index 811 15 796 16,927
- -------------------------------------------------------------------------
</TABLE>
7. 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.
There were no borrowings under this arrangement during the year ended November
30, 1995.
30
<PAGE>
- --------------------------------------------------------------------------------
8. UNIT TRANSACTIONS
Transactions in Class A units for the year ended November 30, 1995 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 3,353 696 4,459 (410)
International
Bond 297 97 243 151
Short Duration 4,868 388 9,707 (4,451)
Short-
Intermediate
Bond 4,158 285 1,714 2,729
U.S.
Government
Securities 2,965 77 1,564 1,478
U.S. Treasury
Index 748 70 1,953 (1,135)
- ----------------------------------------------------------
</TABLE>
Transactions in Class A units for the year ended November 30, 1994 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 6,964 973 5,706 2,231
International
Bond 1,363 51 62 1,352
Short Duration 5,569 537 15,730 (9,624)
Short-
Intermediate
Bond 1,433 232 2,029 (364)
U.S.
Government
Securities 829 60 1,180 (291)
U.S. Treasury
Index 238 196 1,843 (1,409)
- ----------------------------------------------------------
</TABLE>
Transactions in Class C units (in thousands) for the period ended November 30,
1995, were sales of 201 units; reinvested distributions of 4 units, and
redemptions of 28 units, resulting in a net unit increase of 177 units, for the
Bond Portfolio.
Transactions in Class D units for the period ended November 30, 1995 were as
follows:
<TABLE>
<CAPTION>
Reinvested Net
Sales distributions Redemptions increase
- ------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 5 -- -- 5
International Bond 1 -- -- 1
U.S.
Government
Securities 3 -- 1 2
U.S. Treasury
Index 13 -- -- 13
- ------------------------------------------------------------
</TABLE>
Transactions in Class D units for the period ended November 30, 1994 were as
follows:
<TABLE>
<CAPTION>
Reinvested Net
Sales distributions Redemptions increase
- -------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 1 -- -- 1
Short-
Intermediate
Bond 1 -- -- 1
U.S.
Government
Securities 1 -- -- 1
U.S. Treasury
Index 1 -- -- 1
- -------------------------------------------------------
</TABLE>
31
<PAGE>
The Benchmark Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Unitholders and Trustees of
The Benchmark Funds
Fixed Income Portfolios
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of the Bond, International Bond, Short
Duration, Short-Intermediate Bond, U.S. Government Securities and U.S. Treasury
Index Portfolios, comprising the Fixed Income Portfolios of The Benchmark
Funds, as of November 30, 1995, and the related statements of operations for
the year then ended and changes in net assets and financial highlights for the
periods indicated therein. These financial statements and financial highlights
are the responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the investments owned at
November 30, 1995 by physical examination of the securities held by the
custodian and by correspondence with outside depositories and brokers. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Bond, International Bond, Short Duration, Short-Intermediate Bond, U.S.
Government Securities and U.S. Treasury Index Portfolios, comprising the Fixed
Income Portfolios of The Benchmark Funds, at November 30, 1995, the results of
their operations and the changes in their net assets and financial highlights
for the periods indicated therein, in conformity with generally accepted
accounting principles.
[SIGNATURE LOGO ERNST & YOUNG LLP]
Chicago, Illinois
January 16, 1996
32
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<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
Independent Auditors
Ernst & Young LLP
233 S. Wacker Dr.
Chicago, IL 60606
Legal Counsel
Drinker Biddle & Reath
1345 Chestnut Street
Philadelphia, PA 19107
This 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
Fixed
Income
Portfolios
Annual Report
November 30, 1995
