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THE BRINSON RELATIONSHIP FUNDS
BRINSON SHORT-TERM FUND
ANNUAL REPORT
DECEMBER 31, 1995
[ARTWORK APPEARS HERE]
GLOBAL INVESTMENT MANAGEMENT OF INSTITUTIONAL ASSETS
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BRINSON SHORT-TERM FUND
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STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
ASSETS:
Cash ..................................................... $ 10,000
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TOTAL ASSETS.................................... 10,000
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NET ASSETS:
Applicable to 1,000 shares; no par value;
unlimited shares authorized............................ $ 10,000
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Net asset value, offering price and redemption
price per share ($10,000 / 1,000 shares) .............. $ 10.0000
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NET ASSETS CONSISTS OF:
Paid in capital........................................... $ 10,000
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NET ASSETS...................................... $ 10,000
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NOTE:
(1) The Brinson Relationship Funds (the "Trust") was organized as a Delaware
business trust on August 16, 1994 as an investment company under the Investment
Company Act of 1940, as amended. The Brinson Short-Term Fund has been inactive
since that date except for matters relating to its organization and registration
and the sale on April 25, 1995 of 1,000 shares of the Fund for $10,000 to
Fund/Plan Services, Inc., the Trust's administrator. All organization costs were
borne by Brinson Partners, Inc., the Trust's investment advisor.
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THE BRINSON RELATIONSHIP FUNDS - REPORT OF INDEPENDENT AUDITORS
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To the Trustees of The Brinson Relationship Funds and
Shareholder of Brinson Short-Term Fund
We have audited the accompanying statement of assets and liabilities of the
Brinson Relationship Funds: Brinson Short-Term Fund, as of December 31, 1995.
This statement of assets and liabilities is the responsibility of the Trust's
management. Our responsibility is to express an opinion on this statement of
assets and liabilities based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the statement of assets and liabilities is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statement of assets and
liabilities. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
statement of assets and liabilities presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the statement of assets and liabilities presents fairly, in all
material respects, the financial position of The Brinson Relationship Funds:
Brinson Short-Term Fund at December 31, 1995, in conformity with generally
accepted accounting principles.
/s/ Ernst & Young LLP
Chicago, Illinois
February 6, 1996
