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THE BRINSON RELATIONSHIP FUNDS
BRINSON SHORT-TERM FUND
SEMI-ANNUAL REPORT
JUNE 30, 1996
GLOBAL INSTITUTIONAL ASSET MANAGEMENT
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BRINSON SHORT-TERM FUND FINANCIAL STATEMENTS
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STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
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<S> <C>
ASSETS:
Investments, at value (Cost $19,999,325) (Note 1)........ $ 19,999,325
Cash..................................................... 10,000
Receivable for fund shares sold.......................... 20,000,000
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TOTAL ASSETS................................... 40,009,325
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LIABILITIES:
Payable for investment securities purchased.............. 19,999,325
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TOTAL LIABILITIES.............................. 19,999,325
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NET ASSETS:
Applicable to 1,000 shares; no par value;
unlimited shares authorized........................... $ 20,010,000
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Net asset value, offering price and redemption
price per share ($20,010,000 / 2,001,000 shares)...... $ 10.0000
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NET ASSETS CONSISTS OF:
Paid in capital.......................................... $ 20,010,000
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NET ASSETS..................................... $ 20,010,000
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See accompanying notes to financial statements.
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BRINSON SHORT-TERM FUND FINANCIAL STATEMENTS
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STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD JUNE 28, 1996* TO JUNE 30, 1996 (Unaudited)
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<S> <C>
CAPITAL SHARE TRANSACTIONS
Shares sold (a).......................................... $ 20,000,000
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NET ASSETS
Beginning of period...................................... 10,000
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End of period............................................ $ 20,010,000
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(a) A summary of capital share transactions follows:
Shares sold and increase in shares outstanding....... 2,000,000
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* Commencement of operations
See accompanying notes to financial statements.
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BRINSON SHORT-TERM FUND FINANCIAL HIGHLIGHTS
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The table below sets forth financial data for one share of capital stock
outstanding throughout each period presented.
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<CAPTION>
Period Ended
June 30, 1996*
(Unaudited)
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<S> <C>
Net asset value, beginning of period........................ $10.0000
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Total income from investment operations............. --
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Net asset value, end of period.............................. $10.0000
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Total return................................................ 0.00%
Ratios/Supplemental data
Net assets, end of period (in 000s)...................... 20,010
Ratio of expenses to average net assets: 0.00%
Ratio of net investment income to average net assets: 0.00%
Portfolio turnover rate.................................. 0%
</TABLE>
* The Fund commenced operations June 28, 1996
** Annualized
Total return has not been annualized
See accompanying notes to financial statements.
