THE BENCHMARK FUNDS
Equity Portfolios
Fixed Income Portfolios
_______________________________
Supplement dated August 14, 1996 to
Statement of Additional Information dated April 1, 1996
The following information replaces the total return data for the
Portfolios in the section entitled "Performance Information":
The average annual total return and the aggregate total
return advertised by a Portfolio may include, for periods prior
to the commencement of the Portfolio's operations, the
performance of a predecessor collective fund adjusted to reflect
the higher estimated fees and expenses applicable to such
Portfolio's Class A Units at the time of their inception.
Although all such predecessor collective funds were managed by
Northern in a manner and pursuant to investment objectives that
were equivalent in all material respects to the management and
investment objectives of the corresponding Portfolios, such
predecessor collective funds were not registered under the 1940
Act and were not subject to certain investment restrictions
imposed by the 1940 Act. If they had been registered under the
1940 Act, performance might have been adversely affected. The
average annual total return and the aggregate total return
advertised by a Portfolio for a particular class of units may
also include, for the periods prior to the inception of such
class, the performance of the Portfolio's Class A Units. Because
the fees and expenses of Class C and Class D Units are,
respectively, 0.24% and 0.39% higher than those of Class A Units,
actual performance for periods prior to the inception of Class C
and Class D Units would have been lower if such higher fees and
expenses had been taken into account.
Average Annual Total Returns for Periods Ended November 30, 1995
1 Year 5 Year 10 Year Since
Inception
Bond<F1>
Class A
with fee waivers and
expense reimbursements 21.55 11.26 10.38 --
w/o fee waivers and
expense reimbursements 20.98 10.71 9.85 --
Class C
with fee waivers and
expense reimbursements 21.44 11.24 10.37 --
w/o fee waivers and
expense reimbursements 20.86 10.69 9.83 --
<PAGE>
Class D
with fee waivers and
expense reimbursements 21.06 11.16 10.33 --
w/o fee waivers and
expense reimbursements 20.49 10.61 9.79 --
Short-Intermediate Bond<F2>
Class A
with fee waivers and
expense reimbursements 11.58 7.98 7.65 --
w/o fee waivers and
expense reimbursements 10.97 7.37 7.05 --
Class D
with fee waivers and
expense reimbursements 11.09 7.87 7.60 --
w/o fee waivers and
expense reimbursements 10.49 7.25 7.00 --
US Treasury Index<F3>
Inception 1-1-87
Class A
with fee waivers and
expense reimbursements 16.95 9.12 N/A 8.40
w/o fee waivers and
expense reimbursements 16.23 8.49 N/A 7.76
Class D
with fee waivers and
expense reimbursements 16.43 9.03 N/A 8.35
w/o fee waivers and
expense reimbursements 15.71 8.39 N/A 7.70
Short Duration
Inception 6-2-93
with fee waivers and
expense reimbursements 6.14 N/A N/A 4.60
w/o fee waivers and
expense reimbursements 5.56 N/A N/A 4.12
US Government Securities<F4>
Inception 4-5-93
<PAGE>
Class A
with fee waivers and
expense reimbursements 11.18 N/A N/A 5.01
w/o fee waivers and
expense reimbursements 10.38 N/A N/A 4.23
Class D
with fee waivers and
expense reimbursements 10.66 N/A N/A 4.77
w/o fee waivers and
expense reimbursements 9.86 N/A N/A 4.00
International Bond<F5>
Inception 3-28-94
Class A
with fee waivers and
expense reimbursements 18.20 N/A N/A 13.10
w/o fee waivers and
expense reimbursements 17.61 N/A N/A 12.52
Class D
with fee waivers and
expense reimbursements 18.19 N/A N/A 13.09
w/o fee waivers and
expense reimbursements 17.60 N/A N/A 12.51
Diversified Growth<F6>
Class A
with fee waivers and
expense reimbursements 24.55 12.04 11.70 --
w/o fee waivers and
expense reimbursements 24.03 11.57 11.22 --
Class D
with fee waivers and
expense reimbursements 24.19 11.95 11.65 --
w/o fee waivers and
expense reimbursements 23.67 11.47 11.18 --
Focused Growth
Inception 7-1-93
Class A
with fee waivers and
expense reimbursements 28.38 N/A N/A 9.92
w/o fee waivers and
expense reimbursements 27.67 N/A N/A 9.19
<PAGE>
Class D
with fee waivers and
expense reimbursements 27.87 N/A N/A 9.74
w/o fee waivers and
expense reimbursements 27.17 N/A N/A 9.02
Equity Index<F7>
Class A
with fee waivers and
expense reimbursements 36.60 16.49 14.79 --
w/o fee waivers and
expense reimbursements 36.17 16.08 14.41 --
Class C
with fee waivers and
expense reimbursements 36.58 16.48 14.79 --
w/o fee waivers and
expense reimbursements 36.16 16.08 14.41 --
Class D
with fee waivers and
expense reimbursements 36.20 16.42 14.76 --
w/o fee waivers and
expense reimbursements 35.77 16.01 14.38 --
Small Company Index<F8>
Inception 8-1-88
Class A
with fee waivers and
expense reimbursements 27.76 20.52 N/A 11.89
w/o fee waivers and
expense reimbursements 27.14 19.88 N/A 11.31
Class D
with fee waivers and
expense reimbursements 26.02 20.19 N/A 11.68
w/o fee waivers and
expense reimbursements 25.42 19.55 N/A 11.10
International Growth<F9>
Inception 7-1-90
Class A
with fee waivers and
expense reimbursements -2.32 7.84 N/A 4.57
<PAGE>
w/o fee waivers and
expense reimbursements -2.63 7.47 N/A 4.21
Class D
with fee waivers and
expense reimbursements -2.78 7.74 N/A 4.48
w/o fee waivers and
expense reimbursements -3.09 7.37 N/A 4.12
Balanced
Inception 7-1-93
Class A
with fee waivers and
expense reimbursements 20.22 N/A N/A 7.11
w/o fee waivers and
expense reimbursements 19.42 N/A N/A 6.24
- ----------------------
1. For Class A, C and D Units, performance data prior to
January 11, 1993 (commencement of Portfolio) is that of a
predecessor collective fund. For Class C and D Units,
performance data from January 11, 1993 to July 3, 1995
(commencement of Class C Units) and September 14, 1994
(commencement of Class D Units), respectively, is that of
Class A Units. Because fees and expenses of Class C and
Class D Units are .24% and .39%, respectively, higher than
those of Class A Units, actual performance would have been
lower had such fees and expenses been taken into account.
Performance data of the predecessor collective fund is
adjusted to reflect the higher fees and expenses applicable
to Class A Units at the time of their inception.
2. For Class A and D Units, performance data prior to Jan-
uary 11, 1993 (commencement of Portfolio) is that of a
predecessor collective fund. For Class D Units, performance
data from January 11, 1993 to September 14, 1994
(commencement of Class D Units) is that of Class A Units.
Because the fees and expenses of Class D Units are .39%
higher than those of Class A Units, actual performance would
have been lower had such higher fees and expenses been taken
into account. Performance data of the predecessor
collective fund is adjusted to reflect the higher fees and
expenses applicable to Class A Units at the time of their
inception.
3. For Class A and D Units, performance data prior to Jan-
uary 11, 1993 (commencement of Portfolio) is that of a
predecessor collective fund. For Class D Units, performance
data from January 11, 1993 to November 16, 1994
(commencement of Class D Units) is that of Class A Units.
<PAGE>
Because the fees and expenses of Class D Units are .39% higher
than those of Class A Units, actual performance would have been
lower had such higher fees and expenses been taken into account.
Performance data of the predecessor collective fund is shown from
January 1, 1987 and is adjusted to reflect the higher fees and
expenses applicable to Class A Units at the time of their
inception.
4. For Class D Units, performance data prior to September 15,
1994 (commencement of Class D Units) is that of Class A
Units. Because fees and expenses of Class D Units are .39%
higher than those of Class A Units, actual performance would
have been lower had such higher fees and expenses been taken
into account.
5. For Class D Units, performance data prior to November 22,
1995 (commencement of Class D Units) is that of Class A
Units. Because the fees and expenses of Class D Units are
.39% higher than those of Class A Units, actual performance
would have been lower had such higher fees and expenses been
taken into account.
6. For Class A and D Units, performance data prior to Jan-
uary 11, 1993 (commencement of Portfolio) is that of a
predecessor collective fund. For Class D Units, performance
data from January 11, 1993 to September 14, 1994
(commencement of Class D Units) is that of Class A Units.
Because the fees and expenses of Class D Units are .39%
higher than those of Class A Units, actual performance would
have been lower had such higher fees and expenses been taken
into account. Performance data of the predecessor
collective fund is adjusted to reflect the higher fees and
expenses applicable to Class A Units at the time of their
inception.
7. For Class A, C and D Units, performance data prior to
January 11, 1993 (commencement of Portfolio) is that of a
predecessor collective fund. For Class C and D Units,
performance data from January 11, 1993 to September 29, 1995
(commencement of Class C Units) and September 14, 1994
(commencement of Class D Units), respectively, is that of
Class A Units. Because fees and expenses of Class C and
Class D Units are .24% and .39%, respectively, higher than
those of Class A Units, actual performance would have been
lower had such higher fees and expenses been taken into
account. Performance data of the predecessor collective
fund is adjusted to reflect the higher fees and expenses
applicable to Class A Units at the time of their inception.
8. For Class A and D Units, performance data prior to January
11, 1993 (commencement of Portfolio) is that of a
predecessor collective fund. For Class D Units, performance
data from January 11, 1993 to December 11, 1994,
(commencement of Class D Units) is that of Class A Units.
<PAGE>
Because the fees and expenses of Class D Units are .39% higher
than those of Class A Units, actual performance would have been
lower had such higher fees and expenses been taken into account.
Performance data of the predecessor collective fund is shown from
August 1, 1988 and is adjusted to reflect the higher fees and
expenses applicable to Class A Units at the time of their
inception.
9. For Class A and Class D Units, performance data prior to
March 28, 1994 (commencement of Portfolio) is that of a
predecessor collective fund. For Class D Units, performance
data from March 28, 1994 to November 16, 1994 (commencement
of Class D Units) is that of Class A Units. Because the
fees and expenses of Class D Units are .39% higher than
those of Class A Units, actual performance would have been
lower had such higher fees and expenses been taken into
account. Performance data of the predecessor collective
fund is shown from July 1, 1990 (the date such fund was
first managed in a manner and pursuant to investment
objectives in all material respects equivalent to the
management and investment objective of the Portfolio) and is
adjusted to reflect the higher fees and expenses applicable
to Class A Units at the time of their inception.
