THE BENCHMARK FUNDS
Equity Portfolios
--------------------------
Supplement dated August 13, 1996 to
Prospectus dated April 1, 1996
Delete the last paragraph on page 30 and the first full paragraph
on page 31 and replace with the following language:
Primary responsibility for the management of the Balanced
Portfolio lies with Kurt V. Anderson, Vice President in the
Institutional Asset Management Division, and Monty M. Memler,
Vice President in the Fixed Income Management Division of
Northern's Investment Services Group. Mr. Anderson joined
Northern in 1992. At Northern, Mr. Anderson has managed various
equity portfolios and served as backup portfolio manager for the
Focused Growth and Diversified Growth Portfolios. Prior to
joining Northern, he was an Assistant Vice President at Boatmen's
Trust. Mr. Anderson has co-managed the Balanced Portfolio since
August 1996. Mr. Memler joined Northern in 1986. During the past
five years, Mr. Memler has managed various fixed income
portfolios, including the Balanced Portfolio since it commenced
operation in July 1993.
Primary responsibility for the management of the Diversified
Growth Portfolio resides with John J. Zielinski, Vice President
in the Institutional Asset Management Division. Mr. Zielinski
joined Northern in 1980. Mr. Zielinski has managed the
Diversified Growth Portfolio since August 1996.
