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NORTHERN INSTITUTIONAL FUNDS
(FORMERLY THE BENCHMARK FUNDS)
FIXED INCOME AND EQUITY PORTFOLIOS
SUPPLEMENT DATED JULY 29, 1998
TO PROSPECTUS DATED APRIL 1, 1998
AS REVISED JULY 15, 1998
The section entitled "Portfolio Managers" on pages 61-62 is retitled
"Portfolio Management," and the entire section should be replaced with the
following:
The Investment Advisers employ a team approach to the investment management
of the Portfolios, relying upon investment professionals in the Investment
Services Group. James M. Snyder, Chief Investment Officer and Executive
Vice President of The Northern Trust Company ("Northern"), a wholly-owned
subsidiary of Northern Trust Corporation, and Chairman and Chief Executive
Officer of Northern Trust Quantitative Advisors, Inc. ("NTQA"), oversees
the management of all fixed income, equity and money market assets managed
by the Investment Advisers and is the head of the Investment Services
Group. Below is information regarding the management of each of the
actively-managed Fixed Income and Equity Portfolios.
Mark J. Wirth, Senior Vice President of Northern, is the management team
leader for the Bond Portfolio and the Short-Intermediate Bond Portfolio and
has had such responsibility for these Funds since 1993. Mr. Wirth joined
Northern in 1986 and during the past five years has managed various fixed
income portfolios.
Michael J. Lannan, Vice President of Northern, and Steven M. Schafer, Vice
President of Northern, are the management team leaders for the
International Bond Portfolio. Mr. Lannan has had such responsibility since
1994 and Mr. Schafer has had such responsibility since July 1998. Mr.
Lannan joined Northern in 1986 and during the past five years has managed
various fixed income portfolios. Mr. Schafer joined Northern in 1988 and
during the past five years has managed various fixed income portfolios and
served as credit analyst following both industrial and utility companies.
The management team leaders for the U.S. Government Securities Portfolio
and the Intermediate Bond Portfolio are Mark J. Wirth and Steven M.
Schafer. Mr. Wirth has had such responsibility for the Portfolios since
July 1998. Mr. Schafer has had such responsibility for the U.S. Government
Securities Portfolio since 1995 and for the Intermediate Bond Portfolio
since 1997.
The management team leader for the International Growth Portfolio is Robert
A. LaFleur, Senior Vice President of Northern. Mr. LaFleur has had such
responsibility since 1994. Mr. LaFleur joined Northern in 1982 and during
the past five years has managed various international equity portfolios.
Jon D. Brorson, Senior Vice President of Northern, has led the management
teams for the Diversified Growth and Focused Growth Portfolios since 1996,
when he joined Northern. From 1990 to 1996, he was with Hartline Investment
Corp., where his primary responsibilities included portfolio management,
investment research, sales and trading. Mr. Brorson will also be the
management team leader for the Global Asset Portfolio after it commences
operations.
The management team leaders for the Balanced Portfolio are Jon D. Brorson
and Monty M. Memler. Mr. Brorson has had such responsibility since 1996 and
Mr. Memler has had such responsibility since 1993. Mr. Memler, Vice
President, joined Northern in 1986 and during the past five years has
managed various fixed income portfolios.
