THE BFM INSTITUTIONAL TRUST
SUPPLEMENT DATED DECEMBER 27, 1995
TO PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION DATED OCTOBER 31, 1995
On December 20, 1995, the shareholders of the BFM
Institutional Trust (the "Trust") voted to approve an
Asset Purchase Agreement between the Trust and the PNC
Fund, a Massachusetts business trust, providing for the
transfer of the assets and assumption of all the
liabilities the Trust's Short Duration Portfolio, Core
Fixed Income Portfolio and the Multi-Sector Mortgage
Securities Portfolio III to corresponding portfolios of
the the PNC Fund. The transaction is expected to close
on or about January 12, 1996. As a result, the
Prospectus is hereby amended in order to reflect these
new arrangements.
In addition, the Statement of Additional Information
is hereby amended to reflect the following changes which
were approved by the Trust's shareholders on December 14,
1995:
(1) Officer: The sole President, Secretary and
Treasurer of the Trust is Richard E. Cavanagh.
(2) Directors: The members of the Board of
Directors of the Trust are Messrs. Kent Dixon, Frank J.
Fabozzi and James Grosfeld.
