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HIGHMARK FUNDS
(FORMERLY THE HIGHMARK GROUP)
THE HIGHMARK DIVERSIFIED OBLIGATIONS FUND
THE HIGHMARK U.S. GOVERNMENT OBLIGATIONS FUND
THE HIGHMARK 100% U.S. TREASURY OBLIGATIONS FUND
THE HIGHMARK CALIFORNIA TAX-FREE FUND
THE HIGHMARK TAX-FREE FUND
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SUPPLEMENT DATED JANUARY 14, 1997 TO THE PROSPECTUS DATED DECEMBER 1, 1995
FOR THE HIGHMARK MONEY MARKET FUNDS AS SUPPLEMENTED ON DECEMBER 1, 1996
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INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
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CAPITALIZED TERMS USED HEREIN HAVE THE SAME MEANING AS IN THE PROSPECTUS.
The Board of Trustees of HighMark Funds, pursuant to Section 10.3(c) of
the Declaration of Trust of HighMark Funds, has unanimously determined that it
is in the best interests of The HighMark Tax-Free Fund and its shareholders to
combine the assets of The HighMark Tax-Free Fund and The HighMark California
Tax-Free Fund into The HighMark California Tax-Free Fund as of 4:00 p.m. Eastern
time on February 24, 1997. The Trustees have unanimously determined that such
combination will not have a material adverse effect on shareholders of either
Fund.
In preparation for the combination of Funds, effective as of the date
of this supplement, the Investment Advisor will modify its investment practices
in The HighMark Tax-Free Fund to begin concentrating on investing in instruments
exempt from income taxation under California law. Subsequently, as of 4:00 p.m.
Eastern time on February 24, 1997, The HighMark Tax-Free Fund will cease
operations, and former shareholders of The HighMark Tax-Free Fund will become
shareholders of The HighMark California Tax-Free Fund, which operates under the
investment objective and policies specified in the attached prospectus.
Investors should note in particular the section entitled "Special Factors
Affecting Investments in Obligations of California Governmental Issuers" on page
23.
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HIGHMARK FUNDS
(formerly The HighMark Group)
THE HIGHMARK GROWTH FUND
THE HIGHMARK INCOME & GROWTH FUND
THE HIGHMARK INCOME EQUITY FUND
THE HIGHMARK BALANCED FUND
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SUPPLEMENT DATED JANUARY 10, 1997 TO THE PROSPECTUS DATED DECEMBER 1, 1995
FOR THE HIGHMARK EQUITY FUNDS AS SUPPLEMENTED ON DECEMBER 1, 1996
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INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
-----------------------
CAPITALIZED TERMS USED HEREIN HAVE THE SAME MEANING AS IN THE PROSPECTUS.
The Board of Trustees of HighMark Funds has unanimously determined that
it is in the best of interests of The HighMark Income & Growth Fund and its
shareholders to close the Fund to new investors as of 4:00 p.m. Eastern Time on
January 10, 1997. Current investors in The HighMark Income & Growth Fund may
continue to purchase new shares of the Fund and all distributions that investors
have elected to have reinvested in the Fund will continue to be reinvested in
the Fund.
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HIGHMARK FUNDS
(formerly The HighMark Group)
THE HIGHMARK BOND FUND
THE HIGHMARK GOVERNMENT BOND FUND
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SUPPLEMENT DATED JANUARY 10, 1997 TO THE PROSPECTUS DATED DECEMBER 1, 1995
FOR THE HIGHMARK FIXED INCOME FUNDS AS SUPPLEMENTED ON DECEMBER 1, 1996
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INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
-----------------------
CAPITALIZED TERMS USED HEREIN HAVE THE SAME MEANING AS IN THE PROSPECTUS.
The Board of Trustees of HighMark Funds has unanimously determined that
it is in the best of interests of The HighMark Government Bond Fund and its
shareholders to close the Fund to new investors as of 4:00 p.m. Eastern Time on
January 10, 1997. Current investors in The HighMark Government Bond Fund may
continue to purchase new shares of the Fund and all distributions that investors
have elected to have reinvested in the Fund will continue to be reinvested in
the Fund.
