<PAGE> 1
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 FEBRUARY 15, 1997 TO THE PROSPECTUS DATED DECEMBER 1, 1995
FOR THE HIGHMARK EQUITY FUNDS AS SUPPLEMENTED ON DECEMBER 1, 1996 AND
JANUARY 10, 1997
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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.
Effective February 15, 1997 all references in the Prospectus to BISYS
Fund Services Limited Partnership ("BISYS Fund Services") as administrator and
distributor of HighMark Funds ("HighMark") are hereby replaced with SEI Fund
Resources and SEI Financial Services Company, respectively, and all references
to "BISYS Fund Services Ohio, Inc." as transfer agent of HighMark are hereby
replaced with State Street Bank and Trust Company. SEI Fund Resources and SEI
Financial Services Company are located at Oaks, PA 19456 and State Street Bank
and Trust Company is located at 225 Franklin Street, Boston, MA 02110.
<PAGE> 2
HIGHMARK FUNDS
(FORMERLY THE HIGHMARK GROUP)
THE HIGHMARK BOND FUND
THE HIGHMARK GOVERNMENT BOND FUND
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SUPPLEMENT DATED FEBRUARY 15, 1997 TO THE PROSPECTUS DATED DECEMBER 1, 1995
FOR THE HIGHMARK FIXED INCOME FUNDS AS SUPPLEMENTED ON DECEMBER 1, 1996 AND
JANUARY 10, 1997
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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.
Effective February 15, 1997 all references in the Prospectus to BISYS
Fund Services Limited Partnership ("BISYS Fund Services") as administrator and
distributor of HighMark Funds ("HighMark") are hereby replaced with SEI Fund
Resources and SEI Financial Services Company, respectively, and all references
to "BISYS Fund Services Ohio, Inc." as transfer agent of HighMark are hereby
replaced with State Street Bank and Trust Company. SEI Fund Resources and SEI
Financial Services Company are located at Oaks, PA 19456 and State Street Bank
and Trust Company is located at 225 Franklin Street, Boston, MA 02110.
<PAGE> 3
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 FEBRUARY 15, 1997 TO THE PROSPECTUS DATED DECEMBER 1, 1995
FOR THE HIGHMARK MONEY MARKET FUNDS AS SUPPLEMENTED ON DECEMBER 1, 1996 AND
JANUARY 14, 1997
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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.
Effective February 15, 1997 all references in the Prospectus to BISYS
Fund Services Limited Partnership ("BISYS Fund Services") as administrator and
distributor of HighMark Funds ("HighMark") are hereby replaced with SEI Fund
Resources and SEI Financial Services Company, respectively, and all references
to "BISYS Fund Services Ohio, Inc." as transfer agent of HighMark are hereby
replaced with State Street Bank and Trust Company. SEI Fund Resources and SEI
Financial Services Company are located at 225 Franklin Street, Boston, MA
02110.
