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HIGHMARK FUNDS
Money Market Funds
Equity Funds
Fixed Income Funds
Supplement dated September 1, 1998 to
Fiduciary and Retail Shares Prospectuses dated November 30, 1997
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
CAPITALIZED TERMS USED HEREIN HAVE THE SAME MEANING AS IN THE PROSPECTUS
Effective September 1, 1998, the investment management unit at Union Bank
of California, N.A., investment advisor to HighMark, has been reorganized into a
subsidiary of UnionBanCal Corporation, the holding company of the advisor. The
new entity, which is called HighMark Capital Management, Inc., is a California
corporation registered under the Investment Adviser's Act of 1940.
The information under "SERVICE ARRANGEMENTS -- The Advisor" in each
Prospectus is hereby amended as follows:
Effective September 1, 1998, the investment management unit at Union Bank
of California, N.A., investment advisor to HighMark, has been reorganized into a
subsidiary of UnionBanCal Corporation, holding company of the advisor. The new
entity, which is called HighMark Capital Management, Inc., is a California
corporation registered under the Investment Adviser's Act of 1940.
HighMark Capital Management, Inc., now serves as the Funds' investment
advisor. Subject to the general supervision of HighMark's Board of Trustees, the
Advisor manages each Fund in accordance with its investment objective and
policies, makes decisions with respect to and places orders for all purchases
and sales of the Funds' records relating to such purchases and sales. All
references to Pacific Alliance in this prospectus shall be deemed to refer to
HighMark Capital Management, Inc.
HMFR-998
