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HIGHMARK FUNDS
Equity Funds
Fixed Income Funds
Supplement dated July 28, 1998 to
Fiduciary Shares Prospectus 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 July 28, 1998, BTMT will no longer provide sub-advisory services
to the Blue Chip Growth and Government Securities Funds. Pacific Alliance, a
division of Union Bank of California, N.A., which serves as the investment
advisor to HighMark, will provide investment advisory services to such Funds,
pursuant to an investment advisory agreement dated April 1, 1996.
The information under "SERVICE ARRANGEMENTS--The Advisor" on pages 41 and
42 of the Prospectus is hereby amended as follows:
Growth Fund and Blue Chip Growth Fund--Scott Chapman. Mr. Chapman, Vice
President of the Advisor, has served as team leader of the Growth Fund since
1993. He has been with Union Bank of California, N.A., and its predecessor, The
Bank of California, N.A., since 1991.
Bond Fund, Intermediate-Term Bond Fund and Government Securities Fund--E.
Jack Montgomery. Mr. Montgomery, Vice President of the Advisor, has served as
team leader for the Bond Fund since 1994. He has served as team leader for the
Intermediate-Term Bond Fund since 1996. He has been with Union Bank of
California, N.A. and The Bank of California, N.A. since 1994. From 1990 to
1994, Mr. Montgomery was employed by the San Francisco Employees' Retirement
System.
The information on page 43 of the Prospectus under "SERVICE
ARRANGEMENTS--The Sub-Advisors" is revised as follows:
Stephen M. Riccio serves as portfolio manager of the Emerging Growth
Fund. Mr. Riccio has been a portfolio manager with BTMT and its predecessor,
Bank of Tokyo Trust Company, since December 1994. From January 1994 to December
1994, Mr. Riccio served as a research analyst for Rochdale Investment
Management. From December 1989 to January 1994, Mr. Riccio served as a research
analyst for New York Life Insurance Company.
