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HIGHMARK FUNDS
EQUITY FUNDS
FIXED INCOME FUNDS
SUPPLEMENT DATED MAY 15, 1998 TO
RETAIL 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
This supplement provides new and additional information beyond that contained
in the Prospectus and should be retained and read in conjunction with such
Prospectus.
The sales load imposed on purchases of Class A Shares by customers who
purchase Shares without the assistance of an investment professional ("Fund
Direct"), will be waived from May 15, 1998 through August 31, 1998. All
subsequent purchases of Class A Shares by Fund Direct customers who have opened
accounts or bought Shares between May 15, 1998 and August 31, 1998 will also be
executed without the imposition of the front-end sales charge.
